* listen to Richard Wolff's views on Puerto Rico
* listen to David Graeber
This reminds me of the competing narratives from economists versus anthropologists mentioned in Debt: The First 5000 years . In it, the author argues that the economists' narrative is really a creation-myth (or perhaps an evolution-myth) for modern capitalism, rather than an accurate view of the different strategies humans have used in different circumstances.
If everyone repaid debts, then lending money wouldn't require interest. Interest expresses the danger that money may not be repaid as, for example, during bankruptcy proceedings.
Debt forgiveness has existed since the dawn of money. See  for more information.
Read this instead.
David Graeber's original article: http://www.strikemag.org/bullshit-jobs/
David Graeber's Book, "Debt: The First 5,000 Years": http://www.amazon.com/Debt-First-5-000-Years/dp/1612191290/
A good book on the subject: http://www.amazon.com/Debt-The-First-000-Years/dp/1612191290
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