A debt jubilee makes perfect sense when you've got Judean levels of production and equality where no one but royalty owns anything of consequence. Jubilees had the effect of minimizing the growth of any middle class because the king could just up and decide that all of your business transactions were now null and void, sucks to be you. You'll note that nobody talking about debt jubilees ever talks about how "debts" are pretty much "the bond market" and "social security" these days or about the fact that debt jubilees never coincided with freeing slaves. If you want to know what a modern day debt jubilee looks like, just ask Mitch McConnell: it looks like giving $50b to the airline industry, who spent their past $46b buying their own stock.