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Can the Japanese economic jubilee work in America?

Mary M. Dickens Johnson

The concept of the Jubilee springs from the bible with the concept of cancellation of debt after a period of time “to set the prisoners free” from their debt. There have been discussions about how it could be applied to a nation’s economy after countries like the US became burdened with debt from personal credit card excesses but also at a national level of debt to finance the social programs of social security, Medicare and so on that have contributed to run-away debt on a national scale.