How To Solve the Debt Crisis, Maybe the Bible has the Answer

What if we did just that, forgave ALL loans? I think it would give our economy a huge boost, just think how many cars and houses would be sold in the first year alone. Food for thought.

By Elmer Beauregard
I know this is a Global Warming blog and not a financial blog, but it is hard to ignore what's going on with the National Debt so I figured I will throw in my two cents.
The U.S is about to default on its loans unless something is done, Obama wants to raise the debt limit until after he gets re-elected, now that's leadership. This seems like he's just buying him time so he can get re-elected. Then what, we will default on a 14 trillion dollars instead of 12 trillion?
The other option is to really tighten our belts to pay down the debt. If we do this it would take roughly 10 years to knock off 1 trillion dollars of debt. So we're talking 120 years of austerity until the debt is paid.
It seems like everyone is swimming in debt, people, companies, municipalities, schools, banks, states and even whole countries. Plus, who do we owe all this money to? The Federal Reserve, which isn't Federal and doesn't have any reserve, some say it is just a giant 100 year old Ponzi scheme.
There may be a third option to our problem however and it's in the Bible. I think God knew this is what happens in society, that debt breeds more debt and then at some point it gets out of control.
In the old Testament every seven years the Israelites would cancel their debts with each other. It was called the Sabbatic year or Sabbath year.
Deuteronomy 15:1-2, NIV 1. At the end of every seven years you must cancel debts. 2. This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD's time for canceling debts has been proclaimed.
What if we did just that, forgave ALL debts? I think it would give our economy a huge boost, just think how many cars and houses would be sold in the first year alone. First thing I would do is go out and buy a new SUV. And if you really wanted our economy to take off declare Global Warming a fraud and remove all restrictions on CO2.