Chapter 39 - Why you can't have a Jubilee

A jubilee refers to a process practiced in biblical times where debts were canceled. The word "jubilee" originates from the Hebrew word jobel, which means "ram's horn". The ram's horn was used as a trumpet to herald in a jubilee year. The jubilee was a year of liberation which started at the end of seven times seven years, making it the fiftieth year. Debts were canceled and debt servitude terminated on the tenth day of the seventh month. This is worded in Leviticus 25, 8-10 as:

And you shall count seven weeks of years, seven times seven years, so that the time of the seven weeks of years shall be to you forty-nine years. Then you shall send abroad the loud trumpet on the tenth day of the seventh month; on the day of atonement you shall send abroad the loud trumpet throughout all your land. And you shall hallow the fiftieth year, and proclaim liberty throughout the land to all its inhabitants; it shall be a jubilee for you, when each of you shall return to his property and each of you shall return to his family

This is a beautiful idea but I shall explain why it is impossible in the modern world:

You can not have a Jubilee because of the nature of modern debts. A modern debt is listed as an asset on the balance sheet of a bank. Money owing to a bank is an asset of the bank, fully collectible over the next few years. The money owed to bank clients is a liability of the bank. It is not possible to declare a national Jubilee without wiping the significant portion of the assets of the banks. This would collapse the banks. A collapse of the banks would collapse the payments system on which we rely. Our money supply would all but disappear. We would try to trade on small quantities of government cash currency. The government would print cash currency to stay in business. None of the talking heads and advisers would suggest the need to tax cash transactions. (All taxation at present is paid using bank-credit.) Hyperinflation would ensue. Mass starvation would ensue.

I give you some possible solutions:

The National Debt is cleared by creating money in physical currency or digital currency units and paying off debt. Private debt is reduced by government spending into society. Private debt is further reduced by other reforms, including taxation reform, given elsewhere in this book.