Finance:Debt jubilee
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Short description: Clearance of debt from public records
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] Another proponent of debt jubilee is Australian economist Steve Keen.[6]
See also
- Debt relief
- Jubilee (biblical)
- Jubilee 2000
- Seisachtheia
- Write-down
References
- ↑ Gordon, Cameron (30 April 2013). "The debt jubilee: an Old Testament solution to a modern financial crisis?". The Conversation. https://theconversation.com/the-debt-jubilee-an-old-testament-solution-to-a-modern-financial-crisis-11816.
- ↑ Wilson, Simon (28 March 2020). "Debt jubilee: will our debts be written off?". MoneyWeek. https://moneyweek.com/economy/uk-economy/601055/debt-jubilee-will-our-debts-be-written-off.
- ↑ Brancaccio, David; Shin, Daniel (2 April 2020). "To avoid a depression, forgive debts, one economist says". Marketplace. https://www.marketplace.org/2020/04/02/COVID-19-debt-jubilee-forgiveness-easing/.
- ↑ Hudson, Michael (21 March 2020). "A debt jubilee is the only way to avoid a depression". The Washington Post. https://www.washingtonpost.com/opinions/2020/03/21/debt-jubilee-is-only-way-avoid-depression/.
- ↑ 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.
- ↑ "Steve Keen – Reducing Debt via a Modern Debt Jubilee". 8 May 2021. https://braveneweurope.com/steve-keen-reducing-debt-via-a-modern-debt-jubilee.
Further reading
- Goodhart, Charles; Hudson, Michael (11 June 2018). "Some ways to introduce a modern debt Jubilee". https://voxeu.org/article/some-ways-introduce-modern-debt-jubilee.
- Herrine, Luke (1 April 2020). "The Law and Political Economy of a Student Debt Jubilee". Buffalo Law Review 68 (2): 281–411. https://digitalcommons.law.buffalo.edu/buffalolawreview/vol68/iss2/1/.
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