I wouldn't argue that rates wouldn't go up. We might not agree on how much. For example, would jubilee in 20 years have an affect on a 5 year car loan? As far as homes go, maybe we'd just do home loans like the Canadians do, renewing/refinancing them every five years or less, timed with the debt jubilee. Doesn't need to be a big deal.
I look at it as mostly a thought exercise, questioning the way we currently handle debt. I think there is a lot of room for improvement. Maybe debt jubilees would act as a check on out-of-control debt, which seems to be a thing lately.
Take student loans. Politicians are talking about forgiving those debts. Maybe it's not such a crazy idea? But then again what they plan on doing will amount to just giving the banks the money, either inflating the money supply or treasuries that future generations have to pay back. Ugh.
