Sprott Money Contact Form
 

Thank you for contacting Sprott Money.  We will respond to you within 1 business day.

 

Sincerely,


The Sprott Money Team


Sprott Money Ltd.
111 Queen St. East
Suite 501
Toronto, Ontario M5C 1S2
Canada

[t] 1.888.861.0775
[f] 416.861.9855
sales@sprottmoney.com
www.sprottmoney.com

Administrative office only - no walk-in sales.

 

Please Try Again After Some Time...
Please enter valid captcha
Name*
Email*
Comments*
Loading Image

Toll Free: 1-888-861-0775; Local: 416-861-0775

Swipe to the left

The Gold Standard and Debt Jubilee - Jeff Nielson

The Gold Standard and Debt Jubilee - Jeff Nielson
By Jeff Nielson 11 months ago 5129 Views 27 comments

August 23, 2016

We need a gold standard. For those (newer) readers who don’t understand why this is so, the explanation couldn’t be simpler. Among other virtues, a gold standard performs two, essential functions. It prevents (corrupt) governments from drowning us in debt. It prevents (criminal) central banks from stealing all of our wealth, via the “inflation” they create with their excessive money-printing.

It is these noble properties which earned the gold standard its scornful nickname, from history’s most-infamous gold-hater, John Maynard Keynes. The great Charlatan Economist called the gold standard “the Golden Handcuffs”. A gold standard handcuffs corrupt governments, forcing them to operate somewhere near a balanced budget, at all times. A gold standard handcuffs criminal central banks, restraining the speed with which they steal-by-inflation to a near-zero rate.

For those readers who don’t accept the assertion of this writer, and who don’t trust the words of Charlatan Keynes, we have a more contemporary and even more-infamous authority here.

In the absence of a gold standard, there is no way to protect savings from confiscation [i.e. theft] through inflation.

- Alan Greenspan , 1966

No way to protect ourselves. The language is unequivocal. This warning was uttered well before Greenspan himself became a servant of the banking Crime Syndicate , and the world’s foremost Inflation Thief. We either have a gold standard, or we are permanently vulnerable to the systemic, monetary crimes by the fraud-factories which call themselves “central banks”. Pretty simple.

Another of the great truths in our societies is what that when we have a crying need for some change in public policy, there will be no shortage of politicians who pledge such changes – and then break their word. Generally, we have no way of easily separating the Posers who promise reforms (like the cynical liar, Barack “Change” Obama) from the tiny minority of politicians with the integrity to carry out such reforms.

However, in the case of a gold standard, there is a very straightforward “test” to separate the Posers from the serious advocates. This brings us to the subject of Debt Jubilee .

For those (newer) readers who are not familiar with either the definition or the concept behind this term, a brief historical synopsis is required. Going back to literally Biblical times, one of the constants of human government is that sooner or later (usually sooner) ruling regimes end up drowning their populations in debt. Once this occurs, that society/economy is faced with one of two alternatives.

The economy can continue to wallow in their unpayable debts, i.e. Debt Slavery . All of the productive efforts of the Workers of that society are consumed paying “interest” to the banker oligarchs who hold all of the IOU’s. Obviously this is unjust, corrupt, and simply economically insane. There could never be a rational justification for choosing Debt Slavery.

There is, literally, only one alternative to Debt Slavery: Debt Jubilee. A “jubilee” is the complete renunciation of all debts. Any/all debt instruments become null-and-void. Debt Slavery is abolished. The Workers are allowed to retain the fruits of their labours, and use their productive efforts to build and improve their societies – rather than simply fattening financial Criminals.

The policy of Debt Jubilee is completely straightforward. The economic justifications for such a policy are absolutely indisputable. There is only one element of uncertainty in this economic equation: when has an economy reached a level of indebtedness where Debt Jubilee becomes a mandatory policy decision?

There is no precise formula here, but there is certainly general agreement. Throughout the modern history of our economies, it has been universally acknowledged ( until the present) that when any nation’s debt-load exceeds 100% of GDP that no other alternatives remain. Once an economy is saturated with this magnitude of debt, it is never possible to reduce (let alone retire) such debts.

A debt-spiral has begun. From that point onward, the only mathematical/economic possibility is ever-worsening indebtedness, and ever-larger interest payments on these unpayable debts, the precise definition of Debt Slavery . Throughout virtually the entire Western world, we are now well past this point-of-no-return.

These economies are not “slightly insolvent”, they are bankrupt. During last year’s “Greek crisis” , Greece’s government spent six months begging to be allowed to declare bankruptcy. The banking Crime Syndicate which holds these debts refused to allow this, via their lackeys at the ECB. Ultimately, Greece’s bankrupt economy was force-fed large amounts of additional debt – piling more debt onto a bankrupt debtor. Increasing Greece’s Debt Slavery. Pure criminality.

This brings us back to the gold standard. As previously explained, a gold standard can prevent irresponsible regimes from drowning their nation in debt. What a gold standard cannot do is to erase the (fraudulent) debts which have been incurred by previous, corrupt regimes.

By definition, a gold standard involves “backing” the monetary system of a particular economy with gold, via backing that nation’s currency with gold. Obviously, such backing must also include all of the debts which are denominated in that nation’s currency . It is here where we encounter a simple, yet fundamental premise of arithmetic.

No insolvent economy can “back” their economy with gold.

This should be completely self-evident, yet it is apparently beyond the comprehension of the charlatan economists. When these frauds consider the gold standard, what we hear continuous from these vacuous mouthpieces is that “there is not enough gold” for a gold standard.

What the charlatans actually meant, if they were capable of expressing themselves coherently, is that our debts are too large for any of these insolvent economies to actually “back” their currencies (and economies) with gold. And this brings us to the connection between a gold standard and Debt Jubilee – in an era of Western insolvency.

It is absolutely mathematically and economically impossible for any of these corrupt regimes to implement a gold standard until after they have declared Debt Jubilee . Even the Charlatans have acknowledged this, they are just incapable of doing so in an intelligible manner. In turn, this brings us back to the Poser politicians, and the intellectually bankrupt “economic advisors” who shill on their behalf, via this headline:

Trump Advisor calls for Gold Standard: “Money that transcends borders and time”

Isn’t that special? Donald Trump and the charlatan economist who speaks on his behalf supposedly want a gold standard. Read through the happy-talk which follows this headline, and two words will be notably absent: Debt Jubilee.

Donald Trump and this “economist” (supposedly) want the United States to go back to having Honest Money. The problem? There is absolutely not one word from these Posers about transforming the U.S. into an Honest Economy, i.e. one that either pays its bills, or openly renounces those bills as being unpayable (Debt Jubilee).

It is obviously mathematically impossible for any Western economy to return to a gold standard without first declaring Debt Jubilee. To have Honest Money, one must begin with an Honest Economy.

Posers like Trump (and others) want to “have their cake, and eat it too.” They want to talk about bringing Honest Money (and the Golden Handcuffs) back to our nations, while notably omitting any mention of the necessary precondition before this could ever happen – Debt Jubilee.

This test to separate the Posers from serious advocates of a gold standard is absolute. If someone touts a gold standard without first acknowledging the necessity that Debt Jubilee precede this change, there are only two possibilities. The individual in question is lying about their intent to implement a gold standard, or they simply lack the economic sophistication to even understand the dynamics which are involved. Either way, such individuals are unequivocal posers.

How many writers, politicians, and charlatan economists are talking about a gold standard? Lots. How many are informing people that we must have Debt Jubilee before we could ever move to an Honest Money monetary system? Just this writer.

We absolutely require a gold standard. We absolutely require Debt Jubilee. As a matter of the simplest arithmetic, it is totally impossible for us to ever have the former until after we have the latter. Ignore the Posers. They are not serious individuals.


Jeff Nielson is co-founder and managing partner of Bullion Bulls Canada; a website which provides precious metals commentary, economic analysis, and mining information to readers and investors. Jeff originally came to the precious metals sector as an investor around the middle of last decade, but with a background in economics and law, he soon decided this was where he wanted to make the focus of his career. His website is www.bullionbullscanada.com.


The views and opinions expressed in this material are those of the author as of the publication date, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.

Chris Adams 11 months ago at 7:47 AM
I trust you have reached out to the Trump campaign with this logical advice? He is this nation's only hope, so before too many more harsh give are expressed it a shot if you haven't already done so. We're all pretty sure he means well, and in most matters he is not a "poser."
Jeff Nielson 11 months ago at 10:22 AM
Chris, if Donald Trump is "the only hope" of the United States, then Americans might as well start passing around the suicide pills.

More seriously, the only hope for Americans is to elect a leader OUTSIDE of the Two-Party Dictatorship, hopefully someone who actually represents the U.S. population, instead of serving the banking Crime Syndicate.

Donald Trump brought in a Goldman Sachs stooge to handle his campaign finances. He has allowed a Washington insider to take over running his campaign. Those who still consider Trump to be an "independent" are delusional.

Of course the Two-Party Dictatorship model now exists across many nations in the Corrupt West, so such advice could also be applied closer to home.
BCS 11 months ago at 11:01 AM
Is it not possible to revalue gold to a level that allows the U.S. to pay off its debt without a Jubilee? We have enough gold to be solvent if it was priced at $15000 an ounce
Jeff Nielson 11 months ago at 5:15 PM
BCS, gold is a monetary metal. If you "revalue" gold to (for example) $1,000,000/oz so that the U.S. can back its debts with gold, this directly implies DEVALUING the dollar in proportionate terms -- i.e. paying $1,000 for a loaf of bread.

That is still a CLOSET debt-default. Creditors still get cheated out of what they lent to the U.S. government as (in real dollars) they will only get pennies on the dollars for their debts.
Dave Braatz 11 months ago at 4:00 PM
The problem with repricing gold is that the bogus unit of account (e.g., Dollars) is still present. Your response to a repricing suggestion ("Creditors still get cheated ...") would apply equally to a debt jubilee. What do you want: honest money? or creditors repaid in full? or debtors making repayment in full? With our dishonest currency and unsustainable debt levels, nobody expects this crap to be repaid in full anyway! All current debts are already discounted to some extent, by inflation if nothing else, and most will be "repaid" at a fraction of their nominal value, if at all. Since most debt/credit is sourced from bogus fiat money created out of thin air, who gives a shit if those criminal creditors ever get repaid anyway? Caveat Emptor; use fiat money at your own risk! We do not need a "gold standard" that pairs a unit of gold with any national construct. We only need to start using gold for all monetary purposes, in appropriate units of weight and purity. Any individual can do that right now, as can any political hierarchy!

We don't need a formal "debt jubilee" to adopt a gold standard. Most old debts will be discounted appropriately, and some old debts may even be repaid by conscientious and responsible individuals.
Jeff Nielson 11 months ago at 1:09 PM
Dave, our debts are FRAUDULENT: deliberately maximized by Traitor Governments 'owned' by the bankers. I have a law degree. I am very familiar with the legal concept "null and void".

Any/all commercial transactions (of any kind) which are tainted by fraud are legally unenforceable, and null-and-void. That legal argument applies precisely to our bond debts, in numerous different ways.

It also applies to much of our PERSONAL DEBTS, since the Establishment has worked to maximize those as well. It is the Corporate media (a subsidiary of the One Bank) which has spent the last four decades preaching the OPPOSITE of "personal responsibility".

Instead, all we hear is "spend 'til you drop." Remember after 9/11 when Puppet Bush told Americans it was "patriotic" to pull out their credit cards and spend, spend, spend? The fraudulent inducement toward debt, from none other than the President of the United States: the "Father" of all Deadbeats.

Bush TRIPLED the U.S. national debt. Reagan TRIPLED the U.S. national debt, just like the "Good Republicans" that they were -- architects of Debt Slavery.

In Canada; Mulroney tripled our debt. Harper took us from endless surpluses back to record deficits. They were "Good Conservatives", i.e. architects of Debt Slavery.

I have already posted my links for the "morality" AND "legality" of Debt Jubilee. Read them.

P.S. No Debt Jubilee, no gold standard. Do the arithmetic. You cannot back INSOLVENT debt with Honest Money. TRY to do so, and you end up no longer having Honest Money.
Chris Adams 11 months ago at 2:41 PM
I think you knew what I was saying, but it came out garbled before coffee this morning - "before too many more harsh words are expressed give it a shot" should have been the proper word order.

And to your reply, Jeff, about Bannon being an "insider", I think he is largely reviled by the Washington establishment: http://www.alternet.org/election-2016/10-things-you-probably-didnt-know-about-trump-campaigns-new-top-executive-breitbarts.

Either way, I agree with BCS about the $15K/oz price for gold and then possibly being able to avoid a debt jubilee (not that I'm against that, but I think the greedy powers that be would rather witness 90% annihilation of the human population instead of absolving us of debt).

And I also see what kac wrote in his comment. I was going to share your story on LinkedIn but decided otherwise when you started to bash our only hope. We're so screwed Jeff, in so many ways if Hillary wins. So much of the establishment is dead-set against trump, almost the whole world. Every day for the past week nearly, there has been a NYTimes front cover anti-Trump story. So glad the mainstream media's approval rating is 6%. Hope you can see past Trump's weaknesses as we spiral further towards hell.
kac 11 months ago at 11:06 AM
Trump is our only hope-

Oh, do you want Hillary to win? Is that the purpose of your trashing Trump? At least he hints at wanting gold and silver to trade freely, and wants our states to maintain their borders, and us to keep our civil rights. Why weave Trump into your story and not the powers that have been, are and (I prey will not be after this November). It is a turn off to hear Trump trashing (heck- he is only a pres. candidate- he has no powers to do a thing right now, yet you expect him to submit his gold standard plan to the yor your satisfaction, and yet Hillary is not held to a higher standard by you (and she is in power and has been).
If you have nothing good to say about Trump (our only hope), say nothing for when you trash our Trump, you trample on those of us fighting for change and poss. of gold standard one day. You crush our hopes and dreams based on a snarky comment about our hopes for a Trump presidency. Therefore, it makes your point suspect and dashes all our hopes. What is a dream without hope? Hopecrusher!!!/or socialist?
Jeff Nielson 11 months ago at 5:24 PM
Kac, first of all, I was absolutely no "partisan" leanings regarding the U.S. Two-Party Dictatorship. Both halves are equally rancid with corruption:

http://www.bullionbullscanada.com/index.php/commentary/us-commentary/26698-election-2016-the-court-jester-vs-the-wicked-witch

Secondly, as difficult as it is, I DID find something "nice" to say about Donald Trump, when he demanded that Supreme Court Justice Ginsberg resign, after SHE advised Americans not to vote for him.

http://www.bullionbullscanada.com/index.php/forum/21-geopolitcal-news-talk/33247-trump-demands-ginsburg-resignation

As loathsome as Donald Trump is as a candidate, what Ginsberg did (said) was TOTALLY OUTRAGEOUS -- and would have never been tolerated in a real democracy.
leslie7 11 months ago at 2:00 PM
Although I know what a debt jubilee is, I admit to ignorance about how a country would implement a debt jubilee.

Does it mean that all of those (people and institutions) who have behaved frugally and responsibly and have no debt, but do have money owed to them, do not get what is owed? If so, then I suppose that all those who have lived wildly beyond their means (people as well as institutions) get to say, "too bad suckers...you'll never get paid back...I get your money/goods for nothing"? What a punishment for the moral, ethical, and responsible people and companies, and what a windfall for the immoral, unethical, and irresponsible people and institutions.

If my interpretation is correct, then "NO THANKS" to the debt jubilee!

Instead...

Let's just establish that an ounce of gold is worth somewhere between $15,000 and $35,000 an ounce (i.e., that the US dollar is either partially or fully backed by gold), and demand that debts be paid with that gold-backed currency.

As for Mr. Trump, he is the least "establishment" of the two candidates. In this country, the establishment "machine" is so powerful/corrupt that there is NO WAY that a candidate can win currently without working within the establishment to a certain extent. Our hope is that someone who hasn't completely bought into the establishment can start us on our way out of it.
Chris Adams 11 months ago at 3:33 PM
Hi Leslie, I'm looking forward to hearing what Jeff has to say about your fury over the concept of debt jubilee insofar as how frugal people/institutions who live within their means get the short end of the stick. THAT SAID...if the whole system collapses because of enormous levels of systemic debt then it doesn't matter how frugal folks are or have been. We will all get the shaft. The system collapses around us, and brings everyone down - to the peril of everyone. So you can see why the concept of debt jubilee goes back thousands of years, we humans keep on repeating the same mistakes over and over. Frugality and sensibilities be damned.
Jeff Nielson 11 months ago at 5:36 PM
Chris, how do "frugal people get the short end of the stick"? No one is asking you (or Leslie) to pay your neighbours' debts.

Do you really HATE your neighbours so much that you want everyone to suffer (except the criminals) just so your neighbours don't get freed from their slavery?
leslie7 11 months ago at 6:23 PM
No, Jeff, we don't hate our neighbors; we just want them to be treated fairly--or at least as fairly as the crooks will be treated.

I do intensely dislike the financial criminals ("banksters," politicians, etc.) who would be "let off the hook without consequence." Find a way to implement a debt jubilee that doesn't do that, and we'll talk.

How in the world would you determine what is debt anyway? We have a financial system full of derivatives and other complex products--good luck following those twisted balls of string back to their origins.

Just for the record, almost 1/2 of many people's paycheck goes to the government in the form of taxes and fees--not to interest payments. The government typically wastes most of that money.

And what in the world makes you think that the power elite won't be right back at their shenanigans five minutes after a debt jubilee--a gold-backed currency notwithstanding? The 0.005% will still have the billions of dollars that they have siphoned from the rest of the folks and that they have conveniently stashed away. The government(s) will still have the tax laws and regulations on the books. The entrenched power-hungry politicians will still be entrenched and power hungry.
Jeff Nielson 11 months ago at 11:29 AM
"And what in the world makes you think that the power elite won't be right back at their shenanigans five minutes after a debt jubilee--a gold-backed currency notwithstanding? The 0.005% will still have the billions of dollars that they have siphoned from the rest of the folks and that they have conveniently stashed away. The government(s) will still have the tax laws and regulations on the books. The entrenched power-hungry politicians will still be entrenched and power hungry."

Yes Leslie, the same Criminals will still ATTEMPT to perpetrate the same crimes. The difference is that they will have been deprived of their most-imposing weapon: the sledge-hammer of debt.

Your bank WANTS to control you. If you have a mortgage, it DOES control you. Take away the mortgage, and the control is gone.

Debt is a WEAPON. It is a weapon in the hands of the worst Crime Syndicate ever known to humanity. We need to take away this weapon ASAP -- not allow it to grow ever-larger and ever-deadlier.
Jeff Nielson 11 months ago at 11:34 AM
"How in the world would you determine what is debt anyway? We have a financial system full of derivatives and other complex products--good luck following those twisted balls of string back to their origins."

Leslie, you're making this sound more complicated than it is. The "derivatives market" is nothing but a casino. A "derivative" is nothing but a bet. These derivatives are saturated with fraud. BY LAW, all of these contracts are null-and-void.

How do you deal with the GIGANTIC mountain of fraud in the derivatives market? With a gigantic ERASER.
Chris Adams 11 months ago at 8:48 PM
I was just addressing Leslie's point that some people who because of horrible judgement take debt to the extreme and do things that no sane person should do. That's part of what happened during the housing crisis. They took out loans they had no business taking out. Granted they were "approved" through crappy lending practices, but there is a modicum of self control that one should expect to have in life. The old grasshopper vs. the ant argument (https://en.wikipedia.org/wiki/The_Ant_and_the_Grasshopper). So should the debt jubilee ever get enacted, all the lazy god damned grasshoppers won't learn their lesson.

But I did ultimately agree with you that when the system is so utterly over the top with debt, like the very workings of everything coming to a horrific end if the debt is not absolved, then - to your point - both the ant and the grasshopper go down the drain. So I was trying to empathize with Leslie's point, while still pointing out that a debt jubilee may be just what is needed to ultimately repair the system appropriately.
Jeff Nielson 11 months ago at 11:23 AM
Yes Chris, you and Leslie ASSUME that anyone with large debts has been behaving badly.

What about the people who incur large debts because of catastrophic illness (a large group)? What about the people who incur large debts because our governments GAVE AWAY THEIR jobs, via so-called "free trade" (another large group)?

These people aren't Villains. They are VICTIMS -- victims of the same Criminals whom you want to let off the hook, by keeping this Debt Slavery. Your neighbours aren't your enemies.

The bankers are your enemies. The bankers are your neighbours' enemies. We need to STICK TOGETHER against the common menace -- not play the bankers' game of divide-and-conquer by attacking each other.
Gary 11 months ago at 4:40 PM
I believe Jeffs debt jubliee is forgiveness of interest only not the principal.
Jeff Nielson 11 months ago at 5:28 PM
Yes Leslie, this is correct.

In order for our governments' debts to be wiped clean so that 1/4 of all YOUR tax dollars aren't wasted paying interest to Financial Criminals, your neighbours' debts are wiped clean as well.

If you would rather continue paying $TRILLIONS in interest payments to this crime syndicate, just so you can see your neighbours continue to suffer financially, I recommend getting psychotherapy.
Rhonda 11 months ago at 3:05 PM
The quagmire of quicksand we find ourselves in has now become so broad and so deep, we must each take care that in our panic we don’t unintentionally pull our rope tugging comrades in rescue into the quicksand of discouragement.

Jeff, I believe your responders essentially agree with your basic premise that a gold standard represents a system that by its very design is guarantor of the precepts required to rebuild a genuine functioning economy. But, it’s been a long time since any of us has been exposed to how it works and the conditions that are required for its function. I’m sure Trump doesn’t claim expertise at this point.

But I think we can be sure that the Clinton solution is a scissors suspended around the rope.
Jeff Nielson 11 months ago at 10:39 AM
Yes, Rhonda, and the focus of this piece was the gold standard, not U.S. politics. I have focused on the U.S. election in previous pieces, and my message has been clear: Americans must not vote for either half of the Two-Party Dictatorship...

http://www.bullionbullscanada.com/index.php/commentary/us-commentary/26698-election-2016-the-court-jester-vs-the-wicked-witch

We've already seen what it means when one of these Liars promises "change." His name is Barack Obama. Anyone who thinks the SAME lie is different because it comes out of a Republican mouth is delusional.

This is what a two-term Republican Congressmen and career prosecutor wrote about the Two-Party Dictatorship, 100 years ago:

"There is now no material difference now between the old political parties except which shall control the patronage."

Charles Lindbergh Sr., The Economic Pinch (1923)

It's not simply a matter of the United States being a Two-Party Dictatorship today. It hasn't had a legitimate government in a hundred years.

Republican OR Democrat = corruption
Dave Braatz 11 months ago at 4:21 PM
Jeff - I left a comment above, then finished reading the comments and your responses. In response to a question about repricing gold, you said "... Creditors still get cheated out of what they lent to the U.S. ..." Yet when Leslie asks a simple question about the impact of a debt jubilee on frugal savers who may get screwed (which is basically identical to your portrayal of the impact on creditors), you hit her up with "Do you really HATE your neighbours so much that you want everyone to suffer (except the criminals)". That scornful condescension is uncalled for; get a personality, Jeff. Why on earth do you continue to hit up your readers, who take the time and effort to comment and communicate here, with hostile responses like "... just so you can see your neighbours continue to suffer financially, I recommend getting psychotherapy." Chill out, Jeff. And learn to treat your readers with more respect.
leslie7 11 months ago at 5:24 PM
Thanks, Dave! Well said.

Jeff seems to be a deeply angry individual. I prefer civil discourse.

I don't mean this question to be mean-spirited in the least: But is Jeff even a US citizen? From what I can find on the Internet, he is Canadian, in which case he certainly is free (as is anyone) to express his opinions about US politicians and the US political process, but I don't think he has the "creds" to scoff at and talk down to Americans who hold views that differ from his.
Jeff Nielson 11 months ago at 12:51 PM
Dave and Leslie, let me make a point of stating that I don't personally carry a dollar of debt -- of any kind. No credit card debt, no mortgage debt, no car payments, and I long ago paid off my student loans, in full.

I get no DIRECT benefit of any kind from Debt Jubilee, not one penny. Yet I am one of the strongest advocates for a FULL Debt Jubilee (the only kind which could be legitimate). I advocate this because the indirect benefits -- for all decent people -- are almost incalculable.

Understand the ONLY alternative to a full Debt Jubilee, which people such as yourselves could help to create. We get a Corrupt Debt Jubilee.

Our (totally corrupt) governments get their OWN "get out of jail free card". Big Business sees all of its own mega-debts erased. Debt Slavery remains for everyone else -- no matter to what degree they were a victim of the old System.

Corrupt Debt Jubilees means that only the Crime Syndicate benefits. Your Deadbeat Neighbours don't get let off the hook, but neither do the 10's of MILLIONS of innocent victims.

Please explain to me how that helps you? A full Debt Jubilee means that (once again) people have FULL POCKETS, in our consumer economies. That helps everyone. That added consumption (and added tax revenues) will put a lot of people to work. And then your Deadbeat Neighbours will no longer be deadbeats. ;)

I never seek to antagonize anyone needlessly. When I asked Leslie (and others) if "they hated their neighbours", it is because this is what is logically implied by their position on this issue.
Scott Brumwell 11 months ago at 8:13 PM
Jeff - I think both a gold standard as well as a debt jubilee is the only way out of the problem and the insurance that the criminal bankers and politicians can't continue their thievery so long as the new changed stay in place. However a debt jubilee although I agree with it gives individuals and businesses that have been irresponsible a get out of gaol free card. Whilst people that have been responsible and saved for everything including retirement receive no benefit for a life of being responsible. What are your thoughts on a token one off payment to these individuals as compensation at the same time as a jubilee is put in place and what are your thoughts on how and if it should be implicated.
Jeff Nielson 11 months ago at 12:57 PM
Scott, please see the reply I just made to Dave and Leslie. In addition, let me say this.

I am a firm believer in personal responsibility. I have lived by this mantra all my life. But I have other mantras as well. One of the most important is "enlightened self-interest". Helping others can (and does) often help yourself as well.

I have written NUMEROUS commentaries about how Debt Slavery has been created, and how it is destroying our economies -- and societies. EVERYTHING our Traitor Governments are doing is the opposite of what they should be doing.

Look at Iceland: a successful economy, and a successful society. They put their Big Banks to death, and they "bailed out" the People. What a radical concept!

Back to top