real economy, and the conundrum of how one stopped the 'debt bubble' bringing everything crashing down.
The Babylonians employed the 'Jubilee' principle. Here, one simply cancelled all the debts, wipped the slate clean and started all over again. It was a drastic method, true, but it apparently worked for them.
Unfortunately for us, our 'debt bubble' is massively larger than anything that existed in ancient Babylon, because the 'casino' or financial sector, really is, almost the entire economy, dwarfing the 'real economy' of things produced and services rendered. For us, a 'jubilee' would mean not just the wipping out of the debts, but, arguably, the entire economy too, a collapse of our entire capitalist model for a period, and with it capitalist society, with nobody sure how and what would replace it in the West.
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