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Wealth & Economics > Jubilee

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message 1: by Nik (new)

Nik Krasno | 13529 comments There is a concept in Christianity and Judaism (and maybe in other religions too) of a jubilee year. That's what Wikipedia has got to say about it: "In Judaism and Christianity, the concept of the Jubilee is a special year of remission of sins and universal pardon. In the Book of Leviticus, a Jubilee year (Hebrew: יובל‎‎ yūḇāl) is mentioned to occur every fiftieth year, during which slaves and prisoners would be freed, debts would be forgiven and the mercies of God would be particularly manifest." https://en.wikipedia.org/wiki/Jubilee...
I'm not interested in theological, religious aspect of it, but I am in the economic. For economical interpretation implies the reshuffle of property and beginning of the economic game anew each fifty years.
Can this doctrine have any merit in your opinion?


message 2: by Ian (new)

Ian Miller | 9534 comments My view is it is totally unfair. Some poor guy who was caught 1 year after a jubilee has 49 years of trouble, while another caught a year before it is hardly punished. As for forgiving debts, what has the lender to say about this? Presumably mortgages become impossible to get one year before such a jubilee?


message 3: by Graeme (new)

Graeme Rodaughan Jubillees are not predictable. And occur when debts are unworkable. I would not be betting on a jubilee happening anytime soon.


message 4: by Graeme (last edited May 25, 2017 07:44PM) (new)

Graeme Rodaughan Also given the fact that the worlds monetary system is literally based on debt instruments.

I.e. Money is literally loaned into existence and is evaporated on loan payback. A debt jubilee implies the wholesale destruction of the monetary base - hence it will not be allowed to happen unless there is a brand new monetary system that can be immediately applied (same day as the jubilee).

I think that the Greece and Cyprus models which have already been demonstrated within the EU will be used first.

I.e. (1.) Debt-Wheel of Pain and (2.) Confiscation of assets - Bail in respectively.


message 5: by Nik (new)

Nik Krasno | 13529 comments Ian wrote: "My view is it is totally unfair. Some poor guy who was caught 1 year after a jubilee has 49 years of trouble, while another caught a year before it is hardly punished. As for forgiving debts, what ..."

I don't think, it's about punishment and as I understand it's viewed as a great celebration. It probably wasn't meant to be interpreted literally nor were it implemented that much, but it seems the idea is to reset the economic game once in half a century, instead of perpetuating the game that started thousands of years ago


message 6: by Nik (new)

Nik Krasno | 13529 comments Graeme Rodaughan wrote: "I.e. (1.) Debt-Wheel of Pain and (2.) Confiscation of assets - Bail in respectively...."

With Cyprus it might've had a hidden agenda of 'taxing' through expropriation estate of Eastern European oligarchs, who just loved to keep their funds in Cyprus.
It was kinda bizarre to see this tiny island among the countries with the biggest direct investments in Russia and Ukraine, neighboring US, UK and other giants -:)


message 7: by Graeme (last edited May 26, 2017 05:07AM) (new)

Graeme Rodaughan A lot of 'little' people got swept up in it and lost their life's savings. Just had the misfortune of living there.


message 8: by Nik (new)

Nik Krasno | 13529 comments Graeme Rodaughan wrote: "A lot of 'little' people got swept up in it and lost their life's savings. Just had the misfortune of living there."

I was under impression they were targeting the deposits exceeding 100K: https://www.rt.com/business/cyprus-cr...
However, I wouldn't be surprised if some big sharks were forewarned by banks' officers and managed to save their money, while smaller fry absorbed the blow


message 9: by Ian (new)

Ian Miller | 9534 comments Expropriation is still theft in my view. You can deal with oligarchs some other way if you want to. But as a general rule, when a system starts to fall apart it is the middle hard working save who gets taken to the cleaners. The really rich avoid this sort of thing.


message 10: by Graeme (new)

Graeme Rodaughan Precisely, Ian.


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