I just got done arguing with a naif on Twitter who is all excited about the idea of a Debt Jubilee.
Obviously that child has had his head up his ass since 2008 until recently and has now glommed onto something shiny that sounds good.
It won’t work.
I was the first person to call for a Debt Jubilee back in 2008: Chronicles Of Depression 2.0: #427: 777. As you will see at that post, less than a year later I came to understand it would not work and recanted.
On January 19, 2009, Ambrose Evans-Pritchard wrote: Biblical debt jubilee may be the only answer
As far as I know, he hasn’t advocated that since.
I don’t know what his reasons are, but mine have already been stated.
Here’s the short version:
If you start hearing politicians wondering about a Debt Jubilee, then you’ll know the entire notion is not in anyone’s best interests — except for those who hold the power.
Those in power understand the current laws of money and finance better than you and I ever will.
They understand that sometimes you lose everything — but the rules of the game remain the same. And they are experts at twisting those rules for their own interests.
A Debt Jubilee is everyone reduced to a pathetic beggar: “Please just free me from my debt, but you can keep the game the same and I’ll play by your rules.”
The rules are illegitimate. The System is not only corrupt, it is actually and thoroughly bankrupt.
Why prop it up with a Debt Jubilee?
There is no negotiation with a cancer. A cancer must be cut out or otherwise destroyed.
If a Debt Jubilee is the best your thinking can devise, then just shut the fuck up — because you can’t think at all.