It is not simply that, although it does ensure that the money that those institutions lent is paid back, rather than defaulted on. But let's be honest: what's really going to happen in the case of defaults is that the banks will seize the real underlying assets and sell them at fire-sale prices to other rich people.

The important part is that the borrower is now out from under exponential debt and can get on with their lives, and total debt in the economy is brought down to a sustainable level. Non-debtors get something too: free and clear cash.

Is it perfect? No, of course not. Nothing this simple could be perfectly fair. But it is simple, hard to game, addresses the core problem (too much debt) and is probably as fair as it will get, practically.

Certainly the elites would scream bloody murder if someone important legitimately proposed it. Keen has been ignored and mocked for years. That's evidence enough for me.