Question about jubilee of private debt
I have a question in response to this statement in your most recent article: “The WDS will be proposing a genuine jubilee, or one-time writeoff of all world debts, public and private.”
I have a friend who is an honest businessman. He has no debt. He has worked hard, and has carefully saved and invested his money over the years. A few years ago he started loaning his money privately for people who needed additional cash to purchase their homes, where he has a second lien on the homes in case the loans go bad. He only works with people who already have a lot of equity in their homes, so it is low risk to him—a smart move.
My concern is that the debt jubilee of private debt would wipe him out. I don’t see how this is fair and I question the rationale of a jubilee on private debt. Public debt, bank debt, debt to institutions, etc.—anyone who has been feeding at the trough of the Federal Reserve at the expense of others. But it seems a lot of honest people could get hurt by a private debt jubilee. Not that all private money was honestly obtained, but there must be some way to sort it out so it is fair. Actually, believe it or not, there are a few honest banks out there also.
Also, do you have any insight into how the dollars that people own in the current United States Corporation would get exchanged for dollars in the new (re-established) United States Republic? Or even if they would get exchanged, or how that would work? Is there any information that discusses this to which you could refer me?
Finally, if gold is going to be what backs new currencies, do you have any inside knowledge about the gold in Fort Knox and at the NY Fed? I have heard speculation that is has all been pissed away or stolen by our criminal politicians. And Mnuchin visiting Fort Knox and reporting everything was fine seemed like BS—he does not seem trustworthy. I think Trump should go both places with a gaggle of reporters and gold assayers on Air Force One and film the whole thing live.
Keep up the good work. I look forward to getting your full version every Monday (as I am one of your financial supporters, albeit a small one).
First of all, thanks for your support.
Of course any jubilee and redistribution of assets would have to be structured so that honest businessmen would not be punished. One idea, for example, is to give everybody who rents ownership of their properties, but to pay landlords the equivalent in rental income with nationalized central-bank money. In any case, the jubilee plan would be very carefully designed before being implemented so as to make sure it was win-win for everybody except for the 0.00000001 percent who currently own the fraudulent-money printing presses.
As far as gold is concerned, years of on-the-ground reporting have told me that all these legendary caves filled with gold in Asia that are supposed to be backing up the current financial system are fairy tales. There are, for sure, tons of gold and even tens of tons of gold in some private hoards, but not the hundreds or thousands or even millions of tons being claimed. Any new system will have to be backed by real things, but not just gold.
If you buy gold, make sure you have it physically in your possession. DO NOT TRUST PAPER GOLD.