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. 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.
We have the oil. We shall not default. But it is a sticky business. A balancing act. Thank G-d for Haliburton, et al.
Did China come out of its fog yet? It was in a great fog last week.