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.
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
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.