A Debt Jubilee is LONG LONG LONG overdue...
As in a harvest?
No, as in the Old Testament tradition of massive debt forgiveness across the lands.
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LoginThere are massive results that would occur though:
Also, a blanket debt jubilee within the developed world would be much bigger, touching the greater part of the world economic, financial and monetary system. Applied globally, a big issue is that one person’s debt is another person’s asset. While a debt jubilee would cancel the burden to the borrower, it also would eliminate the value of the debt as source of wealth to the lender.
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LoginIf you decrease the income of those at the top, they are able to invest less in businesses and donate less to charities, etc.