The Economics of Well-Being

Ben Johnson, entrepreneur and business-man as well as host of the Peripheral Thinking, joins me in conversation on the important subject of debt, bank-created money and opportunities for rebooting our world financial system in the year of Jubilee (year 5782 in the Jewish Calendar). Under ancient Jewish economic laws and practices (borrowed from the ancient Sumerian and Babylonian cultures), all debts would have been forgiven (i.e. 'clean slate' laws in Sumeria) and all wealth redistributed in the 50th year called Jubilee. 

Why in January of 2022, in the very year of Jubilee, are there no discussions about wiping the debt accounts clean around the world? This would eliminate the enormous interest cost burden on all of humanity. I've estimated the average American, Canadian and European household spends 55% or more of their earned income on hidden interest payments on what is mostly bank-created debts (i.e. loans) that have been accumulating since the end of WWII. This debt can never be repaid out of current income and thus the interest payments on this debt continues to eat up more and more of our incomes and GDP. The burden of interest payments on this debt also contributes to the pressure on economic output and directly impacts greenhouse gas emissions adding to the climate risks from GHG emissions; something never discussed at the COP meetings on climate change nor at the G7 or G20 meetings of world leaders.

It's time for wiping out these unnecessary debts providing everyone on the planet with the ability to pursue a life of meaning, free from the burden of debt with the bonus of more discretionary time (life energy) to spend doing things that bring joy to our lives.

If you want to learn more about how banks create money through loans have a listen to the German economist Prof Richard Werner who has proven empirically how banks create loans and thus create over 95% of what we call money in our modern economies. https://www.youtube.com/watch?v=TkCU_n0h4Qc