Khazakstan Leads The Way To Debt Jubilee

In the UK there is a growing campaign for debt jubilee to be enacted. This practice of debt jubilee was utilised by the Babylonians, the Romans and others to disband debts that would otherwise cripple economies. Creating debt justice, as opposed to debt slavery not only is just it also places the Many at the head of the queue with their interests first rather than the few and their banisters. Far from ruining the economy it releases a whole flood of newly available spending power to revitalise and renew economic flotation.

The Freedom Cycle

astana-central Kazakhstan’s capital city Nur-Sultan (previously Astana) © J Trapman / HLNews

In a move that reflects the ancient ways used to sort out toxic economies, the newly elected leader of Khazakstan, Kassym-Jomart Tokayev, has opened up the way for a debt jubilee to be enacted in his country.

Following an ancient tradition that goes way back to Sumerian, Babylonian and Persian days, the President has declared bad debts affecting over one fifth of the population will be annulled, written off. He also went on to declare that support for bailing out the banks would end.

“My attitude is that there should be no governmental bailouts” for lenders, Tokayev told Bloomberg in an interview. “My assessment of this issue as a president is that the government should not get involved any more, any longer, with its loans as far as private banks are concerned.”

Such moves have been, over recent…

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