**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 believe, that if all the wealth was redistributed evenly, within 15 years, the same people would have what they had before, and those who were broke before, would be broke again. Too many Americans, and for certain Congress, haven’t the slightest idea of how to manage money. If they did, we couldn’t have gold and silver available as hedges. Americans and its government, will seemingly always be in debt. The Jubilee would change that, permanently. Typical Americans, even after a jubilee, would probably continue with their irresponsible way of life. A Jubilee should also wipe out all credit ratings. Let everyone build their own credit rating, by starting at zero. No coasting on previous ratings. A fresh start for EVERYONE.
Just imagine! All mortgages paid in full, all car loans paid in full, all corporate debts 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 not responsible before, may consider it a golden opportunity to be a fool again. Who knows? But it would be the great equalizer, and America surely does need that now.
There are now over $100 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 $100 trillion, is totally impossible to ever be repaid, other than with Monopoly money, which is what all paper money now is, anyway. 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 would be backed by gold and silver. Maybe a dollar backed by tenth ounce of silver? A hundred-dollar bill, backed by a twentieth ounce of gold? There’d have to be a Constitutional Amendment, that there could never again be an un-balanced federal budget, and the federal government, could never again borrow money. Politicians, could never buy votes by promising federal handouts. The $32 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, if they could prove their reliability, with no previous credit ratings. It is said that Ford and others, make most of their money financing cars, but a Jubilee would allow them to reduce the price of their vehicles, because their corporate debts would be eliminated also. All prices would be reduced, because all debts of manufacturers, farmers, miners, retailers, wholesalers, etc. would be wiped out. A great economic emulsifier, evener, and a solution to current society’s rich-poor situation. Think of the crime reduction a Jubilee would facilitate. Our borders would be shut tight against illegals and drug traffickers. Welfare of all kinds and levels, would be wiped out. Work for your living. There’ll be plenty of jobs. Social Security payments, would have to be reduced according to new guidelines, and continue till recipients died, but no new entrants to any federal ‘program’ or handout. We all paid into Social Security, so we get a return on our investment. Sound, gold and silver-backed 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 stronger, and no deductions would be taken out of paychecks. Americans would quickly learn to save for what they want, because other than charity, there would be no more handouts from D.C. Congress would cease to be “The Swamp,” as Trump correctly named it. No more federal debt, and everyone else would be free to act as they did before. 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 in an extremely limited way, because before the IRS, all federal expenses were paid with tariffs, and they would be huge after a jubilee. 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. Useless federal everything, would instantly be eradicated, because they would be pointless under a free nation with no debts. Our Constitution allowed no federal bureaus other than Post Office, Treasury, State, Navy, Militia, Weights and Measures, etc., but certainly not the massive welfare handouts and federal employment now in existence.
Legal immigration only, and no asylum seekers. Strong security 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 200 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 200 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. Everyone would have had a great start. If a Jubilee happened, those debt free, would be right where they were before…debt free.
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; both in adjusted value dollars. 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, secure 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, but ironing out the details would be a wonderful project.
Don Stott- don@coloradogold.com
**These are not the opinions or beliefs of Colorado Gold, Inc. They are the beliefs and opinions of Don Stott. If you have concerns, please contact Don at the above listed email.