How about a Jubilee year?

[Recursion]

"You shall sanctify the 50th year and proclaim freedom throughout the land for all its inhabitants; it shall be the Jubilee year for you, you shall return each person to his ancestral heritage and you shall return each to his family. It shall be a Jubilee Year for you - the 50th year - you shall not sow, you shall not harvest its after-growth and you shall not pick what was set aside of it for yourself. For it is a Jubilee Year, it shall be holy to you; from the field you eat its crop." (Leviticus 25:10-13)

I'm not terribly religious but the idea of Sabbath, of a time set aside and sanctified, is something we desperately need. We're probably familiar with the Abrahamic idea of a weekly Sabbath; Judaism, Christianity, and Islam each observe it to one degree or another. But in Judaism there was also a sort of "generational" Sabbath: people work less, people buy less, people eat less, debts are forgiven, people go home and live with their family, and the economy starts over again after that.

It's a reminder that the economy exists to serve mankind, not the other way around.

I'm pessimistic that it's possible, but I'd like to see it happen. We're still rich enough that even in a "recession" we can take care of people. Yes, we won't be able to eat out as much -- you'll find out what food actually grows locally, and get back in touch with the agricultural seasons. Remember when strawberries used to be special because they were only available in season? You might have to keep your clothes longer, and mend them. You'll need to find a local cowherd and poulter for milk and eggs, or keep a cow and chicken if you have a decent-sized yard. Those of us who are city dwellers will need to find farmers' markets and butcher's shops. "Economy" is an old Greek word meaning "regulation of the household". "Finance" is from the French "finir" meaning to end, to cut off, to fine, to exact payment.

Let the financial system end so that the economy can return. Have a Jubilee year.

[grannie4peace]

1. amen :)

[elocs]

2. It's an interesting concept and worthy of discussion even if it is only theoretical.

I enjoy reading a well thought out post, especially when it delves into the meaning and origin of words.

Our country has willing accepted the greed philosophy--greed works, and most would not want to give up the dream of having more than their neighbors. The Year of Jubilee is an interesting concept though.

[Lance_Boyle]

3. We can't afford one after 8 Rubilee years. n/t

[GreenPartyVoter]

4. Can such a thing work in such an artificially constructed economy as ours? Banking and stocks and

payment of money rather than trading services makes it a bit trickier doesn't it? (Although, if an auto assembly line worker wants to trade me a new car for cheerleading lessons or an edit of his/her romance novel, well I might be willing to do that. :D)

[HamdenRice]

5. I believe this is still practiced in Israel !

That includes forgiving all debts every 7th year (Sabbatical year).

But what happens is that the year before all these debts are put in crazy complex transactions like leases so that technically they they are not debts, and then they become debts again when the year is over.

The "no farming" rule is accomplished by sale-leaseback to friendly Arabs. That's because if the land is not part of "Israel" it isn't subject to Sabbatical or Jubilee, and Jews are allowed to farm on land that isn't part of "Israel."

[Indenturedebtor]

6. Here's another interesting part of the Torah that should be implemented

"At the end of seven years make a release. And this is the substance of the release: every one who has a loan by his fellow shall not dun each one his brother, for he has called a release to God. . . Beware that there should be an empty thought in your heart saying, the seventh year is coming, the year of the release; and your eye is against your needy brother and you don't give him ; and he will call to God against you, and it will be considered for you a sin" (Deuteronomy 15:1, 9).

Mandatory bankruptcy every 7 years. None of this longterm debt crap. The Torah of course prescribes that no one should offer a loan that cannot be paid back, and clearly speaks against 30 year mortgages or any debt that is structured in a way to take longer than 7 years to pay off.

It occurs to me that the 7 year number may be where the 7 years on a credit report comes from? Just a thought.