I am not a braggadocio, but I do have what I call ‘original thoughts.’ I built America’s first non-smoking restaurant in Phoenix in the late 1970’s (The 1895 House), America’s first non-smoking hotel in 1982 (The Alma House) in Silverton Colorado, started a chain of ten ice cream parlours (Bijou Iced Crème Parlours) in Philadelphia, and within 3 ½ years became largest seller of bulk ice cream in Philadelphia. Started a video tape rental business in Philly in 1986, and a supplier came by one weekend, looked in the window, saw all the shelves empty and thought I went out of business. “No, I rented all the tapes.” Enough of that. What follows is more original thought…sort of. It was first thought of over 2,000 years ago, but this idea has yet to be thought of currently. At least I have never heard of it, and I read constantly.
The Israelites (Jews), every 50 years, celebrated a ‘Jubilee Year,’ when all debts were removed and forgiven. They celebrated 17 of them. Now just stop and think for a minute. Suppose America had a Jubilee, with all debts forgiven. I mean ALL DEBTS FORGIVEN. Federal, corporate, private, and even individual debts wiped off the books. No one owed anyone anything. Crazy? I think not. Most economists or straight thinkers anyway, believe that if all the dollars were redistributed evenly, within 15 years, the same people would have what they had before, and those who were broke before would be broke again. How many idiots are in debt up to their ear lobes and will always be that way? Most Americans, and for certain the Congress, in my opinion, haven’t the slightest idea of how to manage money. If they did, we couldn’t keep gold and silver available. It would all be bought. The result is that America and its government, will always be in debt. The Jubilee would change that only as fast as it took typical Americans to borrow up their limits again, be in debt again, and continue with their irresponsible way of life.
Just imagine! All mortgages paid in full, all car loans paid in full, all corporate debt paid in full, the national debt paid in full, all credit cards paid in full, as well as bank loans, personal loans, business loans, and debts of all kinds. Who would object? Politicians naturally, because they buy votes with debt. Plus those with no debt, because they already have brains enough to stay out of debt. Who would love it? Just about everyone else, that’s who. Some would reform themselves and act responsibly, and others who were responsible before, may consider it a golden opportunity to be a fool. Who knows? But it would be the great equalizer, and America surely does need that now.
There are now over $73 Trillion in debts around the world, and thousands of trillions in promised payments, which is far more than there is currency in existence, and that $73 trillion is totally impossible to ever be repaid other than with Monopoly Money, which is what all paper money is now, anyway. A total earth wide collapse is almost inevitable. A Jubilee in America, wiping out all debts, would make the dollar absolutely supreme. The buck is the world’s strongest currency anyway, but with a Jubilee, it could be backed by gold and silver. Maybe a dollar backed by one ounce of silver? A hundred dollar bill backed by a tenth ounce of gold? There’d have to be a firm law that there could never again be an un-balanced federal budget, and the federal government could never again borrow money. The $22 trillion U.S. national debt would be wiped out, as well as all future U.S. commitments. No more foreign aid! Those holding U.S. Federal Debt would lose their investment. States, counties, cities, etc. would continue to act as their governance chose, either responsibly or irresponsibly, as their citizens decided at the voting booths.
Would pawn shops, mortgage lenders, finance companies, loan sharks, credit card companies, etc. be out of business? No, because the same people now using them, would almost immediately begin using them again. It is said that Ford and others make most of their money financing cars, but a Jubilee may allow them to reduce the price of their vehicles, because their corporate debts would be eliminated also. A great economic emulsifier, evener, and solution to current society’s rich-poor situation. Think of the crime reduction a Jubilee would facilitate. Welfare of all kinds and levels would be wiped out. Work for your living, there’ll be plenty of jobs. Social Security would continue till recipients died, and no new entrants. We all paid into Social Security, so we get a return on our investment. We would be as we were before that got started, and sound dollars could be saved and used for what we wanted or needed, be it food, medical care, housing, transport, or other of life’s necessities or desires. A Jubilee would not only be a great economic leveler, but it would eliminate millions of worthless people who are addicted to welfare and won’t work. They’d go the way of all worthless flesh in one way or another, believe me.
All prices would instantly be reduced by a great percentage, as there would be no corporate or businesses debts. The dollar would return to its original value and be backed by tangible gold and silver. Wages would also be naturally reduced, as the dollar would become ever much stronger, and no deductions would be taken out of paychecks. Congress would cease to be “The Swamp,” as Trump has correctly named it. No more federal debt, and everyone else would be free to act as they did before. One business might object to a Jubilee, and that would be the accountants, but too bad for them. The stock market would continue, as would the bond markets, only there would be no more buying Federal bonds or “T” bills, as the government would be debt free and be forced to remain so. Holders of Federal bonds and Federal debts, would have their holdings worth zero. War? Not unless we were attacked, and we would be positively, legally, and Constitutionally, neutral, and let the world go its own way, because it could never catch up with the Stars and Stripes, and our precious metals backed dollars. Would the IRS continue? Maybe, but on an extremely limited way, because all of the sophisticated economic nonsense would be wiped out with no debts to amortize, and no federal deductions. Remember, until WW I, there was no income tax, other than during the Civil War, and it was wiped out after that war was over. The U.S. Government, under a Jubilee, would shrink drastically, since there would be little for it to do.
Legal immigration only, and no asylum seekers. Strong wall on all our borders, with dire penalties for those violating. It’s our country, not theirs, and we will decide who can enter it. Unhappy with where you came from? Go back and change it.
An American Jubilee, would place America back where it was, maybe 150 years ago, namely the manufacturing, inventive, prosperous, lively, happy nation we once were, admitting those qualified, disease free, and with a sponsor and a job. Foreign goods would be far too expensive for us, since debt free America would produce everything far cheaper and of better quality than anyone else could possibly produce, as we did 150 years ago, before the huge debt cancer overtook America. A Jubilee would take America back to its prosperous, free beginnings the Founders intended. No more Koreas, Vietnams, World Wars, or acting as the world’s police force. Let them starve, kill each other, or go the way of all flesh; we’ve got two oceans to protect us, plus the most brains, freedom, and best defense in the entire world to protect us, here at home, not overseas. Let them be socialistic, communist, dictatorships, or whatever; we’ve got our Constitution, we’re debt free, our government will stay that way, and our citizens can act as they choose, since they’re debt free, and can do as we all know they will, and that is be irresponsible as they were before. But everyone had a great start…except those who were responsible and debt free before the Jubilee. If a Jubilee happened, those debt free, would be tempted to go out and borrow up to their limits because they know it will all be forgiven. I’m certain this could be avoided legally. You decide how, and let me know.
Economics makes the world go round, and if America decided to have a Jubilee, it would apply only to American debt, not foreign debt. If China, or any other nation owed us, they still would, and our debts in those nations would remain. A Jubilee would equalize, strengthen, and create a new beginning in America, and even though it could affect other nations negatively, that’s not our problem. It’s doubtful that other nations could or would declare a Jubilee. They’re still bound by socialism, despotism, and semi, if not actual, slavery. Pity them.
I’ve thought about this Jubilee for many hours, and can come up with a debt free, limited, infinitely smaller federal government, a prosperous, sound, backed, dollar, no welfare, probably 90% reduction in crime, sound, wall lined borders, legal immigration only, English spoken and all forms, applications, and permits in English only. A citizenry proud to be American and love to see our flag flown and our National Anthem played (Although I do believe that “America the Beautiful” would be a far better National Anthem). I will go no further, although I have a lot of original thoughts. don@coloradogold.com
(I still have 300 “Consequences” left. Send me $11, and I’ll send you one. Don Stott, 222 S. 5th St, Montrose, CO 81401. If you like this, send it to everyone on your list, Trump, Congress, Lou Dobbs, etc, and anyone else you can think of!)