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Dave Angle's avatar

Until we have actual enforcement of securities, consumer protection, and anti-trust laws and intellectually honest rulings on these laws, we are stuck in la la land. It's a chicken/egg scenario with campaign finance. Thanks for keeping the fire burning, Matt.

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Donovan II's avatar

Hi Matt,

Love your writing and your podcast! Thank you for creating this space for ideas and discussion.

I was thinking along similar lines (i.e. using the Fed to facilitate a debt jubilee). Couldn't the Fed be used as a massive institutional Trojan Horse? Having the Fed continue to buy all housing, education, and health related debt, then nationalize the Federal Reserve System citing its latest purchase of junk rated ETFs, in violation of Section 13 of the 1913 Federal Reserve Act (as pointed out by Jonathan Tepper in the Financial Times yesterday) as grounds for the revoking of its charter - paving the way for the federal government (whom we elect) to cancel the debts held on its balance sheet? The very fact that so much debt (private and public) has been consolidated in one institution is the very key to actually carrying out a debt jubilee. As Prof. Michael Hudson points out in his latest book, "And Forgive Them Their Debts," prior to the Roman period, Mesopotamian and Egyptian rulers were able to keep wealthy families from usurping their power by wiping out the debts of the population regularly, as most debts were owed to the palace rather than to private wealth. Rome’s lack of a strong central authority brought an end to this social structure and we’ve been trapped in a cycle of debt slavery ever since. For the first time since the Pharaohs the debt of the entire population may be owed to one central, and after nationalization, public institution with the authority to wipe them out. The current, historic level of ‘underwriting’ health care, housing, education, and even corporate debt could, at last, bring us full circle. Rather than being the apocalyptic end of civilization, it could be its cyclical fresh start.

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