A debt jubilee is the only way to avoid a depression

But these are extreme circumstances under very hard times so I am 100% for debt forgiveness. If we don't the payment of debt will suck up most of the available money and there will be little for the overall economy. I dought that we would go into a depression since the government safety net would go into effect. We are starting to see it now. But growth will come to a crawl and stagflation will show its ugly face as production slows and the money supply increases. Also, companies will start to layoff workers due to a lack of consumer demand and make matters worse. The social aspects of unemployment might even be worse than the pandemic itself.

I also see nationalism increasing and leading to the destabilization of many governments.

We need to get past the fairness aspect and know that if we are selfish we will all lose in the long term. This is the time for debt forgiveness.

The way to get past the feeling of unfairness is to have the federal reserve buy a huge chunk of the debt and forgive it outright or have people pay it with zero interest over a very long long term where it has little impact on the household.

There are no easy answers but debt forgiveness is a good starting point.