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Just like that, the "national debt" shrinks by a third or more. Hmmm...

The idea of a debt jubilee is gaining more and more traction, as John Rubino observes (above) in a recent article posted at Dollar Collapse. Ron Holland has also just written a clear, bold article on a similar concept, debt repudiation, posted today at The Daily Bell.

Of course, a debt repudiation is more forceful than a "jubilee" but both offer relief to the overburdened citizen. Rubino turns to Wikipedia for a definition: "The concept of the Jubilee is a special year of remission of sins and universal pardon. In the Biblical Book of Leviticus, a Jubilee year is mentioned to occur every fiftieth year, in which slaves and prisoners would be freed, debts would be forgiven and the mercies of God would be particularly manifest."

Rubino also points out problems with the classical jubilee concept, as elucidated by Martin Hutchinson and Robert Cyran in a 2011 New York Times article:

The Downside to a Debt Jubilee ... Good ends do not justify bad means. That philosophical observation applies to proposals for a big American debt jubilee that are now doing the rounds. The basic idea is to slash consumer debt, which is an admirable aim for an over-leveraged nation. Household debt is still 90 percent of gross domestic product, down only modestly from the 2008 peak of 100 percent. But even bank-haters should recognize that this cure might be worse than the disease.

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Debt-Forgiveness in the Sermon ~

~on the Mount, read teachings about prayers, & (debt) forgiveness,
these teachings are so basic, =
Matthew 6:9-14, (KJV) http://www.biblegateway.com/passage/?search=matthew%206:9-14...

9 After this manner therefore pray ye: Our Father which art in heaven, Hallowed be Thy Name.
10 Thy kingdom come, Thy will be done in earth, as it is in heaven.
11 Give us this day our daily bread.
12 And forgive us our debts, as we forgive our debtors.
13 And lead us not into temptation, but deliver us from evil: For thine is the kingdom, and the power, and the glory, for ever. Amen.

14 For if ye forgive men their trespasses, your heavenly Father will also forgive you:

Important thread, seeking solutions to debt problems, = +1.

The Jubilee.

The Biblical Jubilee was part of the economic system of ancient Israel as were the sabbatical seventh years of land rest when a moratorium was placed on debt repayments. This meant that the lenders were aware of the limitations imposed by the system. In spite of this transparency, human nature being what it is, the sabbatical years and the Jubilees were never observed by the Israelites. Today I understand that the Jews have a symbolic method of observing them which does not entail any cancellation of debt or resting the land.

Nevertheless whatever men do does not repeal the Law of God. The Israelites had to pay the penalty of ignoring God's commands and on one occasion 70,000 men died of a plague and on another the people of Judah spent 70 years in captivity in Babylon. The Lord Jesus Christ is the fulfilment of the entire Law and therefore of the Law of Jubilee and in Him we have the cancellation of all debt (sin) and receive our inheritance in the Promised Land, a symbol of Christ, our resurrection bodies which are an expression of His glorious body and which we can never lose. This is the ultimate meaning of the Law of Jubilee.

The most important thing is that the 120th. Jubilee from Adam was declared in the fall of 1996 and this means that the present captivity of humanity to the Babylonian global debt system has been coming to an end since that time. The process accelerated after the Feast of Tabernacles 2006 which is the Feast of the First Resurrection when the firstfruits sons of God will be manifested. Since these sons of God are the corporate expression, Head and Body, of the Lord Jesus Christ and since He is our Jubilee this is when the real process of liberation, transformation and restoration will begin. All of the announcements of debt cancellation are foreshadowing this event.

"Jesus answered them: 'Truly, truly, I say to you, everyone who commits sin is a slave to sin. The slave does not remain in the house forever; the son remains forever. So if the Son sets you free, you will be free indeed.'" (John 8:34-36)

This sounds just as good as

This sounds just as good as creating money out of thin air...which is basically what debt forgiveness is. Someone still loses out. Money would devalue in the process, and prices would rise to recuperate those vanished debts.

Southern Agrarian