Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
It is starting to look like the choice is between the EU and the Euro on the one hand or the banks and their un-payable debts on the other.

Looks to me like we are eleven years late on a millennial Jubilee.  

there has to be a solid reason for the darn thing to have been invented, evolved as necessary...

the forces that conspired to make jubilees emerge as vital for continuance of the then present financial systems are probably the same as dictate its usefulness today.

one wonders what level of social turmoil was need back then, of course the numbers ~and populations~ are hugely augmented, but it appears to be a principle that no financial system has been able to eschew for too long.

anyone know any history around this stuff? were there riots or somesuch before the old cabals realised they had to let go of some idea of  (casino) profits if no-one but they held all the chips!

i'll bet they didn't get there without some intense struggle, same as we see today from the banksters trying to make us believe that stacking bets 600 trillion high ain't good for the bottom line...

down with fractional reserves! maybe compound interest too, and maybe that would obviate the need for jubilees.

they must have been great celebrations, when they happened, great scenes of.... jubilation

...which we could all use a dose of too :)

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Mon May 9th, 2011 at 07:46:04 AM EST
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