The Implications of Jubilee
Debt forgiveness – let’s talk about it.
It was announced today that Nigeria paid off a $4.6 billion loan to the Paris Club. While it still owes nearly as much to other lenders, this was a giant step for the oil-rich country. Now, with a huge chunk of interest payments off their books, the country can begin to spend money on infrastructure items like education, transportation and public services in order to raise the living conditions for a majority of its citizens.
Despite being plush with oil fields, Nigeria is one of the world’s poorest countries. Most of its citizens live on less than a dollar a day. Tragically, this is the case with a lot of African countries. Like failed past attempts at socialism in Latin America, the ruling elite benefit from the promises they make to the poor. In the past, foreign aid to poor African nations went to fund palaces for kings and dictators and very little made its way to the poor and diseased in the streets and huts. As a result, lenders loaned money to these countries (for infrastructure items built by American and European companies) with interest rates that would only cripple their economies. Rebellions and civil wars then occurred, and a new ruler, who also probably promised to look out for the poor, was burdened with a repayment schedule that made credit cards payment terms look like a bargain.
In order to alleviate the unreal payment plans, groups came together to promote debt forgiveness. Some proposed that interest rates be dramatically lowered or done away with all together. Others recommended that the entire debt for certain nations be wiped out and the lender take a bath in lost money in the name of charity. With either a clean slate or a more easily attainable end to their payments, the idea was that the poorest countries in the world could start over and use the checks written by rich nations to pay for the plight of their people instead of paying a bank. A million dollars goes a LONG way in an African country, if that country doesn’t have to use half of it to simply pay interest.
Nigeria is a lucky example. Sitting on top of oil benefits you in today’s world. This is why China and Russia have been silent on Sudan’s genocide. This is why Nigeria had the income it needed to pay off billions in loans. This is why Iran can remain defiant. This is why Iraq matters. This is why I wish I owned a hybrid. But, most African nations don’t have such a valuable and coveted natural resource at their disposal. Personally, I think there is nearly unlimited human capital all across the continent, but it is diminished every day at the hands of malaria, AIDS, hunger and war while the rest of the world watches with their hand out, demanding interest.
To completely forgive all debts sounds blasphemous to capitalist ears. "America was built on lending money at interest, not giving it away!" Combine America’s success economically with mentions of the divine by its founders and you equate citizenship, riches and salvation to form a grotesque civil religion (see Jay’s post regarding the National Day or Prayer for more insight on this).
However, in Leviticus, there is a concept known as Jubilee, detailed in chapter 25. The writer of this book of the Hebrew Bible clearly was not given a prophetic vision of how people would make money in the future. Every fiftieth year, debts are to be forgiven, land returned, fields to lie fallow, and everything to start over. How can anyone expect to accumulate earthly possessions like this?
You can’t. Then again, that’s not the point of the gospel. I find it ironic that media-hungry Christians today clamor about being persecuted and attacked when Jesus repeatedly blesses such actions and asks his followers to take themselves out of the limelight and love their enemies.
And today, we have our poorest brother and sister, Africa, being loaned money at exorbitant rates to the benefit of individuals, banks, and groups around the world. Forgive the debt, people! Let them start over!
Of course, the precedent set here would put us on a very slippery slope. What if people start demanding that credit card debt be forgiven, or mortgages to be cancelled? What if we think Jubilee today would include more programs for the poor and, (GASP!) healthcare for all? What if the notion of forgiveness played itself out corporately to the detriment of the rich, comfortable, or successful and to the benefit of the poor, tired, or diseased?
No doubt this would infuriate those of us who think, “I’ve worked hard. I haven’t been arrested. I've saved and invested. If people who chose poorly or wasted their money are forgiven and owe nothing, I’m screwed!” Sounds like an older brother in a story Jesus told one time.
Like socialism, a true worldwide Jubilee set for say, 2025, looks and sounds good only on paper. The monumental task would require one big eraser and a whole bunch of humility that lots of people leave out of their gospel. We forget that Jesus talked about how dangerous money can be and how, if we’re not careful, we can unknowingly end up worshipping it. The easiest way I’ve found to avoid that pitfall is (allow me to borrow some Keanu Reeves philosophy) to “Shoot the hostage.” Take money out of the equation. Get rid of it. Like junk food, your craving will wane and you’ll find that you’re a lot happier.
I would love for true and total forgiveness of debt to occur in my lifetime. Like many 20-year-olds with new credit cards have found out, it can be a very heavy rock to climb out from under. Despite the bad math coming from a lot of circles, there really aren’t enough hours in the day for people to work to make what they need to help their families live like they should to get ahead. If we’re honest, we’ll see that a lot of our systems (like our lending money with usury) are ungraceful, unforgiving, and therefore, unacceptable.
I dream of a new breed of leader, a new brand of entrepreneur, and a new type of Christian to come on the scene and “Jubilee” our economic systems, our sense of social justice, and our hearts. Such an occurrence would find us smack dab in the middle of the forgiveness revolution that Jesus envisioned in Luke 4:
It was announced today that Nigeria paid off a $4.6 billion loan to the Paris Club. While it still owes nearly as much to other lenders, this was a giant step for the oil-rich country. Now, with a huge chunk of interest payments off their books, the country can begin to spend money on infrastructure items like education, transportation and public services in order to raise the living conditions for a majority of its citizens.
Despite being plush with oil fields, Nigeria is one of the world’s poorest countries. Most of its citizens live on less than a dollar a day. Tragically, this is the case with a lot of African countries. Like failed past attempts at socialism in Latin America, the ruling elite benefit from the promises they make to the poor. In the past, foreign aid to poor African nations went to fund palaces for kings and dictators and very little made its way to the poor and diseased in the streets and huts. As a result, lenders loaned money to these countries (for infrastructure items built by American and European companies) with interest rates that would only cripple their economies. Rebellions and civil wars then occurred, and a new ruler, who also probably promised to look out for the poor, was burdened with a repayment schedule that made credit cards payment terms look like a bargain.
In order to alleviate the unreal payment plans, groups came together to promote debt forgiveness. Some proposed that interest rates be dramatically lowered or done away with all together. Others recommended that the entire debt for certain nations be wiped out and the lender take a bath in lost money in the name of charity. With either a clean slate or a more easily attainable end to their payments, the idea was that the poorest countries in the world could start over and use the checks written by rich nations to pay for the plight of their people instead of paying a bank. A million dollars goes a LONG way in an African country, if that country doesn’t have to use half of it to simply pay interest.
Nigeria is a lucky example. Sitting on top of oil benefits you in today’s world. This is why China and Russia have been silent on Sudan’s genocide. This is why Nigeria had the income it needed to pay off billions in loans. This is why Iran can remain defiant. This is why Iraq matters. This is why I wish I owned a hybrid. But, most African nations don’t have such a valuable and coveted natural resource at their disposal. Personally, I think there is nearly unlimited human capital all across the continent, but it is diminished every day at the hands of malaria, AIDS, hunger and war while the rest of the world watches with their hand out, demanding interest.
To completely forgive all debts sounds blasphemous to capitalist ears. "America was built on lending money at interest, not giving it away!" Combine America’s success economically with mentions of the divine by its founders and you equate citizenship, riches and salvation to form a grotesque civil religion (see Jay’s post regarding the National Day or Prayer for more insight on this).
However, in Leviticus, there is a concept known as Jubilee, detailed in chapter 25. The writer of this book of the Hebrew Bible clearly was not given a prophetic vision of how people would make money in the future. Every fiftieth year, debts are to be forgiven, land returned, fields to lie fallow, and everything to start over. How can anyone expect to accumulate earthly possessions like this?
You can’t. Then again, that’s not the point of the gospel. I find it ironic that media-hungry Christians today clamor about being persecuted and attacked when Jesus repeatedly blesses such actions and asks his followers to take themselves out of the limelight and love their enemies.
And today, we have our poorest brother and sister, Africa, being loaned money at exorbitant rates to the benefit of individuals, banks, and groups around the world. Forgive the debt, people! Let them start over!
Of course, the precedent set here would put us on a very slippery slope. What if people start demanding that credit card debt be forgiven, or mortgages to be cancelled? What if we think Jubilee today would include more programs for the poor and, (GASP!) healthcare for all? What if the notion of forgiveness played itself out corporately to the detriment of the rich, comfortable, or successful and to the benefit of the poor, tired, or diseased?
No doubt this would infuriate those of us who think, “I’ve worked hard. I haven’t been arrested. I've saved and invested. If people who chose poorly or wasted their money are forgiven and owe nothing, I’m screwed!” Sounds like an older brother in a story Jesus told one time.
Like socialism, a true worldwide Jubilee set for say, 2025, looks and sounds good only on paper. The monumental task would require one big eraser and a whole bunch of humility that lots of people leave out of their gospel. We forget that Jesus talked about how dangerous money can be and how, if we’re not careful, we can unknowingly end up worshipping it. The easiest way I’ve found to avoid that pitfall is (allow me to borrow some Keanu Reeves philosophy) to “Shoot the hostage.” Take money out of the equation. Get rid of it. Like junk food, your craving will wane and you’ll find that you’re a lot happier.
I would love for true and total forgiveness of debt to occur in my lifetime. Like many 20-year-olds with new credit cards have found out, it can be a very heavy rock to climb out from under. Despite the bad math coming from a lot of circles, there really aren’t enough hours in the day for people to work to make what they need to help their families live like they should to get ahead. If we’re honest, we’ll see that a lot of our systems (like our lending money with usury) are ungraceful, unforgiving, and therefore, unacceptable.
I dream of a new breed of leader, a new brand of entrepreneur, and a new type of Christian to come on the scene and “Jubilee” our economic systems, our sense of social justice, and our hearts. Such an occurrence would find us smack dab in the middle of the forgiveness revolution that Jesus envisioned in Luke 4:
He went to Nazareth, where he had been brought up, and on the Sabbath day he went into the synagogue, as was his custom. And he stood up to read. The scroll of the prophet Isaiah was handed to him. Unrolling it, he found the place where it is written:
"The Spirit of the Lord is on me,
because he has anointed me
to preach good news to the poor.
He has sent me to proclaim freedom for the prisoners
and recovery of sight for the blind,
to release the oppressed,
to proclaim the year of the Lord's favor."
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Comment (1)
9:55 AM
the year of Jubilee...could stuff from the ole Torah.
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