Millions should begin to walk away from their mortgage, credit card payments, car loans, student loans. The system would crash!
Jay I’ve stopped worrying about repaying the banks.
George N Romey

That would work if money was still based on a foundational element such as gold. However those days ended way back in 1971. Everything that has gone wrong economically since then including stagflation, stagnant wages since 1973, the huge rise in currency inflation, including over 3 trillion dollars just since 2009 and the various commodities bubbles (dot com and housing).

Unfortunately, today’s money isn’t based (backed) on gold but on debt. Every dollar in existence already, only exist because of someone else’s promise to repay a loan. In other words there is more money owed than there is currently in circulation. Jay Parker (I) imdb