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To revive and re-stimulate the ailing economy, an emergency jubilee declaration is needed. During this time, all debts will be wiped out and written off of our books. This will certainly stimulate spending, unclog credit lines and sustainably lubricate our now almost stagnant economic machines.

Once upon a time, back in the olden time, our forefathers had a way to help the land heal itself by laying it furlough for sometime. In the history of human economics, to help the land heal economically, a year of jubilee would be declared every 50 years. During this time, all debts would be forgiven and all our financial obligations would be written off by creditors.

This is the path that our land needs to take now. We need to bail out the middle class. We need to rescue residents of our streets not just Wall Street. The middle class is the one that is clogged not ivory tower corporations. 

What we have called sub-prime mortgages is actually an admission that there are lots of borrowers that are sub-prime. A loan cannot have a status, it’s only the borrower behind the loan that has one. One wonders why a developed economy like ours should have so many individuals that are so heavily indebted that they cant meet their obligations even if they wanted to, and these are the folks we need to bail out. We need to declare an emergency state of Jubilee during which time all toxic debts will be wiped out and written off of our books. This would be the best use for the bail out package in that companies that have bad debt will be compensated for what they are owed. This will definitely stimulate spending and by year end, it will be Christmas again, this time with a jubilee for everyone.