The third world forced a "Jubilee Year" in 2000. So why can't we?
Since our international financial class is reducing us all rapidly to third-world status*. Jubilee (which is biblically-based, interestingly enough**) means debt forgiveness. The 2000 Jubilee was successful (PDF report). Here's a quote from a book by The Prevention of Odious Debt Working Group:
This report sets out a way to prevent an all-too-common form of theft from some of the world’s poorest people. An illegitimate, unelected regime signs a contract with a foreign agent, handing over part of the national patrimony in exchange for a short-run payment, which the regime appropriates or uses in part to finance repression. Legitimate successor regimes often need to levy taxes to fulfill debt contracts incurred in this manner for fear of legal retribution and loss of reputation with investors if they fail to repay. And in the case of natural resource contracts, citizens continue to suffer from the sweetheart contracts that deprive the government of deserved revenues.
OK, so who says our regime is legitimate?
NOTE * The cuts are never "savage" or "tough" for them. In fact, we're paying them to be rich, through the bailouts and through rents.
NOTE ** "Forgive us our debts, as we forgive our debtors" (Matthew 6:12).