Jubilee Recommendation from Prof. Hudson
Apr 12, 2010
It looks like a Jubilee declaration is the only real solution . . .
Take note of these paragraphs:
There is no point in devaluing, unless “to excess” – that is, by enough to actually change trade and production patterns. That is why Franklin Roosevelt devalued the US dollar by 75% against gold in 1933, raising its official price from $20 to $35 an ounce. And to avoid raising the U.S. debt burden proportionally, he annulled the “gold clause” indexing payment of bank loans to the price of gold. This is where the political fight will occur today – over the payment of debt in currencies that are devalued.
Another byproduct of the Great Depression in the United States and Canada was to free mortgage debtors from personal liability, making it possible to recover from bankruptcy. Foreclosing banks can take possession of collateral real estate, but do not have any further claim on the mortgagees. This practice – grounded in common law – shows how North America has freed itself from the legacy of feudal-style creditor power and the debtors’ prisons that made earlier European debt laws so harsh.
Prof. Hudson is saying that the United States and Canada went bankrupt in 1933. President Roosevelt's devaluation of the dollar, along with freeing mortgage debtors (US and Canada) from personal liability were necessary for our recovery from bankruptcy.
While that may be true, it is equally true that this bankruptcy brought about a foreclosure upon the government and all public buildings and holdings. Is it any wonder, then, that the banking agents have taken over the Treasury Department?
Until this debt problem is resolved – and the only way to resolve it is to negotiate a debt write-off – European expansion (the absorption of New Europe into Old Europe) seems over. But the transition to this future solution will not be easy. Financial interests still wield dominant power over the EU, and will resist the inevitable. Gordon Brown already has shown his colors in his threats against Iceland to illegally and improperly use the IMF as a collection agent for debts that Iceland doesn’t legally owe, and to blackball Icelandic membership in the EU.
He is saying that the only solution is a JUBILEE. That is what a "debt write-off" is. It is the cancellation of all debt, wiping the slate clean, and starting over.
The banks will fight this, of course, because they have everything to lose. They should not have been in the business of SIN in the first place. Usury is a violation of biblical law--for good reason. A system of usury will always lead to unpayable debt sooner or later, requiring a Jubilee to prevent the total enslavement of the population to the creditors.
I suggest you read my booklet, posted online, Biblical Money: The Silver-Barley Standard.
Dr. Stephen Jones