Financial Times FT.com

The age of obligation

By Niall Ferguson

Published: December 18 2008 19:10 | Last updated: December 18 2008 19:10

Liquidity supplier: detail from ‘The Money Lender and his Wife’, Quinten Metsys, 1514

In the Old Testament Book of Leviticus, God commands the children of Israel to observe a jubilee every 50 years. Nowadays we tend to associate the word with celebrations of royal anniversaries such as Queen Elizabeth’s golden jubilee in 2002. But the biblical conception of a jubilee was more precise: that of a general cancellation of debts.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this