Friday, December 9, 2022

SojoMail - Debt policy sounds boring, but the Bible takes it seriously

SojoMail

A couple of weeks ago, the U.N. climate summit in Egypt, COP27, ended with a breakthrough deal to create a “loss and damage” fund that would help developing nations recover from climate disasters — financed by wealthier nations responsible for most of the emissions that are driving climate change.

Though most wealthy nations have not yet offered cash pledges to the fund, it’s a significant step forward. Yet if we’re serious about addressing the dire effects of climate change, we need to tackle another problem: a worsening debt crisis that has left many nations needing exponentially more resources to recover from climate disasters and invest in sustainable development. This will require transforming how large entities like the World Bank and the International Monetary Fund loan money to low- and middle-income nations.

I know talking about international lending policies makes most people want to yawn, but the Bible takes debt — and the people who profit from it — seriously. In his opening Nazareth sermon (Luke 4), Jesus cites the prophet Isaiah to proclaim “the year of the Lord’s favor,” a passage that evokes the ancient instructions for debt forgiveness, such as those found in Deuteronomy 15 (“Every seventh year you shall grant a remission of debts”). While biblical scholars can’t confirm that these Jubilee injunctions were fully lived out, these instructions were understood to be a regular course corrective to extreme inequality and injustice. Other parts of the Bible flat-out forbid charging interest when the person seeking the loan is poor (Exodus 22:25, Leviticus 25:37).

So, if you care about truly addressing the dual crises of extreme poverty and climate change, stay with me.

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