Yep, print enough cash and pay off everyone's debt.  I mean all of it.  Let every currency every where print enough to pay off all debts worldwide of all its users.  (I would say citizens but currency is no longer a national thing) 

What are the implications of such a bold move?

Consumer demand would boom, not having any liabilities from all the stuff we have accumulated.  The housing crisis would be over since everyone owns their home and all the bondholders were paid off at par, many of us would want another one, somewhere warm for winters.  State and local governments would all have clean balance sheets and significant borrowing capacity and there would be lots of cash looking for a home. 

No, I don't see a bad side to this except prices would stop falling and depending how excessive we want to get from here, inflation could run rampant.  If you were completely debt free, would you go buy a new car? boat? go on vacation?  (I bet the big three would love it)

Call your Congressional delegation and demand they pass the "Monetize It" plan.