When Debt Is the Problem, Jubilee Is the Solution

Mar. 26, 2020
Robert Kroening

It's almost trite to say it, but with crisis comes opportunity. With major crisis comes major opportunity. And with pandemic comes proportionally outsize opportunity.

America's economy has been put on "pause," which is another way of saying it has effectively been trashed – at least for the foreseeable future. Many people suspect that if the Deep State didn't cause the pandemic, it is at least exploiting it to destroy President Trump. The President was riding high on the ostensible strength of the economy, so this is the best way to destroy his base's confidence in him.

At the same time, the Democrats are battling – successfully, for the moment – the radical socialists in their party. Absolute power: good. Destroying billionaires to get it: bad. So doddering Joe is the best hope to gain the former without doing the latter. But there are still a lot of socialists out there making noise – most of them clueless young people ravaged by debt, horrible educations, political correctness, and poor job opportunities.

In the midst of it all, the Deep State wages war by any means possible on the anti-globalists. We are left to wonder if in doing so the powers that be have unleashed the Sampson option that brings down the world on their heads. True, they still have immense power and can rely on Congress to attempt to bail them out. But there is no guarantee they won't 1) get the virus or 2) be badly hurt by the economic fallout.

Enter the opportunity. President Trump presides over a country that uses a fiat money system that is debt based. It has resulted in massive debt at every level – from individual to federal government. While many who owe huge amounts of debt are frivolous spendthrifts who cannot control themselves, many, many others are productive citizens who have had to go into debt to own a home or car, start or expand a business, or pay for medical care for their elderly parents.

As companies shut down to prevent social contact that can spread the coronavirus, people will quickly go underwater financially. The usual suspects will come calling on them, threatening to foreclose on their homes, garnish their wages, or otherwise make their lives even more miserable financially. For times such as these, and actually for times much less severe than these, the Old Testament law prescribed a semi-centennial year of Jubilee. All debts were forgiven, and people got to start again with clean slates.

It was important for the economic health of the nation, and it's doubly so for the health of America. This country is drowning in debt. Most of it can/will never be paid back, and that's especially true if people don't have jobs. In one fell swoop, President Trump can completely defang the socialists, deal the Deep State and the globalist billionaires a severe blow, and transfer wealth constructively from the exploitative, destructive element to the constructive element of society. It cannot perfectly reward the just and punish the unjust – as always, government edicts are blunt instruments – but its main thrust will be immensely constructive and powerful.

Our system is not based on a regularly occurring year of Jubilee, so instituting it would normally be extremely disruptive. Good news! (Kind of.) Coronavirus has already done that. We are accustomed to bailing out the banks in times of crisis. What's good for them, it is said, is good for the nation. That's nonsense. They are the leeches of the nation. We do not exist to make them whole whenever market cycles reveal the idiocy of their decisions. The disruption caused by Jubilee now would be far more constructive than otherwise. Return money to those who earn it with hard, constructive work; push power, money, and responsibility back down to the individual; and retributively punish those who abuse any of the three – or other people – and much will be accomplished to truly make America great again.

Complete forgiveness of small business debt, primary home mortgage debt, medical debt, student loan debt, car debt for at least one car, and perhaps much or all of the credit card debt is a good place to start the discussion. It must be a one-time thing (for at least 50 years), and not able to be applied to future debt. Money lenders will survive and reemerge, and that will be positive if they are not given cheap money by the Fed. A Jubilee must be followed up by the reinstitution of a hard money-backed monetary system or we'll end up right back where we started. That's a subject for another day, but not because it's not critical.

Constructive people freed from debt slavery will be free to do much more than they can now. Still, many will object, saying that it is a moral imperative to repay what is borrowed. This is true in a just system, but ours is not just. Our debt-based system inherently tilts the playing field toward the lenders and companies that game the system. Debt slavery is a real thing, and it's far more widespread than coronavirus in the U.S. And for those who recognize God's ultimate authority over His creation, one must ask why He prescribed this course of action for the nation He personally created a legal system for. It would be wise to be very, very careful about calling such a thing immoral.

Ultimately, America's problems are deeper than monetary debt. Decay of the spirit can only be dealt with in the spiritual realm – and forgiveness of unpayable debt is at issue there, as well. But that's beyond the authority of the state to deal with in any other way than example and encouragement. That might be difficult for this president to do, though he has certainly tried more than most. But he is perhaps one of the best qualified people in the country to know how delivery from debt can revitalize a person, a company, or a nation.

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