The New York Times is now starting to ridicule the idea of a debt jubilee that is “doing the rounds”.
Looks like JUBILEE IS GOING MAINSTREAM!
Entitled “The Downside To a Debt Jubilee”, NYT says,
Good ends do not justify bad means. That philosophical observation applies to proposals for a big American debt jubilee that are now doing the rounds. The basic idea is to slash consumer debt, which is an admirable aim for an overleveraged nation. Household debt is still 90 percent of gross domestic product, down only modestly from the 2008 peak of 100 percent. But even bank-haters should recognize that this cure might be worse than the disease.
At least the writer recognizes that there are bank haters in the American population. He then goes on to say that if there’s a jubilee it will require help from the Fed. Too bad the writer just doesn’t get it… the Fed is doomed…it will be erased along with the debt in the coming jubilee…
Imagine An American Jubilee Celebration. Imagine a celebration sometime soon in the future: A celebration of Jubilee. Over 90% of the American national debt has been eliminated, through the American National Jubilee Act and International Treaty. Trillions of dollars of new debt-free credit for manufacturing, energy R&D, scientific innovation and advanced technologies to solve the pressing problems facing the world, has been issued by the government lawfully and debt-free. America is rebuilding its economy.
Imagine the American Jubilee Party of the future. It would transcend nationalism, and would indeed be a world wide party, celebrating the “shaking off” of debt burdens around the globe.