Acts20.com

When we consider how much crippling debt is out there, I wonder if it is not time to consider the debt-cancellation of a jubilee?Consider this proposition:THE DEBT YOU CANCEL IS THE DEBT CANCELLATION YOU RECEIVE.In other words, ONLY if you had legally cancelled X debt that was legitimately owed to you can you have the same amount cancelled from the debt you owe.A bank that owes $50MM could cancel $50MM in, say, mortgages, and balance their books (to some extent).I cannot imagine us EVER becoming debt free as a nation UNLESS we invent some incredible breakthrough (free, clean, unlimited energy; time travel, etc.)...or go to war and defeat/conquer the nations that we owe money to.Debt is partially a good thing in terms of national policy. If China, say, has invested $3 trillion in the United States, it behooves them to want the U.S. to be successful so they can get their investment back. But other than that, debt doesn't seem to work all that well for anyone.

One big problem is that debt isn't usually bilateral like that. For example, say a bank borrows $50m from me. They forgive $50m in mortgages, so the $50m they owe to me is also forgiven.

I guess you better think of applying for a loan........ BUT WAIT....... That is how it started...I believe I read once that we USA Citizens hold the most investment against that Nat'l debt. I used to buy a bond a month, then bought bonds for the grand kids for BD & Christmas. but that is in the past now. I guess folks still buy bonds...? Some facts but mostly just my [email protected]/