Actually it would likely collapse the entire economy as thats whats historically happened. Then you have tons of people out of work and starving so you could feel some sense of justice for a few

Maybe if people suffer enough they'll learn not to build a debt-based house-of-cards economy that requires hundreds of billions in taxpayer bailouts at the slightest threat of insolvency and defaults.

Oh who am I kidding? They'll just go back to banks again, every single time.