We’ll Need Mass Debt Forgiveness to Recover From the Coronavirus
MAY 28, 2020
The Babylonian Empire had a problem. Humanity’s banking craze had just gotten under way. Money lenders were in the temples making grain loans to farmers. This expansion of credit was helping to facilitate trade and agricultural production. But over time, the proliferation of debt was also creating big headaches. Subsistence farming is a tough business, even in good times. People often fell behind on their loans. And this insolvency was routinely exacerbated by forces wholly outside of human control — drought, pestilence, angry gods, etc. As a result, large numbers of debtors were falling into bondage or fleeing from the kingdom to escape their creditors, sapping the empire’s supply of laborers and warriors and putting a real dent in imperial morale. So, to make Babylonia great again, the kingdom established periodic debt jubilees: When new rulers ascended to the throne, they inaugurated their reigns by canceling all existing debts, allowing society to reset its financial system.
How the world can ‘reset’ itself after COVID-19 – according to these experts
03 Jun 2020
- The Great Reset is a new initiative from the World Economic Forum and HRH the Prince of Wales to guide decision-makers on the path to a more resilient, sustainable world beyond coronavirus.
- The economic fallout from COVID-19 dominates risk perceptions, but there is a unique opportunity to reshape the global economy.
- Greenpeace International’s Jennifer Morgan, IMF chief economist Gita Gopinath and ITUC head Sharan Burrow discuss how they perceive a reset.
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