We Need A Reset & A Debt Jubilee, The Economic Outcome Will Be Devasting: Jeff Nielson (Video)
TDC Note – Jeff Nielson, Bullion Bulls Canada, is one of my favorite commentators. His analysis has been some of the best anywhere to be found. He, like 100% of all analyst, makes an occasional mistake; this is how we know Jeff is human! If you have been following his work over the years you know his track record is as good as they come.
Over the past 16-18 months we have been hearing, from a variety of people, that some type of “jubilee” is coming. While some have been tying their analysis to a religious experience, a debt jubilee is something completely different.
Throughout history we can find where governments have declared a debt jubilee or said another way, a complete reset of the economy. It doesn’t seem practical at this point in time. Why? Globalization. With the worlds economies being as interconnected as they are today this would mean all of the worlds governments, corporations and the banking cabal would have to agree to a debt jubilee. In my opinion this will never happen. Can you imagine JP Morgan giving you anything other than a notice that you owe them more money? That’s a real knee-slapper. What about China agreeing to forgo the $1.1TRILLION of debt owed them, by you and I, through the federal government of the United States? Not going to happen. You do realize that our labor, through taxes, has been promised to the Chinese government to repay the $1.1 Trillion, right?
The only way out of this current mess is a war or a currency reset. A currency reset would not forgive any debt it would simply shift the debt to the new currency and if I were a betting man – which I am – I would bet the new currency would not hold the same value as the currency in place at the time of the reset. What this means is, for example, if you owed $100k on a mortgage and the currency reset happened and the new currency was valued at 70% of the Federal Reserve Note, U.S. dollar, you would would now owe $130k due the loss of value in the currency. Pretty cool, aye? The banks will never give up the power they hold without a fight (war) nor will the enabling criminals in Washington DC simply hand over the reigns of power they hold.