By Porter Stansberry
Why Does Porter Call It a “Jubilee”?
The term “Debt Jubilee” has its basis in the book of Leviticus. The Israelites were instructed that every half century there should be a reversion of land to its original owners or their heirs, a general forgiveness of debt, and a manumission of bond-servants.
Leviticus 25:13 In the year of this jubile ye shall return every man unto his possession.
Check... check... check... and check. There’s actually a name for this type of political and social phenomenon. It’s called “populism.” And it emerges every 30 to 40 years. Populist movements are characterized by extreme anger at the government, at the wealthy, at the establishments, and at “newcomers” and minorities. As the director of an Alabama group that tracks violence and hate crimes around the
The slate is wiped clean and everybody gets to start over.
It’s a nice idea.
However, in fairness to the ancient Israelites and their common sense about economics, it’s worth mentioning that The New Oxford Annotated Bible contains the following footnote: "There is no evidence that the jubilee program was ever carried out."
- The editors
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American Consequences
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