Jubilee is being proposed as a demand for the Occupy Wall Street movement.
This proposal for a debt Jubilee as a part of OWS appeared October 5th in Salon magazine:
Jubilee: A proposed demand for Occupy Wall Street – Let’s tackle the debt that actually matters
The establishment press’s primary “problem” with the Occupy Wall Street protest is that those silly kids don’t have a concrete demand. Or they have too many demands. Or their demands aren’t realistic. This is silly. The movement’s “demand” is economic justice.
So my immodest proposal is simply this: Individuals and households in the bottom 99 percent who owe debt to any large financial institution that received federal government support during and after the 2008 crisis should see their debt forgiven. That would certainly stimulate the economy, as most people would suddenly find themselves with a great deal more money to spend on iPads (and food, and clothing, and housing, and healthcare). The debt can be forgiven by decree or if the government really wants to it can step in to pay it itself; I don’t much care either way. (Though it’d be nice to see it just wiped off the books, to enrage the banks.)
Let’s wipe the debt of the 99 percent off the books, tell the financial sector to eat it, and get on with our lives.
This call for jubilee was followed up the same day in a Huffington Post article that goes into greater detail on the idea of Jubilee as a theme for the Occupy Wall Street movement:
Trying To Discern Occupy Wall Street’s ‘Demands’? Think ‘Jubilee’
Is the idea “radical?” Only if you allow that the mainstream Judeo-Christian values that I’m constantly told form the underpinnings of our society are similarly radical. What Pareene is proposing is nothing more complicated than the good ol’ Old Testament concept of “Jubilee.”
Demands for a Debt Jubilee Mount. 2011 October 6. by Steve Beckow. We’ve reached the stage where people are asking, more and more, what does Occupy Together want? That’s one step up from ignoring us. But it still says that the people …
Publish Date: 10/06/2011 6:20
The notion of a Debt Jubilee dates back to biblical Israel where debts were forgiven every 50 years or so. In an August appearance on CNBC, Roach said debt forgiveness would help consumers get through ‘the pain of …
Publish Date: 10/05/2011 14:22
MEGAN MCARDLE: Debt Jubilee? Start With Student Loans. I am fully aware of what this would mean: government lending costs would go up, the program might well become unaffordable, and if private loans were included …
Publish Date: 10/07/2011 17:52
The 99 percent are right. Wall Street is where U.S. financial and political power lies. The United States is a bank-owned state that enslaves its people in debt; and Wall Street is home to the banks. Congress is in debt …
Publish Date: 10/12/2011 11:10
They only want to keep us working hard and taking on high interest debt which funnels straight up to their accounts, while they continue to borrow money at nearly zero percent interest and loan it back out to the bottom 99 percent. What does this have to do with … It is actually better for them to “bestow” a debt jubilee upon the general public, which will make them look like gracious benefactors instead of the enslavers that they truly are. If they “graciously grant” us debt …
Publish Date: 10/08/2011 17:36
Renowned economist Stephen Roach, currently non-executive chairman of Morgan Stanley Asia, has gone a step further, calling for Wall Street to get behind what others have called a “Debt Jubilee” to forgive excess mortgage and … Even though exports as a percentage of Canada’s economy has gone down over the last decade, we still send a sizable amount of stuff down south and US and Canadian consumers, together freed from debt, can only help each other …
Publish Date: 10/04/2011 22:57