[AGL] test

[Michael Eisenstadt]

On 5/12/2020 7:14 AM, Charles Loving wrote:
> . 
> https://www.washingtonpost.com/opinions/2020/03/21/debt-jubilee-is-only-way-avoid-depression/

Michael Hudson argues for what should be done, a jubilee year forgiving 
bondsmen's debts. A powerful king before the rise of capitalism as we 
know it could declare it. But nowadays is more complicated. 85% of car 
purchases in the US are financed. So those long lines of late-model cars 
with nary a dent, picking up bags of free food, no jalopies among them, 
were driven by regular Americans in cars that they don't have title to. 
Banks own the paper. But a goodly percentage of the middle-class owns 
the bank's paper. Voiding the value of those folks' 401 and other wealth 
would lead to civil war, literally.