Here’s what I propose: A Constitutional Amendment declaring a Jubilee Year fifty years from the date of ratification.
In that year all debts public and private will be absolved and no new debts will be issued and any that are issued will be legally invalid.
If possible, I’d go further to prohibit the Federal or State governments from carrying any debt for more than five years.
It will never happen unless we bring the bankers to heel and put an end to the financialization of our markets. That might require executing a few bankers both at home and abroad.
“A Constitutional Amendment declaring a Jubilee Year fifty years from the date of ratification.”
Starting at about year 35 mortgages would be very hard to get.