Category Archives: Calls for Jubilee

Economists- The Economy Can Only Recover If We Repudiate the Debt

 

Pavement Ends

You can only kick the can down the road so far…

Preface: Regular debts which are knowingly and honestly incurred should be repaid. This essay focuses solely on debts which are involuntarily incurred by politicians at the expense of the American people – and which do not benefit the public, but only a handful of bankers and defense contractors – and debts based upon false promises.

 

Economists: The Economy Can Only Recover If We Repudiate the Debt

Source: Washington’s Blog, July 20, 2011

Leading Austrian-school economist Murray Rothbard – an American – wrote in 1992:

I propose … out-right debt repudiation. Consider this question: why should the poor, battered citizens of Russia or Poland or the other ex-Communist countries be bound by the debts contracted by their former Communist masters? In the Communist situation, the injustice is clear: that citizens struggling for freedom and for a free-market economy should be taxed to pay for debts contracted by the monstrous former ruling class. But this injustice only differs by degree from “normal” public debt. For, conversely, why should the Communist government of the Soviet Union have been bound by debts contracted by the Czarist government they hated and overthrew? And why should we, struggling American citizens of today, be bound by debts created by a … ruling elite who contracted these debts at our expense?

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Reuters calls for a haircut to kick start economy

haircut

Creditors need a new style

A Reuters Special report calls for a haircut (massive debt relief, or Jubilee) to kickstart the economy.

“More than three years after the financial crisis struck, the economy remains stuck in a consumer debt trap. It’s a situation that could take years to correct itself. That’s why some economists are calling for a radical step: massive debt relief.”

Read more…..

I find it amazing that the Reuters article claims that jubilee made it into popular culture through the Margaritaville episode of South Park.

Reuters makes no mention of  Jubilee 2000, the campaign America missed: The Jubilee 2000 debt relief movement mobilized millions of people, transformed international policy and shaped public opinion — in Europe.

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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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.

Jubilee Solution: The People’s Bailout

From the blog “Jubilee Year – Cancel our Debt“, is this entry that is worth a read for any of you considering the Jubilee as an alternative to our descent into economic depression.

The Jubilee Solution to the Economic Crisis: the People’s Bailout

The worldwide economy is unraveling because of high debt. High debt is destroying the economy not only because businesses are forced to liquidate in the face of unpayable debt, but also because consumers won’t spend when their debt load gets too high. The high debt load is made worse by deflation, which makes older debt harder to pay off.

Jubilee means the forgiveness of debt, but can the principle of Jubilee debt forgiveness be applied to our current economic situation? Yes, it can. In fact, debt cancellation is the only solution to the problem, other than letting the problem run its course through a long period of economic depression, which cancels debt the slow and painful way.

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The People’s BailoutJubilee Year — Cancel Our Debt

This is the Jubilee solution to our economic crisis, the people’s bailout. God bless us all. note: by cash, I do not imply actual paper script to be printed and distributed; electronic credit money would actually work much better.

Publish Date: 04/27/2009 2:00

http://cancelourdebt.blogspot.com/2009/04/jubilee-solution-to-economic-crisis.html

This was just the first of many posts at Jubilee Year — Cancel Our Debt on the Jubilee Year as an economic alternative. How Jubilee would work and answering objections is the theme of this blog.  According to the author, banks and governments transfer wealth, not create it. Wealth is created by producers, not by redistributors. Money is not the same as wealth. Savings represent real wealth, an excess of production over consumption. Debt is a monetary trick, not real wealth. If banks disappear tomorrow, real wealth remains the same. The solution to our debt deflation depression is debt cancellation. Debt cancellation is inevitable, but our government is determined to do it in the worst possible way: widespread bankruptcy, massive liquidation, and general inflation. Jubilee means escaping from debt and the system that keeps us enslaved.

When Debt is Fraud, Fake Assets, Jubilee Only Remedy

Endgame: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy, by Zeus Yiamouyiannis, Ph.D. is a well written case for Jubilee in our time. This essay is getting traction around the net. Here is an excerpt:

Finally serious economists are considering a position I have been maintaining and writing about since the 2008 financial meltdown. Whatever its name— erasure, repudiation, abolishment, cancellation, jubilee—debt forgiveness, will have to eventually emerge forefront in global efforts to solve an ongoing systemic financial crisis.

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A Christian Call for Economic Liberty

Credit Card Usury

Paul Peter Jesop is author of Credit Card Usury and The Christian Failure to Stop It: A Call to Social Justice against the Money Changers

Paul Peter Jesop writes:

“My friends and I have been coddled long enough by a billionaire-friendly Congress,” said investor guru Warren E. Buffet. “It’s time for our government to get serious about shared sacrifice” in paying done the national debt. Spreading the sacrifice more equitably, however, doesn’t bring fairness to an inherently flawed system that more directly impacts the daily lives of ordinary people. Average Americans need a Jubilee Debt Year….Why are tax cuts for large corporations and very wealthy individuals considered good for the economy and not debt forgiveness and the capping and scaling back of interest rates? Would debt forgiveness and lower interest not enable and empower more individuals with choices and offer them a level of financial freedom never enjoyed before?

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A Christian Call for Economic Liberty : Paul Peter Jesep

It shall signal the Year of Remission for you; and each of you shall return to his possession, and each of you shall return to his homeland (Leviticus 25:10 – inscription on the Liberty Bell in Philadelphia). “My friends and I have

Publish Date: 08/24/2011 10:59

http://experts.patheos.com/expert/paulpeterjesep/2011/08/24/a-christian-call-for-economic-liberty/