The U.S. federal debt has hit $40 trillion. Add the debt owed by U.S. states, corporations and consumers, and the figure rises to about $77 trillion in debt, set against an annual gross domestic product of about $32 trillion. The interest on all of it is compounding constantly. It’s not just the United States, either. Globally, there is $350 trillion in debt, roughly treble global G.D.P. It’s like snowpack on a mountainside. It may look stable right now, but it’s creating the conditions for an avalanche. We are past the point where we can deal with our current debts in normal ways. The options open to us are extremely unlikely or highly destructive: Grow our way out of it, raise taxes, inflate the debt away or wait for the economic fallout.
The quotation above, from a New York Times opinion piece, might be called the "problem statement." Does anyone disagree that our national debt is a real problem? The excerpt I have quoted comes from a Times column by Paul Vigna, managing editor of American Banker. Similar concerns are being voiced in an article from The Atlantic: "Economists Who Weren’t Worried About the Debt Are Now Panicking."
As the quotation from Vigna says, it's getting harder and harder to believe that we can deal with our debt in "normal ways." So, what does Vigna suggest? Vigna suggests the "Sumerian Solution."
Ancient societies had another method to deal with debt. It was called an amargi — a blanket declaration of public debt cancellation. All public debts written off. Disappeared. It sounds laughable, I know. But, really, that’s just because the idea has been buried so deeply in history that you’ve probably never heard of it. In the ancient world, it presented a pragmatic solution to an intractable problem. And now, faced with impossible-to-repay debts that are weighing down our economy, is the time to look at the amargi and the lessons it offers about how to think about finance.
I do not mind being called a "radical," particularly if that means being a "radical thinker." As those who read my blog postings know, I claim "possibility" as "my category."
I think we had all better start being willing to consider possibilities we never thought of before - never even heard of before; never thought might be something that could actually be accomplished. Unsupportable debt is only one of the things we need to start thinking about. Only one, but it's right up there on the list.
Like John Lennon sang, we need to start thinking about possibilities we have never, ever, really considered or contemplated. Really! "Imagine!"
https://www.nytimes.com/2026/08/22/opinion/us-debt-40-trillion.html

















