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World Review Commentary | ||
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Contents
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06-24-2001
JUBILEE MOVEMENT This is a growing world movement that advocates forgiving all debt of third world countries. Leaders of this movement include Bono of the rock band U-2 who is crusading for this cause. Recently he met with Sen. Jesse Helms of North Carolina, World Bank President James Wolfensohn and Treasury Secretary Paul O'Neill who were anxious to hear what he had to say. Much of this debt was stolen by dictators and the poor end up with nothing. He's using his celebrity status to drive an issue that is important to these third world countries. This struggle reminds me of Israel Pre Christ, Old Testament Israel that had a mechanism of forgiveness of debt and the freeing from slavery called the Sabbatical Year, so every seventh year all debt was forgiven and all slaves set free. In addition every fifty years was a Jubilee when all land reverted back to its original family no matter the existing debt or ownership. These laws were Mosaic Law in origination and over time were slowly changed through interpretation to nurture and protect money operations. It seems to me we can learn from the past but certain groups have no reason to give up 2000 years of compounding interest worth billions. | |
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