The forgiveness of all debt aka a Jubilee, has a long history. Some of the biggest write offs can be found here.
Currently, many nations have reached deficit levels that cannot be sustained and are collapsing under the onerous weight. Could cancellation of all debt be a way out?
Financial pundits warn of the consequences of such an action. Others label such an occurrence improbable and completely outlandish.
However, MSM is backing the Liberal push to forgive the nearly $1.4 trillion student debt. Perhaps the possibility of such a move is not so outlandish after all.
Could/Should Jubilee Debt Cancellations be Reintroduced Today?
The idea of annulling debts nowadays seems so unthinkable that most economists and many theologians doubt whether the Jubilee Year could have been applied in practice, and indeed on a regular basis.
Today, for millions of Americans, there's no more powerful political promise than a Debt Jubilee. Politicians will soon be promising it all...
Who will pay for it?
You guessed it...