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Joined: Oct 2007
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Personal moralizing aside, we have had some very recent examples of debt forgiveness in the last century.
Brady bonds in Latin America were used to get unpayable debts off the books of the banks who made bad loans to Latin American countries having crushing dollar denominated debt.
The German miracle post WW2 was made possible by the allies avoiding repeating the mistakes WW1. Instead of punishing Germany with crushing debt, they were allowed to exit from the war debt free giving them the ability to invest in infrastructure, industrial plant and public goods and services.

JGW has refused to answer the problem that Hudson describes in detail; How do you avoid the non-productive rentier economy from wrapping and consuming the productive economy without a debt rebalance? I dont expect an answer to that historic problem but instead a lot of personal opinion on how it ought to be.

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You are absolutely right! You did, however, miss one or two that might be considered good. You know, stuff like raising folks out of poverty (not getting rid of poverty - the bible, I think, says something to the effect that the poor will always be there).

Anyway - well done!

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Debt is poverty and the Bible says many things, often contradictory, about debt.
Jesus had a lot to say apparently and wanted debts forgiven.

Hudson refers to the Lords Prayer as a reference to the debt forgiveness tradition.

And forgive us our debts, as we also have forgiven our debtors.


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I am not religious. the bible does say many things, especially the old testament (instead of bible one should make the distinction). You can get support for just about anything in the old testament but not in the new.

Debt forgiveness has always been a religious sort of thing which, sometimes, involves not only debt but a time for it, a holiday, birthday, etc. Its a kindofa personal thing. I doubt, very much, that the United States is ever going to have its debt forgiven!

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Debt forgiveness is not confined to being a religious thing. Its been used many times by many cultures.
As youve only offered personal opinions, as opposed to a much more qualified individual to speak on the subject, such as Hudson, what is there to conclude but your not really willing to discuss the topic in honest terms.
The debt crises will happen when other major countries decide we are no longer a reliable partner. When they no longer prefer to hold Dollars as the reserve currency. That shift can happen quite suddenly, as it did with the British pound after the Suez fiasco. All it takes is an attractive alternative. In this case is was the new global warlord, the US. China andd dc Russia may offer an alternative as there has been some noise coming from that direction.

Empires have a wAy if unraveling fast. Debt seems to play a role. A corrupt, unresponsive government withdrawn from the governed always sets the stage.

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