Monthly Archives: September 2011

Clearly a Jubilee for debts will be manifest one way or another

stop increasing the debt

STOP INCREASING THE NATIONAL DEBT

A few excerpts  from Jubilee and Debt in the USA Economy by By Lee Warren, B.A., D.D… . A popular common sense Christian analysis of jubilee and  our current world debt situation, though a bit dated as it was written in 1997.  What I like about this article is that unlike many Christian writers, Lee does not see jubilee as an impractical spiritual ideal or push it off to someday far in the future,  in the “sweet bye and bye, when we meet on that beautiful shore”, as it has been reported that “Jesus will proclaim a Jubilee when He returns”.  The writer recognizes that the jubilee is multi-faceted, and applies to our real world economics, that cancellation of debt, is needed, NOW, in our time.

Some points addressed in this article:
1. Market shocks are occurring but they are not the whole story.
2. The debt bomb is a bigger story than the market corrections.
3. The United States is the world’s largest debtor, with debts that will never be paid back. American politicians are not addressing the debt, but fiddling, like Nero did when Rome burned.
4. Yahweh taught Israel to manage debt with the Jubilee cycle.
5. Jubilee is about freedom and grace.
6. We have entered a Sabbath millenium, the Seventh Millenium is upon us, a period in which many are looking for  the end of the world. It will usher in quite a few revolutionary changes.
6. Some form of jubilee is required to prevent revolution, war and economic depression.

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The Jubilee Hymn by Thomas Spence, 1782

 

 

Thomas Spence

The Jubilee Hymn: Or, A Song to be sung at the Commencement of the Millennium, If Not Sooner.

Words by the English radical Thomas Spence, in 1782, published in his journal PIGS MEAT, which Spence described as ‘This is that matchless pigs meat, so famous far and near. Oppressors hearts it fills with dread, but poor mans hearts does cheer.’

In England, this song is sung to the tune of ‘God Save the King’, in America it’s “My Country ‘Tis of Thee, Sweet Land of Liberty”
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Interview with David Graeber on Debt Jubilee

Interview with Dr. David Graeber, professor of anthropology at Goldsmiths College, University of London on his book – Debt: The First 5000 years. How the concepts of debt and credit have defined human history and what this means for our current credit crisis…

Conversations w/ Great Minds – Dr. David Graeber Debt: The 1st 5000 years P1

Conversations w/ Great Minds – Dr. David Graeber Debt: The 1st 5000 years P2

The only viable strategy is the biblical concept of jubilee, the re-balancing of everything.

From the Amazon.com description of David Graeber’s book Debt: The First 5,000 Years:

Every economics textbook says the same thing: Money was invented to replace onerous and complicated barter systems—to relieve ancient people from having to haul their goods to market. The problem with this version of history? There’s not a shred of evidence to support it.

Here anthropologist David Graeber presents a stunning reversal of conventional wisdom. He shows that for more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long before the invention of coins or cash. It is in this era, Graeber argues, that we also first encounter a society divided into debtors and creditors.

Graeber shows that arguments about debt and debt forgiveness have been at the center of political debates from Italy to China, as well as sparking innumerable insurrections. He also brilliantly demonstrates that the language of the ancient works of law and religion (words like “guilt,” “sin,” and “redemption”) derive in large part from ancient debates about debt, and shape even our most basic ideas of right and wrong. We are still fighting these battles today without knowing it.

Debt: The First 5,000 Years is a fascinating chronicle of this little known history—as well as how it has defined human history, and what it means for the credit crisis of the present day and the future of our economy.

Give yourself a break take a day off for God’s sake!

Be Kind to Yourself! Take a day off!

When was the last time you took a day off? A weekend? A day without work? A holiday? A day relaxing with family and friends, away from work, away from the demands of work, a day without thinking about work? A day without producing anything and not feeling guilty about it?

When was the last time you had a Sabbath? That’s what we’re talking about, a sabbath. A seventh day of rest. It used to be honored in Western culture, before we discovered the wonders of seven day shopping. It`s part of the Ten Commandments. According to the Bible, it`s  part of God’s law that was written for our good, for our benefit, for Our Liberty. The concept of Sabbath is the foundation of the year of Jubilee. A day of rest, one in seven. No work, no responsibility, a day of doing nothing.

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Rule by Rentiers: the Pain Caucus

Wound

Ye shall do no unrighteousness in judgment: thou shalt not respect the person of the poor, nor honor the person of the mighty: but in righteousness shalt thou judge thy neighbour.
Leviticus 19:14-16

The rich are wise in their own eyes; one who is poor and discerning sees how deluded they are.
Proverbs of Solomon 28:11 (NIV)

Rule by Rentiers
By PAUL KRUGMAN writing in the New York Times, June 10, 2011

Consciously or not, policy makers are catering almost exclusively to the interests of rentiers — those who derive lots of income from assets, who lent large sums of money in the past, often unwisely, but are now being protected from loss at everyone else’s expense…

…Krugman calls these rentiers The Pain Caucus…

However, the policy prescriptions of the Pain Caucus all have one thing in common: They protect the interests of creditors, no matter the cost. Deficit spending could put the unemployed to work — but it might hurt the interests of existing bondholders. More aggressive action by the Fed could help boost us out of this slump — in fact, even Republican economists have argued that a bit of inflation might be exactly what the doctor ordered — but deflation, not inflation, serves the interests of creditors. And, of course, there’s fierce opposition to anything smacking of debt relief.

No, the only real beneficiaries of Pain Caucus policies (aside from the Chinese government) are the rentiers: bankers and wealthy individuals with lots of bonds in their portfolios.

And that explains why creditor interests bulk so large in policy; not only is this the class that makes big campaign contributions, it’s the class that has personal access to policy makers — many of whom go to work for these people when they exit government through the revolving door.

Read more….

An Economy Under Siege, Paul Krugman

Nobel Prize-winning economist and New York Times columnist Paul Krugman has some generally dismal news in this talk, held in conjunction with Krugman’s visit to Yale to receive the Henry E. Howland Memorial Prize, one of the highest honors that the U…

A Global Debt Jubilee is Waiting Behind the Curtains

waiting

What sort of Jubilee is waiting to take center stage?

More voices are being “raised like a trumpet” to proclaim that the current regime of fiat money and debt will not survive, and that some sort of global jubilee is waiting in the wings, waiting behind the curtains, soon to be revealed. Here is one such analysis by Alcuin Bramerton…..

• When debt is fraudulent, debt forgiveness is the logical and only remedy.

• Debt or credit which cannot be paid back is never an asset; it is always a liability.

• All debt which charges a percentage originates in delusion. Debt grows exponentially indefinitely; income and other financial growth cannot do this.

• The total amount of money in circulation today in the West can only pay for a tiny fraction of the total private and public debt in the West. This fact is evidence of systemic fraud.

• Debt is manufactured through fraudulent means to reward a creative criminal élite.

• If the intention of a financial transaction tied to a loan, or tied to a financial inducement, is extortion, if it is, in effect, an élite bankster scheme to bamboozle the borrower with small print or to blind him with science, that loan or inducement, should be struck off the record immediately and completely. The debt was not incurred with the informed consent of the borrower. The debt did not benefit the borrower. And the élite lender was well aware of these facts when the loan papers were signed.

• You cannot solve the debt problem by issuing more debt. You solve the debt problem by cancelling, completely, all national, corporate and personal debt. You do this simultaneously across the planet, and you do it permanently.

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Alcuin and Flutterby: Universal debt forgiveness and the imminent

Behind the scenes, all the indications are that universal debt forgiveness is set to be announced. A global debt jubilee is waiting in the wings. The Doctrine of Odious Debts has been spectacularly revisited. The default position

Publish Date: 08/13/2011 2:00

http://alcuinbramerton.blogspot.com/2011/06/universal-debt-forgiveness-and-imminent.html

Alciun references the Irish Finance Minister, Michael Noonan ruling out universal debt forgiveness..

Debt forgiveness just “not realistic” | QBA | Quality Business Alliance

Finance Minister, Michael Noonan, yesterday emphatically ruled out a universal debt forgiveness plan, saying that the idea was just “not realistic”. He went on to say that the inability to repay mortgages was a complex issue …Indeed, complex for those trying to maintain control..

Publish Date: 09/02/2011 5:06

http://www.qualitybusinessalliance.ie/blog/debt-forgiveness-just-%E2%80%9Cnot-realistic%E2%80%9D/

Queen Anne’s 1711 Act for Relief of Insolvent Debtors Restoring Liberty

One of the objections raised to the proposal for a modern day Jubilee is that it would be an unprecedented event, that there are no historical examples of Jubilees in history. Well, Virginia, here is an example from England in the year 1711.

Queen Anne’s Parliament proclaimed “An Act For the Relief of Insolvent Debtors, by obligating their creditors to accept the Utmost Satisfaction they are capable to make, and Restoring them to their Liberty”. Sounds like a Jubilee Proclamation to me, wouldn’t you say? Opening prison doors, relieving debt, obligating creditors to only take what the debtors are able to pay, and restoring liberty”. Taken right from Leviticus 25, this couldn’t be any clearer use of biblical Jubilee language. And this in jolly old England!!!

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Consumers Need a Debt Jubilee

roach

On CNBC today on Monday, Aug. 22, Stephen Roach of Morgan Stanley said we need “ways to forgive the excesses of mortgage, installment and revolving credit, as what was done in the 1930s, that will help consumers get through the pain of deleveraging sooner rather than later.”

Read commentary and watch the video at: http://www.businessinsider.com/stephen-roach-says-consumers-need-debt-jubilee-2011-8#ixzz1X28YJkjf

Jubilee will be the story going forward

prison

IN DEBTORS PRISON

Forgiving debt may be the answer to this mess
Countries, homeowners are in modern-day debtors prison that helps no one

So writes Peter Coy at Bloomberg Business Week, MSNBC.COM:

In America’s unenlightened past, men who couldn’t pay their debts were imprisoned. Languishing behind bars deprived them of any chance to repay their creditors, so the practice was stupid as well as cruel. During college, I came upon a trove of heartrending petitions to the Connecticut General Assembly from women seeking to have their debtor husbands released from jail. The petitions were, by and large, rejected.

Society has come a long way since, but not far enough. There is still a presumption that blood can be squeezed from a stone. That’s true in the U.S. housing market, where banks continue to insist that they will be able to collect full repayment of wacky mortgage loans that they never should have made in the first place. And it’s true in Europe, where creditor nations and banks are dragging their heels on writing down the sovereign debt of Greece, Ireland, and Portugal.

Why does this matter? Because debt — public and private, foreign and domestic — is the No. 1 issue of 2011. The perceived danger posed by debt dominates the political conversation in Washington and is the reason for the British government’s austerity program. In the absence of strong economic growth, debt burdens around the developed world will remain onerous for years to come — and yet while countries are single-mindedly focused on paying down their debts, it will remain harder for them to implement pro-growth policies. Getting the global economy moving again means accepting that some debts will never be repaid — and the sooner they’re forgiven, the better. “This will be the story going forward,” says Daniel Alpert, managing partner of Westwood Capital, a New York investment bank.

Debt.. “the number one issue of 2011” and forgiving debt “the story going forward”. Some are getting tuned in. Jubilee is an idea whose time has come.

You can’t borrow yourself out of debt

..anymore than you can drink yourself sober.

A quote from THE SECRET OF OZ:

The world economy is doomed to spiral downwards until we do 2 things: outlaw government borrowing; 2. outlaw fractional reserve lending. Banks should only be allowed to lend out money they actually have and nations do not have to run up a “National Debt”. Remember: It’s not what backs the money, it’s who controls its quantity.