I wonder if the govt will grant the big #Banks their own #debtjubilee when they ask for it.

"The less your income, the easier it is to pile up debt. That obvious lesson hit home in 2020.

The unemployment rate went from 3.5% pre-COVID to a peak of 14.8% in April 2020—the highest level since 1948."

The People's Party of Texas is the only party to call for a total Debt Jubilee for all People. Student debt, mortgages, medical debt, and small business loans are just a few examples of the type of structural debt that perpetuates inequality between those who own capital and those who do not.

#DebtJubilee #DitchTheDuopoly #AbolishCapitalism

https://www.debt.org/faqs/americans-in-debt/demographics/

I bet you won't find another political party in Texas publicly advocating for a global debt jubilee, just sayin'...

"...a ruling class whose main claim to wealth is no longer the ability to make anything, or even really sell anything, but increasingly on a series of credit-scams propped up by government support, has to rely very heavily on every mechanism that might make tend to legitimize the system. This is why the last 30 years of 'financialization' have been accompanied by an ideological offensive unparalleled in human history, arguing that current economic arrangements — which they have rather whimsically dubbed 'the free market' even though it functions almost entirely through the government giving money to the rich, is not just the best economic system, but the only economic system that could possibly exist..."

https://davidgraeber.org/articles/after-the-jubilee/

#DebtJubilee #PeoplesPartyofTexas

The founding fathers of the United States truly hated the laboring class. The concept of American "freedom" is entirely fabricated, perpetuated by a barely-educated youth who gladly march into their own chains put in place by the owning classes.

"If all were to be decided by a vote of the majority, the eight or nine millions who have no property, would not think of usurping over the rights of the one or two millions who have? ...
Debts would be abolished first; taxes laid heavy on the rich, and not at all on the others; and at last a downright equal division of everything be demanded, and voted. What would be the consequence of this? The idle, the vicious, the intemperate, would rush into the utmost extravagance of debauchery, sell and spend all their share, and then demand a new division of those who purchased from them. The moment the idea is admitted into society, that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence."

- The Works of John Adams

#DebtJubilee #Anarchy

RT @CheeseMacro@twitter.com

Michael Hudson talks about the destiny of civilization: finance capitalism, industrial capitalism or socialism. It’s also the title of his book.

#EconomicRent #MMT #DebtJubilee #FinanceCapital #usury #UnearnedIncome

https://realprogressives.org/podcast_episode/episode-208-rp-live-with-michael-hudson

🐦🔗: https://twitter.com/CheeseMacro/status/1616783724082864132

#SchoolLunchDebt #AbolishDebt #DebtJubilee

@yaaps@banana.dog @vidak
2/2

It bares repeating to you, #Malthus predicted a third direction for humanity, in which we respect our #planetaryBounds.

Also, #LimitsToGrowth have been showing themselves in ways you seem not aware of. AlbertBartlett is celebrated for a reason and we strongly encourage anyone reading this to check out his lecture.

There's also #SpaceShipEconomy. We are not huge fans of #SteveKeen's #DebtJubilee ideas but he is right about climate issues

@vidak

@dsfgs It is a complex issue, which can be considered an extension of colonial rule, robbing the Global South of their resources. The Jubilee Debt Campaign puts it: "We aim to tackle unjust debt, to stop the boom-bust cycle of debt crises, and to build a finance system that works for everyone, not just the banks, speculators and the super rich. We see unjust debt as debt which has been contracted unfairly or undemocratically,.." https://jubileedebt.org.uk/the-debt-crisis #debtjubilee

@patricksudlow
Developing countries ought to get trade consessions.

Generally, debt jubilees are unjust because they benefit those who borrow more than they should have.

The more just method is to give everyone a small amount, those in debt have their debt reduced by that small amount those who are not in debt have extra money to use as they see fit.

How does the website frame it?

#debtJubilee #developingNations #deDevelopedNations #trade

Aside from calls for a #DebtJubilee that would, it seems, only really benefit debtors, and encourage more reckless borrowing for #consumption that hurts savers, Prof. #SteveKeen's interview on #RenegadeInc this week has some things to say about climate catastophies.

Both enlightening and troubling:
https://www.rt.com/shows/renegade-inc/516018-professor-steve-keen-covid-pandemic/

#climateChange #globalWarming #theGreatReset #fiatCurrency #modernDebtJubilee #warOnSavers #ProfSteveKeen

Does anyone on #Fedi actually believe that a #debtJubilee is a good idea?

Our opinion is that rewarding #speculators (and punishing the #saver even futher) will create the most perverse of #incentives.

Maybe its just us, though…

#perverseIncentive #snakeOil #bigProperty #overdevelopment #realEstate #assetBubble #speculation #rewardBadBehaviour

How's this for prophetic.

This was published the morning of #GeorgeFloyd's murder. It's from the same people who produced the 'Four Horsemen of the Apocalypse' #film a decade ago.

'Chickens Home to Roost':
https://www.rt.com/shows/renegade-inc/489508-four-horsemen-2008-financial-crash/

We don't agree with a #debtJubilee as this is just another way to incentivise #overSpeculation - a #UBI that goes up with #age will better serve everyone.

...but how chillingly prophetic is the timing.

https://www.youtube.com/watch?v=qk_17ewZzow

This talk seems like something #NAShow producers would be interested in. #Australian #Economist #SteveKeen talks #debtJubilee, #QEForThePeople vs. #QE for #WallStreet #Banksters, and other alternative economic strategies to actually "fix" the "Walking Dead" and "Zombies to be" #economies.