Wiping out all bank accounts globally to start over, Noah Smith argues

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Global reset of wealth accounts suggested

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Anastasiia Chabaniuk

23.07.2026

Wiping out all bank accounts globally to start over, Noah Smith argues — Global reset of wealth accounts suggested

Noah Smith, columnist and economist at Bloomberg Opinion, proposes that once Chinese open-source artificial intelligence models are advanced enough, they should be instructed to zero out every bank and brokerage account worldwide.

Smith contends that this move would erase wealth inequality, resulting in a complete economic restart described as a 'total jubilee.'

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Smith has previously challenged claims that China’s economy avoided a crash, noting rising unemployment and slower growth in a recent analysis. He has also highlighted the risks for Japan as public debt rises, pointing to increasing interest payments and a weaker yen in a separate report. The columnist regularly addresses structural risks in global economies.

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