@shoshin you laugh, but that's literal the moral basis of debt forgiveness for over 2,000. In Biblical times, every 7 years partial debts were forgiven and every 70 years all debts were forgiven. Also the reason why interest was deemed immoral, because when you create money by lending it there is always going to be more money owed than currency.
Economists are terrible historians, they tend to use a priori assumptions about how the world used to work. The anthropologists that have explored the way money has actually worked will tell you that credit based monetary systems are old as dirt. And that in many states debt is uncollectible after 7 years, and that bankruptcy exists historically as a solution to the problem if there being more debt than actual money.