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overtheedge
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The Price of Everything and the Value of Nothing

- Jeffrey Lewis -

Debt Jubilee? Not gonna happen.
1. All collateral will be seized before any debate on debt forgiveness happens.
2. All pension plans will be nationalized under the guise of securing the pensioner's financial safety.

Now if we consider the Jubilee of the Old Testament, it only came the year after the seventh Sabbatic year aka every 50 years.
Debts were forgiven the Sabbatic year (every 7 years).
Between Sabbatic years, the debtor, their wife and children could be seized as slaves.
Keep in mind this needed the force of Mosaic Law to enforce compliance amongst the Jewish sector.
Non-Jews (goyim) were not covered by Mosaic Law.
Can we spell "indentured servitude"?

Please re-read the Vth, XIIIth and XIVth Amendments and you can plainly see that slavery and involuntary servitude were NOT outlawed. Both remain legal as punishment for crime of which the person was convicted. Failure to pay debts can and has been the grounds for criminal proceedings. Call it fraud. Call it failure to pay child support. Maybe call it contempt of court for failing to pay the court ordered settlement.

Between the banks there will be considerable wheeling and dealing.
Think of stock swaps as final stage in settling debts between the banks.

Everyone else owed money can join the queue that goes nowhere.
Either the debt was secured with seize-able collateral or you get nothing.

Try not to forget that the US Constitution strictly mandates that there will be no State laws enacted that impair the Obligation of Contracts. Article I Section 10.
Though the phrase uses the word States, you can bet this will remain in effect at the national level as well.

The Oscar Wilde quote was most appropriate.
What will be the value of liberty? The price? Merely the cost of debt settlement of which the debtor can't pay. Bet'cha nobody was thinking in these terms, eh? Just another good reason to keep cash and PMs stashed away. I'll see you at the slave pens. No reason to bid high as fresh slaves will be flooding the market. Bet on it.

Commented 3423 days ago

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Beginning of the headline :“There is a current set of delusions that is powerful and dangerous: that monetary debasement can be infinitely pursued without consequences; that the financial system is now solid and sound; that the low volatility and high prices of stocks, high-end real estate and bonds are real; that bonds are a safe haven; and that large financial institutions which get into trouble in the future can be unwound in a much safer way than they could be in 2008."-Paul SingerWe had the “not necessarily” storm of... Read More

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