Calls For Global Debt Jubilee Grow Louder As ‘Anything Goes’ Policy Mania Takes Over

• How do you declare a Global Debt Jubilee when everybody is bankrupt? When everybody refuses to pay their debts the entire financial system will collapse. All savings will disappear, corporations will go bust …. etc.
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• The mechanism for the Global Debt Jubilee, I have highlighted many times in the past, is via a massive Revaluation in the price of Gold. Gold is the perfect debt extinguisher. Governments will revalue the price of god massively higher and buy up the debts of the country. Thus, declaring a Debt Jubilee. No one needs to go bankrupt. Corporations will remain solvent …. etc. Say the USA government buys up all the debts in the country and it amounts to US$200 Trillion. By declaring 1 ounce of gold to be now worth US$200 Trillion(highly exaggerated to illustrate), the US Govt has effectively paid off the debt with 1 ounce of gold. Considering US has 8100 tonnes of gold presumably, Revaluation of the Gold price astronomically higher is the best solution.
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• What would be a realistic price of gold the US Govt will raise to? IMO, at least US$50K – 100K. Because current US debts amounts to about US$25-30T. Take this amount divide by the amount of physical gold reserves. US$25T divide by 250Million ounces of gold. ie US$100K/ounce of gold. Or, take the Money supply figure divide by 250M ounces, to back the currency with gold …. and so on.
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• Calls For Global Debt Jubilee Grow Louder As ‘Anything Goes’ Policy Mania Takes Over
  by Tyler Durden, https://www.zerohedge.com/
  About 140 global organizations and charities are calling for a worldwide Debt Jubilee to avoid some of the world’s poorest countries from collapsing into chaos amid the COVID-19 crisis, reported BBC News.
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  The British-based Jubilee Debt Campaign is leading the movement ahead of the G20 meeting this week. “Developing countries are being hit by an unprecedented economic shock, and at the same time face an urgent health emergency,” said Sarah-Jayne Clifton, director of the Jubilee Debt Campaign.
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  “The suspension on debt payments called for by the IMF and World Bank saves money now, but kicks the can down the road and avoids actually dealing with the problem of spiraling debts.”
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  Clifton is urging for the immediate cancellation of 69 of the world’s poorest countries’ debt payments this year, which would free up at least $25 billion for the countries in 2020, and up to $50 billion if the jubilee was extended to the end of 2021.
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  “This is the fastest way to keep money in countries to use in responding to Covid-19, and to ensure public money is not wasted bailing out the profits of rich private speculators,” added Clifton.
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  The latest call for a Debt Jubilee should come as no surprise to ZeroHedge readers.
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  read more.

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