Letter: ‘Debt Jubilee’
Following the Lehman banking debacle of 2008, the government sponsored bailout of the banking sector to boost the economy created an illusion of recovery. New York banks benefited from the bailouts by using special privileges with the Federal Reserve to borrow cheaply to fund speculation using their easy access to money. Yet savers that need interest income to survive are punished by the low interest rates they receive.
If the U.S. economy is getting better, then why are major retail chains closing thousands of stores as sales figures continue to go down all over the country? This can be accounted for by the two-income-trap causing a slow, steady death of the middle class that were a last greater fool when buying a home. Now we are also seeing the impact of student loan debt on the economy when they can only afford to buy bare necessities. We are witnessing how big government progressives and mainstream media can manipulate and control people by convincing them that only big government can solve all our problems. Both political parties are involved in destroying the middle class with many politicians now willing to abandon the Bill of Rights. The elites smile as they sit back and wait to swoop in to complete their job to destroy the American Dream from an angry and desperate citizenry.
As a Christian nation with Judeo roots, God has a solution for our economic dilemma. The Jubilee law described in Leviticus 25 provides a national cancellation of private debts every 50 years. On Aug. 22, 2011, economist Stephen Roach went a step further calling for Wall Street to support a “Debt Jubilee” to forgive excess debt for borrowers. This will ensure that no one would ever become forever trapped in debt and poverty. Providing immediate and future Jubilee debt relief for mortgage, student loan, and credit card debt will save our nation.
ROBERT A. DAHLQUIST