An Ancient Sumerian Solution to Our $40 Trillion Deficit
In the ancient world, debt forgiveness was a regular tool to control the economy. Why have we forgotten it?
The concept of debt forgiveness, also known as debt jubilee, has been largely absent from modern economic policy discussions. However, as the US faces a staggering $40 trillion deficit, some are looking to ancient civilizations for inspiration. In ancient Sumeria, debt forgiveness was a regular practice used to reset the economy and alleviate the burden on citizens. This practice was often tied to significant events, such as the coronation of a new king or the occurrence of a natural disaster.
The idea of debt forgiveness has largely fallen out of favor in modern times, as it is often seen as a taboo topic or a sign of economic weakness. However, proponents argue that it could be a viable solution to alleviate the burden of debt on individuals and nations. In the context of the US deficit, exploring alternative approaches like debt forgiveness could be a necessary step to address the country's fiscal challenges. It's worth noting that some countries have implemented debt forgiveness programs in the past, with mixed results.
As the US continues to grapple with its massive deficit, it's likely that policymakers will be forced to consider unconventional solutions. The idea of debt forgiveness is likely to be met with skepticism, but it's an idea that warrants further exploration. What's next to watch is whether policymakers will seriously consider debt forgiveness as part of a broader fiscal reform package, and how the public will respond to the idea of wiping the slate clean.
Originally reported by nytimes.com. MyNews adds analysis for general news readers.