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Author Topic: Money  (Read 7851 times)

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    • Renwable Revolution
Re: Money
« Reply #570 on: March 11, 2019, 01:33:58 am »
Reaganomics was NOT "supply side"; IT WAS A WELFARE QUEEN GIVE AWAY TO THE RICH! Bush, Clinton, Shrub and Obama did not change a thing about that GIVE AWAY. Trump has just MADE IT WORSE!

Good link there agelbert.


Jimmy should have held up the book.  Fort 5 bucks a month Patreon fees he can send a lackey to Barnes and Nobel to get one.  Could have called Uber (I kid about that).  Or had a print shop make a poster of the picture I posted here.  Jimmy gets fees from people watching so he needs to raise a boat or two.  Or three.   He could have splashed it up on the screen while he was talking.  He has to have video software.

But enough bitching about Jimmy.

In …and forgive them their debts, renowned professor of economics, Michael Hudson – and one of the few who could see the 2008 financial crisis coming – takes us on an epic journey through the economies of ancient civilizations. For the past 40 years in conjunction with the Harvard Peabody Museum, he and his colleagues have documented the archeological record and history of debt, and how societies have dealt with (or failed to deal with) the proliferation of debts that cannot be paid. In the pages of …and forgive them their debts, readers will discover shocking historical truths about how debt played a central role in shaping ancient societies. Perhaps most striking of all is that – in a nearly complete consensus of Assyriologists & biblical scholars – the Bible is preoccupied with debt, not sin.

In all eras – from antiquity to the present – debts have tended to mount up faster than the ability of most debtors to pay. That is a basic mathematical fact: Economic growth is arithmetic and can’t keep up with the exponential growth of debt growing at compound interest.

The big economic question is – and has always been – what will happen if debts cannot be paid? Will there be a debt writedown in favor of debtors (as has been done for large corporations), or will creditors be allowed to foreclose (as is always done on personal debtors and mortgage-holders), leading to their political takeover of the assets of the economy – and the government’s public sector?

The problem of debt backlogs was created with the invention of interest-bearing loans in agrarian 3rd Millennium BC Mesopotamia. The remedy of record was the royal Clean Slate proclamation or Jubilee Year of debt forgiveness. These proclamations had three functions: (1) They restored financial balance by annulling the backlog of crop debts that had accrued; (2) they liberated indebted bondservants (and their families); and (3) they restored land tenure rights, enabling debtors to continue living productively on the land, pay taxes, and be available for military service and corvée labor.

Clean Slate debt cancellations (the Jubilee Year), used in Babylonia since Hammurabi’s dynasty, first appear in the Bible in Leviticus 25. Jesus’s first sermon announced that he had come to proclaim it. This message – more than other religious claims – is what threatened his enemies, and why he was put to death.

This interpretation has been all but expunged from our contemporary understanding of the phrase, “…and forgive them their debts,” in The Lord’s Prayer. It has been changed to “…and forgive them their trespasses (or sins),” depending on the particular Christian tradition that influenced the translation from the Greek opheilēma/opheiletēs (debts/debtors). On the contrary, debt repayment has become sanctified and mystified as a way of moralizing claims on borrowers, allowing creditor elites and oligarchs the leverage to take over societies and privatize their public assets, especially in hard times.

Historically, no monarchy or government has survived takeover by creditor elites and oligarchs (viz: Rome). In a time of increasing economic and political polarization, and a global economy deeper in debt than at the height of the 2008 financial crisis, …and forgive them their debts shows what individuals, governments, and societies can learn from the ancient past for restoring economic and social stability today.

Thank you, K-Dog.

The thing about that Jubilee year debt forgiveness in the Bible is interesting. Leviticus, of course, has all the details, including an admonition to not try to game the Jubilee on a indentured servant or slave that is about to be released. But, there is one thing Hudson did not mention. The Law, as given by Moses in the desert, and stated in Leviticus, was given right at the beginning of the wanderings through the desert when they were at that fateful place where they received (twice - the first time things didn't go too well) the 10 Commandments on stone tablets.

Everybody who was over 20 when the Hebrews got cold feet, due to the physical size of the Canaanites they were ordered to invade, was dead after 40 years (except Caleb Joshua and Moses). So, Moses read the Law all over again in Deuteronomy, where the Jubilee is also mentioned.

I don't think Jesus was put to death for the Jubilee Year thing. Remember that he taught the Lord's Prayer to his disciples in private. Whether interpreted as sins, debts or tresspasses, the issue there is a moral one that covers a lot more ground than physical debts. Also, J.C. made a point of telling fellow Jews that they had umpteen commandments that they were forcing people to follow, while they hypocritically did not follow them.  He was not a happy camper about the over 400 plus religious rules the Jews had, although I'm certain He fully approved and celebrated the Jubilee concept, as the Lord's prayer evidences.

J.C. harped on the "Love thy neighbor as thyself" Command as IT, as far as following God's Law was concerned. He made a point of saying that since you cannot see God, because God is Spirit, saying you love and worship God is an empty claim unless this Love of God is evidenced by treating God's Creations, your fellow humans, with the same respect you have for yourself (in so many words).

The head honcho in the Sanedrin (High Priest) demanded that J.C. be put to death becasue J.C. said He was the Son of God, which was blasphemy for a Jew. Of course, that was the cover. The real reason was that most people were following J.C. around, getting healed of this and that, and getting lots of "strange ideas" about the proper behavior of a God fearing person. The Religious leaders were conncerned that, if this kept going on, especially after that huge crowd that followed J.C. (Palm Sunday), many hailing him as their King!, they would lose their easy money, their privileged position and their followers. So, they decided to get rid of the miracle worker by hook and by crook. 

Isaiah Chapter 53 prophesied about J.C.'s death. J.C. did too, more than once. The bottom line for J.C. was that, as the Good Sheperd, He was obligated to lay down his life for his sheep (John 10:11, John 15:12-13).

John 10:11
I am the good shepherd: the good shepherd giveth his life for the sheep.

John 15:12-13
This is my commandment, That ye love one another, as I have loved you.
Greater love hath no man than this, that a man lay down his life for his friends.

Hope deferred maketh the heart sick: but when the desire cometh, it is a tree of life. Pr. 13:12


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