[DoughtyOne]

These people need to take a deep breath and relax. This whole situation has reached something akin to mass hysteria. They have scared the citizens to death. It’s time to allow them to absorb the situation, and start entering the marketplace again. All these gloom and doom predictions are going to do, is cause folks to tighten up tighter than a clam’s ass, which will destroy any chance at a recovery.

If the global MSM couldn’t report for about 180 days, I think the global economy would be a lot better for it.

[Vince Ferrer]

I am not aware of Jubiliee debt reduction being in the Bible, I thought it was more of a middle ages kind of thing monarchs would use when the population was hopelessly in debt.

Israeli Jews had an interesting system in the Bible where the land was divided among the tribes eternally, but individuals could lease the land from the owners. However, periodically, every 99 or 75 or so years, all land would revert back to the original owners, and the slate would be clean. The owners could then lease it out again if they wanted, or not.

[ClearCase_guy]

The Athenian lawgiver Solon also canceled all debts (interpretations of the sources differ and exactly what he did is not always agreed upon). It's pretty drastic and with a complex inter-connected financial system, such an unexpected cancellation of debts would, I think, result in utter chaos.

If you wanted to force a modern society toward communal ownership of all goods and services, this would be the way -- just make it impossible to figure out who the "real" owners are. Then we'd have no choice but to fall back on "From each according to his ability, to each according to his need".

[Star Traveler]

Okay, everyone’s debt is absolved, all people all corporations, all governments all businesses, everyone and everything. We all start over... :-)

[devere]

The whole point of a jubilee is that everone knows it is coming and methodically wind down debt going into a jubilee year. To just suddenly declare a “jubilee” goes by the name “default”.

[tacticalogic]

Didn’t land ownership also revert back to the original owners, or thier heirs, during Jubilee?

[William Tell]

From the article: "It scarcely matters who owns the banks – unless you are a shareholder – so long as they lend. "

What a concept!

It scarcely matters who owns the auto companies – unless you are a shareholder – so long as they build cars.

It scarcely matters who owns the residential rental properties – unless you are an owner – so long as they rent.

It scarcely matters who owns stocks in the stock market - unless you are a shareholder - so long as the companies remain in business.

It scarcely matters who owns YOUR PROPERTY - unless you are the owner - so long as the government dictates everything that can be done with that property.