Jubilee year?!

[faethor]

Here's a stolen idea. Might this be good for the US? Jubilee year.. Every 50 years in Judaism is Jubilee year. One of it's traits is a year of debt forgiveness. What would happen if we simply forgave the loans across the nation?

Look at it this way. The Banking industry just got lots of tax dollars. We really didn't get anything for it. It's unlikely the banks could forgive everyone's debt. Instead let's have 2012 be a year of 0% interest for any debts taken out in 2010 or before. The reason for the 1 year gap was to prevent freeloaders stacking up lots of debt at the zeroth hour. Instead people can use that 0% for paying off loans quicker, increasing savings, or buying more stuff.

All should have an impact to stimulate the economy more than it would to continue charging the high interest rates.

 

[FluffyMcDeath]

Here's a stolen idea. Might this be good for the US? Jubilee year.. Every 50 years in Judaism is Jubilee year. One of it's traits is a year of debt forgiveness. What would happen if we simply forgave the loans across the nation?

The Jews also aren't allowed to lend to other Jews with interest. As far as I recall all of these rules only apply to Jews in the same way that kosher food and Sabbath do.