We have come to a time where I have not seen in my life or even learned from school about debt forgiveness. It does exist and it has been used in past civilizations. Why does it not start applying through the average household as this is where the problem is lying? There is compassion in this society and system.
I have recently read an article about South Korea helping poor people to a ‘Happiness Fund’ . If this is being incorporated from one Nation then the ideas can follow. Are we not supposed to learn from others, especially good, effective and working systems? This will cause a transformal society without the burden from debt. The status quo will be financial free and mental stress will slowly evaporate.
Debt has been with us for thousands of years going back to great civilizations and even through different religions in different parts of the world. The only difference between then and now is the monetary system which has shaped today’s society and the way to go about trading. Back in the days of previous civilizations, trade was done through substances that benefit the traders and be considered needs such as food, shelter, craftsmanship, woodcutters, potters, blacksmiths, cobbler, etc. For farmers, if there was drought then there would not be food to trade which would cause them into debt. Those that did not have the means to pay debt had to perform services of the debtor until it was repaid. Also, some were reduced to serfs or slaves with their possessions taken from high-ranking officials of the kingdom period.
Although ordinary individuals incurred debt, there was a standard of code that the ruling party of that civilization placed so that it would not cause undue hardship for that society. Examples include debt cancellation in the Mesopotamia civilization, rulings under Ramses III and IV of the ancient Egyptian civilization, through the ruling pharaoh Ptolemeus V near the conquest of Alexander the Great, debt cancellation adopted by the Hammurabi code in the Babylon empire, also emperors of the Assyrian civilization adopted the debt cancellation tradition when then passed to the Jewish religion of what was called the Jubilee year.
It is not to say that debt forgiveness did not occur with the invention of money to our monetary system. There has been debt forgiveness during the 19th century in the United States and the most important was during the Great Depression under President Franklin D. Roosevelt. The ‘New Deal’ was created by Franklin D. Roosevelt which ensured relief, recovery and reform through the society under the Great Depression. If it was not for the president’s initiatives and planned action, the United States would of still suffered in the endless abyss of a failed financial system.
The question we have to ask ourselves is why is there no compassionate intervention by the world governments to act on the increasing indebtedness throughout society?
Do we not learn from past experiences of indebtedness and eliminating it?
Are we forgetting debt forgiveness given the current division of the rich and poor?
I fear that if nothing gets done from the social trend in the average household indebtedness then we are in for a big shock unlike the Great Depression and the chances of getting out of this one will either take a very long time or not at all.
We all have to work together and share in each other’s experiences. Thank goodness for the Internet as this is the one way we can come up with Society’s New Deal to tackle debt head on. This will be a wake up call for the government leaders to listen to the struggling individuals and families on debt. In our time, society and the governments will have to work together to conceive a solution and implant it to future generations.
Getting back to South Korea’s initiative in helping its citizens through the ‘Happiness Fund’ is right before our eyes debt cancellation/debt forgiveness from a high authority to the average individual or family. Even though it is still limited, this is the right direction to prevent the abysmal event that can happen any time. I for one do not want to live that time and I am sure neither does anyone else.
Given the fact that the average household debt is ever increasing and is common to different nations, we can no longer say that it is up to that household, it is their fault, they have to fend for themselves. This is too grand of a scale in that it will just be a chain reaction that will affect banks, enterprises, corporations and even the economy itself.
Let us not forget debt forgiveness and use what was used by our previous ancestors throughout previous civilizations.