The Old Testament described the need to wipe out debt once every 50 years, which was called the Year of Jubilee. Like most dramas, this one both arises and transpires in ways that have reoccurred throughout history. (The Jubilee year – occurring after every seventh Sabbath year, thus, every 50 years – is an economic, cultural, environmental, and communal reset, when the land and people rest, and all those who are in slavery are set free to return to their communities.)
Remember that money serves two purposes: it is a medium of exchange and a store hold of wealth. And because it has two purposes, it serves two masters:
1) those who want to obtain it for “life’s necessities,” usually by working for it, and
2) those who have stored wealth tied to its value.
Throughout history these two groups have been called different things—e.g., the first group has been called workers, the proletariat, and “the have-nots,” and the second group has been called capitalists, investors, and “the haves.” For simplicity, we will call the first group proletariat-workers and the second group capitalists-investors. Proletariat-workers earn their money by selling their time and capitalists-investors earn their money by “lending” others the use of their money in exchange for either a) a promise to repay an amount of money that is greater than the loan (which is a debt instrument), or b) a piece of ownership in the business (which we call “equity” or “stocks”) or a piece of another Principles For Navigating Big Debt Crises 15 asset (e.g., real estate). These two groups, along with the government (which sets the rules), are the major players in this drama. While generally both groups benefit from borrowing and lending, sometimes one gains and one suffers as a result of the transaction. This is especially true for debtors and creditors.
In Scripture, we see the Israelites place an important emphasis on certain days of the week (Exodus 20:8-11), certain holidays and observances throughout the year, and even certain years.
The Year of Jubilee, which came every 50th year, was a year full of releasing people from their debts, releasing all slaves, and returning property to who owned it (Leviticus 25:1-13).
Leviticus 25:8–13 states:
You shall count off seven Sabbaths of years, seven times seven years; and there shall be to you the days of seven Sabbaths of years, even forty-nine years. Then you shall sound the loud trumpet on the tenth day of the seventh month. On the Day of Atonement you shall sound the trumpet throughout all your land. You shall make the fiftieth year holy, and proclaim liberty throughout the land to all its inhabitants. It shall be a jubilee to you; and each of you shall return to his own property, and each of you shall return to his family. That fiftieth year shall be a jubilee to you. In it you shall not sow, neither reap that which grows of itself, nor gather from the undressed vines. For it is a jubilee; it shall be holy to you. You shall eat of its increase out of the field. In this Year of Jubilee each of you shall return to his property.
When is the next Biblical Year of Jubilee? The 70th Year of Jubilee in 2024 The compelling archaeological and prophetic evidence suggesting the ram’s horn announcing the 70th Jubilee year will sound on the Day of Atonement in October 2023.