CHÂTEAUNEUF-SUR-ISÈRE, France — Jean-Luc Mélenchon has a radical idea to help solve France’s financial challenges: “set fire” to a large chunk of its public debt.
The far-left presidential contender would essentially have the European Central Bank agree to waive interest payments on a massive tranche of French bonds.
Coming from a top presidential hopeful, the proposal has triggered a flurry of criticism from leading economists and politicians, who have denounced it as irresponsible and dangerous for the economic stability of the country and the entire European Union.
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There is a reason for the gold standard/
“An Ancient Sumerian Solution to Our $40 Trillion Debt”
By Paul Vigna
Mr. Vigna is the author of “The Almightier,” a history of money.
Aug. 22, 2026
https://www.nytimes.com/2026/08/22/opinion/us-debt-40-trillion.html
I always feel very uncomfortable demonizing the profligate and poor who default loans While ignoring the irresponsibility, greed, and exploitation of creditors. I’m not arguing for default, bad credit scores, but if you’re lending to a person, company, or government living far beyond their means, and without a plan to responsibly handle that debt, and the lender needs to take their lumps. Stupidly lending money to those who shouldn’t be borrowing and can’t or likely won’t be able to pay all of it off is the lender’s mistake, and we shouldn’t so righteously protect them from the pain of their miscalculation. The outlawed slavery in the 19th century, and that should apply to debt slavery, too. There’s a point where Lending and interest rates becomes just that, and if we’re gonna protect anyone from pain, it should be the poor, and the needy, and those who Took on responsible that and were simply unlucky.
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