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this post was submitted on 23 Aug 2023
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Island defaulted on its debt in 2008. Island is still there with us. It wasn't the end of the world even it there were tough times.
Now you can have tough times for a few years while you rebuild a sane system, or you can have tough times until the end of times.
Saying that the rich will benefit more is a fallacy, or a tautology. It shouldn't be a reason to do nothing.
The situation is vastly different. In Iceland it was the banks going bankrupt that lead to their economy crashing, what you're suggesting in Canada would be the citizens getting their house repossessed leading to the economy crashing and then bringing banks along for the ride.
Look at the USA in 2008, not Iceland. Shit didn't get better for the vast majority, it only got worse, even today.