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.
In October of this year (1997), the Wall Street stock market suffered a 524-point drop—the largest one-day point drop in its history. …
As the result of these events, the world economy made headline news. What most people are not conscious of is that a greater danger, a time bomb that gets very little ink from newspapers or TV coverage, threatens to undermine the world economy.
What is one of the greatest perils in the world?
The world debt is one of the most pressing problems of the global economy. Now the largest debtor in the whole world might surprise many. It is not some South American country, nor an impoverished African nation.
To the astonishment of many, the government of the United States of America is the world’s largest debtor. In fact, it owes more money than all the developing countries put together…
The intent of this article is to show how Yahweh taught Israel to manage debt with the Jubilee cycle. Their economy should serve as a model for the nations of the world. There will have to be some form of Jubilee for the whole world if the world economy is to grow and expand with prosperity…
New Unger’s Bible Dictionary states: “Thus the Jubilee year became one of freedom and grace for all suffering, bringing not only redemption to the captive and deliverance from want to the poor, but also release to the whole congregation of the Lord from the sore labor of the earth, representing the time of refreshing <Acts 3:19> that the Lord provides for His people. For in this year every kind of oppression was to cease and every member of the covenant people to find his redeemer in the Lord, who brought him back to his possession and family (from Moody Press of Chicago, Illinois Copyright (C) 1988).” Clearly, one can see that Sabbath years and Jubilees prevented one individual or group of people from building up wealth through owning debts whereby one could control a nation…
What is the significance of Jubilee?
Jubilees along with the Sabbaths reveal how Yahweh-Elohim operates through time as well as in eternity. The completion of anything that Elohim performs is in seven steps, which ends with a Sabbath and then repeats itself or initiates a new beginning. In reality, this is reflective of Elohim and His work of creation. Moses wrote of creation that Elohim worked six days according to his vision and rested on the Sabbath (Ex. 20:10:11).
Currently, according to Bible chronology, we are ending the sixth millennium (6,000-year) or the week of millenniums. Now the year 2,000 or 2001 A.D. will begin the seventh millennium or the Sabbath millennium …[in].. which many are looking for …the end of the world. It will usher in quite a few revolutionary changes.
Dr. Henry C. Kinley explains the true spiritual reality of the Sabbath. He states: “The Seventh Day or the Seventh thousand year day, He, Yahweh-Elohim RESTED and SANCTIFIED that DAY and called it the SABBATH (Ex. 16:23-27; Ex. 20:l0-ll; Gen. 2:2-4). However, we need a better understanding of the Sabbath Day. For example, BEFORE Elohim BEGAN to create the Heaven and Earth, and everything that is in them, and AFTER He FINISHED the creation, He was INACTIVE, back into the SABBATH, reigning in the REALM OF ETERNITY or THE DAY, that has NO BEGINNING or ENDING with the complete Plan of Creation in Spirit Embodiment (Elohim the Archetypal Original Pattern of the Universe, Vol. I, p. 98).”
Finally, there is a week of ages, which ends with a Sabbath Age for time begins and ends in eternity. Elohim is eternal. Dr. Kinley states the following about the Sabbath Age. “The SABBATH is ‘’THE DAY OF YAHWEH,’’ or ‘’THE DAY’’ before the beginning of the eighth (8th) or the beginning of another series of Ages (Vol. 1, page 98.” This means another set of week of ages will be created (Eph. 3:21).
What impact does debt have on the USA?
The politicians of both parties are playing around with an extremely critical issue. Like the saying goes, they are fiddling as Nero did while Rome burned. Most of the American public has absolutely no understanding of America’s debt and its implications on the country, the individual, and the world.
President Clinton and Congress have just about balanced the budget as the result of seven years of a good economy, but no one has put forth a plan to pay off the approximate 5.4 trillion dollars in debt. Now 99% of the United States revenue comes from three sources: individual federal income taxes, corporate income taxes, and social security. Currently, the United States pays out 40 cents of each revenue dollar it collects for the interest expense on about $5.4 trillion.
This is an astounding figure to pay for interest. If an individual household had to pay out 40% of its gross income on interest expenses, it could not function and would be forced to declare some type of bankruptcy.
Can the U.S. ever get out of debt?
The debt problem is insurmountable and can never be paid off without causing severe problems in the economy. Anyone that has paid off a mortgage knows that over time one pays twice the mortgage amount. If one borrows $100,000 at 5% for 20 years, during that time one will pay $100,000 interest and $100,000 in principle giving a total of $200,000. So, if the debt of $5.4 trillion could be paid off at 5% over a 20-year period, the USA would have paid a total of $10.8 trillion dollars. The government would have to pay $540 billion dollars for the next 20 years to pay off the debt. Uncle Sam cannot meet this installment plan and all its other obligations, such as social security, Medi-care, the national defense, etc.
Gerald Celente in his book Trends 2000 states: “Gradually over the years, servicing interest on our $5 trillion national debt was closing in on defense spending and Social Security as the single-largest chunk taken out of the U.S. tax dollar. And it wasn’t buying anything, building anything, producing anything, or curing anything. It was going back to the investors at home and abroad who held the debt (p. 41-42).”
Let us look at two ways of trying to pay-off the debt to see the magnitude of the problem. First, the taxes could not be raised high enough to pay off this debt without severely impairing the people’s ability to purchase products in the economy to keep it growing. Neither could the government cut its services deep enough without the people revolting. Simply put, there would have to be a lot of pain for a least 20 years. Most people would be unwilling to make this type of sacrifice.
The only other alternative, which is untenable, is that the debt could be repaid with inflated dollars by the government running off money on the printing press. This would cause inflation of an unparalleled nature in the US economy, as existed in Germany in the 1920’s-30’s.
Clearly, the only intelligent alternative is that some form of Jubilee must be declared…. Simply put, according the World Bank and the United Nation the vast majority of the third world countries are in a worst situation than America where vast portions of the country’s revenue goes to paying off the country’s debt. The total debt for these third world countries is about $2 trillion dollars.
The solution for the world economies is to declare some form of Jubilee because governments around the world cannot continue to exist under such staggering interest payments. This will bring about a new start for the world economy and individuals can begin to grow and develop their potential anew.
Unless something is done soon by the nations of the world, they will find themselves in a world depression. History has shown that whenever there is a severe depression, wars soon follow. Conditions are ripe for dictators to rise up. If Germany’s economy had not been so depressed in the 1920’ s-30, Hitler would not have been elected and history would have been much different. Clearly, Jubilee will be manifest one way or another.