Awhile back I suggested that the only solution to our economic problems was a Biblical jubilee, and pointed to some economists who were talking semi-seriously about it. Now here's another one, with a twist that could make it work: rather than have one every 49 years, do it probabilistically, with a 2% chance in every year, so people don't game the system.
I wonder if a non-global jubilee would work. What if you only forgave the debts of a randomly-chosen 1/5 of the economy every ten years, or something?
I don't suppose something like this would ever happen; there is a built-in bias against random processes in government, perhaps because of its inevitable extrapolation. There used to be a draft lottery, and some public goods are distributed that way (such as slots in desirable schools in San Francisco), so it's not inconceivable.