The cost for Banks and Govts to Forgive Debt is the same as the cost for them to Print Money out of thin air.
End the Fed.
Abolish the 16th Amendment.
Declare a Global Debt Jubilee.
Embrace #Bitcoin, Free Trade, and Free Market Price Discovery.
Discussion
The US government debt is owed to every holder of US treasuries. That's pretty much every central bank, nearly every nation on earth, every pension fund, the Social Security trust fund... Repricing that debt would be devastating to the entire financial world.
When you say “owed” you mean promises made in bad faith to bond holders by politicians on behalf of taxpayers/US Citizens.
Repricing the debt would be no more devastating than when the money was printed out of thin air to create the debt payable line item in the first place.
The slate needs to be wiped clean and we have to start over on sound footing.