Question about jubilee of private debt

Benjamin:

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).

S, FL


Hi S:

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.

BF

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samba
samba

Thank you for posting this, Benjamin. Take care.

tring2000
tring2000

I can think of only one method that would work for a Jubilee. All loans created with fractional reserve money (bank loans, credit card debt, etc.) would just be forgiven. The capital for the loan was just created out of thin air anyway. Loans of real funds, like the private loans described by the poster, would have to either remain in effect or the lender would have to be made whole in some way.

phoenix9061210
phoenix9061210

Hmmm… when questioned it seems a bit of a pie in the sky idea!

Tough as far as I’m concerned. This businessman will be living in a world with unlimited resources through replicators and medical miracle technology. Anyone capable can transfer skills to a new area, such as the new boom trade with ET’s.

It’s kind of like saying what are the front line alliance military workers going to do once there are no more cabal people to kill.

onetvjak
onetvjak

EXCELLENT ADVICE, PHYSICALLY POSSESS WHAT’S IMPORTANT TO YOU.

insidious

Every Day we lose another piece of our heritage.
LABOUR PARTY SUPPORTS COUNCIL ESTATE PRIVATISATION @UKLabour “Jeremy Corbyn welcomes Sadiq Khan’s guide to estate regeneration.”
They are stealing everything & closing down the UK Parliament for 10 years for “refurbishment.”

otherulrich
otherulrich

There is actually some interesting food for thought here.

In this respect, what is an “honest businessman”? Where is the line between an honest and a dishonest businessman?

I assume for cases like this one, a solution can be similar to that of a house owner who rented it out to someone. He could keep getting his interest and payments until the contract is fulfilled – or until a new system, without money, is in place.

In the end, the deciding factor re. “good and evil” is the intention, and we have yet to become able to make that distinction for people. For businesses, due to their records, that is much easier.

rdegrego

My husband and I bought adjoining land to prevent possibility of a slum trailer lord putting up poor quality or run down trailers down our road. This is an area with a lot of poor people who turn to drugs and theft. In the land transaction we became accidental landlords. One trailer we gave away when it was vacated. We refuse to be slum lords. A tiny house we improved after a freeze and water damage. The third and last we’ve spent $14000 on, repairing plumbing, improving heat/ac, repairing and improving plumbing plus insulation and improving pipes. We feel we are contributing to the community and assisting 2 families in need. We may eventually get out of this landlord situation, but not by selling the land, which would defeat our purpose for its purchase.

We still believe in personal rights. If you overstep and do things like force us to give up the land because we’ve gone through expenses and aggravation for altruistic reasons, all hell may break loose, as people protect our rights. What we bought with honest money is governed by us, not some city-minded idiots.

p.s.
We have wooded acreage and desire to keep it habitable by wild animals and attempt to pre ent hunting. We intend to propagate native plants. We look for ways to use our land to help our community. I suppose you’d want to confiscate it and replace woods with cheap apartments, wildlife and native plants and sane medicines be damned.

rays
rays

Took a time warp trip and had another of my strange revelations.

I am going to say that a primary awareness of (my) total systemic indoctorization has to lay on Walt Disney
He sold me (and others I’m sure too!) on weird concepts like the idea that alt realities like Peter Pan and never never land where no one can grow old (or up, as in become emotionally and sexually mature) could somehow be desirable and yet I still see this B.S. puerile concept being sold heavier than ever today and people my age who should have moved out of “never never land” land years ago are chained there by video.

As my dear ole Dad used to delicately put it , ” Why don’t you go outside and blow the stink off”
As I left the cloister of TVland and engaged in real world dialog, I realized the benefit of pulling my head out of my ass and growing as a person, not a stupid spectator to a load of pixels!

NEVER NEVER LAND=HELL ON EARTH but tell it to a kid stuck in cell phone never never land, lol !
I just needed a short break from politics- trying to balance old and new news so I been studin’ early, early, Rock Artists and Musicians and have become a fan of the DENISOVANS ( big ole flute players) as well as the SOLUTREANS ( the truth is carved in stone in this case) as I recognize my own stuff !

rays
rays

Oh boy- let me apologize before I check Ben’s latest links out.

It occurs to me that, without reading a Dell Golden Book called Walt Disney’s White Wilderness that was all about the chilly Boreal world I would not have a subconscious FEAR of running in the same direction as everyone else until I ran off a Cliff or drowned in some freezing Arctic River like some poor DUMB ASSED LEMMING !

It was a darn good book so sorry I slammed ya about Peter Pan & Hollywood Movies Walt