#Debt Forgiveness: Is a Debt Jubilee The Answer?

#Debt Forgiveness: Is a Debt Jubilee The Answer? - Debt Free In 30 - A Personal Finance Podcast - Canadians are carrying a record level of debt, and while we are off work during the pandemic of 2020, many of us will pile on more debt. Small businesses and contractors will take on debt to pay rent while they generate little or no revenue. Consumers will take on additional debt to make their mortgage payment or pay rent, buy groceries, and pay for necessities. Unfortunately, much of this debt will be of the high-interest sub-prime variety. Payment deferrals may help in the short term, but will only add to the debt load post- #COVID19. For some, the result will be an insurmountable amount of debt — more than they will ever be able to repay. It's no surprise then that people are calling for a Debt Jubilee. A debt jubilee is exactly what it sounds like: debt gets wiped out. But is this a good idea? How would it affect the economy? Would it be fair? On today's podcast, Doug Hoyes gives us an in-depth analysis of how a debt jubilee would look in 2020 and whether that's the answer to our collective debt problem. Tune in.

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#DebtForgiveness #DebtJubilee #FinancialCrisis #COVID #DebtFree #DFI30 #Pandemic #DebtLevels #Podcast #2020

[jimmyt]

I don’t need a debt jubilee I just need home prices to come back down to earth .

[jsperess]

Best episode yet! In summation: Cancelling all issued debt in toto isn't a complete solution, we have to cancel the future issuance of bad forms of debt. I would add that people must also, as individuals, improve their cavalier attitude about the acquisition of personal debt.

[MrEabell]

This might be one of the most important videos I've watched in 2020. It needs to be shared

[Highvibes]

We have been robbed for so long...let's have debt jubilee !

[bossfootbagstwo]

I’ve been hearing about this for years now. Praying it actually comes to pass because I’m in horrible debt due to someone not staying true to their promises!

[jmcp]

Wow...Learned a lot.
This should be mandatory watch for everyone in Canada before making any finical decision or voting

[raylefebvre]

Your suggestion about a debt Jubilee is absolutely correct and is a very strong answer to our present circumstances. However a few basic changes need to be made to the insolvency act regarding fairness to all. The act regarding changes need to adapted to make the entire process fair to all and transparent. Because of the Capital system in a democratic society Bankruptcy or a Consumer proposal should be much less painful. Imagine going bankrupt and not ever being allowed to own a credit card for 7 to 10 years. If you go bankrupt more than twice in a lifetime you are not permitted to go Bankrupt. What happens when you are sick, lose your income etc, Bankruptcy should be revised accordingly. Age and financial position most certainly matters. The limits need to be changed, pensions need to be protected and I agree with you about Government backed loans. As fpor students they should be allowed to go Bankrupt and the Bankruptcy act should change allowing a person to have at least one or two credit cards for no longer than two or three years. This seven or ten year credit rating rule is like a Jail sentence. AS for Mortgages one primary home should be allowed to be purchased at a low rate and that same house as a principal residence should be allowed to give a full debt forgiveness. After all our highest cost is having a roof over our heads which is slavery and wrong. If a person or corporation owns more than one home it becomes unforgivable and falls into a different class. The Government needs to redo the entire insolvency act, provide guaranteed Bankruptcy with minimum pain and keep gamblers separate from basic survival funds. Due to the problems of life a social security system is absolutely essential. AS for Billionaires and Millionaires they do not need millions of dollars to survive, the graph needs some leveling with a debt Jubilee. Bottom line certainly student debts should be allowed to claim a bankruptcy just like any one else with equal penalties. CPP and OAS need to be much more fair and revised but are absolutely essential. All we need do is set up a committee and redo the insolvency act. Then print Canadian dollars backed in Canada and keep all interest rates in one of three categories. Zero percent 1 to 5% and 5 to 10% on Credit cards. Mortgages should be debt free and not front loaded or as far as compound interest is concerned that should be eliminated.. A debt Jubilee should be in the constitution but under a redone financial and insolvency act. So you are correct, we need desperately a debt Jubilee, but before we do it we need to set up a committee to redo the entire system and make it much more fair and a living document so over time more progressive improvements can be made. One thing is for certain a bankrupt person without a credit rating can not rent, buy or even order a Pizza for 7 to 10 years. That person is stigmatized in 1000 ways worse than jail even though it is legal. The entire credit default and credit bureaus also need to be reformed. The systems plural all need to be reformed so we all share equally in a fair jubilee or bankruptcy etc. If we can do all these things and many more details need to be sorted out, first and if we can do that then we can all have a world wide Jubilee, but we need other governments to go along with similar type laws. That may be very hard but one thing is for sure the federal reserve needs to be dissolved and a new financial system needs to be brought in that is fair to all not just to the rich and banksters. You see it right. Thank you.

[michelemohr]

This was the best explanation on debt I've ever heard. Thank you.

[JLU-wmir]

it sucks if you already paid off your mortgage already sad 😔

[vinor]

This may sound crazy. A borrower issues to a lending bank a promissory note (“Note”). The Central Bank receives the Note and creates money and lends it to the borrower. The Note is sold to an investor. The Bank buys gold using Note sale proceed. Years later the borrower pays off the loan. All parties are satisfied. Q: who owns highly valued accumulated gold from such loans?

[soleraknight]

We sense a global year of jubilee coming, where all the debts globally will be rolled back to zero, every nation's national debt rolled to zero. Every business's debt, zero. Every mortgage rolled to zero, every individual's debt private or public on the planet, rolled to zero. The whole world of human finance rebooted into a endless age of non-indebtedness. The whole concept of debt will not exist within the minds of human beings forever. Expect every human being on the planet to re-invent themselves along with their own medium of exchange. " And forgive us our debts, as we also have forgiven our debtors." Debt slaves all gone, as usury vanishes eternally

[necessityofchoice]

Excellent summary of the situation, and the bankruptcy solution a good way forward.
But that ain't what's going to happen.
The powers that be will continue to create currency and hyperinflation will ensure we all go down with the ship.

[cuervovallejo]

I think videos like this just an introduction to NESARA/GESARA. They think it would be too much for us to take if they talked about a full out 100% Jubilee, but once they think we are ready, they will tell us all about it in 2021, probably!

[caroltownsend]

Dept Jubilee would help---
Deph Jubilee forgives the
Whole depts, and starting over.
It helps and I'd bibical.
June 26 2020 began the jubilee---
It would be good ----
Dept forgivance

[blizzard]

Excellent explanation! I learned a lot from this video.

[janinepolanco]

So does my car loan just vanishes? And I keep the car?

[carpanifinancialservicesin]

Regarding different standards for debt forgiveness based on where you live. We live in a free society with freedom of movement. You don’t live in downtown Toronto on a low income. That just doesn’t make sense. Move. One of the upsides of this pandemic is the realization that lots of work can be done from any location working remotely. I foresee offices being converted to residential from a real decline in commercial space demand. No to a blanket debt jubilee. Use the Bankruptcy Act as it is intended. And by all means get government out of the debt guarantee business. Great analysis, Doug.

[ShutThePuck]

NO NO NO NO NO NO NO NO NO. This is not some fucking kids game where you can clap away your problems, LET THOSE WHO ARE OVERLEVERAGED AND HAVE BEEN IRRESPONSIBLE GET WIPED OUT AND GO BANKRUPT, STOP BAILING THESE PEOPLE OUT FOR GODS SAKE

[Rawdiswar]

I'm debt free. Do I get a voucher or something?

[andrewallport]

The alternative is total system meltdown if nothing is done.
So a well thought out target based jubilee for personal debt reduction is on the cards or its anarchy.