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.

I challenge anyone who thinks our government has our best interests at heart or who thinks the current financial system is the best system for a free market, to read this for themselves and challenge it’s assertions. We may have some common ground to discuss. Here are some exerpts:

from about 2500 to perhaps 300 BC, Babylonian and other Near Eastern rulers kept their citizens free and preserved their landholdings by annulling personal and agrarian debts when they took the throne – a true “tax holiday” – or when economic or military conditions warranted a general Clean Slate.  These Clean Slates were adopted literally, almost word for word, in the Biblical Jubilee Year if Leviticus 25. Even the same Hebrew word, deror, was used for the Babylonian andurarum proclaimed by rulers of Hammurapi’s dynasty from 2000 to 1600 BC. We ignore the fact that in the very first sermon that Jesus gave, in Nazareth (Luke 4:14-30), he unrolled the scroll of Isaiah 61 and promised that he had come “to proclaim the Year of the Lord,” the Jubilee Year.

Handel arranged the first performance of The Messiah as a benefit to raise money to bail debtors out of Irish debtors’ prisons, and every year the oratorio was repeated for that charitable purpose. Martin Luther warned about the mathematics of compound interest as the monster Cacus, devouring all. Yet Luther’s denunciations of usury are excluded from his collected works in English, and are available in this language only in Vol. III of Marx’s Capital and Book III of his Theories of Surplus Value.

Thinking the Unthinkable: A Debt Write Down, and Jubilee Year Clean Slate from

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

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