Tuesday, February 10, 2009

Toxic Debt – A Biblical Solution

I am getting tired of hearing about “toxic debt”. The former administration was unable to offer a solution and the current administration has not yet done much better. What about a Biblical solution? What about proclaiming a Jubilee?

If debt is toxic and we have not yet found a way to make it less toxic or non toxic, then let us just do away with the debt. Let us declare all debts null and void, more or less paid in full, and start all over.

Leviticus 25 and 26 seems to suggest that every fifty years all debts are to be forgiven. It has been approximately seventy years since the end of the Great Depression. It has been nearly sixty-five years since the end of World War II. It has been fifty-five years since the end of the baby-boom. We are overdue for a jubilee.

Sure, forgiving all debt and starting over might seem drastic, but is it less drastic than our economy tanking, our government dissolving, and anarchy reigning? For the record, since my wife and I live in church provided housing we have no mortgage. Our 2003 Honda is paid for. We have no school loans to pay off. We pay off our credit card balance every month. The only debt we have is a small mortgage on a time share in Florida. We perhaps have far more to lose than to gain if all debt were forgiven. On the other hand, what good will our mutual funds, stocks, CDs and retirement funds be if our currency is worthless, there is no economy to speak of, and any form of government is absent?

Maybe God got it right after all. What do you think? Post a comment and let me know.

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