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The concept of a Jubilee comes from the Bible (The Old Testament), the Book of Leviticus, Chapter 25. A Jubilee in the Jewish tradition was said to occur roughly every 50 years. It was a time for total forgiveness of debt and the freeing of slaves. Pope Boniface VIII proclaimed the first Christian Jubilee in 1300. And rulers throughout history have occasionally used a Jubilee to reset the financial system – especially when the poorest citizens are threatening revolt. Today, the vast majority of America is in bad shape. And the poorest citizens are calling for a radical solution… But this Jubilee will be different from the 1933 and 1971 ones we’ve discussed. The federal government is free to print all the money it needs to pay government debts. Private households are different. The only ways out of private debt are to pay it, to default, or to have it forgiven with a Debt Jubilee. Today, America’s low-income households don’t have the funds to service the money they owe. It’s mathematically impossible. And politicians will never allow tens of millions of our poorest citizens to go bankrupt. It will be similar to the one that took place in 1841 in America... Back then, the laws were temporarily changed, so debtors could be discharged of their debts – without the consent of the creditors. Over a period of 13 months, more than 40,000 people wiped away their debts before the act was rescinded. So the only solution left is a Debt Jubilee.
Today, it will be tens of millions of people and trillions of dollars.
And once again, there will be consequences...
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