This past year 2007-8 was 5768 in the Hebrew calendar. The 824th occurrence of the 7th year, or in Hebrew shmita.
In that year the Torah (the first 5 books of the Bible) requires that the land is left fallow with any natural increase to be left for the poor and the animals (Exodus 23:10-11). Leviticus adds that the natural growth could be eaten by the owner and the servants (Leviticus 25:1-7), or in other words, it could not be sold for profit. They were told not to worry about food, as they would be given enough in the 6th year to last until they had new produce in the 9th year (Leviticus 25:20-22), which is a miracle akin to that of the manna.
At the end of the 7th year at the feast of Tabernacles they were to come before God at the place he chose to listen to the reading of the Torah. (Deuteronomy 31:10-13)
Also at the end of the 7th year the Torah requires every creditor remits all debts owed by his neighbour.
At the end of every seven years you shall make a release. ..Every creditor that lends ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the LORD'S release. Of a foreigner you may exact it again:..If there be among you a poor man of one of your brethren within any of thy gates in your land which the LORD thy God gives you, you shall not harden your heart, .. You shall surely lend to him, and your heart shall not be grieved when you give unto him: because that for this thing the LORD your God shall bless you in all your works. (Deuteronomy 15:1-10)
It was about this last law, the law of release, that the LORD rebuked the people, through Jeremiah
“At the end of seven years you shall let go every man his brother that is a Hebrew, that has been sold unto you, and has served you six years, you shall let him go free from you"; but your fathers hearkened not unto Me, neither inclined their ear." (Jeremiah 34:13-14).
Having a fellow Hebrew as a servant was the same as a brother being in debt. Anyone who owes money to another is their servant.
This lack of observance of the year of release for debt emerged again as an issue in the time of Nehemiah who writes,
"and if the peoples of the land bring ware or any victuals on the sabbath day to sell, that we would not buy of them on the sabbath, or on a holy day; and that we would forego the seventh year, and the exaction of every debt." (Nehemiah 10:32)
Fundamentally they were hoping to buy and sell one extra day a week to make greater profit. This desire for greater profit was why they held onto debts and exacted the full amount. And so there is nothing new under the sun, for the modern world trades each day hoping to make ever greater profits and exacts debts even to the harm of the debtor.
But we note that the result of following God's law and releasing our debtors is a God given profit! That is God wants his people to be profitable, but on his merciful terms.
Israel has gone half-heartedly half way. Since 1951 (5712) the land lies fallow for the seventh year (except for those who sell the land to foreigners for the year and work exempt hydroponic crops). And much law governs the detail of what happens to natural produce, very little of which goes to the poor.
Personal debts are considered forgiven at sunset on the 29th of the month Elul (29 September 2008). But it seems not a practice to write off fiscal debts. In Israel it is voluntary. Also, before an agreement for a loan, if both parties agree, they can go to a religious court for a document to allow the debt to be exacted despite the year of release. This way around was introduced by Hillel (30 BCE to 10 CE) as people were not lending, and so defying the law. The sages added that both parties had to own property to ignore the year of release, but subsequent commentary showed ways around it. This misses the point, either to not lend or to exact the debt are contrary to the aim of the law- that is that while there are poor one must in effect give to them to help them, and then one is rewarded. Jesus deals with this issue raised by Hillel when he says,
Give to him that asks thee, and from him that would borrow of thee turn not thou away.(Matt. 5:42)
Again the core of this issue is raised with the young man to whom Jesus said,
“If you will be perfect, go and sell what you have, and give to the poor, and you shall have treasure in heaven: and come and follow me”. (Matt. 19:21-22)
And again, he speaks of this issue reminding us of the reward of the law of release,
Give, and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give into your bosom. For with the same measure that you mete withal it shall be measured to you again. (Luke 6:38)
The most telling point is the Law asked them only once in every seven years to forgive debts, at the end of the year, yet every year they hoped to be forgiven of their debts. One year in seven they had to forgive and shortly after, in the new year, they asked to be forgiven. Jesus puts it this way in his model prayer,
And forgive us our debts, as we forgive our debtors.(Matt. 6:12)
But Israel does not keep this part of the law. And this year was their ninth, where instead of increasing their adherence to the whole, they argued about how best to not keep the Sabbath for the land.
However, this year 5768 has given the world a new catch-word: “subprime”. It has emerged that many companies in both the UK and US were lending to people who they knew had limited capacity to pay. Generally these people are poor or disadvantaged in some way. Many of them were borrowing for housing. In the US it appears the lenders also had insurance, seeming to reduce their risk to almost nil. In a healthy economy a company could still profit if a person defaulted due to the sale of the house plus the interest, and, at worst, if there was a loss they could claim insurance.
In some states of the US people who can't afford the loan repayments can hand in the keys to their house and walk away. This becomes attractive as soon as the house is worth less than their debt. In effect they are released. The effect, retrospectively, was first noticed at the end of 2006 and in March 2007 a company was de-listed. But this was only a beginning. The first major mark was felt in the UK where the bank Northern Rock had difficulty and required a loan from the Bank of England as the last resort on 12 September 2007. However, events were more noticeable in the US, where during 2007 foreclosures went up 79% from 2006. By the end of October 2007, the beginning of the year of release, 16% of subprime loans were in default or in foreclosure (triple the rate in 2005). By January 2008, it was 21% and by May 2008 it was 25%. That is, at the start of the year of release in Israel there occurred a remarkable increase in the number people being released from their debts. The end of the year of the release, in September 2008, saw a crisis demanding US government intervention with a number of significant financial institutions failing, including Lehman Bros with strong links to Israel. It was from 15 September 2008 up to the day of the release, that the momentous bankruptcy liquidation of Lehman Bros occurred.
But there is more, in April 2008, the US senate passed a bill to cancel debt of eligible poor nations, as it was "a `Sabbath year', 7 years after the historic Jubilee 2000 campaign". This campaign of 2000 was aimed at eliminating the debt of very poor nations. And 2000/1 was another Shmita year.
Despite the origins of events being complex, the outcome is providential as it has brought to the entire world's consciousness the uncertainty of human wisdom in profit making, and the knowledge that events that shook the world began when many poor people, subprime, sought release for a debt they could not pay. Just as God required!
This year 5768 was truly the year of release for many poor people, a seventh year, and through the work of God in the nations it was brought to the world's attention.
To be released from the debt of sin is a fundmental concept of the Bible, and is related to salvation.
For more Salvation and Jesus
