In ancient times, people often became hopelessly indebted to their creditors. As debts mounted, social unrest would boil over, threatening the stability of the entire ruling system. The rulers of the ancient world understood this dangerous dynamic. Their solution was radical yet effective: enact widespread debt cancellation—a debt jubilee. Debt jubilees acted as societal pressure release valves when no other options remained. The practice spread throughout the ancient world and became codified in various civilizations. For instance, the Book of Leviticus formalizes debt jubilees as the conclusion of a 49-year biblical cycle—seven cycles of seven years. I believe this ancient practice is poised for a major comeback as government, corporate, and personal debt levels today have reached unsustainable heights. The social, political, and investment implications will be profound.
The biggest debt jubilee you will ever see is coming down the pike. This jubilee, according to the author, will be in the form of hyperinflation that will wipe out all debts, as well as savings and anything to do with FRNs. His recommendation is to own hard assets to avoid getting wiped out with everybody else. Does this sound like an opportunity for BTC to fly? I think BTC will be one of those assets to save your bacon.