Because of the build-up of vast levels of personal, corporate and government debts since the 1970s, the need for redemption of these debts will be immense. After hubris must come catharsis. It is our view that societies might have to introduce a global ‘jubilee’ of debt cancellation – an extraordinary amnesty for debtors. The first purpose of such an amnesty would be to release millions of people, business enterprises and governments from the grip of parasitical creditors, draining them of every last asset. The second purpose would be to restore debtors to viability, enabling them once again to become productive and economically active.
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