Bail-out politics: One answer.


Well the government is currently sorting through a plan to bail out business and banks in trouble because of bad debt.  Trillion dollars are to be spent. I have seen a couple different proposals suggesting that the money simply be parcelled out to citizens.  And I find the idea to be interesting.  However, I tend to prefer the Biblical concept of the Year of Jubilee. In the nation of Israel when living in accordance  with the Torah, they were to have a 70 year cycle where all debt was cancelled every 70th year.  It would be interesting to see how this played out if implemented in the United States.  It would certainly bring about dynamic change.

      In terms of looking at a bailout, instead of just giving folks all a large sum of money or bailing out the failed business, why not just simply take the Jubilee concept and develop some formula for debt freedom.  The money in some manner could go to individuals in order to reduce their debt, particularly their mortgages. This would in turn free up money that can in turn be used to reignite consumption. If mortgages were reduced or paid.  Freeing individuals of some debt makes far better sense as a bail out then simply bailing out businesses bad debt.  The only thing that move will do is give the federal government and federal reserve greater say and control regarding the financial markets.  The individual citizen will not notice much help at all, in the current proposals. 

    And yes, finding a plan for a debt relief bail-out would free some people from making stupid decisions.  Some stupid decisions were made knowingly, and some folks were simply conned.  However, regardless of individual decisions, a balanced debt-reduction or forgiveness plan would do wonders for the economy. It would be even better to adopt the Jubilee principle as a whole, but if not, I would argue that adopting that principle at least in part would benefit the country as a whole.

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