Sun Jan 9, 2005 17:03


The USA is now facing the collapse of its currency and an economic crisis of mammoth proportions. Herve Gaymard, France’s finance minister warned late December that the collapse of the American dollar will be a global “economic catastrophe”. Yet Americans appear to be unconcerned about the looming collapse of their currency.

Recently, there has been much discussion in the media of the American dollar’s ability to survive. Many of America’s creditors are expressing growing concern on the US’s ability to service its run-away debts, and control their twin deficits. How has America got into this mess, with its currency collapsing, its debts mounting out of control? How could what was the richest nation in the world get itself into a situation where its economic survival now is in the hands of its former enemies?

America is not alone – all the Anglo-Saxon nations now have unsustainable foreign debt, large current account deficits, and whose economic survival in depended upon being able to borrow from other nations.

Our nations have got themselves into this mess by rejecting economic laws given to us in the Bible. The observance of these laws would ensure our national prosperity, provide social equity, and rather than being dependent upon other nations for economic survival, we would be the lender to these nations.

What are these Biblical Laws?


One of the key laws is the ownership of land. The breaking of this law is responsible for many of the social end economic problems we have today.

It is not desirable for the majority of people to live over-crowded cities as they now do. Not only does it place unsustainable pressures upon the environment is supporting large urban populations, cities also consume large amounts of capital and resources. If the planet is to survive, the majority of people will once again live in an agrarian environment; have ownership of land, supported with networks of villages.

Land would always remain in the ownership of the family unit – it is an inheritance to remain forever as a procession for each family. If on rare occasions property has to be sold for financial reasons, it will be restored to its original family owners every 50 years (the Jubilee Year). The observance of this Law on property ownership will provide security for families, who will always have an ancestral home to return to. If people fall on hard times, they can return to their property and support themselves. Financiers will have to return the ownership of the property to the ancestral owners of the property, and forgive the debts owned on the property every Jubilee Year.

The benefits to a society in following these property laws would be considerable. It would largely see the end of our parasitical banking system, based on using property as collateral for security on their loans. It would remove the financial burden on families in paying off large mortgages over a lifetime. It would enable the family unit to once again become the building block for creating a stable society.


Today people are encouraged to accumulated debt, rather than save. Financial institutions amass fortunes by enticing people into economic bondage. This is contrary to the economic laws given to us in the Bible. The laws concerning borrowing and lending money, if followed, would ensure our nation great prosperity. They are:

1. Every seven years all debt within a nation is to be cancelled. The seventh year is to be a Sabbatical Year, freeing the people from regular work.

2. We may lend to other nations, but should not borrow from them.

3. Interest should not be charged to charged to our fellow citizens, though may be charged to other nations. Money to be lent on a profit sharing basis to other nationals, rather than charging interest.

Following these laws would see money invested into productive enterprises, rather than borrowed for consummation as so often happens today. The risk and profits from the investment would be shared between lender and borrower.


As nations expand, so does governments need for increased taxation revenue to support their administrations. Today, like governments throughout history, they demand more and more control over people’s lives, embark upon expensive wars, and burden their people with increased taxation.

For a nation to prosper, taxation should be limited to a flat tax (10%) plus a social security tax of 3.3%. Governments should not be allowed to borrow money other than for infrastructure development. When the State takes over from the people in making the decisions on how one spends their money, lack of responsibility, waste and inefficiencies always occur.

Limiting the ability of governments to tax their people, will enable people to retain their income to support families, rather than the State taking it from them to squander. They will no longer have the State dictating how they should educate their children, live their lives and making decisions affecting their families. It will return the responsibility back to the family, and remove dependency of citizens upon the State as so often occurs today in Western countries.

Following these laws will free people from the bondage of debt that so many suffer under today. Wealth would not be accumulated by a small wealthy elite, but rather shared amongst all the population. Young families would not be burden by high debt.


The nations of Britain, America, Canada, Australia and New Zealand face a looming economic crisis as the consequences of breaking these economic laws, which if they had followed, would have ensured their prosperity. As a consequence of breaking these laws, there is:

1. Massive national and consumer debt.

2. Lowering standards of living – the need for two income families.

3. Dependence on borrowed money from our former enemies.

4. Abuse of the environment.

5. Depreciating currency.

6. Threat of national insolvency.

Governments should not have the right to create credit, or to increase the money supply in circulation greater than the products and services produced. The creation of too much credit results in to much money in circulation for the resources available, resulting in inflation, abuse of the environment, and the production of goods and services that are often unnecessary. While there may also be a need for governments to borrow money for capital expenditure at times to help develop an infrastructure for a society to run effectively; care is required by those borrowing the money to prevent the unnecessary accumulation of debt.

We have got ourselves into the mess as a direct consequence of breaking the economic laws given to us in the Bible. Keeping these laws are as important for running a well managed society as the law of gravity is in maintaining life on the planet. When these laws are broken, we end up in the mess we have today.

There is much more I could write on how these laws are to be observed, and the benefits and prosperity they would bring to a society which observes them.

Bruce Porteous
25 December, 2004




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