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Americans, and governments across the world, have more debt than they can ever hope to repay…and the COVID-19 shutdown has only made things worse – our incomes have dropped, and we are using more debt to survive. That’s why a number of public figures are suggesting a radical and ancient solution; a debt jubilee…
A debt jubilee is a clearance of debt from public records across a wide sector of a nation…[and it] may not be as far-fetched as it sounds…Debts which cannot be paid back, simply will not be paid…[but] why should we forgive all debts? [Why?] Because the world has about 300 trillion dollars in sovereign debt, that’s not including corporate or personal debt [and] on top of that, the derivatives bets against the markets have a nominal value of 2 quadrillion dollars if the markets drop a very significant amount. Honestly, who is going to pay all that back?…
The greed of people, coupled with their stupidity of wanting to get something for nothing, is what led to all of this! You cannot create real wealth via phony bookkeeping entries…I have been trying in vain to educate people via my various videos about it yet it ALWAYS falls on deaf ears. No one wants to hear the truth because it ruins their dreams of getting rich quick at the expense of others. Well now, here we are, all of us, standing on the edge of a collapsing Ponzi style financial scheme, and…peering over the edge into that black abyss below us…
Only through inflation and the continued spiraling debt tsunami can the debt be serviced, but it can never be repaid. It is a pure and simple Ponzi scheme that has enslaved generations…
Debt jubilee sounds wonderful, lovely, you don’t have to pay back your debts, you spent the money you borrowed, but now you don’t have to pay it back. You get to keep the stuff and not give the money back. OK, that sounds great, but where’s the catch, because there is ALWAYS a catch.
Well, who holds most of this debt? That would be: YOUR pension fund and YOUR insurance company and YOUR social security fund and YOUR bank that holds US treasuries as tier 1 capital so, you get your debt jubilee, but you have to live with
- your insurance company going bust,
- a complete loss of your social security,
- the complete loss of your pension,
- and the loss of your bank deposits.
Now that you understand the catch, does it sound like a good idea? It’s your call…
Editor’s Note: The original article by Marc Faber has been edited ([ ]) and abridged (…) above for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.
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What happens to stocks and cash held in brokerage accounts? The government will find a way to attach holdings in precious metals. Their desperation will show no mercy,and no bounds.