Funds & stocks

The gift of grace requires the response of stewardship. 

Stewardship is a form of solidarity, of sharing the unearned wealth with the largest collective. 

• In the case of sheviit that sharing is implemented through the suspension of claims of private property over the store of value – the land – so that other people and other species can partake of the bounty. That represents the replenishment of the fund of services of the natural capital that is granted as a gift of grace. 
• In the case of yovel the actual transfers of the land itself are rescinded. That represents the replenishment of the stock of services of the natural capital. 

An equivalent process is operating on the financial side of the ledger. The stewardship comes in the form of solidarity with respect to the losses at risk. 

• The Levites refrain from insulating themselves from the income fluctuations of the nation. That represents the sharing of the losses of the downside side of the risk equation with credit as a fund of services. It says all risks are entered into between the leadership and the general populace as equity relations. 
• Shemittat kesafim refrains from insulating the creditor from the debtor with respect to the risk of default. That represents the sharing of the losses of the downside side of the risk equation with credit as a stock of services. It says all risks are entered into between the leadership and the general populace as debt relations. When the debt defaults everyone shares in the loss.