Dopey, I personally believe that is misleading, notice they use...

Dopey, I personally believe that is misleading, notice they use the word "aggregate". To illustrate that, say 10 people have mortgages of 3 mil, a year later, you found that 300 thou extra cash appeared in deposit account, in aggregate, net debt is reduced. That could mean that 2 of them sold their property, cashed in profit. 2 of them took on more debt. 3 of them struggling to meet the repayment. 2 of them already in arrears. Finally that 2 in arrears have to declare bankrupt and give the houses to the bank. You can't give other people' excess deposit to them to repay their debt. Aggregate means nothing. That 2 will easily smash the whole banking system. Same as at the peak of the GFC, warren Buffett still have tens of billions of cash in the bank, but you can't use that money to repay other people's mortgages. So that he could buy lots of good assets for very good prices, after GFC, he became even richer. Same thing will happen here, after the crash, some people with cash will be able to pick up some good assets with very good prices and get richer later. That is how capitalism works, I personally don't think it is right though.