Jubilee is a time of release from an ever increasing spiral of debt burden, or indenturement. Of course that word "jubilee" in common usage means a joyous happy time. Doesn't have to be.
Doesn't have to be joyous or happy. If fact, throughout history they haven't been -- because except in ancient Israel and perhaps some rare times places otherwise, economic resets of this sort are not planned and managed according to law.
They have been called Busts in the lightest of normal cases, Great Depressions in more severe cases or riot, chaos, upheaval, and revolution in the severe cases -- in the most severe they have destroyed whole civilizations.
"Jubilee" events, all.
If the United States defaults on its debt -- or even seriously threatens to do so -- it won't be a happy time here. It will be a disaster of the first water. We would be very, very unhappy for a very long time.