A jubilee event is a general cancellation or repudiation, either of all debt, or of all national debt. The current accounts national debt in the US. is about $25 Trillion. The unfunded obligations debt exceeds that by an order of ten or more.
A jubilee is based on the ancient Jewish law (halakah) of shmita, according y to which personal debt is to be collected or cancelled every seven years,the land left fallow for a year, and slaves freed. The “jubilee is a more severe version of this every 49 years. That law also prescribed leaving land fallow for a year, and suspending the slaughter of livestock during that year, although wild game could be taken, The poor could glean the fields and orchards.
Many are warning that the national debt of the U.S. and other nations can never be paid, Almost every nation is engaged in deficit spending and the rapid increase of debt.
Now in principle, if a high enough economic growth could be sustained for long enough, holding taxes at the same level, the current accounts debt could be paid off, but that seems unsustainable for the time that would be required. The alternative is likely to be economic collapse and hyperinflation, such as that now happening in Venezuela, but in every industrial nation, . If the U.S.economy grows at a high enough rate, with constant taxes, it can eventually pay off its debt, now more than $25 trillion in current account for the U.S., but there are perhaps ten times that in all unfunded obligations, A annual GDP growth rate of more than 3% might do that, for current account debt, in as little as 30 years, but there is no way the world as a whole can sustain that rate of growth. National debt is not just a meter of individual nations. The entire planet is in the same predicament.
However, most the suggested strategies are to hoard gold or silver, which will little avail us in the disaster they foresee. There are not enough places for preppers to escape to or hide their gold in..
Robert Wenzel wrote about this in his June 1992 article,
Repudiating the National Debt, which appeared In
Chronicles.and was reprinted by the Mises Institute.
But the subject was discussed as far back as 1960 by Milton Friedman is a draft of actual legislation, the
Monetary Reform Act, plus some amendments, reprinted in
Money Masters.
The problem with all of these writings i that none of them offer strategies ordinary people, or governments, can use to prepare. They are preparing, but those preparations are likely to be useless, except perhaps for military personnel sheltering in “deep underground military (DUMB) bunkers. Some of the elites might be able to avail themselves of some of those, but probably not most of the ones who think they are prepared.
Imagine that you wake p one morning, the banks and ATMs don’t work, your accounts have all been seized, utilities are all being shut down, there is no fuel available to keep vehicles operating, Supermarket shelves empty. The doors of prisons are thrown open, and you run out of food, water, wood, and ammunition. You suddenly find yourself trying to, live under frontier conditions in an urban environment with no game or fish. and few sources of water. Now imagine even the elite trying to live through all that.
A jubilee can’t be put off. That is what national government have been trying to do, but eventually kicking the can down the road will stop working.
It is too late to build bunkers for everyone. But with some planning, it is possible to mitigate the disaster and hold down the loss of life. Not for everyone, and not for most of the elites, who will find themselves on Earth in the movie
When Worlds Collide. with no place to go.
Now, for most people in the undeveloped world, it may not be that bad, but it will certainly be bad enough for the United States and the industrial world. The prospects of this occurring is certainly part of the planning of some of the elites, and may explain some of their behavior.
This the beginning o a much longer article, and perhaps a book, now obstructed by poverty and my lack of a computer.I will try to write more as I can.
Why hoarding gold and silver won’t work
The media are filled with warnings of this, and offers to sell gold and silver. Many of the authors of books are pushing precious metals.But is this an appeal to fools?
We need to examine history. The hoarding of gold and silver has been tried, for centuries. The problem is that stocks of precious metals need to be guarded, and that is not feasible for most ordinary people. Perhaps for a few days, but not for months or years. When the U.S. government seized all monetary gold in 1933, they got it from the banks and other financial institutions. The only way to protect stocks from the government was to bury them, and fortune hunters are still occasionally find those. caches.
Having precious metal stocks will only work if there are essentials to buy. Having ammunition or medical supplies might better serve that purpose. See what continues to be traded in countries with collapsed economies, such as Argentina, Bosnia, or Venezuela, It is not gold or silver. The elites probably already seized all that.
Secure the basics
Although not technically a mass extinction event,,it is close enough for purposes of preparation.
Shelter.
They need not be fallout shelters, unless there is a global nuclear war, which could be triggered by global economic collapse. Short of that people may need shelters from other threats, such as marauding bands of refugees.
Though perhaps less likely, there is a serious threat from things like
solar proton flares that could bathe the planet with lethal radiation, at least for a few weeks. Deep military bunkers will not be made available to most people.
Land.
The basic wealth. It needs to be fertile, with abundant water, and defensible. Probably nothing lose to cities.
Communications.
No one can long survive alone or in small groups.. hat means radios, preferably shielded from EMP events.
Weapons.
Again,defense takes forming organized groups of trusted and able people. Think of fortress communities.
Source:
https://constitutionalism.blogspot.com/2019/05/preparing-for-coming-jubilee-event.html
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