Empire and Economics – The Long History of Debt-Cancelation from Antiquity to Today
Video presentation of the People’s Forum NYC, with Dr. Michael Hudson
Commentary by Charles Sulka
Youtube Video URL: https://www.youtube.com/watch?v=M4DkZ3CWFOk&feature=player_embedded
In this video Dr. Hudson explains how debt cancellation is central to Scriptural economics. Hudson also points out that history has shown that without debt cancellation — a periodic reset of the economy — an evil parasitic ruling class (wealthy plutocrats) emerges which eventually leads to rampant and ruthless exploitation of the people, the corruption of government, the destruction of society and the collapse of the empire. This is the point we are at in Western civilization today. Collapse is inevitable without a total restructuring of the economy.
Note that the Biblical prohibition against the lending of money at interest (usury) needs to be central to any discussion of Scriptural economics. This central tenet of Christian life is rarely mentioned in discussions of economics today. The Church’s prohibitions against economic exploitation and in particular the sin of usury were relaxed concomitant with the Protestant reformation. It has become perhaps the greatest of the institutionalized evils in the modern world.
The term scriptural economics refers to Christian social and economic thought, not modern Jewish/Humanist perturbations. While the Prophets did convey God’s instructions — at least at first — the Jews (the Pharisees in particular) quickly abandoned sound doctrine in favor of materialism, selfishness, and greed — all of which are exemplified by the Jews in the modern world.
Hudson reminds us that the Christian message is a revolutionary message — a message more more urgent today than at any time in history. Hudson emphasizes the importance of sound doctrines — based on Scriptural economics — as essential to the health and well-being of human society. The national security implications must not be overlooked. As Hudson points out, history is rife with examples of empires that collapsed because scriptural economic principles (and scriptural social values in general) were abandoned.
To put it another way … no society can survive the actions of a parasitic financial sector which has, as its core values, the exploitation of others. Embracing the values of the Synagogue of Satan while rejecting Christian values always leads to destruction — always has, and always will. Don’t take my word for it; read your Bible.
This video was recommended on the Naked Capitalism blog on 04-20-2019. Cut and paste URL to view document:
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(chs 07-01-2019 1438 -0500)
Empire and Economics: The Long History of Debt-Cancelation from Antiquity to Today
The People’s Forum NYC
Streamed live on Apr 15, 2019
Join Dr. Michael Hudson, New Testament Scholar Dr. Aliou Niang and Rev. Dr. Liz Theoharis, Biblical Scholar and co-chair of the Poor People’s Campaign: A National Call for Moral Revival, for a discussion on the history of debt and what it means for our context today. Moderated by Shailly Gupta Barnes and the Kairos Center for Religions, Rights and Social Justice.
Debt plays a central role in upholding the economic and social order of the day. In the US, mounting debt and the crippling financialization of our lives is taken as fact. Our political leaders see no real problem and offer no serious solution. This was not always the case. Throughout antiquity, widespread debt-cancellation was understood as a moral and practical necessity. In a significant new book, “… and Forgive Them Their Debts,” economist Michael Hudson traces the biblical demand against debt and the long history of economic jubilees. Counter to dominant history and theology, Hudson reveals how the Bible itself is concerned most with the moral failure of economic systems, rather than personal sin.