>we don't have periodic jubilees for debt forgiveness for human people.
How would that even work? Why would you ever repay debt if you could just wait for it to be forgiven?
How would that even work? Why would you ever repay debt if you could just wait for it to be forgiven?
It could be that it's older cultures that operated this way. The idea is that a loan turns into slavery at some point and that is unacceptable. There is also the aspect that if you could go this long without the loan being repaid you have enough already.
There were also ideas that the corner of the ones crop fields couldn't be harvested. These corners should be for people with nothing and the bests of the land.
I reckon cancelling debt would be great for the rich who are probably leveraged to the hilt to avoid selling anything, to avoid taxes. It would be decent for the middle class who keep their houses debt free. And bad for poor people, who just get this months payday loan wiped out, so they can afford that car repair, and still need to pay rent. House prices would double, due to serviceability increases, so they have less chance of owning!