The Jubilee Year. Thousands of years ago, people understood the dangers of debt slavery as they do today. The norm in the Middle East and Europe when a new ruler came into power, was for them to declare all debts void. This would happen every now and then during many rulers’ terms as well, as a society not laden with debt would allow for more prosperous and productive citizens. Banks have destroyed this power by taking the power of money creation away from governments. Remember, our central bank is not a government agency, but a collection of private banks who lend money into existence.