As promised, a working version of this pretty much as it stood at Borrowrob. Any feedback is greatly appreciated.
Debt is often seen as a function of deficit value, but the real power of debt lies in its ability to bind and enslave over time, compounding the problem of deficit value. As established first by Adam Smith and elaborated upon by Marx, value is always created by time, the value of physical goods is a manifestation of the labor time it takes to acquire or extract them. Why then, has currency never challenged the temporal boundaries of value? Time is what allows some to accumulate and others to accrue debt— it is the silent accomplice of economic inequality.
Jubilee Plastic is a debit currency that attacks time as the agent of debt. Every seven days, a random sum of credit is deposited on the Jubilee card by a central bank. A Jubilee card is bifurcated into a short-term and long-term account. The short-term account is reset weekly, at the end of the seven day period, any remaining sum is wiped from the account and a new sum is deposited. The long-term account is a “savings” for larger purchases, which resets every seven months. Labor is not credited directly as wages, but indirectly as an increased likelihood of a higher sum in the central bank’s distribution algorithm. In this way, Jubilee Plastic attacks both the capitalist problem of inequality and the socialist one of lack of motivation.