Debt jubilee

From Wikipedia, the free encyclopedia

A debt jubilee is a clearance of debt from public records across a wide sector or a nation. Such a jubilee was proposed as a solution to debt incurred or anticipated during the COVID-19 recession.[1][2] The American economist Michael Hudson is a proponent of a debt jubilee, writing in a Washington Post op-ed that it was an alternative to a depression.[3][4] Similarly, anthropologist David Graeber pointed to kings' historical use of debt jubilees during regime changes to suggest that a debt jubilee would have been an appropriate response to the 2008 financial crisis.[5] Australian economist Steve Keen is a proponent of debt jubilee.[6] To deal with debt we have to address the trillions of outstanding bad debts. Over the past decade, the world’s central banks have sent interest rates to record lows as their response.

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  1. ^ Gordon, Cameron (30 April 2013). "The debt jubilee: an Old Testament solution to a modern financial crisis?". The Conversation.
  2. ^ Wilson, Simon (28 March 2020). "Debt jubilee: will our debts be written off?". MoneyWeek.
  3. ^ Brancaccio, David; Shin, Daniel (2 April 2020). "To avoid a depression, forgive debts, one economist says". Marketplace.
  4. ^ Hudson, Michael (21 March 2020). "A debt jubilee is the only way to avoid a depression". Washington Post.
  5. ^ Graeber, David (2011). Debt : the first 5,000 years. Brooklyn, N.Y.: Melville House. ISBN 978-1-933633-86-2. This was also the goal of the Rolling Jubilee campaign at the time.
  6. ^ "Steve Keen – Reducing Debt via a Modern Debt Jubilee". Retrieved 5 October 2022.

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