The Jubilee
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. It will, in fact, be illegal to repay any previous debt, except that between two persons, in which case voluntary repayment will be permitted but not required. Cancellation of all debt applies to all lenders, domestic or international. It will be illegal for any American person or US legal entity to repay or to collect any international debt.
Because 97% of our money is debt money, a Jubilee will sweep away the existing monetary system all at once. Free Money will be put into circulation to replace it. In the Jubilee year, every citizen 18 years and older will have $7,500 deposited (tax free) into an account every month for six months. This should be enough time to effect the Free Money transition. With the chains of debt finance broken, we will experience a tremendous entrepreneurial renewal.
The Jubilee is an acceptance of responsibility. Rather than imposing our debts on the future, we (creditor and debtor) alike accept the consequence of our moral hazard today. The Jubilee will systematically remove the illusion of debt money. While debt will be possible after the Jubilee, it will not approach the debt frenzy of the present era. Those who have learned to live by the world of debt will have to produce real value, create goods that have integrity, and practice self-discipline to succeed in the post-Jubilee world.
We’ve all heard talk about the necessity of common sacrifice and a return to community. Through the Jubilee, we will put our money behind our words.