The Jubilee of Moses and President Trump?

."Later in 1988, Trump acquired the Taj Mahal Casino in Atlantic City, New Jersey, in a transaction with Merv Griffin and Resorts International.[67] The casino was opened in April 1990, and was built at a total cost of $1.1 billion, which at the time made it the most expensive casino ever built.[68][69] Financed with $675 million in junk bonds[70] at a 14% interest rate, the project entered Chapter 11 bankruptcy the following year.[71] Banks and bondholders, facing potential losses of hundreds of millions of dollars, opted to restructure the debt."

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There is a big difference between interest rates of 6%, 10%, or 20%, when one speaks of compound interest. The following are the sums that $1.00 will amount to in 100 years, loaned at the rates of interest mentioned and compounded annually:

at 1%............................$2.75
at 2%..........................$19.25
at 3%........................$340.00
at 10%..................$13,809.00
at 12%............ $1,174,406.00
at 18%............$15,145,207.00
at 24%..........$251,799,494.00

And at 50%, it would eat up the world! There is a formula to know approximately the amount of time it will take for an amount, at compound interest, to double; it is the “Rule of 72”: You divide 72 by the interest rate. It gives you the number of years it will take for the amount to double. Thus, an interest rate of 10% will cause a loan to double in 7.2 years (72 divided by 10).

Another example of compound interest: 1 cent borrowed at 1% compound interest at the birth of Christ would amount (in 1986) to a debt of $3,821,628.40 ($3.8 million). At 2%, it is not only twice this amount that would be owed, but 314 million times this amount: 1.2 followed by 15 zeros (one billion millions of dollars!)

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We are in 1750. The United States of America does not yet exist; it is the 13 Colonies of the American continent, forming "New England", a possession of the motherland, England. Benjamin Franklin wrote about the population of that time: "Impossible to find a happier and more prosperous population on all the surface of the globe." Going over to England to represent the interests of the Colonies, Franklin was asked how he accounted for the prosperous conditions prevailing in the Colonies, while poverty was rife in the motherland:

"That is simple," Franklin replied. "In the Colonies we issue our own money. It is called Colonial Scrip. We issue it in proper proportion to make the products pass easily from the producers to the consumers. In this manner, creating ourselves our own paper money, we control its purchasing power, and we have no interest to pay to no one."

The English bankers, being informed of that, had a law passed by the British Parliament prohibiting the Colonies from issuing their own money, and ordering them to use only the gold or silver debt-money that was provided in insufficient quantity by the English bankers. The circulating medium of exchange was thus reduced by half.

"In one year," Franklin stated, "the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent that the streets of the Colonies were filled with unemployed."

Then the Revolutionary War was launched against England, and was followed by the Declaration of Independence in 1776. History textbooks erroneously teach that it was the tax on tea that triggered the American Revolution. But Franklin clearly stated:

"The Colonies would gladly have borne the little tax on tea and other matters, had it not been the poverty caused by the bad influence of the English bankers on the Parliament: which has caused in the Colonies hatred of England, and the Revolutionary War."

The Founding Fathers of the United States, bearing all these facts in mind, and to protect themselves against the exploitation of the International Bankers, took good care to expressly declare, in the American Constitution, signed at Philadelphia in 1787, Article 1, Section 8, paragraph 5:

"Congress shall have the power to coin money and to regulate the value thereof."

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curiouskay said:

Trump declared bankruptcy five (5) times leaving the lenders holding an empty bag. He would be just as glade to have our Federal Government default as well.

Stay tuned. When the Federal budget is sent to his desk to sign he will take a long vacation at his Florida golf course & by golly he just happen to forget to sign those papers or bring them to Florida for signing.

such is life

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In 1972, the United States Treasury Department was asked to compute the amount of interest that would have been paid if that 400 million dollars would have been borrowed at interest instead of being issued by Abraham Lincoln. They did some computations, and a few weeks later, the United States Treasury Department said the United States Government saved 4 billion dollars in interest because Lincoln had created his own money. So you can about imagine how much the Government has paid and how much we owe solely on the basis of interest." (Melvin Sickler)

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ananda said:

Wait ... let me max out some credit cards and mortgage a house, cars, and other toys first.

Apparently my scrimping and saving, and avoiding debt, was a failure on my part.

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ananda said:

Yes ... with a stable-valued money, one neither subject to depreciation or appreciation, would be a good start.

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City in Austria Printed Local Currency

Worgl, like many other European towns and cities, was hit hard by the Great Depression. There was mass unemployment; four of the five local factories had closed, and the people were starving in the streets. Nobody had any money to buy anything. One of the features of an economic depression is that there is not enough money in circulation to ensure that people can meet their basic needs, and in the 1930s, the shortage of currency in many countries of the world became catastrophic.

The mayor of Worgl, together with local businessmen, decided to try to break this economic impasse by creating their own local currency. They printed and issued 60,000 Austrian shillings worth of local currency. These shillings could only be spent in Worgl, so they remained in the local community and were exchanged over and over again.

The positive impact was immediate and surprising to everyone. In only six weeks, unemployment disappeared, all the factories had reopened and everyone had food. For the inhabitants of Worgl, the economic depression was gone. This dramatic transformation became known as the “miracle of Worgl.” Surrounding towns, inspired by the success of Worgl, immediately started printing their own local currencies.

Sadly, the miracle did not last long. When the Austrian Central Bank heard about Worgl’s local currency, they initiated legal proceedings against the mayor and local businessmen. According to Austrian banking law, it was illegal for anyone except the Austrian Central Bank to issue money. The bank won the court case, and the mayor was ordered to shut down the local currency, which he did, under threat of imprisonment. The town then returned to the devastating economic depression of the 1930s, with all the human pain and suffering associated with this catastrophe. Factories closed, and once again, the people starved.

Alternative Currency in the U.S.

Irving Fisher, an American professor of economics at Yale University, visited Worgl before the local currency was suppressed and witnessed the ‘miracle’ firsthand. When he returned to the United States, Fisher spread the word by traveling and lecturing across the country, advocating the use of the Worgl ‘scrip’ everywhere. Inspired by his vision, hundreds of communities began issuing their own currency, and by 1934 there were over 1,000 local communities using ‘scrip’ throughout the U.S.

Every one of these communities experienced a tremendous rejuvenation of their local economies. They thrived while others suffered. Fisher then met with President Franklin D. Roosevelt, proposing the implementation of government-sanctioned local ‘scrip’ in every community in America. When FDR consulted with his top financial advisors and bankers, however, he was advised to shut all the ‘scrip’ systems down, which he did. Instead, he borrowed large amounts of money from bankers, at interest, and used it to pay for the Reconstruction Finance Corporation and the other work-creation projects, which collectively came to be known as the ‘New Deal.’ So ended the last widespread use of a local currency within the U.S.

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Cearbhall said:

We do...?

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ViaCrucis said:

The English word jubilee ultimately stems through French, Latin, and Greek from Hebrew yobhel, referring to the use of a ram's horn to announce that all debts were forgiven and slaves were freed. The concept is closely associated with liberty, freedom, rejoicing, etc; in Latin an association was made with a similar sounding word iubilare "to shout with joy", from which we get the English word jubilant.

Absolutely none of these things are things I would associate with the current resident of the white house. A man who has demonstrated an immense inability to differentiate right from wrong, truth from falsehood, whose ruling moral philosophy is narcissistic and egocentric utilitarian self-interest, "If it's good for me right now, it's good." There very well could be reason to blow a ram's horn, as a call for repentance or to signal the coming of judgment; but to signal the rejoicing that is to accompany freedom for captives and good news for the poor? In relation to this president? Not in this universe.

-CryptoLutheran

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