A Debt Jubilee Is the Only Way For America To Avoid An Economic Depression?

Even before the coronavirus appeared, many American families were falling behind on student loans, auto loans, credit cards, and other payments…

Posted by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

By Michael Hudson via the Washington Post

A debt jubilee is the only way to avoid a depression

Even before the novel coronavirus appeared, many American families were falling behind on student loans, auto loans, credit cards, and other payments. America’s debt overhead was pricing its labor and industry out of world markets. A debt crisis was inevitable eventually, but covid-19 has made it immediate.

Massive social distancing, with its accompanying job losses, stock dives, and huge bailouts to corporations, raises the threat of a depression. But it doesn’t have to be this way.

History offers us another alternative in such situations: a debt jubilee. This slate-cleaning, balance-restoring step recognizes the fundamental truth that when debts grow too large to be paid without reducing debtors to poverty, the way to hold society together and restore balance is simply to cancel the bad debts

The word “Jubilee” comes from the Hebrew word for “trumpet” — yobel. In Mosaic Law, it was blown every 50 years to signal the Year of the Lord, in which personal debts were to be canceled. The alternative, the prophet Isaiah warned, was for smallholders to forfeit their lands to creditors: “Woe to you who add house to house and join field to field till no space is left and you live alone in the land.” When Jesus delivered his first sermon, the Gospel of Luke describes him as unrolling the scroll of Isaiah and announcing that he had come to proclaim the Year of the Lord, the Jubilee Year.

 … For the remainder of the commentary:

https://www.washingtonpost.com/opinions/2020/03/21/debt-jubilee-is-only-…

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Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA’s recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here’s what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

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http://www.gata.org/files/FayJWineryVarietals.jpg

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To order a case of GATA-label wine, please e-mail Fay J Winery at [email protected].

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Stuart Englert’s “Rigged”

“Rigged” is a concise explanation of government’s currency market rigging policy and extensively credits GATA’s work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon —

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— or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at [email protected].

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