That's not quite how he proposes it though: in order to avoid unfairly disadvantaging creditors, he'd have them given a cash payment of their share of the net difference of their total debt from the per-capita infusion. E.g., if the person has $2000 in bonds to be called, $1000 in credit card debt, and the total jubilee per capita is $4500, they'd receive $5500 ($4500 - $1000 + $2000). (If I understand his position correctly.)