According to the Old Testament, God advised Moses that rulers should arrange, once every 50 years, a debt jubilee, to include the freeing of prisoners and release for the enslaved, as well as the forgiveness of amounts owing to moneylenders. Since the Covid crisis has piled extra debt on over borrowed governments and businesses, a debt jubilee sounds just the ticket. The Irish Times columnist David McWilliams likes the idea: «This means repricing the entire debt structure of the economy, which is something the ECB has given central banks permission to do.».
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