Michael Hudson: A Debt Jubilee Is the Only Way to Avoid a Depression

Even before the novel coronavirus appeared, many American families were falling behind on student loans, auto loans, credit cards and other payments. America’s debt overhead was pricing its labor and industry out of world markets. A debt crisis was inevitable eventually, but covid-19 has made it immediate.

Massive social distancing, with its accompanying job lossesstock dives and huge bailouts to corporations, raises the threat of a depression. But it doesn’t have to be this way. History offers us another alternative in such situations: a debt jubilee. This slate-cleaning, balance-restoring step recognizes the fundamental truth that when debts grow too large to be paid without reducing debtors to poverty, the way to hold society together and restore balance is simply to cancel the bad debts.

The word “Jubilee” comes from the Hebrew word for “trumpet” — yobel. In Mosaic Law, it was blown every 50 years to signal the Year of the Lord, in which personal debts were to be canceled. The alternative, the prophet Isaiah warned, was for smallholders to forfeit their lands to creditors: “Woe to you who add house to house and join field to field till no space is left and you live alone in the land.” When Jesus delivered his first sermon, the Gospel of Luke describes him as unrolling the scroll of Isaiah and announcing that he had come to proclaim the Year of the Lord, the Jubilee Year.

Until recently, historians doubted that a debt jubilee would have been possible in practice, or that such proclamations could have been enforced. But Assyriologists have found that from the beginning of recorded history in the Near East, it was normal for new rulers to proclaim a debt amnesty upon taking the throne. Instead of blowing a trumpet, the ruler “raised the sacred torch” to signal the amnesty.

It is now understood that these rulers were not being utopian or idealistic in forgiving debts. The alternative would have been for debtors to fall into bondage. Kingdoms would have lost their labor force, since so many would be working off debts to their creditors. Many debtors would have run away (much as Greeks emigrated en masse after their recent debt crisis), and communities would have been prone to attack from without.

The parallels to the current moment are notable. The U.S. economy has polarized sharply since the 2008 crash. For far too many, their debts leave little income available for consumer spending or spending in the national interest. In a crashing economy, any demand that newly massive debts be paid to a financial class that has already absorbed most of the wealth gained since 2008 will only split our society further.

This has happened before in recent history — after World War I, the burden of war debts and reparations bankrupted Germany, contributing to the global financial collapse of 1929-1931. Most of Germany was insolvent, and its politics polarized between the Nazis and communists. We all know how that ended.

America’s 2008 bank crash offered a great opportunity to write down the often fraudulent junk mortgages that burdened many lower-income families, especially minorities. But this was not done, and millions of American families were evicted. The way to restore normalcy today is a debt write-down. The debts in deepest arrears and most likely to default are student debts, medical debts, general consumer debts and purely speculative debts. They block spending on goods and services, shrinking the “real” economy. A write-down would be pragmatic, not merely moral sympathy with the less affluent.

In fact, it could create what the Germans called an “Economic Miracle” — their own modern debt jubilee in 1948, the currency reform administered by the Allied Powers. When the Deutsche Mark was introduced, replacing the Reichsmark, 90 percent of government and private debt was wiped out. Germany emerged as an almost debt-free country, with low costs of production that jump-started its modern economy.

Critics warn of a creditor collapse and ruinous costs to government. But if the U.S. government can finance $4.5 trillion in quantitative easing, it can absorb the cost of forgoing student and other debt. And for private lenders, only bad loans need be wiped out. Much of what would be written off are accruals, late charges and penalties on loans gone bad. It actually subsidizes bad lending to leave them in place.

In the past, the politically powerful financial sector has blocked a write-down. Until now, the basic ethic of most of us has been that debts must be repaid. But it is time to recognize that most debts now cannotbe paid — through no real fault of the debtors in the face of today’s economic disaster.

The coronavirus outbreak is serving as a mind-expansion exercise, making hitherto unthinkable solutions thinkable. Debts that can’t be paid won’t be. A debt jubilee may be the best way out.


Medical Tyranny And The Cashless Society

Back in 2014 during the Ebola scare in the US I published an article warning about how a global pandemic could be used by the elites as cover for the implementation of an economic collapse as well as martial law measures in western nations. My immediate concern was the way in which a viral outbreak could be engineered or exploited as a rationale for a level of social control that the public would never accept under normal circumstances. And this could be ANY viral outbreak, not just Ebola. The point is the creation of an “invisible enemy” that the populace cannot quantify and defend itself against without constant government oversight.

I noted specifically how the government refused to apply air travel restrictions in 2014 to nations where the outbreak had taken hold when they could have stopped the spread in its tracks. This is something that was done again in 2020 as the UN’s WHO and governments including our government in the US refused to stop air travel from China, pretending as if it was not a hot zone and that the virus was nothing to worry about.

This attitude of nonchalance serves a purpose. The establishment NEEDS the pandemic to spread, because then they have a rationale for strict controls of pubic activities and movements. This is the end goal. They have no care whatsoever for public health or safety. The end game is to acquire power, not save lives.  In fact, they might prefer a higher death count in the beginning as this would motivate the public to beg for more restrictions in the name of security.

Authorities went from downplaying the outbreak and telling people not to bother with preparations like purchasing N95 masks, to full blown crisis mode only weeks later. In January Trump initially claimed he “trusted” the data out of China and said that “everything was under control”; as usual only a couple months down the road and Trump flip-flopped on both assertions.  The World Health Organization refused to even label this outbreak a “pandemic” until the virus was entrenched across the globe.  The question people will ask is, was this all due to incompetence, or was it social engineering?

The Ebola event six years ago seems to have been a dry run for what is happening today.  I believe it is entirely deliberate, and I will explain why in this article, but either way, governments have proven they cannot be trusted to handle the pandemic crisis, nor can they be trusted to protect the people and their freedoms.

At the same time, the pandemic itself is tightly intertwined with economic collapse. The two events feed off one another. The pandemic provides perfect cover for the crash of the massive debt bubble central banks and international banks have created over the years. I noted in February that the global economy was crashing long before the coronavirus ever showed up.  At the same time, economic chaos increases 3rd world conditions within each country, which means poor nutrition and health care options that cause more sickness and more deaths from the virus. As outlined in 2014:

Who would question the event of an economic collapse in the wake of an Ebola (virus) soaked nightmare? Who would want to buy or sell? Who would want to come in contact with strangers to generate a transaction? Who would even leave their house? Ebola (viral) treatment in first world nations has advantages of finance and a cleaner overall health environment, but what if economic downturn happens simultaneously? America could experience third world status very quickly, and with it, all the unsanitary conditions that result in an exponential Ebola (pandemic) death rate.

…Amidst even a moderate or controlled viral scenario, stocks and bonds will undoubtedly crash, a crash that was going to happen anyway. The international banks who created the mess get off blameless, while Ebola (viral outbreak), an act of nature, becomes the ultimate scapegoat for every disaster that follows.”

As the double threat of financial collapse and viral pandemic accelerate, fear becomes widespread for those that never prepared ahead of time (and we’re talking about millions of people).  When people are afraid they tend to sacrifice their freedoms to anyone that offers them a promise of safety, no matter how empty. For now, the public is being convinced to assume that lockdowns and restrictions are temporary, but this is a lie. The elites must maintain and increase restrictions with each passing month in order to prevent rebellion until they are ready to implement martial law measures.

You see, the establishment is going for broke with this event, and because of this there is the potential for them to face dire consequences. The facade is quickly evaporating; the collectivists and globalists are risking exposure of themselves and their political puppets in order to build a totalitarian system with extreme speed. The establishment must keep the pressure on for now, because if the public is allowed to breath for just a moment they might look around and wake up to the bigger agenda. The public has to be forced to beg for aid from the authorities; only then will the pressure be lifted for a short time. The public has to believe the control grid was THEIR idea. …


Coronavirus Expert Says Virus Could Have Leaked From Wuhan Lab

My question is, how could anyone imagine that anything positive could come of playing around with lethal diseases? Common sense would say it’s best to contain them so they will never see the light of day again. But I guess some people like to play with fire.

  • Richard H. Ebright, a molecular biologist who has been quoted as a coronavirus expert by The Washington Post and MSNBC, said Thursday that it’s possible that COVID-19 leaked from a Wuhan lab.
  • Shi Zhengli, China’s leading virologist on bat-borne viruses, said in March that she lost sleep worrying that the virus could have leaked from her lab in Wuhan after she first learned of the virus in December.
  • Shi now tells those who share the concerns she once had to “shut their stinking mouths.”

A molecular biologist who has been quoted as a coronavirus expert by The Washington Post and MSNBC said Thursday in no uncertain terms that the novel coronavirus could have been unleashed due to a leak from the Wuhan Institute of Virology.

China’s top virologist on bat-borne viruses, Shi Zhengli, has sworn on her life that the virus did not leak from her Wuhan lab, saying that its spread was “nature punishing the human race for keeping uncivilized living habits.”

But Richard H. Ebright, a professor of chemical biology at Rutgers University, told the Daily Caller News Foundation on Thursday that there is a real possibility that the virus entered the human population due to a laboratory accident.

When asked specifically if he believes the virus could have leaked from Shi’s lab in Wuhan, Ebright said: “Yes.”…

Read the full article here: https://dailycaller.com/2020/04/02/coronavirus-leaked-wuhan-institute-virology-richard-ebright-shi-zhengli/

When will this crisis end? by Kerth Barker

This present time crisis will end only when an increasing number of people realize that  this is NOT a natural virus outbreak, but a deliberate infection of innocent people who have been attacked with a bio-weapon, created in a top secret lab. This event, that is taking place at this time, has been planned for since long before Trump even thought about running for President. The secret society leaders who planned this event intended that it be used to greatly increase government rights while decreasing the rights of individuals. They will take as much power as they can, and stop only if, or when, an increasing number of people in the general population began to suspect that this is an ENGINEERED CRISIS, and they STOP BELIEVING that this crisis somehow all just happened by accident. Mother Nature is not our enemy. If a true Great Awakening takes place, suddenly people will stop getting sick. But as long as most people buy into the idea that this is a natural catastrophe, and not an WAR AGAINST FREEDOM planned for and implemented by Luciferian aristocrats, this crisis will go on and on.

Pregnancy, Wireless and Electromagnetic Fields

Pregnancy is a time when development is most vulnerable. Wireless radiation is part of a growing list of environmental exposures thought to interfere with normal fetal brain development. Implications of this interference includes impaired communication skills, memory and learning deficits and behavioral problems.

Kaiser Permanente scientist Dr. De-Kun Li, who specializes  in reproductive and prenatal epidemiology has published several research studies which found higher EMF exposure during pregnancy associated with a higher risk of  miscarriage, and asthmaobesity in offspring. Watch a webinar where Dr. Li presents this research.

Dr. Taylor – Chair of the Department of Obstetrics, Gynecology and Reproductive Sciences at Yale University School of Medicine- authored a study showing significant behavioral changes- lower memory and increased hyperactivity- in the offspring of mice  exposed to cell phone radiation during pregnancy. Another study of over 55,000 mothers and children in four countries found cell phone use during pregnancy linked to shorter pregnancy duration and increased risk for preterm birth.

This page lists important research evidence, summarizes scientific publications and offers resources for a healthy pregnancy.

Dr. Hugh Taylor, Chair of the Department of Obstetrics at Yale University School of Medicine Recommends Precautions

“There’s essentially no downside to being cautious and protecting your baby,” says Dr. Hugh Taylor, Chair of the Department of Obstetrics, Gynecology and Reproductive Sciences at Yale University School of Medicine. Dr. Taylor recently authored a study showing significant behavioral changes in the offspring of mice exposed to cell phone radiation during pregnancy.

“We have demonstrated clear cause and effect relationships in mice, and we already have studies showing that women who use cell phones have children with more behavioral problems. I think together that’s very powerful evidence.” —Dr. Hugh Taylor

Dr. Taylor and colleagues found that when mice were exposed to cell phone signals while pregnant, their offspring showed increased hyperactivity and lower memory scores. In addition, his neurological tests revealed abnormal development of neurons in the part of the brain linked to ADHD. Several other experiential studies have found that in utero cell phone exposure leads to damaged brain development in mice and rats. Most recently, the National Toxicology Program found genotoxic effects in the frontal lobe of the brain in mice and rats exposed to daily low levels of radiofrequency radiation.

Behavior Problems In Children

In addition to these animal studies, several studies on children have found that higher cell phone exposure during pregnancy is associated with behavioral issues in children. Researchers from the University of California School of Public Health in Los Angeles have published two studies (2008 and 2012) looking at tens of thousands of children. Researchers concluded that children exposed to cell phones both before and after birth were more likely to have emotional or behavior problems than children who were not exposed to phones. In 2017, the largest study to date to use data on prenatal cell phone use collected from parents in five countries found a link between high prenatal cell phone use and hyperactivity/inattention problems in children.

ADHD Symptoms When Paired With Cell Phone Radiation

Further research investigating cell phone radiation in combination with the neurotoxin lead has found that children with lead levels had higher ADHD like symptoms if they also had higher cell phone use leading the researchers to consider a potential synergetic effect….


Sounds like a regulatory success story to me:

CDC Lying About Safety of Tetanus Vaccine in Pregnancy

Ultrasonic Cavitation and Treatment for Fat Fetuses

FCC Publishes Final Rule to NOT Update 24+ Year Old Wireless Radiation Guidelines – Petition Launched

The Federal Communications Commission (FCC) is not a health or environmental agency – HOWEVER – they are supposed to protect Americans by regulating the telecom industry.  Their history of NOT doing that started long before the Trump administration.  This has not gone unnoticed (see 123456, 78) and lawsuits have been filed against them for NOT protecting Americans from unsafe levels of wireless radiation (see 12) and promoting and forcing massive wireless deployment for the insidious “Race to 5G” (see 1, 23).

Yesterday, the FCC published its final rule in the Federal Register that it would NOT be updating its 24+ year-old wireless radiation exposure guidelines.

Thanks to Americans for Responsible Technology and 5GCrisis.com for creating a petition so everyone can take action against this.  CLICK HERE.

For many years, American Academy of Pediatrics and other health experts have warned that children are more vulnerable to all sources of wireless radiation exposure.  This includes Bluetooth, cell phone and WiFi radiation.  Despite this – there is still no “safe” level of exposure that has been scientifically determined for kids or pregnant women.  That’s why doctors, educators, and parents worldwide have been trying to have schools replace WiFi in schools with wired internet (see 123). The FCC doesn’t care about any of that though.  Last week one commissioner encouraged schools to provide WiFi Hot Spots to families so kids can learn in virtual classrooms during the coronavirus pandemic.  Insidious!

Activist Post reports regularly about unsafe technology.  For more information, visit our archives and the following websites:


5G and the IOT: Overview of Health Risks and Social Control