Ancient Origins: Babylon and Beyond
The concept of jubilee as an economic reset dates back at least 4,000 years to ancient Sumer, Babylon, and other areas of western Asia. Ancient kings would periodically declare “misharum” or “andurarum,” which involved canceling certain debts and freeing slaves. These proclamations were not acts of kindness, but calculated moves to prevent social unrest. As indebted farmers and laborers lost their land and freedom, the risk of rebellion grew. By periodically wiping the slate clean, rulers could appease the masses and maintain their grip on power[1].
Jewish Tradition: Shmita and Jubilee
The Hebrew concept of jubilee, described in Leviticus 25, built upon these earlier Mesopotamian practices. Every seven years, the Jews observed the Shmita year, a sabbatical year for the land. Every 49 years (7 cycles of 7), they celebrated the Jubilee year, where debts were to be forgiven, slaves freed, and ancestral lands returned to their original owners[2].
It’s crucial to understand that these practices were not purely altruistic. They served as a means of appeasing an enslaved population with nothing to lose, who might otherwise rise up against their masters. The jubilee system aimed to prevent the permanent concentration of wealth and power in the hands of a few, thus maintaining social stability.
Biblical Perspective and Philosophical Thoughts
The Bible presents jubilee as a divine command, emphasizing themes of redemption and restoration. Leviticus 25:10 states, “Consecrate the fiftieth year and proclaim liberty throughout the land to all its inhabitants.”[2]
Aristotle viewed money as sterile and unproductive, arguing against the practice of usury. Thomas Aquinas, building on Aristotle’s ideas, considered charging interest on loans to be unnatural and unjust. These philosophical perspectives influenced Christian thought on debt and forgiveness for centuries[3].
Usury, the practice of lending money at unreasonably high rates of interest, was seen as a primary cause of debt and enslavement. This is why it was forbidden in Abrahamic religions like Christianity[3].
Ancient Greek Practices
In ancient Greece, debt forgiveness was implemented as a response to severe social and economic crises. The most notable example is the reforms of Solon in Athens in the 6th century BCE. Known as seisachtheia, these reforms immediately cancelled all outstanding debts, retroactively emancipated all previously enslaved debtors, and reinstated all confiscated land[4].
English Jubilee and Debt Relief
The English tradition of royal jubilees began in 1809 with King George III’s Golden Jubilee, marking 50 years of his reign. Unlike their ancient counterparts, these celebrations focused on commemorating monarchs’ milestones rather than debt forgiveness or social reordering[1].
While there are no direct parallels to the debt forgiveness aspects of ancient jubilees in English history, the concept of debt relief has appeared in various forms. For instance, the Debt Relief Act of 1869 allowed for the discharge of certain debts through bankruptcy proceedings.
Conclusion: The Future of Economic Resets
The need for periodic debt forgiveness throughout history stems from the imperfections in monetary systems, which have always been susceptible to corruption like coin clipping and high interest rates. As we look to the future, some proponents suggest that cryptocurrencies like Bitcoin (BSV) could potentially offer a solution. As a deflationary and decentralized system, it aims to address many of the known problems with traditional money.
However, it’s important to note that while technological solutions may address some issues, the cyclical nature of debt accumulation and the need for periodic resets may be inherent to human economic systems. As such, the concept of jubilee and economic resets may continue to be relevant, albeit in evolving forms, in our financial future.
