Finance Bailout is a Sham

announcement of the Jubilee

Congress is going to bail out the rascals at taxpayer’s expense. The amount may change, but the intent is obvious. After years of using our savings to leverage their profits, the gravy train has gone off the rails and they want us all to pay for the resulting dead horse. Why not declare amnesty on ALL debt? Turns out the result would be no worse if they did. Of course, it would turn out much better if they didn’t. The market must be free to fail or it is destined to be unsupportable. I found a really eye-opening paper on this very subject and would like to share it with you at the jump.

Apparently, the gods had a good grasp of finance. In old Assyrian and Babylonian tradition, every fifty years all debts were forgiven. This included monetary as well as social debts such as servitude and slavery. Later, the Hebrews extended this to every seven years, but limited the kinds of debts that would be forgiven. The principle was that the concept of usury was inherently flawed and could not be eliminated without seriously crimping trade. The Jubilee was intended to periodically reset the relationship between the rich and poor so that the rich wouldn’t become so powerful and the poor wouldn’t become so hopeless. The concept worked well for thousands of years. Only within the last few centuries has debt become an absolute.
Continue reading: Finance Bailout is a Sham

Posted on September 26, 2008 on 3:51 pm | In Uncategorized | No Comments

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