Just did some interesting research and found out the world collectively owes about 108 trillion (US) dollars. That translates to about 10,700 dollars of debt for every man, woman, and child on the planet.
Of course debt is really owed by country and if you go that way the United States has the highest national debt at 18 trillion. That means every citizen of the United States owes about 58,000 dollars. Could be worse Luxembourg only owes 4 trillion dollars but their population is so low they owe about 3.5 million each (not buying bonds in that country any time soon).
Want to get away from all this debt? There is one independent country in the world that has no debt, Zimbabwe. Then again they just recently went bankrupt and have no national currency.
Which brings me to the title of my post. There is an old tradition called a Jubilee Year. Basically every 49 years everything gets wiped out to zero. The ancient pre-Columbian civilization kind of had this same tradition as their calendar was based on a 52 year cycle. We need a do over.
Try as much as you can (Norway is leading a valient effort eliminating 46% of their debt in just 10 years), no country has done it since the beginning of World War I. That was 101 years ago, that is almost two cycles on Mayan calendar!
It is time we let bygones be bygones. It’s going to be tough. No one is going to give you a 30 year mortgage when the world is on year 41 of a Jubilee Calendar. Then again the current path we are on is not good. People eventually are not going to have money and when that happens they revolt. Revolts lead to wars, which lead to death and destruction. That just leads us to more poverty.
I choose Jubilee Year. We know the end game is coming. Why don’t we mitigate the inevitable, write down some losses peacefully, and end out with a clean slate? It will not be easy, but anything is better than war.