Wednesday, January 21, 2009

Jubilee idea catching on.

In several posts in the last few months, I have opined that the only real solution out of the current mess might be a real, Biblical Jubilee - forgiveness of all personal debts - in order to get people out of the economic quagmire they're in. Apparently, somebody else likes the idea, too.

UK Telegraph
Biblical debt jubilee may be the only answer
Once again, Britain leads the world in the macabre speciality of saving banks.
By Ambrose Evans-Pritchard
Last Updated: 6:08AM GMT 19 Jan 2009

...Taken together, the rescues may make the difference between global recession and a deeper slump that causes mass unemployment and social turmoil, perhaps destroying the open global order we take for granted. We can only guess.

There is no guarantee that the measures will succeed. The vast scale of government borrowing may exhaust the stock of global capital. Markets are already beginning to question the credit-worthiness of sovereign states. The Fed may find it harder than it thinks to disengage from colossal intervention in the bond markets.

In the end, the only way out of all this global debt may prove to be a Biblical debt Jubilee.

Creditors are not going to like that.

No, they won't like it. But then again, why should they be able to harass people for not being able to pay back money that the creditors never had in the first place? It was all virtual reality. Why should anyone have to use their real hard earned wages to pay back something that was never anything more than a ghost in the machine? There was not a real loan of real assets deposited to the bank - they never had any real cash to loan, and now they're persecuting people who don't have real cash to pay them back. Funny how they can make up money out of thin air to loan out, but we can't make up money out of thin air to pay them back. It's not rocket science that there's NOT ENOUGH REAL MONEY in our entire economy to pay back all the thin air they loaned out - and they knew this when they did it. The debts are morally and ethically invalid on that account alone. What do they expect us to do, turn over every real asset in the US to the Robber Barons to repay the "debt" they claim we "owe?" They'd like that, I'm sure.

And another thing: All these Christian and Jewish Board of Director members are guilty of violating God's law which they have promised to follow by charging their fellow co-religionists interest in the first place, then even more so by failing to forgive all the debt and wipe the slate clean in the Sabbath year (last year, by the way, or this year, depending on how you calculate). And then they piously pray for help in dealing with the financial crisis - the one they created in part by refusing to follow God's laws. Don't pray to God to fix your financial situation when you have snubbed His rules for doing business, class. Don't even bother - because He won't bother, either.

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