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Jubilee A Radical Idea Whose Time Has Come PDF Print E-mail
Written by yehudahben   
Monday, 12 November 2012 20:36
Jubilee A Radical Idea Whose Time Has Come
by Junious Ricardo Stanton

Immediately following the 2012 Presidential election the US mass media mind control apparatus began programming us to fear the “fiscal cliff” bogey man. What is the fiscal cliff? In short it is the automatic expiration of the Bu$h era tax cuts for the rich, the institution of major government spending cuts, and the beginning of massive increases in taxes set to take place on December 31, 2012/ January 1, 2013. The Financial Times of London a top capitalist newspaper phrases it this way, “This refers to the simultaneous expiry of tax breaks with the introduction of tax increases and spending cuts at the end of 2012, the cumulation of which could push the US back into recession. Among the fallout – if Congress fails to take any action before December 31 (2012) – is a significant increase in taxation on investment income, with tax rates on capital gains increasing from 15 per cent to 20 per cent, and tax rates on dividends rising to 39.6 per cent for top earners.  Adding a 3.8 per cent surtax on investment income for the wealthiest Americans – those with adjusted gross income (AGI) of more than $250,000 for joint filers and $200,000 for single filers – was part of the 2010 health reform law and takes effect in 2013. It means tax rates on capital gains would rise to 23.8 per cent, while those on dividends would increase to 43.4 per cent for the highest earners. If Congress takes no action by January 1, the US will be hit by a fiscal contraction worth $600bn in 2013, which could tip the economy into a new recession. The fiscal drag results from the expiry of a series of Bush-era tax cuts, as well as the entry into force of automatic cuts to defence and domestic spending programmes. At roughly the same time, US lawmakers will have to raise its borrowing limit, or face the risk that the country could default on its debt.”

            Notice the wording about dividends, investment income and capital gains; this is the language of the wealthy which is why the Republicans don’t want it to go into effect. The lackeys for the 1% are in a snit because they want to keep both the Bu$h era tax cuts for the rich and the bloated government spending (corporate welfare) going. To lower the deficit and reign in spending, the bought and paid for Congress critters are squabbling over whether to cut social programs that benefit the rest of us like unemployment benefits, Social Security and Medicare or how best to avoid the mandated cuts in military spending and significant tax increases in the Budget Control Act of 2011.

The US is in deep doo doo, far deeper than the mind control apparatus is telling us. The problem is the total debt public, private and personal are actually bigger than the whole US GDP (all the goods, services and real transactions produced and conducted in the US) and nothing the Congress or President does will solve this problem. The real problem is a complex combination of unbridled greed and fiscal malfeasance. “The public sector (general government) does have the largest stock of debt outstanding, $ 14.11 trillion. But for a comparable analysis, then one needs to consider the ‘private sector’, which includes household plus non-financial business debt outstanding. Private debt outstanding dwarfs that of the public sector debt outstanding: $24.95 trillion vs. $14.11 trillion, respectively… Another part of the story for the US federal government that is bound to come up in a discussion of public debt is the GSEs and contingent mortgage liabilities for the government. The government’s responsible, either explicitly or implicitly, for about $5 trillion of mortgages outstanding - this is not included under the ‘federal government’ debt outstanding above. To that I would reference the $16.1 trillion in financial debt outstanding (domestic financial plus foreign debt outstanding in Table D.3), of which GSE-backed mortgage pools are a function. There’s still quite a bit of financial leverage in the private sector. In the 1980s, the stock of financial debt outstanding was 22.1% of the total non-financial debt outstanding. Today, financial debt is 41.3% of total non-financial debt, and that’s down from a peak of 56.7% in Q2 2008.” Who has the most debt in the US? Rebecca Wilder

Wait, these figures don’t include the trillions in derivatives, the bets, counter bets and credit default swaps on a bloated and faltering global economy that are under collateralized which puts the economy at severe risk. This is the real ticking time bomb that will implode the whole US and global economy. “In 2009, five banks held 80% of derivatives in America. Now, just four banks hold a staggering 95.9% of U.S. derivatives, according to a recent report from the Office of the Currency Comptroller.  The four banks in question: JPMorgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C), Bank of America Corp. (NYSE: BAC) and Goldman Sachs Group Inc. (NYSE: GS). Derivatives played a crucial role in bringing down the global economy, so you would think that the world's top policymakers would have reined these things in by now - but they haven't. Instead of attacking the problem, regulators have let it spiral out of control, and the result is a $600 trillion time bomb called the derivatives market.”  Derivatives the 600 Trillion Time Bomb That’s Set to Explode by Keith Fitz-Gerald

Picture this, the combined economies of Greece, Spain, Ireland, Portugal, the UK, Canada and the US going down in flames due to the weight of quadrillions in debt. The current economic situation is unsustainable and unstoppable using current tools and policies. This scenario will end in crippling austerity; hyper inflation, massive social unrest and privation here just like we are seeing in Europe! But there is a solution. It is found in the Bible, the solution is called “Jubilee”. “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.”

Jubilee was the practice whereby every fifty years, all debts were forgiven; all slaves (serf, peons, debtors) were freed from bondage and made whole. Admittedly this is a radical idea for today; especially in Western culture but truth is, it is the only practical and viable solution/way out of our current fiscal catastrophe. Bail outs, austerity and hyper inflation will not solve the problems, only exacerbate them. Only a cleaning of the slate on everyone, starting over by revamping the social values and the political-economic system so we no longer have a compliant media promoting greed, violence and exploitation, vampire international banks, death dealing corporations and a deeply entrenched global cabal hell bent on enslaving the whole world can save us; short of civil war and revolution.

The good news is that Iceland just did it, effectively freeing the people from the death grip of the international banker gangsters. They prosecuted and jailed the politicians and a few bankers whose blatant fraud brought down their economic system, we just don’t hear about it in the corporate media.  Now their economy is bouncing back. Could it work in other places? Perhaps, but we’ll never know if we don’t try it.


Last Updated on Monday, 12 November 2012 20:37
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