By: Juan Reynoso, activist - firstname.lastname@example.org
"Americas must realize that self-scrutiny is not treason. Self-examination is not disloyalty."
Fellow Americans, I hope that you care about the future of your children and grandchildren as I do. Families, communities and our cities form this country that we love so much. Please take some time and seek the truth and causes of our economic demise. It is in our best interest to know the truth and correct this path of self-economic destruction. As I have studied the history of debt growth in the U.S. economy, it has become apparent that we have reached a historic point. The truth is that today, we are in uncharted waters that makes it pretty much impossible for anyone, to know what will happen next.
There are several reasons for this economic crisis. The Reagan Free trade agenda, the NEOCON globalization, the demise of the Sherman Anti-Trust Act, The housing bubble, the bailouts and the wars.
The Reagan free trade agenda, push for free trade and stopped enforcing the Sherman Anti-Trust Act, businesses started merging and acquiring each other like crazy. Because of changes in the rules on how that could be done, Private Equity or LBO firms came into existence, driving the monopolistic merger process with trillions in debt. Today virtually every corporate merger involves the company taking on huge debt, while the executives and the Pirate Equity boys take home billions. The result is that most of this private sector debt is corporate debt, and it's dangerously high, a teetering, and towering house of cards.
And then there's household debt. Since Reagan, millions of Americans lost their jobs and latter got low paying jobs, and also millions of Americans have not been paid more for their increased productivity, so wages have failed to keep up with the rising costs of housing, energy, education, and healthcare. To make ends meet, Americans had to borrowed and extend their credit lines and home mortgages, thus sinking further into debt. This was the time in human history that so many people was able to borrow so much money so quickly with so little accountability facilitated by our own government; this was the creation of the housing bubble, which was caused by the banks and financial institutions pushing mortgages – or debt – on millions of Americans, knowing that those same Americans were unlikely to be able to pay down those mortgages and debt. But the banks made a ton of money selling off that bad debt to other investors before the market went bust, but the losses that the bankers did incur during the crisis were promptly repaid by our government thanks to the bailout; but no one bail out the people.
Common sense tell us, that because job losses and decrease in wages due to free trade and globalization made Americans get into debt, this low income and debt obligations make consumers expend less and less creating this economic crisis, that resulted in layoffs of U.S. Workers and workers around the world. The truth is that economic exploitation it is not good for the economic, Economic crisis are due to lower consumer spending because of household debt; The result of this NEOCON globalist agenda of human exploitation.
We should wipe the worst and most destructive of the private sector debt, the debt that prevents people from spending. If private debt was 50% of GDP like in the 1950’s, then Americans could afford to both buy things and pay down their own debt, and also for businesses. But at 250% of GDP, the private sector debt will strangles the economy and sets the stage for a looming economic collapse that the whole world will suffer.
So then, what’s to be done?; We should call for a debt jubilee. That means using the government to simply pay off much of the individual debt across America, from mortgages to student loans to credit cards. A debt jubilee isn’t a radical idea. In fact, it’s promoted in the Bible in the Book of Leviticus, which calls for a debt jubilee every 49 years. As Leviticus 25:10 reads, "This fiftieth year is sacred, it is a time of freedom and of celebration when everyone will receive back their original property, and slaves will return home to their families."
Debt cancellation is supported in the Koran, too. And it was used in Ancient Athens and many Native American societies.
Wiping out private debt would unleash enormous spending in our economy in ways we haven’t seen since the boom years of the 1950’s and 1960’s. The only reason it’s not seriously being considered by our lawmakers today is because a debt jubilee would diminish the profits of the bankers who thrive and prey on an indebted nation.
But, in the not-to-distant future, as our economy continues to collapse under the weight of tens of trillions of dollars in private sector debt, our nation will be faced with an ultimate choice: Strike Debt or watch our economy completely collapse in a way that will make 1929 look like a picnic.
Deuteronomy 15:1-23 ESV. “At the end of every seven years you shall grant a release. And this is the manner of the release: every creditor shall release what he has lent to his neighbor. He shall not exact it of his neighbor, his brother, because the Lord's release has been proclaimed. Of a foreigner you may exact it, but whatever of yours is with your brother your hand shall release. But there will be no poor among you; for the Lord will bless you in the land that the Lord your God is giving you for an inheritance to possess— if only you will strictly obey the voice of the Lord your God, being careful to do all this commandment that I command you today.
Leviticus 19:13 ESV .“You shall not oppress your neighbor or rob him. The wages of a hired servant shall not remain with you all night until the morning.
Let’s make the right choice now!.
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Sources for this article include:
The National Debt
Private public debt
Student Federal Loans Top a Trillion and no jobs for graduates to repay it.
The last economic crash
The coming Tribulation.
The Tribulation has begun.