W. Packard: Old approach to global debt


With the financial worldwide debt problem continuing, as it has, having no solution is like watching a snowball rolling down a mountainside. It gets bigger as it rolls along and consumes more and more people, as well as countries and governments and everything in its path as it gains momentum.

The financial dilemma that the world faces is nothing more than the result of greed by a minority of wealthy people who control the money supply, most likely the same wealthy men and women who meet every year in Davos, Switzerland.

But the debt problem has snowballed out of control and, at this point, those people don’t know how to stop the destruction and it is coming back to haunt them.

God teaches us to handle debt in Deuteronomy, Chapter 15, and asks every creditor to release the debt owed to him every seven years.

I realize that the whole world cannot just cancel everyone’s debt every seven years, but why can’t everyone’s debt be reduced by one-seventh, and every seventh year reduce that debt by one-seventh all over again.

That would be the same as forgiving the debtor’s debt repayment for one year every seven years. The money would help homeowners remain in their homes, as well as stimulate the world economy.

U.S. currency has the words “In God We Trust.” It is time we put our money where our mouths are.

Warren Packard, Rumford