The Morality and Legality of Debt Jubilee, Part I – Bullion Bulls Canada – Sprott Money News.
Our nations (Western nations) are rapidly going bankrupt. This is not a suggestion or an assertion. It is a simple fact of arithmetic, for anyone capable of operating a calculator, and who can understand the concept of “compound interest”. Indeed, the bankruptcy of these already-insolvent regimes has only been delayed via permanently (fraudulently) keeping interest rates frozen at near-zero – to minimize their already gigantic interest payments.
The economic outcome here is as obvious as it is inevitable. After the mass-bankruptcy which will occur either tomorrow, next month, next year, or (improbably) next decade; there will be a gigantic “economic reset” of Western economies, and very possibly the entire global economy.
This simple, inevitable conclusion should not surprise any reader. It has happened many times in our civilized history. Indeed, it has happened with such regularity/frequency that we even have a name for this economic phenomenon: Debt Jubilee. The origins of Debt Jubilee go back to (literally) Biblical times, as our societies have been bankrupting themselves, and then “resetting” for well over 2,000 years.
Having established that there must be an economic reset ahead of us, and having observed that this is a regular occurrence in our societies/civilizations; all that remains to be dealt with is how the next Debt Jubilee should be administered. As Debt Jubilee translates literally to erasing our debts; the question boils down to this: should all debt (government/corporate/individual) be wiped away, or only partially erased?
…click on the above link to read the rest of the article…
