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The Morality and Legality of Debt Jubilee, Part I
Our nations (Western nations) are rapidly going bankrupt. This is not a suggestion or an assertion. It is a simple fact of arithmetic, for anyone capable of operating a calculator, and who can understand the concept of “compound interest”. Indeed, the bankruptcy of these already-insolvent regimes has only been delayed via permanently (fraudulently) keeping interest rates frozen at near-zero – to minimize their already gigantic interest payments.
The economic outcome here is as obvious as it is inevitable. After the mass-bankruptcy which will occur either tomorrow, next month, next year, or (improbably) next decade; there will be a gigantic “economic reset” of Western economies, and very possibly the entire global economy.
This simple, inevitable conclusion should not surprise any reader. It has happened many times in our civilized history. Indeed, it has happened with such regularity/frequency that we even have a name for this economic phenomenon: Debt Jubilee. The origins of Debt Jubilee go back to (literally) Biblical times, as our societies have been bankrupting themselves, and then “resetting” for well over 2,000 years.
Having established that there must be an economic reset ahead of us, and having observed that this is a regular occurrence in our societies/civilizations; all that remains to be dealt with is how the next Debt Jubilee should be administered. As Debt Jubilee translates literally to erasing our debts; the question boils down to this: should all debt (government/corporate/individual) be wiped away, or only partially erased?
Since this is ultimately a question of law, and we are still (supposedly) societies governed by the Rule of Law; the appropriate analysis here is a legal one. The legal principle upon which any Debt Jubilee must be based is known as “the doctrine of unjust enrichment”. It is an elementary doctrine, and thus requires no legal training or expertise to understand it.
The precise legal question to be decided here is a simple one: would the Debtors here (our governments, and us) be “unjustly enriched” if all our debts were totally/permanently erased? If we answer the first question affirmatively; then the doctrine of unjust enrichment requires that we consider a second question: are the Debt-Holders entitled to any legal remedy themselves, under a separate branch of our law known (appropriately) as Equity?
Here, again, the answer to the question is governed by a simple principle. In order for any person/entity to be entitled to any equitable remedy in our legal system, they must satisfy a stringent legal test: they must demonstrate themselves to have “clean hands”. Simply, in order for anyone to be entitled to a legal remedy in Equity (in this case, the Debt-Holders) they must prove that their own conduct has been above reproach.
With the facts set out, the issues identified, and the legal principles which must decide this matter explained; we are now ready to adjudicate our coming Debt Jubilee. Considering the issues in their proper order; we begin with the question: would it be “unjust” (would we be unjustly enriched?) if our debts/our governments debts were simply erased?
Regular readers should be familiar with the recent history concerning our governments’ massive debts. The $10’s of trillions of new debt piled atop these corrupt Western regimes over the past decade are (without exception) all the direct result of serial acts of fraud/extortion by the primary debt-holder here: the One Bank (i.e. the oligarchs of the Old World Order).
With respect to the fraud; where do we begin? This banking crime syndicate began by engaging in fraudulent misrepresentation. They assured our governments back in the 1990’s (as their/our “financial experts” and the financiers of this debt) that our governments could safely increase our debt levels dramatically, meaning the bankers had (supposedly) developed the “financial engineering” to permanently suppress the amount of interest paid on those debts.
It was (as we have seen) all lies. Our debts haven’t grown in an orderly, manageable manner, as the bankers promised they would. They have exploded exponentially, to the point where all these governments are completely/obviously insolvent, and mass-bankruptcy is only delayed by (as previously mentioned) even more fraud – the illegal suppression of interest rates.
Additional fraud comes in the form of one of the banksters’ favorite tools of crime from the derivatives market — the entirely unregulated, entirely illegal $1.5 quadrillion rigged casino, operated exclusively by this financial crime syndicate – “interest rate swaps”. This form of fraud involved the banksters tricking the leaders of our governments, and the administrators of most public institutions throughout the Western world to bet against the banksters themselves.
The bets they were making (involving $trillions more in fraud) were with respect to the direction of interest rates. Let me be more specific, so that readers fully understand the magnitude of the fraud, and the monumental stupidity of all these politicians and public officials. They were betting on the direction of interest rates against the same financial cabal which is capable of completely manipulating interest rates.
It would be just as foolish as betting on tomorrow’s weather – against someone with a “weather-control machine”. How could thousands of governments and public institutions all have been swindled by this same, grossly obvious fraud? Herd mentality. “Everyone” was doing it, so it had to be not only safe, butsmart.
Then there was/is the extortion. As part of its gigantic interest-rate swindle; it was necessary for the One Bank to “crash” all of our economies (and markets): the Crash of ’08. The crash was triggered in precisely the same way that this banking cabal has been manufacturing “panics” in our economies for 150 years. In economies which (thanks to the bankers themselves) now totally run on “credit” (i.e. debt); the One Bank simply cuts off all credit – suddenly and collectively, via its Big Bank tentacles.
The result is as devastating (and predictable) as cutting off the supply of sunlight to plants, or cutting off the supply of oxygen to humans. Our economies now (literally) ‘live on’ credit. Withhold that credit, and they crash every time.
After the One Bank triggered the Crash of ’08, came the extortion against our corrupt, cowardly governments: pay this cabal $10’s of trillions in blackmail money (spread over decades), or they would finish the economic destruction of Western regimes – i.e. “call-in our debts” (which are held by the One Bank), and drive all these insolvent governments into bankruptcy.
The tip-of-the-iceberg in this extortion were the direct, cash payments to these financial extortionists: what we now know (via the propaganda of our governments and the media) as the “bail-outs” of 2008/09. However, the vast majority of these $10’s of trillions in extortion (i.e. “bail-outs”) were hidden – and are rarely mentioned by the politicians, or the equally corrupt Corporate media.
They come in primarily two forms: massive, long-term “tax breaks”, so that this crime syndicate is not even required to pay taxes on the endless $billions which are the proceeds of its various criminal enterprises. Along with that are endless $trillions of “loss guarantees”. In other words; after the various frauds of this crime syndicate have reaped their illegal harvest, and imploded (as all frauds eventually do); we are committed to indemnifying the One Bank for any/all “losses” it suffers as it perpetrates its mega-billion and mega-trillion dollar crimes against our societies.
Why were the bail-outs ever supposedly necessary, in the first place? Because some of the Big Banks were (supposedly) on the verge of bankruptcy because of debts/obligations owing to other Big Banks.
But all of these Big Banks are tentacles of the One Bank: JPMorgan, Goldman Sachs, Morgan Stanley, Barclays Bank, Deutsche Bank, Citigroup, Bank of America, et al. The “crisis” was imaginary. It was merely a gigantic paper-fraud orchestrated by the bankers. The blackmail, however, was/is only too real. And that was only the beginning of the extortion.
This financial crime syndicate then strong-armed the pathetic cowards who call themselves our “leaders” to declare the Big Bank tentacles of this crime syndicate (permanently) “too big to fail”. In other words; these traitorous cowards were permanently committing our governments (and thus ourselves) to pay any/allfuture extortion demanded by the One Bank.
Here it must be understood that no amount of financial carnage perpetrated by this crime syndicate over the short term could possibly be as injurious as agreeing to permanently pay massive extortion payments to the most-rapacious crime syndicate in the history of our species. Rather, our cowardly leaders agreed to the extortion simply to save their own jobs (and positions of privilege).
Had the banking crime syndicate driven all our governments collectively into bankruptcy; our Traitor Leaders would (at the very least) be thrown out of office. And if their treasonous crimes were uncovered by whatever regime succeeded them; they could easily rot in prison cells for the rest of their miserable lives.
Our futures (and our children’s futures) have all been permanently mortgaged to this financial crime syndicate solely so that our selfish, cowardly, treasonous leaders can protect their own interests. There can be absolutely no doubt that any/all of the additional debt and obligations which have been piled atop our governments over this period of time (and thus piled atop all of us) are doubly fraudulent.
They are fraudulent (in one, obvious sense) because they are the simple/obvious result of acts of fraud and financial extortion – and thus legally unenforceable. They are also fraudulent in the sense that our governments (our legal representatives) have been fraudulently misrepresenting these debts to us, and all the crime upon which they are based.
However, while most of our national debts are the direct product of fraud; we also had/have large historical debts. What about the original debt-loads accumulated by our governments, over roughly the last century? If we are going to erase all government debt; that debt must be considered as well.
Part II of this series will deal with that subject. Readers will be provided with a little ‘teaser’ of what is to come, via the words/thoughts of a political leader who lived at the time that our yokes of debt were first being fastened to our throats – Republican Congressman (and former prosecutor) Charles Lindbergh Sr. (from his superb book, The Economic Pinch). This is what Lindbergh had to say back in 1923 (p.110):
Our future and the future of our children have been doubly mortgaged by the wonderful profiteering schemes of the last eight years [1915-22], mortgaged on a larger scale than ever before. It is simply a larger installment of the great profiteering game, growing in its burden all the time and forcing us into greater and greater debt, debt that can never be paid under the present system of finance; but, on the contrary, will increase until by its own excesses it breaks down by forcing its own repudiation [i.e. Debt Jubilee]. It cannot much longer stand the strain imposed by its own plan. [emphasis mine]
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that was a beautiful article. full of truth.
hank paulson blackmailed and extorted .gov with a single piece of paper. i remember that.
then supreme court justice roberts did it again with his criminal re-writing of obamacare.
yep. that's how i remember it. that's just how it happened.
gm was allowed to not pay tax on profits for 10 years, right? there were other corporations in there two right? ge maybe.
they washed out the bondholders usurping hundreds of years of precident and law.
fannie and freddie bond holders were screwed too. ... profits/dividends sent directly to the treasury.
then stories of moar massive fraud come out... FX, gold/silver markets, LIBOR, IRS scandal(obama using the tax man to steal, but just from the conservatives),
wow. this isn't america anymore. is it?
The issue, in my mind, is not one of legality or morality but mere practicality. Since these sums are going to be annihilated one way or another, it makes more sense to me to set up an orderly process for it rather than have it burst upon us like a mid-continental cyclone at a time that may be extremely inconvenient. Not that there is ever a good time, but the sooner this overhang gets eliminated, the sooner we can start rebuilding. As it stands right now, everything we do up until the moment of collapse is going to be wasted effort. And then we will have to rebuild from a more damaged capital base at a time when we are all older and more impoverished.
When you go BK how can the bank take your stuff when they didn't lend you the money legally under the UTC because they gave no consideration for your commitment to them?
There is already a mechanism for being rid of debt: bankruptcy. The author notes that there would be adverse consequences of large-scale financial system bankruptcy and suggests a "debt jubilee" as an alternative.
One man's debt is another man asset, n'est ce pas? Cancelling a debt cancels the corresponding asset, as a matter of logic and simple accounting. What will be the effects of destroying the assets? Might we have cascading defaults due to a chain of asset destruction?
I did a brief Internet search on "history of debt forgiveness" and did not find any instance of large-scale debt forgiveness. There are references to "debt jublilee" in the Code of Hammurabi and in the Bible, but no instance in which a large-scale debt forgiveness was done. Why wasn't this thousands-of-years-old idea ever implemented in the real world?
Will all debts be cancelled? No, of course not. Which ones then and who will decide? Obviously, politicians would decide. Do you think that our political masters would let anyone else do it?
This idea of "debt jubilee" seems like a naive fantasy to me. I have a better idea. Let's all have one (or more) of our teeth extracted and put the teeth under our respective pillows so that we could be compensated by the Tooth Fairy. Then we contribute the proceeds to a common fund that would purchase and then cancel the debt. I don't know the going rate, but there are about 318 million people in this country. At $10 a tooth, that's $3.18 billion dollars, which is about 1/6 of our current federal debt. We could easily reach our goal by contributing more teeth and/or negotiating better compensation from the Tooth Fairy.
Oops! I mixed up billions and trillions! It would take $10,000 a tooth to amass $3.18 trillion which would be 1/6 of the current federal debt. I withdraw my proposal since it would be unreasonably onerous for the Tooth Fairy.
18,000,000,000,000/318,000,000 = $56,603.77. If the tooth fairy gave us each $57K per tooth, we'd have a surplus!
Not after taxes, bucko, but nice try.
damn!
The United States Constitution does not grant government the authority to erase debt. It says nothing about "unjust enrichment". It does, however, prohibit the taking of property without due process of law.
When you stop laughing you may realize that we now live in a nation where people discuss, without even blushing, who will be sacrificed and who will prosper due to the state's irresistable monopoly on the use of force. We live in a dictatorship that goes through the motions of being a constitutional democratic republic, with a populace that still believes that's what it is.
Since most of everyone's retirement savings are someone else's debt, your "jubilee" is an invitation to armed rebellion and then the state's monopoly on force would not look quite as irresistable. But it surely would get bloody, now wouldn't it. Be quite a "jubilee".
So there will be no debt jubilee. Debt will not be forgiven. It will be retired through issueing creditors newly minted "Jubilee Bonds" which will carry the full faith and credit of the United States, like most of the debt being retired. However, do not try to redeem those bonds -- they won't be that kind of bond.
My Girlfriend told me last night her student debt is in forbearance, and they put her on a ten-year plan, and at the end of ten years the loans will be forgiven.
WTF? Sounds like a slow motion debt jubilee to me; guess the bank wants some cash flow then they'll get bailed out or it will be a ledger write-off (?).
ZHers have Girlfriends?
Putin doesn't count.
I agree with you,
but the New Yawkers don't;)
None of this can be planned. Since your debt is my asset, I won't voluntarily tolerate it. Unfortunately this will have to be made to 'look like an accident'.
Yes it could be a decision of all but then we would have planned a better system in the first place.
Trust me, it is coming and it will be a surprise. If there is a global reset conference I will be shocked.
Hang all the traitors and criminals, abolish corporations, and preserve the debt. I think we would all be pleasantly surprised to see how little debt would need to be repaid and that it would go almost strictly to honest brokers.
Can you imagine the mad rush to borrow as much as possible and buy hard assets before the "jubilee" takes place?
Can you imagine the societal chaos that will ensue once this is discussed seriously and any kind of timeline is debated? The arbitrary picking of winners and losers would tear society apart.
The only debt jubilee we will conceivably see in our lifetimes is when the US breaks apart and the various states and groups of states repudiate their share of the Federal debt.
"Can you imagine the mad rush to borrow as much as possible and buy hard assets before the "jubilee" takes place? "
Yikes! I bet we'd be crawling with Chinese and Indian billionaires buying Beverly Hills real estate, Park Ave apartments and gold! Can you imagine?
True. But those assholes are just planning a rat hole so they can individually bail out on their debts back in their home country when the shit hits the fan.
An across the board wholesale debt jubilee where everybody rushes to buy local assets beforehand is a whole world of difference.
well one might open one's eyes binko, take a look at japan and usa..and tell me those close to the fed and cb of japan are not doing that very thing..right before your eyes wide shut!!
"Can you imagine the mad rush to borrow as much as possible and buy hard assets before the "jubilee" takes place? "
Good points.
It will happen through massive inflation, maybe not hyper inflation, but way past anything we've seen,
and it won't be pretty.
Large amounts of government debt is held by pension funds and retirees. If the debt is not repaid, then what happens to these people's retirement incomes ????
Same thing that happened in Weimar Germany. BTW hyperinflation is almost as bad as a Jubilee ... perhaps worse because it goes on for years.
Hyperinflation IS a debt jubilee. Same animal different stripes.
Currency in a debt based system is destroyed in both.
My debt is your asset...ya sure ya want a debt jubilee now?
Doesn't matter, you are going to get hyperinflation.
and we all know what happened right after that. Funny mustache, results based, etc.
Yes but that was not a result of the hyperinflation. He wrote his book before it and came to power after it.
You should read The Coming of the Third Reich. There are a lot of similarities to today and a lot of dissimilarities. This time around the whole thing is much more stealthy and not targeted at a single group of people unless you consider all people to be a single group.
Screwed. The Japanese are now pouring their pensions into US Bonds(to prop them up?). They'll get screwed first.
there is a well trodden path for insolvent banks- hive off the good and amortize/collect what you can, from the bad.
the solution is the same for governments.
hive of the bad (all the accumulated deficits in the form of national debt) collect what you can from the beneficiaries who have caused it and amortize the rest.
start the good with a zero deficit or a surplus to repay some of the bad at a manageable 1-2% per annum for 100-50 years, do not fund spending in excess of taxes.
of course, although alluded to here, the government is the people and the people can still (aside from the odd 47 million on food stamps) afford to eat, drink and be merry, so less harm, less foul than portrayed here- the people have not yet suffered beyond 15% of the population and voted FOR being swindled out of incremental pieces of their wages and salaries.
just saying
war is great for jubilees. lose a war, change your name and you have a clean slate.
how bout a jubilee from the usury.......???
There will always be a Hetty Green who will demand to be paid.
http://www.investopedia.com/articles/financialcareers/09/hetty-green-witch-wall-street.asp
Debt Jubilee only will apply to the Bankster elite and their cohorts..
But don't worry, others will receive lumps of coal.
Actually, the EPA has banned coal as loser prizes. We won't even get that. Instead we'll get genuine certified Algore carbon credits
"Since this is ultimately a question of law, and we are still (supposedly) societies governed by the Rule of Law; the appropriate analysis here is a legal one."
First off "governed by the Rule of Law" is accurate, if one defines law by Bastiat's standard of it being an "instrument of plunder."
"would the Debtors here (our governments, and us) be “unjustly enriched” if all our debts were totally/permanently erased?"
Considering that the banksters stole from us, byway of deposit theft and counterfeiting, the debt-money they loaned us in the first place, I would say that "unjustly enriched" is the justification for not paying them.
An American, not US subject.
bahahahaha.... nice tits comment
Fuck a "Jubilee" just say "NO!" Just Stop Paying. Just Stop.
The most powerful weapon the American people have is Rejection.
The system of fraud and theft that has been built up upon the backs of the American people is dependent upon our backs. Withdraw our backs, and the whole scheme collapses. This is our greatest weapon.
Stop Paying--Put it into food, and precious metals, etc. They stole whatever "debt money" they loaned you in the first place (fractional reserve banking) and soon you won't be able to pay them anyways, so Stop Paying.
Stop Obeying--If they are in violation of the Constitution then they are not legitimate anyways, so Stop Obeying their unlawful dictates.
Stop Playing--Stop being a tool for them to use, mock, and call "stupid." Stop Playing.
The Four Rs
Rejection: Stop Paying, Stop Obeying, Stop Playing.
Revolution: It is inevitable, so prepare, as they are.
Retribution: The guilty must answer for their crimes against the American people and the Constitution.
Restoration: Restore the American people, country and Constitutional republic.
An American, not US subject.
Playbook! Tune in, turn on and drop out. Basically...
Obama and his ilk have already alienated the military. They are currently in the process of alienating America's policemen and policewomen with the Ferguson debacle. They have alienated America's Heartland-We the People. The only onces left with Obama and his ilk are the Secret Service and Capital Police....HMMMM. Oh yeah an all those Northeast and West coast liberals are with him, but they eschew the Bill of Rights, especially the Second.
"Obama and his ilk have already alienated the military. They are currently in the process of alienating America's policemen and policewomen with the Ferguson debacle. They have alienated America's Heartland-We the People. The only onces left with Obama and his ilk are the Secret Service and Capital Police....HMMMM. Oh yeah an all those Northeast and West coast liberals are with him, but they eschew the Bill of Rights, especially the Second."
You have actually partially outlined CIA-Obama's real mandate, and mission, for the neo-cons.
He is not so much "alienating" the military, though that view is one of his propaganda goals, but is purging/converting it into a strategic tool of the Zionists. I.e. if you want to nuke a nation, say Russia, but not suffer the retaliatory strike, use another nation to launch the strike on your behalf. If you also want the shell of that same nation to be less valuable to later occupiers, say China, let it suffer a nuke retaliatory strike--two birds with one nuke strike.
An American, not US subject.
"Yeah, I know, but I can also get Gilligan's Island reruns via this here tin-hat."
If you need a personal debt jubilee, this will help:
http://www.amazon.com/Debt-Hope-dirty-survival-strategies/dp/1907498524
Debt Jubilee for whom exactly?!?!!?
How about bailing out the people who have actually paid off debt first. If your "jubilee" isn't equitable, you have only made the moral hazard worse motherfucker.
The "last eight years"?!?!?!? The theft/fraud has been going on much longer than that.
Ref: "If your "jubilee" isn't equitable, you have only made the moral hazard worse motherfucker."
I agree, any jubilee needs to be equitable.
How equitable is 20 peices of 10 gram gold coins to each person on the planet? There is more than enough gold for this; it has just been hidden for more than 100 years.
Such a distribution would be meaningless to a millionair, but would be life changing to the billions of hungry poor on our planet.
Think of this like a game of monopoly. The game ends when one player owns all the assets. Today, the richest 85 people on the planet own more than the poorest 3.5 billion people, so it's game over. What happens when a monopoly game ends and you start a new game? You distribute anew equitably to all the players.
It is time to restart anew.
https://s3.amazonaws.com/khudes/mboard3.pdf
Whole lotta logistics but we already have capability (via BTC). Nice idea, the system could really use a shock like everyone waking up in the morning to find these 20 pieces on your pillow. ; ) MEANwhile back at the ranch... negotiations regarding each 20 pieces continues.
anew
in
Peru
this is why the japanese plan is genius. if japan .gov owns all the debt then the counterparty is .gov. there is no counterparty risk. as long as that is true, mathematically it could continue forever with the obvious adjustments along the way.
You forgot the inflation thing. Yeah, I know, it doesn't exist... Care to ask a normal Japanese living over there about it, though ?
there is no inflation in a multiplier handicapped economy where qe never reaches the street. that is the lesson of the fed program. where the fed created this quasi state bank printing greenbacks by loading up their fictional balance sheet(no money, just electronic digits to balance the model) the japanese went full greenback since the boj is .gov(unlike the private fed).
if japan goes ahead with the consumer coupons it is considering then inflation has a real chance. whether you like it or not this stupid system we are trapped in requires inflation to work properly.
The author fails to grasp that one person's debt is another person's asset.
Sure, the government could repudiate all its debt and refuse to honor its commitments to Social Security, MediCare, pension recipients, and grandma who holds US Treasuries in her IRA account, but where does that leave all those people?
Bankrupt, and destitute.
You can't forgive the debt without also wiping out all the assets.
With a jubilee, we'd all be debt free,... and living in cardboard boxes.
The author fails to grasp that one person's debt is another person's asset...
What may be misunderstood here is the definition of "person". "Persons" typically have a life expectency of 70 - 80 orbits.
In addition, the "biblical" concept of Jubilee is it was an established time, occuring once every 50 years. Typically, every "person" had at least one such event in one's lifetime. One of the last national Jubilees occurred the year of Jesus' crucifixion, which in fact commenced the day after.
There were many other details regarding the considerations of debts leading up to the actual year of the returning of familial lands, individual freedoms and discharging of indebtedness. This was an orderly process that did no violence to the underlying rule of law and not only preserved the vital concepts of freedom, mercy and individual property rights but advanced them as well.
jmunderstanding.
Apples and oranges.
The ancient Hebrews had no pension plans, no fiat currencies (their precious and base metal coins were their money), they didn't have a social security system into which one paid 13% of their income for 50 years before (hopefully) receiving benefits for the rest of their lives. They had no IRA or 401k accounts holding vast sums of government-issued bonds. The average citizen didn't keep their life savings in a bank; the collapse of which would wipe them out.
Foregiveness of debts under such a simple system poses few systemic risks; not to mention, everyone knew when it was coming (every 50 years), so they could take steps to limit risk and exposure.
Today, a debt jubilee would result in the cessation of all streams of income based on 'past promises' (aka: debt). If it were to be announced, it would cause a global panic, and if not announced, would be akin to what happened to Cyprus.
How did that work out for the 'common' man?
The two economic systems cannot be compared.
Foregiveness of debts under such a simple system poses few systemic risks; not to mention, everyone knew when it was coming (every 50 years), so they could take steps to limit risk and exposure...The two economic systems cannot be compared...
Agreed. I apologize if the point was not made initially. This is / was a system everyone knew was in place from the beginning, and you are exactly right; everyone made provisions for the event. (In fact, there were instructions / warnings given to those who would consider this event in a way that would appear to impact them “negatively”.)
The thing that makes this attractive in my mind is everyone (theoretically) knew they were accountable to the entity that initiated it and were therefore subject to the penalties and / or benefits to be had by adhering to it.
This is a far cry from those of our number who believe they are doing “God’s” bidding while denying the same benefit they received in the fall of 2008. But here again is the definition of "persons" blurred whereby individuals hide behind the skirts of a "corporation", religious organization, Executive Order, or some other man-made policy / decree or "insurance agreement". Matt. 18:23-34
By the way, these tactics were in use back in Jesus' day as evidence by the references to the use of "Corban" in the temple, the questioning by law enforcement and government revenue officers of how they should conduct themselves in their roles of authority and the example of individuals potential market manipulation by misrepresenting publically recorded valuations of real property for self-aggrandizement. Acts 5:1-10
Again, jmho.
Yes, another word for "debt jubilee" is "massive, catastrophic deflation". We would feel lucky to have a cardboard box. But... the debt jubilee will come, one way or another. We can end up broke and default, ie unintentional jubilee, or we c an have a managed jubilee.
It seems to me that a managed debt forgiveness scheme would be preferable to a spontaneous collapse, but I don't run the asylum.
A prudent and sane leadership would stockpile food and energy supplies, and create a pre-designed plan to rebuild the money supply in the aftermath of the debt jubilee. The government would have to design some way to at east ensure that people did not starve to death or end up homeless. There would have to be a food and fuel rationing plan and some sort of financial resettlement plan in place before a debt jubilee was enacted.
In an ideal world, the banks would be destroyed by the debt jubilee, and laws would be enacted to prevent the sort of banking stranglehold we see now from happenning in the future. In fact, one way to take the pain out of a debt jubilee would be to nationalize the banks assets and redistribute them on a temporary basis to the people. This could be accomplished by government issued money, since the banks are insolvent as well.
So yes, cardboard boxes are our future. It is always better to plan for the cardboard box thn it is to suddenly wake up in one .