Odious Debt. A "Jubilee" to come?

[DoChenRollingBearing]

...

One thought that comes to me regularly is the thought of a "Jubilee", now thought of as a renunciation of debts. The idea is seen even in the Old Testament of the Bible. Every 50 or so years, Old Israel would declare all debts null and void. I believe (once again, I am not an expert on many things...) that another idea was to keep the wealth from becoming too concentrated in the hands of a few.

I ran into this quotation today:

"We the people of these United States, do hereby claim that all federal debts incurred since the inception of the entity know as Federal Reserve are here forth consider Odious Debt and are thereby invalid unto the Citizens of the United States."

From: "tyberious": http://www.tfmetalsreport.com/podcast/7409/a2a-rob-kirby?page=2#comments

The term "Odious Debt" is discussed somewhat here: https://en.wikipedia.org/wiki/Odious_debt

This meme of a Jubilee also comes up from time-to-time at Zero Hedge and other places in the Alt-Finance Media.

* * *

There is no doubt that the current National Debt (variously defined, but at its MOST conservative would be some $19 trillion (or over $100,000 per taxpayer) is not payable in its current form. If we consider other debts (inc. Social Security, MediCare, state & municipality debts, consumer debts, etc.), then there is no question that the various debts in their current forms and understanding will NEVER be repaid. But, let's limit ourselves to studying our National Debt.

HOW will (can) it be repaid?

What forms will the Debt NOT be repaid (devaluing it by inflation, a Jubilee (default = NOT PAYING), moar debt, a combination...)?

 

[pmbug]

You can see the issue playing out on a smaller stage in Greece. The IMF is currently the only entity recognizing the reality of the situation - the debt is already past the event horizon. There is no way (mathematically) for Greece to ever repay it. Further bailouts are just prolonging the inevitable collapse. They are calling for a measure of debt relief to give Greece a chance to crawl out of their hole. The ECB, Germany and other stakeholders are not willing to concede the issue. Until and unless they change their position, Greece will continue drowning (until there is no more borrowed oxygen to breathe).

 

[rblong2us]

I reckon helicopters will be involved in the next attempt at fixing the unfixable.

this is how I think it plays out -

helicopter drop to gov to seriously goose public spending ( deffo a vote winner all round )

helicopter drop to the peeps when the effect of that wears out

Mises 'crack up boom' hyperinflation as unlimited printing chases finite resources to trigger jubilee and new world order one world money .........

How long do we have and whats the best way to play it ?

Im beginning to wonder if borrowing a million and buying property might not be a bad option at this time.
They cannot put interest rates up no matter how much they print and hyper inflation with low interest rates fries my brain .........