,AFT] ! ,JUBILEE 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,IF Y\ LOOK JU/ AT H[ ?+S LOOK ON PAP]1 ! 5TIRE WORLD IS AWA% 9 DEBT4 ,ALL GOV]NM5TS >E 9 DEBT4 ,CORPORATE DEBT IS AT HI/ORIC HI<S4 ,& SO IS :AT ECONOMI/S LIKE TO CALL 0H\SEHOLD DEBT0 -- BO? 9 ! S5SE ( H[ MANY PEOPLE >E 9 ! R$1 & ! %E] QUANTITY ( :AT !Y [E4 ,!RE'S A CONS5SUS AMONG ECONOMI/S ?AT ?IS IS A T]RIBLE PROBLEM1 EV5 IF1 AS USUAL1 ECONOMI/S CAN'T AGREE AS TO :Y4 ,! MA9/REAM1 CONV5TIONAL VIEW IS ?AT ! 0DEBT OV]HANG0 FROM ALL ?REE IS SO VA/ IT IS /IFL+ O!R ECONOMIC ACTIVITY4 ,WE HAVE TO R$UCE ALL ( !M !Y SAY1 L>GELY BY EI!R RAIS+ TAXES ON ORD9>Y PEOPLE1 OR CUTT+ !IR S]VICES4 7,ONLY ON ORD9>Y PEOPLE1 M9D Y\ -- MA9/REAM ECONOMI/S >E ( C\RSE PAID TO COME UP ) REASONS :Y ONE %\LD NEV] DO EI!R ( !SE ?+S TO ! RI*47 ,MORE LEVEL HEADS PO9T \T ?AT NATIONAL DEBT1 ESPECIALLY = C\NTRIES LIKE ! ,U,S1 IS NO?+ LIKE P]SONAL DEBT1 S9CE ! ,U,S GOV]NM5T C\LD ELIM9ATE ITS 5TIRE DEBT OV]NI<T IF IT SIMPLY 9/RUCT$ ! ,F$]AL ,RES]VE TO PR9T ! MONEY & H& IT OV] TO ! GOV]NM5T4 

,NO D\BT1 READ]S WILL OBJECT3 0BUT IF Y\ JU/ PR9T TRILLIONS ( DOLL>S1 W\LDN'T ?AT CAUSE SEV]E 9FLATION80 ,WELL1 YES1 9 !ORY1 IT %\LD4 ,BUT IT SEEMS ! !ORY H]E IS FLAW$1 S9CE ?AT'S EXACTLY :AT ! GOV]NM5T IS DO+3 !Y'VE BE5 PR9T+ TRILLIONS ( DOLL>S1 & SO F>1 IT HASN'T HAD ANY NOTABLE 9FLATION>Y EFFECT4 

,! ,U,S GOV]NM5T'S POLICY1 BO? UND] ,BU% & UND] ,OBAMA 7ON SU* MATT]S !RE'S BE5 ALMO/ Z]O DIFF]5CE 9 POLICY BETWE5 ! TWO7 HAS BE5 TO PR9T MONEY & GIVE IT TO ! BANKS4 ,ACTUALLY1 ?IS IS ! WAY ! ,U,S F9ANCIAL SY/EM HAS ALWAYS WORK$1 BUT S9CE #b#h1 IT HAS BE5 9T5SIFI$ ) RECKLESS AB&ON4 ,! ,F$]AL ,RES]VE HAS :ISK$ TRILLIONS ( DOLL>S 9TO EXI/5CE BY WAV+ ITS MAGIC W&1 !N L5T IT AT ALMO/ NEGLIGIBLE 9T]E/ RATES TO L>GE F9ANCIAL 9/ITUTIONS LIKE ,BANK ( ,AM]ICA OR ,GOLDMAN ,SA*S4 ,! SUPPOS$ PURPOSE WAS FIR/ TO SAVE !M FROM BANKRUPTCY1 !N1 TO GET !M L5D+ & JUMP-/>T ! ECONOMY4 ,BUT !RE SEEMS GOOD REASON TO BELIEVE !RE'S ANO!R PURPOSE1 AS WELL3 TO FLOOD ! ECONOMY ) SO MU* MONEY ?AT IT W\LD1 9 FACT1 CREATE 9FLATION1 AS A WAY ( R$UC+ DEBTS4 7,AFT] ALL1 IF Y\ [E @s#a4 & ! VALUE ( ! DOLL> FALLS BY HALF1 ! VALUE ( Y\R DEBT HAS JU/ BE5 R$UC$ BY HALF AS WELL74 

,! PROBLEM IS IT DIDN'T WORK4 ,EI!R TO GET ! ECONOMY MOV+1 OR TO 9CREASE 9FLATION4 ,FIR/ ( ALL1 BANKS DID NOT 9VE/ ! MONEY4 ,MA9LY1 !Y EI!R L5T IT BACK TO ! GOV]NM5T AGA91 OR DEPOSIT$ IT 9 ! ,F$]AL ,RES]VE1 :I* PAID !M A HI<] 9T]E/ RATE = JU/ KEEP+ IT !RE ?AN !Y W]E *>G+ ?OSE SAME BANKS TO BORR[ IT4 ,SO 9 EFFECT1 ! GOV]NM5T HAS BE5 PR9T+ MONEY & GIV+ IT TO ! BANKS & ! BANKS HAVE JU/ SAT ON IT4 ,?IS IS P]HAPS NOT TOO SURPRIS+1 S9CE ! ,F$]AL ,RES]VE ITSELF IS GOV]N$ BY ! V]Y BANK]S ?AT IT IS GIV+ MONEY TOO4 ,/ILL1 :ILE A POLICY ( ALL[+ BANK]S TO PR9T MONEY & GIVE IT TO !MSELVES CAN WORK QUITE WELL IF Y\R AIM IS RE/OR+ ! =TUNES ( ! #a.0 -- & IT HAS DONE QUITE NICELY AT ?IS -- & ?\< IT HAS ALSO ALL[$ ! RI* TO PAY (F !IR [N DEBTS & S5T A GOOD DEAL ( NEW MONEY SLO%+ >\ND 9 ! POLITICAL SY/EM TO REW>D POLITICIANS = ALL[+ !M TO DO SO1 EV5 ! ,F$ ITSELF N[ ADMITS ITS DONE V]Y LITTLE TO GET EMPLOY]S HIR+1 OR EV5 TO CREATE ANY SIGNIFICANT 9FLATION4 

,! CONCLUSION IS SO OBVI\S EV5 ! PEOPLE ON ! TOP >E 9CREAS+LY BEG9N+ TO RECOGNIZE IT -- AT LEA/1 ?AT M9ORITY ( !M :O ACTUALLY DO C>E AB\T ! LONG-T]M VIABILITY ( ! SY/EM 7RA!R ?AN SIMPLY BE+ CONC]N$ !IR [N P]SONAL %ORT-T]M 5RI*M5T74 ,!RE WILL HAVE TO BE SOME K9D ( MASS DEBT CANCELLATION4 ,& NOT JU/ ! DEBTS ( ! RI*1 :I* CAN ALWAYS BE ]AS$ 9 ONE WAY OR ANO!R IF !Y BECOME 9CONV5I5T1 BUT ! DEBTS ( ORD9>Y CITIZ5S AS WELL4 ,9 ,EUROPE1 EV5 PR(ESSIONAL ECONOMI/S >E BEG9N+ TO TALK ( 0JUBILEES10 & ! ,F$ ITSELF REC5TLY ISSU$ A :ITE PAP] RECOMM5D+ MASS CANCELLATION ( MORTGAGE DEBT4 

,! V]Y FACT ?AT SU* PEOPLE >E CONTEMPLAT+ ?IS %[S !Y KN[ ! SY/EM IS 9 TR\BLE4 ,UP TILL N[1 ! V]Y IDEA ( DEBT CANCELLATION WAS ! ULTIMATE TABOO4 ,AGA93 NOT = ?OSE ON TOP !MSELVES4 ,DONALD ,TRUMP1 = 9/ANCE1 HAS WALK$ AWAY FROM BILLIONS ( DEBT & NONE ( HIS FRI5DS F9D ?IS AT ALL A PROBLEM1 BUT ALL ( !M ABSOLUTELY 9SI/ ?AT = ! LITTLE PEOPLE1 ! RULES MU/ BE DIFF]5T4 

,ONE MI<T WELL QUE/ION :Y4 ,:Y %\LD ! RI* C>E SO MU* ?AT ! DEBT ( ! POOR %\LD NEV] BE =GIV58 ,IS IT SIMPLE SADI/S8 ,DO RI* PEOPLE SOMEH[ GET A KICK \T ( KN[+ ?AT AT ANY MOM5T !RE >E AT LEA/ A FEW H>DWORK+ MO!RS BE+ KICK$ \T ( !IR HOMES & HAV+ TO PAWN !IR *ILDR5'S TOYS TO PAY = ! CO/S ( SOME CATA/ROPHIC ILLNESS8 ,?IS SEEMS IMPLAUSIBLE4 ,IF Y\ KN[ ANY?+ AB\T RI* PEOPLE Y\ KN[ !Y ALMO/ NEV] ?9K AB\T POOR PEOPLE AT ALL -- EXCEPT P]HAPS AS OCCASIONAL OBJECTS ( *>ITY4 

,NO1 ! REAL ANSW] SEEMS TO BE IDEOLOGICAL4 ,TO PUT ! MATT] CRUDELY1 A RUL+ CLASS :OSE MA9 CLAIM TO WEAL? IS NO LONG] ! ABILITY TO MAKE ANY?+1 OR EV5 REALLY SELL ANY?+1 BUT 9CREAS+LY ON A S]IES ( CR$IT-SCAMS PROPP$ UP BY GOV]NM5T SUPPORT1 HAS TO RELY V]Y HEAVILY ON EV]Y ME*ANISM ?AT MI<T MAKE T5D TO LEGITIMIZE ! SY/EM4 ,?IS IS :Y ! LA/ #c YE>S ( 0F9ANCIALIZATION0 HAVE BE5 ACCOMPANI$ BY AN IDEOLOGICAL (F5SIVE UNP>ALLEL$ 9 HUMAN HI/ORY1 >GU+ ?AT CURR5T ECONOMIC >RANGEM5TS -- :I* !Y HAVE RA!R :IMSICALLY DUBB$ 0! FREE M>KET0 EV5 ?\< IT FUNCTIONS ALMO/ 5TIRELY ?R\< ! GOV]NM5T GIV+ MONEY TO ! RI*1 IS NOT JU/ ! BE/ ECONOMIC SY/EM1 BUT ! ONLY ECONOMIC SY/EM ?AT C\LD POSSIBLY EXI/1 EXCEPT POSSIBLY = ,SOVIET-/YLE COMMUNISM4 ,MU* MORE 5]GY HAS BE5 PUT 9TO CREAT+ ME*ANISMS TO CONV9CE PEOPLE ?AT ! SY/EM IS MORALLY JU/IFI$1 & ! ONLY VIABLE ECONOMIC SY/EM1 ?AN HAS BE5 PUT 9TO ACTUALLY CREAT+ A VIABLE ECONOMIC SY/EM 7AS ITS NE> COLLAPSE 9 #bh CLE>LY %[$47 ,! LA/ ?+ ! #a.0 WANTS1 AS ! WORLD ECONOMY CONT9UES TO TEET] FROM CRISIS TO CRISIS1 IS TO GIVE UP ON ONE ( !IR MO/ P[]FUL MORAL WEAPONS3 ! IDEA ?AT DEC5T PEOPLE ALWAYS PAY !IR DEBTS4 

,SO3 SOME K9D ( MASS DEBT CANCELLATION IS ON ! WAY4 ,ALMO/ EV]YONE IS WILL+ TO ADMIT ?IS N[4 ,IT'S ! ONLY WAY TO RESOLVE ! SOV]EIGN DEBT CRISIS 9 ,EUROPE4 ,IT'S ! ONLY WAY TO RESOLVE ! ONGO+ MORTGAGE CRISIS 9 ,AM]ICA4 ,! REAL BATTLE IS OV] ! =M ?AT IT WILL TAKE4 ,EV5 AP>T FROM OBVI\S QUE/IONS1 LIKE H[ MU* DEBT WILL BE CANCEL$ 7JU/ C]TA9 MORTGAGE DEBT8 ,OR A GR& JUBILEE = ALL P]SONAL DEBT UP TO SAY1 @s#a187 & ( C\RSE1 = :OM1 !RE >E TWO ABSOLUTELY CRITICAL FACTORS TO LOOK AT H]E3 

,WILL !Y ADMIT !Y >E DO+ IT8 ,?AT IS1 WILL ! DEBT CANCELLATION BE PRES5T$ AS A DEBT CANCELLATION1 AS AN HONE/ ACKN[L$GM5T ?AT MONEY IS REALLY JU/ A POLITICAL >RANGEM5T N[1 &1 !RE=E1 ! BEG9N+ ( A PROCESS ( F9ALLY BEG9N+ TO BR+ SU* >RANGEM5TS UND] DEMOCRATIC CONTROL1 OR WILL IT BE DRESS$ UP AS SOME?+ ELSE8 

,:AT WILL COME AFT]W>DS8 ,?AT IS1 WILL ! CANCELLATION JU/ BE A WAY ( PRES]V+ ! SY/EM & ITS EXTREME 9EQUALITIES1 P]HAPS 9 AN EV5 MORE SAVAGE =M1 OR WILL IT BE A WAY ( BEG9N+ TO MOVE PA/ !M4 

,! TWO >E OBVI\SLY L9K$4 ,TO GET A S5SE ( :AT ! MO/ CONS]VATIVE OPTION W\LD BE LIKE1 ONE MI<T CONSULT A REC5T REPORT ( ! ,BO/ON ,CONSULT+ ,GR\P1 A MA9/REAM ECONOMIC ?9K TANK4 ,!Y BEG9 BY AGREE+ ?AT S9CE !RE'S NO WAY TO GR[ OR 9FLATE \R WAY \T ( DEBT1 CANCELLATION IS 9EVITABLE4 ,:Y PO/PONE IT8 ,H[EV]1 !IR SOLUTION IS TO FRAME ! :OLE ?+ AS A ONE-TIME TAX ON WEAL? TO PAY (F1 SAY1 #f.0 ( ALL \T/&+ DEBT1 & !N DECL>E ?AT ! PRICE = SU* SACRIFICES BY ! RI* WILL BE EV5 MORE AU/]ITY = EV]YBODY ELSE4 ,O!RS SUGGE/ HAV+ ! GOV]NM5T PR9T MONEY1 BUY+ MORTGAGES1 & GIV+ !M TO HOME[N]S4 ,NO ONE D>ES TO SUGGE/ ?AT ! GOV]NM5T C\LD JU/ AS EASILY DECL>E ?OSE SAME DEBTS UN5=CEABLE 7IF Y\ WANT TO PAY BACK Y\R LOAN Y\'RE FREE TO DO SO BUT ! GOV]NM5T WILL NO LONG] RECOGNIZE ITS LEGAL /&+ 9 C\RT IF Y\ DECIDE NOT TO47 ,?AT W\LD OP5 W9D[S ?OSE RUNN+ ! SY/EM >E DESP]ATE TO KEEP OPAQUE4 

,SO :AT W\LD A RADICAL ALT]NATIVE REALLY LOOK LIKE8 ,!RE HAVE BE5 SOME 9TRIGU+ SUGGE/IONS3 DEMOCRATIZATION ( ! ,F$1 A FULL EMPLOYM5T PROGRAM TO PULL WAGES UPW>DS1 SOME SORT ( BASIC 9COME S*EME4 ,SOME >E QUITE RADICAL BUT ALMO/ ALL 9VOLVE BO? EXP&+ GOV]NM5T1 & 9CREAS+ ! OV]ALL NUMB] ( JOBS & H\RS WORK$4 

,?IS IS A REAL PROBLEM BECAUSE FE$+ ! GLOBAL WORK MA*9E1 9CREAS+ PRODUCTION1 PRODUCTIVITY1 EMPLOYM5T LEVELS1 IS REALLY ! LA/ ?+ WE NE$ TO BE DO+ RI<T N[ IF WE WANT TO SAVE ! PLANET FROM ECOLOGICAL CATA/ROPHE4 

,BUT ?IS1 ,I ?9K1 PO9TS US T[>DS A SOLUTION4 ,BECAUSE 9 FACT1 ! ECOLOGICAL CRISIS & ! DEBT CRISIS HAVE EV]Y?+ TO DO ) ANO!R4 

,H]E IT MI<T HELP TO UND]/& ?AT DEBTS >E1 BASICALLY1 PROMISES ( FUTURE PRODUCTIVITY4 ,?9K ( IT ?IS WAY4 ,IMAG9E EV]YONE ON E>? PRODUCES A TRILLION DOLL>S WOR? ( GOODS & S]VICES A YE>4 ,& IMAG9E !Y CONSUME AB\T ! SAME -- S9CE ( C\RSE ?AT'S :AT G5]ALLY HAPP5S1 WE CONSUME MO/ ( :AT WE PRODUCE1 M9US A LITTLE WA/AGE4 ,YET #a.0 ( !M SOMEH[ CONTRIVE TO CONV9CE #i#i.0 ( !M ?AT !Y /ILL1 COLLECTIVELY1 [E !M A TRILLION DOLL>S4 ,WELL1 ASIDE FROM ! FACT ?AT SOMEONE IS OBVI\SLY BE+ S]I\SLY OV]*>G$ H]E1 !RE'S CLE>LY NO WAY !SE DEBTS CAN BE REPAID AT !IR CURR5T VALUE UNLESS EV]YONE PRODUCES EV5 MORE ! NEXT YE>4 ,9 FACT1 IF ! 9T]E/ PAYM5TS >E SET AT1 SAY1 #e.0 A YE>1 !Y'LL HAVE TO PRODUCE #e.0 MORE JU/ TO BREAK EV54 

,?IS IS ! REAL BURD5 ( DEBT WE'RE PASS+ ON TO FUTURE G5]ATIONS3 ! BURD5 ( HAV+ TO WORK EV] H>D]1 :ILE AT ! SAME TIME1 CONSUM+ MORE 5]GY1 ]OD+ ! E>?'S ECOSY/EMS1 & ULTIMATELY ACCEL]AT+ CATA/ROPHIC CLIMATE *ANGE AT JU/ ! MOM5T WE DESP]ATELY NE$ SOME WAY TO REV]SE IT4 ,SE5 9 ?IS LI<T1 A DEBT CANCELLATION MI<T BE ! LA/ *ANCE WE HAVE TO SAVE ! PLANET4 ,! PROBLEM IS ?AT CONS]VATIVES DON'T C>E1 & LIB]ALS >E /ILL CAU<T UP 9 IMPOSSIBLE DREAMS ( RETURN+ TO ! ,KEYNESIAN ECONOMIC POLICIES ( ! '#eS & '#fS1 :I* BAS$ BROAD PROSP]ITY ON CONT9UAL ECONOMIC EXPANSION4 ,WE'RE GO+ TO HAVE TO COME UP ) AN 5TIRELY DIFF]5T K9D ( ECONOMIC POLICY4 

,BUT IF A PO/-JUBILEE SOCIETY CAN'T PROMISE ! WORK]S ( ! WORLD AN 5DLESS EXPANSION ( NEW CONSUM] GOODS1 :AT CAN IT8 ,I ?9K ! ANSW] IS OBVI\S4 ,IT C\LD (F] SECURITY 9 BASIC NE$S -- GU>ANTEES ( FOOD1 H\S+1 & HEAL? C>E ?AT CAN 5SURE \R *ILDR5 DON'T HAVE TO FACE ! FE>1 %AME1 & ANXIETY ?AT DEF9ES MO/ ( \R LIVES TODAY4 ,& ABOVE ALL1 IT CAN (F] !M LESS WORK4 ,REMEMB] ?AT 9 ! #a#h#gS1 ! IDEA ( AN #h-H\R DAY SEEM$ JU/ AS UNREALI/IC & UTOPIAN AS1 SAY1 DEM&+ A #d-H\R DAY W\LD SEEM TODAY4 ,YET ! LABOR MOVEM5T MANAG$ TO A*IEVE IT4 ,SO :Y NOT DEM& A #d-H\R DAY8 ,OR A GU>ANTE$ F\R MON?S ( PAID VACATION8 ,IT IS V]Y CLE> ?AT ,AM]ICANS -- ?OSE :O DO HAVE JOBS -- >E ABSURDLY OV]WORK$4 ,IT'S ALSO CLE> ?AT A V]Y L>GE PROPORTION ( ?AT WORK IS COMPLETELY UNNECESS>Y4 ,& EV]Y H\R SAV$ FROM WORK IS AN H\R ?AT WE CAN GIVE TO \R FRI5DS1 FAMILIES1 COMMUNITIES4 

,?IS IS NOT ! PLACE TO COME UP ) A DETAIL$ ECONOMIC PROGRAM ( H[ IT C\LD BE DONE OR H[ SU* A SY/EM C\LD WORK -- !SE >E MATT]S TO BE WORK$ \T DEMOCRATICALLY 7MYSELF1 ,I'D LIKE TO SEE WAGE LABOR ELIM9AT$ 5TIRELY4 ,BUT MAYBE ?AT'S JU/ ME74 ,ANYWAY1 SOCIAL *ANGE DOESN'T BEG9 BY SOMEONE MAPP+ \T A PROGRAM4 ,IT BEG9S ) VISIONS & PR9CIPLES4 ,\R RUL]S HAVE MADE IT CLE> !Y NO LONG] KN[ :AT IT W\LD IT W\LD BE LIKE TO EV5 HAVE EI!R4 ,BUT 9 A WAY EV5 ?AT DOESN'T MATT]4 ,REAL1 LA/+ *ANGE ALWAYS COMES FROM BEL[4 ,9 #b#a1 ! WORLD SAW ! FIR/ /IRR+S ( A GLOBAL UPRIS+ AGA9/ ! CURR5T EMPIRE ( DEBT4 ,IT HAS ALREADY BEGUN TO ALT] ! GLOBAL T]MS ( DEBATE4 ,! PROSPECT ( MASS DEBT CANCELLATION PROVIDES US ) A UNIQUE OPPORTUNITY TO TURN ?AT DEMOCRATIC IMPULSE T[>DS A FUNDAM5TAL TRANS=MATION ( VALUES1 & T[>DS A G5U9ELY VIABLE ACCOMMODATION ) ! E>?4 

,IT'S NOT CLE> IF !RE'S EV] BE5 A POLITICAL MOM5T ) SO MU* AT /AKE4 

7,S\RCE3 ,RETRIEV$ ON #b#h? ,NOVEMB] #bba FROM DAVIDGRAEB]4ORG47 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
,JANU>Y #i1 #bbb 3 ,AFT] ! ,JUBILEE -- ,ADD$4 

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