You have probably heard or read about Debt Jubilee or debt forgiveness in the past few years from the financial world pundits on the internet. Most people view Debt Jubilee as debt forgiveness for mortgages, credit card debt, car loans and student loans. It is very unlikely that banks and your government will nullify your debt, let alone the unfairness to people who rent vs people who have big houses and big mortgages.
This is my understanding of Debt Jubilee: I went through the Asian Financial Crisis of 1997-1998 in Indonesia; USD was the safe haven, and from 1997 to June 1998 the exchange rate of 1 USD to Indonesian Rupiah went from 2,000 to 16,800. That is a whopping 740% devaluation of the Rupiah!! Many businessman who hoarded USD and owed Rupiah to banks got their "debt Jubilee" because they were able to paid up their debts for cheap by selling their USD.
Now, USD is not considered safe haven anymore in the world since it has been created out of thin air to finance the growing US debt: gold and silver are. Devaluation of the USD is a matter of "when" not "if" anymore and the magnitude of the devaluation against gold and silver will match or much worse than Rupiah devaluation (check out gold and silver prices at USdebtclock.org at bottom right hand corner)
In closing, I BELIEVE DEBT JUBILEE WILL ONLY APPLY TO PEOPLE WHO HAVE ENOUGH GOLD AND/OR SILVER TO COVER THEIR DEBTS. Please don't be naive assuming that the banks and your government are that nice, c'mon man... FUHGEDDABOUDIT
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