Laelth
11. We need a jubilee, but I seriously doubt that the global network of oligarchs would allow such a thing in this day and age.
BKH70041
19. I can tell you what would happen in a jubilee; oligarchs or not.
Let's use the Biblical example, which I believe jubilee was every 50 years. For the sake of discussion, let's lower that to 7 years.
If I know in 7 years that all debt will be forgiven, then I'm not going to loan money for a term longer than 7 years. With 3 years left until jubilee, the loan term will 3 years. I'll always make sure the final payment is due well before jubilee can have any effect.
If someone decides to default as jubilee approaches in order to obtain the product/service for less than what they fully owe, there would be some network put in place that would inform others that BKH70041 defaulted last time and is not to be trusted this time.
Put laws into place that prevent this and watch lending dry up. Make the government the lender and watch people who are honest and pay in full over the term express their anger towards those who didn't, and especially some average Jane/Joe who intentionally took advantage of the situation or received some special treatment not afforded to others.
I fail to see how a jubilee would do anything put make the burden of borrowing and repayment more difficult.
As to the OP, I have my own version of a "debt resistance movement." I never borrow more than I can afford to repay. In that way I have resisted debt for well over 30 years. I highly recommend others do the same. It uncomplicates life tremendously.
Laelth
62. You have been very fortunate.
Almost all the rest of us have had to borrow money at one time or another. If you have a house note or a car note, you have borrowed money to buy something that you could not afford at the time you received the house or car. If you have been able to avoid borrowing money for a house or a car, you are more fortunate than (probably) 95% of Americans. Bully for you. You're rich. That doesn't help the rest of us.
As for your "scheduled" jubilee, I agree entirely with your analysis. What you describe is exactly what banks and lenders would do if a jubilee were scheduled, and that would be disastrous for our economy. We must have continued lending. I agree with that.
No, in order to be truly effective, a jubilee must be unscheduled, i.e. out of the blue--catching lenders by surprise. Even so, I admitted in my previous post that my hope for a jubilee was a pipe dream. I'm not expecting one, so it's almost pointless to discuss what might happen if we had one.
That said, I thank you for your response.
Not only can Laelth not read in order to respond to what the other person actually said (the other primitive never said s/he had never borrowed, just that when s/he did they didn't borrow beyond their ability to repay), but this fantasy world where suddenly one day somebody or some group out of the blue decides to declare everyone debt free is beyond both stupid and funny. Should that ever happen, lenders would never lend again wondering when it was going to happen next.
Liberals are incapable of thinking beyond the next 5 seconds.
I'm not expecting one, so it's almost pointless to discuss what might happen if we had one.
If it's pointless to discuss what might happen if there was one, wouldn't it also be just as pointless to even bring it up?
Laelth has got to be one of the most stupid individuals to ever breathe.
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