Debt jubilee for all Americans

I strongly believe things are so far gone with the global economy that a debt jubilee and a total reset of the financial system is required. I propose wiping the slate clean of all American banks because I contend that it is now mathematically impossible for most Americans to repay the combination of their private debt throughout their life time. I also contend a that the mortgage and consumer credit that banks have extended is verging on odious, lent recklessly for short term gain by banks more concerned about their profits from the resultant interest and fees than the effect it would have on not just individual consumers but also the nations' citizens .
This is why relinquishing policy control to a creditor class rarely has gone together with economic growth and rising living standards. The tendency for debts to grow faster than the population’s ability to pay has been a basic constant throughout all recorded history. Debts mount up exponentially, absorbing the surplus and reducing much of the population to the equivalent of debt peonage.