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You know they're possible, because we're discussing them. Do you pay your debts?

Flying pigs are possible. You know because we're discussing them.

When was the last debt jubilee in America(which is where all of my debts are)?

1970s) High inflation = *fixed-interest rate debt jubilee over time (as long as wages are inflation-indexed).

Also that's the last time the US defaulted on its debt in real terms (i.e. 1971 and the Nixon gold shock)

Might help to clarify if you mean for people or corporations.