Clearly we need to explore new options. The movement for Jubilee is pragmatic since history proves that as borrowed money flows upward to the lenders, debts become unrepayable.
As in the game of monopoly, the upward accumulation of money, power, and information inevitably ends in “game over.” The calls for Jubilee are a way to restart the game. They also reintroduce the moral component missing from economic textbooks and mathematical models, which have been raised to dangerous levels of abstraction in artificial intelligence and computerized, algorithm-based trading.
A moral component is currently lacking in all platforms in high-frequency trading, derivatives, and dark pools in today’s electronic global financial casino. Ironically, these new platforms were all made possible by taxpayers through their subsidization of communications technologies, satellites, the internet, and financial infrastructure, as documented in The Entrepreneurial State (2013).
