What if all debts were cancelled?

[Mountain Girl]

In the book of Leviticus, God said that a year of Jubilee should occur every fifty years, in which slaves were freed and all debts were cancelled.

What if this happened today? All debts to all and by all were forgiven, and we started fresh. Would it be a great thing, or not? Is it even feasible?

[4JesusLove]

Nope because of GREED sorry to say.

[KnightErrant]

In Bible times, the lenders had warning of the coming Year of Jubilee and were instructed to prepare for it. If we instituted the Year of Jubilee here, we would have to make it a future event to give lenders time to prepare.
:pray
Most banks, etc. are lending out money that others have deposited with them, with the exception of credit cards where the banks are basically creating money by fiat. If all debts were forgiven, it would be great for the debtors, short term, but all the depositors, pensioners, people living off 401k and IRAs etc. would lose all they have deposited.
:doh

[BeenReady]

Nice thought?

I think it's very biblical...the day of Jubilee, kind of like giving your employees a day off to worship. It's what God wanted. Not just a nice thought, but a way to show your love to your fellow man.

Maybe I should start a Jubilee movement. Hmmm... End credit slavery.

[tom_roberts]

i think its a great idea

except for the rich









just kidding
still a wondeful thought

[frodo82801]

It's not just the rich who would irresponsible. The people who got themselves into debt through irresponsibility wouldn't learn a thing. They'd be free to start piling it up again.

[Big Daddy]

If all debts were canceled, there were be no more money.
At least in the US.

The US dollar is created out of debt/credit.

If everyone payed all their credit off, there would be no more money.

Sounds weird, but that is how it works today.

[Mountain Girl]

Well, what all of you have said makes sense.

But, I can't help but wonder.............this was something that God said to do, and He had to have a good reason for it. Was it because He knew that debts would soar until they were insurmountable?

Just for thought provoking comment.......if all debts were cancelled, wouldn't there be more money going into bank accounts, more money invested, more money being spent which boosts the economy?

Why would cancelling debt affect someone's 401K, or their retirement?

[Big Daddy]

There was a little youtube vid on here somewhere that showed how money is created by debt.

Basically, when a business or individual goes to a bank and takes out a loan, the bank rights that on their books as an asset. You own them, and they expect you to repay them, so they count the amount you owe them to their bottom line.

They get to use that amount that you owe them as part of their reserve, and they can lend out 9 times more than that amount again.

You see they only have to have a fractional amount of what they lend out on hand.

If you and a few friends pooled some seed money and chartered a bank, you can take your original pool of money, and use it as the "reserve" which you can lend out to those that need a loan.

You get to lend out 10 times (actually more) the amount you have in reserve.
The amount of loans that are owed to you, go on the books as assets. Your reserve is now larger. The assets on your books can be lent out again, and the reserve grows again. It goes on and on.

If everyone pays off all their debt, then only the original seed money would be left.

When people work, they are trading their labor for money that really has no value other than the promise of the gov to you in the same fake money you are trying to trade in.

We really need to get back on the gold standard.

[Big Daddy]

Why would cancelling debt affect someone's 401K, or their retirement?
The money that you put away for retirement today is going to have little value if any at all when you reach 65.

Inflation will have eaten it up.