"There is no doubt we are going into an epoch of debt peonage"

[dixiegrrrrl]

Michael Hudson, speaking on Max Keiser show.
Discussion of why banks do not want cheaper houses, why US being in debt is necessary to banks,
and Goldman Sachs monopoly of banking.
part 2, link below.
http://www.youtube.com/watch?v=iDzjxV8JUzQ&NR=1

[Joanne98]

1. Jubilee is the word they need to have screamed in their ears.

[grasswire]

3. I wonder how many Americans know what jubilee is.

I'll wager most people have never heard of the concept.

[dixiegrrrrl]

4. I t IS a good analogy.

On the surface, ( no pun intended) it looks like free fish.
but that is just because the oxygen level in the water is too low to support life.

Yep, very apt analogy JoAnne made.

[truedelphi]

6. I admit I don't understand your mention of Jubilee.

Don't leave me clueless.

[unblock]

7. the term generally refers to anniversaries, but in this case, complete debt forgiveness

done every 50 years.

http://en.wikipedia.org/wiki/Jubilee

[truedelphi]

8. Sounds good to me. Or maybe a person should receive "Jubilee"

After the 50,000th phone call from a credit collection agency.

[unblock]

9. inflation is the modern-day equivalent

it's hard to imagine inflation until the economy gets going, but once it does, our massive federal debt and trade gaps are likely to lead to some serious inflation.

inflation and a falling dollar erode the value of cash and debt, while inflating the value of hard assets, most notably houses. it can be a painful process, especially for retirees on fixed incomes, but it would effectively reduce the crush of debt on so many americans. a cumulative inflation of 100% over the course of most of a decade would cut everyone's debt in half.

that's not to say i would advocate it as a policy. rather, it's one of the market's mechanisms for crudely righting a ship gone astray.

[Po_d Mainiac]

2. K & R

[truedelphi]

5. K & R. Thanks for posting. n/t