Goal:
To transform the financial system by providing a fresh start for all citizens through debt forgiveness, restructuring unmanageable debt, and transitioning to a new model of asset-backed loans. This approach aims to eliminate predatory lending, promote economic stability, and provide universal financial security while ensuring sustainability and long-term prosperity for the United States, aligning with the core principles of NESARA/GESARA.
Policy Focus:
1. Debt Forgiveness for Targeted Debt Types:
- Student Loan Forgiveness:
Implement comprehensive student loan forgiveness for federal loans, particularly targeting low-income borrowers and those with unreasonably high debt-to-income ratios. The forgiveness will focus on income-driven repayment plans to ensure equitable relief for those hardest hit by burdensome student debt. - Medical Debt Relief:
Forgive medical debt for individuals with unpaid bills from emergency care, hospitalizations, and necessary treatments. By addressing this massive financial burden, we will reduce the number one cause of bankruptcy in America and enable individuals to pursue a healthier future. - Mortgage Debt Relief:
Provide mortgage forgiveness for homeowners at risk of foreclosure due to economic hardship or underwater mortgages. This could include principal reductions, payment restructurings, or deferred payments, allowing people to stay in their homes and secure their future.
2. Transition to Asset-Backed Lending System:
- Recycling Existing Debt into Asset-Backed Loans:
The existing debts, including student loans, medical debts, and mortgages, will be restructured into asset-backed loans. These loans will be based on real, tangible assets, ensuring that future lending is sustainable and secure, eliminating the dangers of speculative lending practices.- Immediate Transition Process:
Start the process by converting existing high-risk loans into a new, asset-backed framework. This transition will be gradual, ensuring minimal disruption to individuals while removing the toxic elements of the old debt system. - No More Paper Loans:
Implement a system where banks are required to back loans with tangible, physical or liquid assets. There will be no more paper loans—loans will only be issued if the bank holds the necessary capital, ensuring that lending is responsible and secure.
- Immediate Transition Process:
3. Financial Education and Empowerment:
- Comprehensive Financial Literacy Programs:
Provide financial education to individuals who benefit from debt forgiveness, helping them understand budgeting, saving, credit management, and investment principles. This will equip individuals with the tools necessary to avoid future debt traps and build long-term financial stability. - Personalized Counseling and Debt Management:
Offer one-on-one counseling to assist people in creating personalized financial plans after their debts are forgiven. This will include advice on debt management, building an emergency fund, and preparing for future financial goals.
4. Government Funding and Support without Burdening Taxpayers:
- Revenue from Automation and Technological Advancements:
Fund the debt forgiveness program through automation-driven revenue. As businesses adopt automation technologies and reduce costs, the government will capture a share of these savings via modest taxes on automation-generated profits. - Financial Transaction Taxes:
Introduce a small tax on high-frequency financial transactions, such as stock trades and cryptocurrency transactions, to provide additional revenue for the program. This ensures that speculative financial markets, rather than working Americans, contribute to funding the debt reset. - Public-Private Partnerships (PPPs):
Establish partnerships with private corporations, especially those benefiting from automation, to contribute to the funding pool for the debt forgiveness program. This allows private companies to participate in building a more equitable financial system without placing a strain on taxpayers.
5. Long-Term Sustainability and Economic Growth:
- Sustainability of the Debt Forgiveness Program:
The debt forgiveness program will be self-sustaining by utilizing automation taxes, financial transaction taxes, and public-private collaborations. The shift to an asset-backed loan system ensures that future lending is responsible, reducing the need for continuous debt forgiveness. - Stimulating Economic Growth and Job Creation:
By freeing people from the burden of crippling debt, there will be a surge in consumer spending, leading to increased demand for goods and services. This will stimulate job creation, business growth, and overall economic expansion. - Debt Relief as Economic Stimulus:
Reducing the national debt burden and allowing people to regain financial freedom will result in a multiplier effect on the economy, where people can invest in education, healthcare, homeownership, and entrepreneurship, which will further stimulate the economy and reduce wealth inequality.
Potential Impact:
- Financial Freedom and Economic Stability:
- By forgiving personal debts, individuals will experience immediate financial relief, freeing them from the pressures of unmanageable debt. This will allow them to build financial security and invest in their long-term well-being.
- Reduction of Predatory Lending:
- By outlawing predatory loans and transitioning to asset-backed lending, we ensure that future loans are responsible, protecting consumers from exploitative practices and helping to create a fairer financial system for everyone.
- Economic Stimulus and Job Creation:
- As individuals have more disposable income, they will spend on goods and services, driving economic growth and creating job opportunities. This will be particularly impactful for the middle class and low-income households.
- A More Resilient and Inclusive Economy:
- With debt forgiveness, individuals will be empowered to participate fully in the economy. This will help to reduce wealth inequality, and make economic opportunities more accessible to all, regardless of background.
- Long-Term Financial Health:
- Through financial education and personalized counseling, individuals will be equipped to make informed decisions about their finances, preventing the accumulation of unsustainable debt and contributing to a more stable financial future for future generations.
Conclusion:
The Debt Forgiveness and Financial Reset Program provides a transformative approach to tackling the growing debt crisis by forgiving burdensome debt, eliminating predatory lending, and transitioning to an asset-backed loan system. By combining debt relief with financial education, responsible lending, and automation-driven funding, this program will create an equitable financial system and promote long-term economic stability. With a focus on sustainability, economic growth, and individual empowerment.