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There Is No Such Thing as a Bank Loan
But there is one reform that should have been done, and eventually must be done: a Jubilee, that is, a system-wide debt forgiveness, the full or partial write-off of the loans which cannot, in any case, be paid. The Jubilee is mentioned in the Bible (Lev. 25: 8-55) but the custom actually goes back to the Babylonians, where the king would, from time to time, right the financial system by declaring an end to all debts.
Many, of course, will have doubts that we can draw any relevant lessons from the Bible about today’s sophisticated financial world. The neo-conservative Michael Novak, for example, notes that the economy of the biblical nations was “an economy of caravans and traders,” and biblical writers “did not envision questions of political economy we face today.” But while they may indeed have been camel-jockeys, that only means they were realists, since nothing is as real, or as ridiculous, as a camel. And as realists, they understood the greed that lies in the hearts of men, greed that impels them to manipulate markets. And when so much debt had been accumulated that the markets could no longer function, then mere realism compelled them to forgive debts to get the market going again
Whatever one thinks of the system, and whatever arguments one advances for or against it, the indisputable truth is that the creation of money ex nihilo does not fall under the same moral description as when men lend each other their hard-earned money. The bank “loan” is not really a loan at all, not really a transfer of hard-earned assets, but a legal arrangement giving enormous monopoly powers to a relatively small group of men. Since the “right” rests only on positive law and not natural law, it may be changed by positive law. It is a monopoly granted, presumably, for the public convenience and necessity, and when it is no longer convenient—and certainly not necessary—it may be changed without harm to the natural law.
Originally posted by WakeUpRiseUp
How could they when they are the ones in debt? Its the banks and private corporations that would need to end debts; but they wont unless we make them, which is inevitable.
Originally posted by Wrabbit2000
I believe the OP is right, but in a slightly different sense. This will happen because it's inevitable and unavoidable. Math is a simple language and this writing on the wall is impossible to miss. However, it won't be the Government cancelling the debts as much as a total and uncontrolled collapse of the economies around the world.
That will qualify as an end to all debts, but about the only way it could happen. We'll see how this works in real life when they finally run out of stunts and tricks to avoid it.
The government granted the banks the privilege to create those debts by the magic of fractional reserve banking. The government gave them the privilege, they can, they SHOULD take it away. There is no possible way to ever pay off all of the world's accumulated debt. The only realistic solution is to abolish those debts and reboot the world economy. Maybe, with a fresh start, we can learn from our mistakes and come up with a more just economic order.
Originally posted by ModernAcademia
No because the only way to end the debts is to become it
and the only way to do that is a one world govt.
If you are a one world govt. then nobody owes you right?
think about it
Originally posted by onfire49
reply to post by FortAnthem
What world do you live in where most people dont handle their finances in a responsible way.