“… a financial element in the large centers has owned the government ever since the days of Andrew Jackson …”
Reset the Debt
The inevitability of implosion is built into our present monetary system. It has always been a matter of time. Soon–likely within ten years–some form of debt default (or, worse, debt monetization) would be upon us. If we allow this to happen, the results will be like 2008 writ large: the ruination of American citizens to the benefit of the money power.
The key to sweeping out the old system is thousands of years old: the Jubilee; the forgiveness of all debts. The Jubilee is a Biblical concept of Biblical proportions. In the Old Testament world, every 50th year was a jubilee year when all debts were forgiven. The year of Jubilee in both the Jewish and Christian traditions is a time of joy, the year of remission or universal pardon. Jubilee allowed the system to be reset so that hierarchies and obligations did not perpetuate themselves.
In our modern Jubilee, all debt of citizens and of federal, state, and local governments will be discharged and declared null, void, and unenforceable. This full discharge includes both secured and unsecured debt, and any guarantees of such debt are also declared null and void. Cancellation of all debt applies to all lenders, domestic or international.
This might sound naive or crazy, but we have good reason to believe that this strategy can be successful with only an ordinary dose of good luck. Why?
As the idea of a Jubilee begins to circulate, interest-rates will increase. Rising interest rates makes a Jubilee more attractive. This will cause more people to support the Jubilee which will force interest rates to increase even further! We call this positive-feedback loop, “the Ratchet.”