The GFC and Jubilee

There’s nothing like a good end times discussion, based on events happening now. In that vein…

I received a timely email from Odyssey80 regarding the GFC and Jubilee mere hours before Bull raised the concept of Jubilee on another thread on this site. Here are Odysee80’s musings on the GFC and Jubilee – is the GFC what happens eventually because we don’t have a practical outworking of something like Jubilee in our economic system?

The idea of Jubilee (the forgiving of all loans) every 50 years (or was it 7 years?)has merit – It goes a long way to prevent asset bubbles caused by property and share speculation. Keen [Steve Keen – an Australian economist with a very bearish outlook] suggested a time limit on the ownership of shares, like bonds. You buy the shares, receive dividends, and at the end of term receive face value again. Again stops ridiculous asset bubbles driven by speculation & debt.

The current financial situation (and not just the GFC) is, I think, evil at its basic level, ungodly, unfair and beneficial to only a relative few. The whole drive to leverage up to the hilt to make huge profits. The privatisation of profits and the taxpayer paying for losses. The unaccountability of boards and the incredible salaries and bonuses paid to executives at no risk. The power of Big business over government, especially in the US. Bosses being paid 500x as much as the lowest paid worker. The general community encouraged to be very consumerist and euphoric over rapidly rising house prices. The young being unable to afford their own homes unless they inherit them. The obsession with wealth, especially in retirement. The proliferation of financial planners. The huge profits generated by the banking oligopoly, because no-one can do anything without borrowing big bucks from them.

I still support Capitalism, but it has gone way too far. I am unsure if the Babylon referred to in Revelation is the world economic system, or the apostate church, or something else, but the fact that the merchants despaired at her demise makes me think it at least includes the economic system. So judgement will come I think of this system, whether it will come at various stages through history, or at the end, I do not know. What is important for us as Christians perhaps that God says elsewhere in Rev ‘Come out from her’.

– Odyssey80

See Revelation 18:1-20 (NASB) for context.

So – is our system Babylon? Are we to ‘come out from her’? If so, how? Also, as Christians, is there some form of ‘Jubilee’ that we experience in our lives and does it affect us at all in the financial realm?

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RavingPente


3 thoughts on “The GFC and Jubilee

  1. I’m not sure if it is necessarily to do with end times, but Jubilee is an interesting economic system.

    It’s absence does encourage speculation in a capitalist system. Speculation produces nothing but profit.

    The idea of Jubilee in a capitalist system would bring great balance to our relationships. People would be less inclined to rip others off if they knew that property would have to be returned every 50 years. You and your children would still have to relate in business and life with these people again so you would likely treat them with more respect knowing that in the future you would be on an even playing field again.

    I think the idea of Jubilee is to maintain the priority of Godly relationships over asset accumulation. How could it be played out in Australia today – I don’t know – but it would be good to have its merits discussed by economists to see what wisdom could be adapted.

    There is of course also an obvious jubilee that we enjoy – when all our debts were forgiven.

  2. I wonder how a regular year of Jubilee would affect the relations between Jews and Palestinians in Israel?

    Could it work, or would it just leave all the new settling Jews with nowhere to live?

  3. Jubilee isn’t to do with end times – except that it was a forshadowing of what Jesus has done for us, and some might class everything since His crucifixion as end times. The end times bit is the reference, Revelation 18 – about the Whore of Babylon.

    Sorry for any confusion.

    Very interesting question re Israel!

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