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The Morality and Legality of Debt Jubilee, Part III
In Parts I and II (click Sprott News), readers saw how all of the public debts of our nations (past and present) were the direct result of fraud, and thus legally unenforceable – on two bases. Firstly; the bankers of these Big Banks proclaimed themselves the world’s foremost financial experts. On that basis; they not only received privileged treatment for these Big Banks, they were recipients of confidential financial and economic information from our governments, as fiduciaries who were claiming to be acting in our best interests.
In reality, these Con Men never had anything on their minds other than burying our nations in debt, in their own best interests. However, based upon the well-established legal doctrine of “fraudulent misrepresentation”; these fiduciary financial “experts” owed us a duty of honesty. Having violated that duty (incessantly); the multi-trillion dollar IOU’s that the One Bank is holding (in the form of our national debts) are illegal and unenforceable.
But there is also a second basis for legally repudiating these debts, in full. As detailed by Republican Congressman, Charles Lindbergh (roughly a century ago); our governments were already completely in the service of this financial crime syndicate a hundred years earlier. Our political “leaders”, who also had (and have) a legal duty to represent us to the best of their abilities have been little more than the bankers’ bought-and-paid-for stooges for the past 100+ years.
Having our own representatives behave in a fraudulent (and arguably criminal manner) is an equally valid legal basis for erasing every cent of these monstrous, mountainous debts. There can be no argument that our public debts are anything other than illegal/unenforceable, merely a choice as to which legal ground to use as justification for their repudiation.
However, it isn’t only our governments who have been enslaved in debt. Much of our populations have done the same to themselves, as well. Indeed, countless millions of inhabitants across the corrupt West have already seen their own finances implode, on the basis of being no longer able to even service their debts – let alone repay them.
Unlike our public debts, we have no (corrupt) “representatives” whom we can blame directly for our own indebtedness, thus that particular argument for repudiating our personal debts is denied to us. But in law; one doesn’t need two valid arguments to succeed in any adjudication, one substantial basis is all that is required.
This then leaves us with the second basis for (potentially) repudiating our personal debts: the fraudulent conduct of these financial predators. Here, once again, the circumstances of our personal debts are not the same as with our public debts. Unlike the representations which these banksters made to our (corrupt) governments; the bankers (and the Big Banks they serve) do not portray themselves as our fiduciaries when we approach them for financial advice and/or services.
They articulate to us (or, at least, they are supposed to) that we are “responsible” for our own financial decisions, and thus they advise us to “read carefully” any/all financial documents or agreements they put before us. Does this thus absolve the Big Banks of responsibility (and guilt), as they malevolently buried 100’s of millions of generally well-meaning individuals under mountains of debt they could never hope to manage?
Hardly. Holding us (fairly and legally) responsible for our own debts is based upon an assumption: the legal assumption that “the system” itself is structured in a manner where it is fair-and-reasonable to assume that debtors properly understand – and are capable of understanding – financial documents put in front of them.
Clearly such an assumption has no basis in reality in the 21st century. Indeed, we see the exact opposite. While our (so-called) “educational systems” have been dumbed-down to the point that they do little more than churn out mindless drones; the financial documents (and transactions) concocted by these Big Banks have gotten steadily more-complicated/less-comprehensible.
Who is responsible for creating a “system” which allows these Big Banks to entrap us with ultra-complex financial agreements, documents which few members of society have the education and/or expertise necessary to decipher? Our “leaders”: the same corrupt stooges who (we have already established) have simply been the bankers’ accomplices for the past 100 years, or so.
While these banksters may have no “fiduciary duty” to properly/honestly explain their documents, or simply draft documents which can be reasonably deciphered; our “leaders” certainly do have such a duty. Allowing the Big Banks to enslave us (individually) in debt, through the use of complex, predatory documents (transactions), into which we would never enter if we properly understood the terms is also obvious fraud.
To illustrate this, we need merely point to the most-egregiously exploited victims. In the United States; it is long-established that the large African American minority is systemically denied not only equal opportunity in employment, but equal opportunity in education. With many denied even the possibility of a proper education; it is public knowledge that this demographic is especially vulnerable to predatory financial practices.
What do we see in the U.S.? Overwhelming financial evidence that black Americans have been both systemically and systematically victimized by the predatory Big Banks. African Americans are not only regularly assigned higher mortgage rates (and less-favorable terms) than non-black borrowers with similar/identical financial parameters, they are regularly assigned higher mortgage rates than they are entitled to, based upon their financial data.
Obviously this also applies to poorer, and more poorly-educated members of other racial/ethnic groups as well, it’s simply a matter of the evidence being more vivid and unequivocal when viewing the U.S.’s African American population. Thus clearly when it comes to borrowers on the bottom; there is more than enough evidence of fraud (and malice) on the part of both the Big Banks and our Traitor Governments to wipe away their debts along with those of our governments.
The question then becomes: what is the appropriate means of dealing with debtors further up the economic totem-pole? Are we going to allow our Traitor Governments and the banking crime syndicate to get away with their economic rape of those of us slightly better off, simply because (in the case of those crimes) the level of victimization was slightly lower, and the level of personal stupidity a little higher?
It is a well-established principle of law that when it comes to the enforceability of contracts (including any/all contracts incurring debt) that there is no such thing as “a little bit” of fraud.Any evidence of fraud makes contracts unenforceable. Individual acts of fraud by the Big Banks. Systemic fraud by our Traitor Governments in creating a financial system which is as predatory as it is insolvent.
We can’t sue our political leaders, and then compel them to indemnify us for our own predatory/fraudulent debts. That remedy may be “just”, but it is neither financially practical, nor is it legally achievable. However, we can simply erase all of these corrupt, predatory debts.
Along with the legal justification for doing so; there are numerous “public policy” justifications which also argue in favor of wiping away our individual debts, and virtually no arguments which can be made in favor of enforcing these debts.
Who benefits if all these individual debts are wiped away? Everyone, including those who don’t carry any debt at all – everyone except the One Bank. With their debts wiped clean; individuals formerly buried in debt would/will have much more money (obviously): money that can be used buying goods and services, money that can be used paying taxes, money that can be used to start new businesses.
In short, the ultimate “stimulus program” for our (currently) hopelessly crippled economieswould be a full Debt Jubilee. It would (in most respects) restore full health to our economies, something which practically none of us have ever seen in our entire lives.
What about “personal responsibility”, shout out some readers, apparently without the need of any bribes from the Big Banks? Why not force these debtors to pay-off their $trillions of debts, no matter how badly it devastates their lives, and our economies?
Yes, what about “personal responsibility”? Why not demand that debtors shovel $trillions of dollars into the vault of the worst crime syndicate in the history of our species. Now there is “responsible” thinking!
Who cares if the One Bank is financially engorged with $trillions which it never earned, and never deserved? Leave it with mountains of wealth large enough to continue to buy-off our governments, to continue to rape-and-pillage our economies (and all of us), and to complete the entire destruction of our societies. Surely that is a small price to pay as long as we can make sure that our indebted neighbours “get what’s coming to them”?
United we stand. Divided we fall. Those who think that their path to “a better life” lies over the backs of their own neighbours serve the One Bank.
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Morality legality aside, here are the practicalities:
http://www.amazon.com/Debt-Hope-dirty-survival-strategies/dp/1907498524
What you're talking about is not, I repeat, IS NOT a Jubilee.
If you want to institute a Jubilee, say, for instance, along biblical lines, every fifty years, you have to start at Year One. And everyone has to know that all extant debts will be repudiated come Year Fifty.
That means, during Year Forty-Nine, each and every loan in the economy will either be paid down or written off. Because you see, since they like to be repaid, no lender will at any point lend on repayment terms that pass Year Forty-Nine. Duh.
A genuine Jubilee would allow debt to be gradually and naturally purged from the system without a sudden crash in the value of assets. It would be a reset that screws neither the economy's lenders nor its debtors.
What too many people fail to realize about finance is that every man's debt is another man's asset. Which means what you're really talking about is a deliberately-induced crash in asset values that you want to label a "Jubilee." As such, it would be an unmitigated disaster. No.
Who is George Schwartz? And to what did his father change the family name?
If the incredible global debt is to be eliminated this is the way to do it and not using WW3. I have no debt nor do I believe in debt but this is simply the most practical solution to solve the problem. Hyperinflation would work too but will bring on a lot of human suffering.
Any system based on greed, corruption and lawlessness will end one way or another; I don't believe that our current situation will be the first exception in the history of mankind.....
"Who is responsible for creating a 'system' which allows these Big Banks to entrap us ..."
The essentials of the behaviour of the financial sector exactly isn't restricted to perform on such fine establissments, is it.
The thrusts characters and their relentless strain to creative destruct your view on the good we easily can spot all over the places that invites them to perform.
The most on battlefields, spilling questions of morality open end.
The fraud in the financial sector, it's another flower in the sump of our problem that emanates in accepting the results of war. In a to date unreached magnification.
Put the books aside that will turn you to another view of the quest to power. The banks have entraped you after a well known plot.
How to make that the beavers come into the trap. Economy, take away them the beavers and let them search for a job.
Aka they who control the money... - people decide what to pay or not without to be pressed in the obvious solution, then there we had a government of the people for the people and not a day before.
We would leave the battlefield theater because it would make no longer sense to fight for slaves.
An awesomely unrealistic article, provoking an astonishingly high frequency of ridiculous comments! Of course the established banking system is based on ENFORCED FRAUDS, however, those who focus on the FRAUD, while ignoring the FORCE, are being ridiculously unrealistic.
The theory of debt jubilee, especially for the relatively more odious debts, is interesting to ponder. However, one should do that within the overall context in ways that concerns itself with how those frauds were enforced, because any actual solutions are going to have to also be enforced, which generates profound paradoxes of enforcement.
In my view, the more probable ways that the runaway numbers of debt insanities are going to be resolved will be by provoking death insanities. There theoretically could be developed better death controls, to back up better debt controls, however, as the unrealistic article and ridiculous comments about demonstrated, that is extremely improbable, because generally people do not understand these situation better, because they have been conditioned to not want to understand them.
I still think that the following is one of the best quotes regarding analysis, and probable prognosis:
http://www.conspiracyarchive.com/NWO/silent_weapons_quiet_wars.htm
Silent Weapons for Quiet Wars
"Energy is recognized as the key to all activity on earth. Natural science is the study of the sources and control of natural energy, and social science, theoretically expressed as economics, is the study of the sources and control of social energy. Both are bookkeeping systems: mathematics. Therefore, mathematics is the primary energy science. And the bookkeeper can be king if the public can be kept ignorant of the methodology of the bookkeeping. ... In this structure, credit, presented as a pure element called "currency," has the appearance of capital, but is in effect negative capital. Hence, it has the appearance of service, but is in fact, indebtedness or debt. ... if balanced in no other way, will be balanced by the negation of population (war, genocide)... They must eventually resort to war to balance the account, because war ultimately is merely the act of destroying the creditor ... War is therefore the balancing of the system by killing the true creditors (the public ...) the economy has been transformed into a guided missile on target."
Democidal martial law is much more probable than debt jubilee. Any genuinely better resolutions would require better understanding of human systems as general energy systems. However, the currently established systems are based on the biggest bullies' bullshit, i.e., ENFORCED FRAUDS, to a degree that almost everyone thinks using bullshit languages, and it is practically impossible to communicate with the vast majority of people anything outside of the bullshit world view that they were already brainwashed to believe in.
This article applies relatively superficial morality to the recognitions that "all of the public debts of our nations (past and present) were the direct result of fraud, and thus legally unenforceable."
Of course it is CORRECT to say that the MAD Money As Debt system is fundamentally fraudulent, however, its real history was that it was enforceable because governments are the biggest form of organized crime, controlled by the best organized gangs of criminals. That takes place in the context where human realities are always organized lies operating robberies. No private property exists outside of some system of public violence. Money is the most abstract form of that: MONEY IS MEASUREMENT BACKED BY MURDER.
The production of destruction controls production. There are no fundamental dichotomies, and all impossible ideals based on false fundamental dichotomies actually make the opposite happen in the real world. There is not freedom without a force. There is no right without a remedy. From that perspective, what the article above did, as well as many of the comments upon it, was propose free-floating "morality" as a basis for resolving real problems. IF one fully faces the reasons how and why governments are the biggest form of organized crime, controlled by the best organized gangs of criminals, which are how and why we ended up living inside of debt slavery systems that have runaway to generate debt insanity numbers, and one continues to be consistent with those facts when turning towards proposing genuine solutions, then the only good solutions would require better organized crime.
Idealized notions of "debt jubilee" are worthwhile to consider. However, they should not be promoted outside of the basic ways that the only things that actually exist are the dynamic equilibria of different systems of organized lies operating robberies. There can be no better debt controls without better death controls to back that up. We have the entrenched systems of ENFORCED FRAUDS, that exist now, because those were due to the long history of warfare selecting for War Kings, that established the powers of sovereign states, which powers were captured by the Fraud Kings, the private banks that effectively privatized the public powers to rob, and to kill to back that up, such as how taxation and legal tender laws ENFORCED THE FRAUDS of private banks making the public "money" supply out of nothing as debts.
The article above, and most of the silly comments upon it, were based on taking too much for granted the biggest bullies' bullshit world view, and the commonly understood languages through which that is expressed, and mostly taken for granted. Indeed, it is quite interesting, if one studies the history of words, how many of the words which we now generally use to talk about freedom and its opposites can be traced back thousands of years to when those words were originally used to talk about debts and slavery. In general, we have mostly gotten totally lost in the amazing mase of bullshit, backed up by the biggest bullies, to the degree that it is practically impossible to have any rational public discussions about these matters.
We generally understand everything in as backwards of ways as we possibly could, due to the long history of civilization being built on the basis of backing up lies with violence. Ironically, most of those who are in the various controlled opposition pretending to be against that continue to operate within the same frame of reference, in as much as they indulge in an almost totally bullshit view of the world, and therefore, have no personal qualms with proposing bullshit "solutions."
While there is no doubt that the established debt slavery systems have driven their numbers to become debt insanities, any better resolutions of that would require better death controls, to back up better debt controls. In default of that (which appears practically guaranteed, given the general level of deliberate ignorance and stupidity, and the practical impossibility of have any more relatively rational public debates about these serious issues), WE ARE RUSHING TOWARD DEATH INSANITIES, AS THE ACTUAL WAYS THERE WILL BE SOME SORTS OF RESET "DEBT JUBILEES."
The Theory of Equivalence of Debt Repayment.
Democidal martial law == Repudiation == Debt Jubilee.
A Rose by any other name.....
would smell as sweet!
Damn those Fidouchebags! We need debt jubilee(s) and we really need bank holidays, too. And to end fractional reserve banking!
Preys are supposed to run and burrow not dimantle traps. Household consumption has gone down but not significantly. Household Debts also have not decreased significantly. The defaults have not risen to cause pains to banks.
This article is "pie in the sky". Dismantling Oligrachies require massive non-violent civil disobediences.
i agree with sprott money, except for one very in your face fact.
who made the housing crises possible, making home loans to people who could never afford to pay them off, congress.
who made a trillion dollars worth of student loans possible, probaly 80% will be uncollectable, or forgiven, congress.
who's making it possible for people to get car loans, and credit-card purchases, congress.
if you work, and pay taxes in america the housing trillions of dollar loses, and say trillion dollar student loan program is on your tab at treasury.
through tax write-offs, which means you will owe more taxes, car loans, and credit card debt, well your talking big banks, their not going to lose, it's going to show as more taxes, increased monthly cost, and maybe interest rate, and your treasury tab will increase.
i've stated before, in 1913 there were trying times, which needed real american leaders, the politicians punted, and they've been punting ever since.
Always put a grain of truth in complete nonsense, so some people will fall for it. I'm a bit stunned someone in the Sprott corporate family would write nonsense like this article, without some "adult" noticing and killing it or "fixing it" somehow.
Sure, the banksters are the worse predatory fraudster in the history of the universe. True enough. But what happens to the minority of folks who were responsible for themselves? Who were frugal for a lifetime, never borrowed, and instead saved for decades. You know, those of us who never puchased a transistor radio, a Sony walkman or other CD/DVD player, who never purchased a television (or signed up for monthly fees scams like 600 cable television "channels"), who never purchased a fancy car, who never purchased much of anything except necessities of life and whatever equipment and supplies were necessary to practice our productive career?
What happens to those frugal, responsible folks in a jubilee?
All the debt-freaks and debt-addicts who regularly donate junk to charity because their multiple car garages have no room for any more old junk, and definitely no room for cars... suddenly don't have to pay for all their goodies? But they get to keep all the goodies they have room to store (in their huge McMansion, also "purchased" on debt, but now owned free and clear)?
Oh, but that's not all. As the author correctly identifies, once the jubilee is declared, there will be a monster wave of available cash flooding into the market as everyone has their entire paychecks available to purchase goodies... PLUS... a now-unconsumed credit line to expand to maximum again.
And what happens when vastly more money all of a sudden chases the supply of available goods? That's right, prices blast through the roof. Which means what? This means the value of savings those poor responsible frugal folks accumulated over a lifetime... vanish in a puff of smoke.
Yeah, thanks a lot, ripoff artist! You sure will make a lot of "entitlement class" friends, but at the price of utterly destroying every honest, ethical, rational, prudent, frugal human being.
Yes, the human predators need to be eliminated (not just "punished"). But the author plan rewards everyone who was imprudent, irresponsible and enjoyed more goodies than they could afford, and punishes everyone who was prudent, responsible, lived without, and saved to fund future productive endeavors.
First step would be to collect every penny of assets from every human predator, then to distribute that wealth to every honest, ethical, benevolent, productive human being in proportion. That would reward savers and debt-freaks "equally" (which still isn't "fair", but is at least an attempt).
Yes, OWS seemed to latch onto this to forgive student loans. There are lots of devices to use in legislation to set minimums, maximums, time limits like if a Jubilee then you get 13 years of less credit,... but the problem with fraudulent bankers, those that prey on the poor & middle class or even successful would require sweeping reforms & investigation & audits.
So yes I agree with you.
And say a banker or financial manager has lots of debt & lots of money... he takes a Julilee and moves to Bahamas... What?
Any comments on these Deregulations?
Transportation, Energy, Communication, Finance, Free Trade, Campaign Finance
1978 - Bankruptcy Reform Act of 1978,
1980 - Depository Institutions (J. Carter, followed by S&L Crisis, 5000 convictions, RTC)
1981 - Executive Order 12287, (R. Reagan, removed price controls on Petrol)
1992 - Energy Policy Act (H.W. Bush)
1994 - NAFTA, Deregulation of Trade, 3 Nations (W. Clinton)
1996 - Energy (W. Clinton, followed by ENRON Scandal)
1996 - Telecommunications Act (W. Clinton, cross ownership)
1999 - Gramm–Leach–Bliley Act (Phil Gramm, W. Clinton, followed by 2008 Financial Crisis)
1999 - bombing campaign in Kosovo (W. Clinton, over 60 days)
2000 - Commodity Futures Modernization Act of 2000 (P. Gramm, W. Clinton, derivatives)
2002 - McCain–Feingold Act (G.W. Bush, Campaign Finance, soft money unlimited)
2005 - Energy Policy Act (G.W. Bush, subsidies, excluded clean air Water acts)
2005 - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
2009 - 2014 Continuing Resolutions in which Congress gives up Budget Powers
2010 - Citizens United v. Federal Election Commission (money is free speech for corps)
2011 - US combat in Libya (B Obama, over 60 days)
- (Laissez-faire economic policies)
I'm sure those are all corruption. However, as you know, I don't accept that government exists, corporations exist, banks exist, or any of those regulations exist (except as ink on paper).
So I tend to think about the issue you're pointing at in a different way. If the entities that received the "favors" you're against never received "special powers" or "special status" or "zero percent loans from a fiat, fake, fraud, fiction, fantasy, fractional-reserve central bank"... then there would never be any need to pretend to "regulate them".
I think some of the most hilarious (in a very nasty, vicious way) laws and regulations were:
1776?: forming a fictitious "nation" and declaring everyone for thousands of miles and centuries of time is now obligated to obey (in order to be free?).
1865?: killing 500,000 "citizens" to officially increase the number of "slaves" from "some black people and a few others" to "everyone".
1913?: you must accept worthless pieces of paper in exchange for real goods.
1913?: humans pay income tax, but "income" doesn't mean "after expenses".
1913?: hyper-predatory banksters create unlimited fiat money out of thin air.
1933?: steal all physical gold from everyone except human predators.
1936?: you need papers (license, registration, etc) to travel (in a metal can).
1969?: you must go kill people in vietnam, or we'll hunt you down and kill you.
2002?: declaring "corporations can buy politicians in unlimited ways".
2005?: declaring "corporations are people".
2008?: people can no longer declare bankruptcy (but corporations can).
2008?: banksters get to keep all profits, but their losses are paid by others.
2014?: now costs $thousands$ for a form to declare yourself "not a citizen"!
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Aarg... I gotta stop! Too many more atrocities flooding into my head every second. Plus, I don't remember dates! Plus, frankly, I don't really look at most events like most people do. I utterly and totally reject taking the term "government" as meaning anything real... because it isn't. So all my gripes are against the human predators who pretend to be "government", pretend to be "central bank", pretend to be "corporation"... and against regular folks who ALSO pretend these fictions are real... and sanction them, and support them, and defend them, and finance them.
100% of everything said by humans calling themselves "politicians" or other fictitional "officials" and "authorities" are nothing but NOISE GENERATED BY AN ANIMAL.
The big problem is... the other animals take those noises seriously, and obey them, and expect the rest of us to obey them, or actively have us caged or killed for ignoring the ugly sounds made by these hyper-predatory animals.
-----
As an absurd finish that you know I don't actually believe or advocate... Humans do not need licenses to travel (licenses, registrations, proof-of-insurance, etc), or travel (passports, visas, etc), or exchange goods (sales-taxes, import-duties, customs-restrictions, etc), or anything else.
But... somehow... it almost makes sense to say humans need some kind of license to operate their brains, because they are making such a mess of reality and themselves and others in their utterly insane exercise of their consciousness.
Humans are UTTERLY incapable of operating their own consciousness. This applies to more than 99.9999% of human beings on the planet. And until humans become capable of operating their consciousness, they shouldn't.
I haven't read the articles in the 3 parts, ....I should have disclosed this.
But I try not to lie. I think I am nice, but I probably have played roles that others condemn. Actually I don't feel lying about my personal life is bad at all. We have a right to make decisions without condemnation, but this is lost on MSM, Police, Legislators, Congress, and anyone that makes a living by Spying, Reporting, or Monitoring other Citizens.
"Humans do not need licenses to travel"
Yes, if we are adults, why do we need to petition the King or a lord for leave, movement, travel to foreign countries we are not at war with...?
Control and Tax Revenue is just the surface. Control of Info, Education, Government PR, and Main Stream Media... coupled with control of the National Legislative Body is enough for Oligopoly Control over the Consumers & maybe the Businesses...
The banking mafia ought to be charged under RICO. The resulting sequestration would effectively be a debt jubilee.
http://en.wikipedia.org/wiki/Racketeer_Influenced_and_Corrupt_Organizati...
How do you or we get Justices that feel outrage about 9-11 to take the venue or lawsuit in their court?
- Presumably there are some Justices that feel outrage at 9-11
- Presumably there are justices that want justice and face voters to keep their jobs
18 U.S. Code Chapter 115 - TREASON, SEDITION, AND SUBVERSIVE ACTIVITIES
§?2381. Treason
§?2382. Misprision of treason
§?2383. Rebellion or insurrection
§?2384. Seditious conspiracy
§?2385. Advocating overthrow of Government
§?2386. Registration of certain organizations
- 1900s when US started Depending on Outsourced Produce
- 1960, when US started Outsourcing Auto Factories
- 1968, when Costs of Vietnam War became Obvious Problem
- 1971, Nixon Shock, US Refuses to convert USD to Gold for Foreign Holders of USD
- 1972, BCCI Bank created
- 1974, CIA Slapped with Investigations of Practices, they decide to Outsource & Subcontract
- 1978, Soviet-Afghanistan War Starts
- 1979, the Top of US Manufacturing
- 1979, when US Median Wages got Stuck or leveled out
- 1980, Presidential Campaign, Debt, Economy, Inflation, Iran
- 1981, the Top of US Money Velocity
- 1982, Ronald Reagan Maxes out DoD Budget
- 1982, CIA Begins using BCCI Bank
- 1986, DoD Contractors Soar with profits & plans
- 1990, Start of US Gulf War with Iraq, US & UK will Bomb Iraq for the next 13 years till US-Iraq War II
- 1994, NAFTA Treaty,
- 1995, Sub-prime mortgages started
- 1995, Community Reinvestment Act, the Clinton Admin urged flexibility,
- 1995, HUD advocated greater involvement of state and local organizations
- 1996, Start of a Period of Accounting Fraud in USA which continues today
- 1997, M2 Money Velocity Top
- 1998, Brooksly Born Rejected on her concerns on OTC Derivatives
- 1998, Derivatives expanded and were not regulated
- 1998, Clinton's Kosovo War
- 1998, Citicorp & Travelers Insurance Merger
- 1999, Gramm–Leach–Bliley Act (GLBA), End of Glass Steagal Act
- 2001, US-Afghan War
- 2003, US-Iraq War
- 2005, CAFTA-DR Related Progression
- 2005, US Mortgage Top of Bubble
- 2008, US-Global Financial Crisis
- 2012, Existing Home Sales finally return to USA
- 2013, IRS Budget exceeds $100 Billion since it now pays out cash to households as Credits
- 2013, Corporate Income Taxes Receipts still fail to return to 2006, 2007, or 2008 pre-crash Level of over $300 Billion
The MANY FACES of RICO Violations???
double post.
I agree with Tx-Mike. The bankers and the Fed are scum, but most of the blame needs to be applied to the idiots that keep demanding services from the government that they can't afford. Voters need to think beyond what is showing on TV or any of the other mindless crap they do. The majority of voters are dumb asses.
I agree with Tx-Mike. The bankers and the Fed are scum, but most of the blame needs to be applied to the idiots that keep demanding services from the government that they can't afford. Voters need to think beyond what is showing on TV or any of the other mindless crap they do. The majority of voters are dumb asses.
Change the repayment system perhaps.
1. When a lender has doubled his money or the borrower has paid double the original loan amount the debt should be extinguished.
or
2. A fee could be agreed upon at the onset of the loan. The fee and the principal repayment should also be negotiated and governed by the free market.
Not likely I know. Nor is Jubilee
Something for nothing. Easy quick fix with no down side. And Magic in general, doesn't ever really work. Like those easy quick weight loss, no dieting miracle pills. Debt Jubalee...really.
What effing moron wrote this garbage?! I can't believe it was allowed on ZH in the first place..
To act as if the population was somehow tricked into debt slavery is populist GARBAGE!
STOP buying $h1t you don't need and you won't have any private debt to carry.
It is completely possible to survive just fine with -0- credit. You just have to start small and simple and EARN AND SAVE enough money to step up to bigger things.
(gov't debt is a completely different debate)
Oh wait, I just went to see who "Sprott Money" is.... Same family of CRAP like Phoenix Capital has been writing for years..
I own plenty of PMs, Real Estate, Guns, and lots of ammo.. so yes... I like "hard assets", but For Fuk Sake, if you are going to pimp PMs, don't sound like a eff'ing idiot when you do it..
SMH
Now back to work... Lazy people all over need my taxes..
.:)
They're going to have to do something soon. Once things start unwinding, it will be too complex to get a handle on it. It's their own fault, they made the system too complex to be handled.
But they will wait until the very last moment, hoping vainly that something will 'come along' and rescue them. That's what these past 6 years have been...TPTB waiting for the cavalry...
No cavalry coming. Now they are praying that they can control the collapse. An orderly unwind is just not in the cards, and a lot of people are gonna walk away very mad. But money WILL be lost, and lot's of it.
Sounds like a problem for those who HAVE money. So I'm good...all I have are some barbarous relics from a time long past...
I just like saying jubilee. Makes me think of theatre candy.
In the Detroit bankruptcy Detroit Sewer & water bond assets were carried at 100% value-and releveraged. None of the bad infrastructure debt was discharged, they only ditched people and unsecured creditors. Detroit isn't fixed, its parasite anchor (bad debt and people that control it) is bigger and more entrenched than ever, Detroit is not like a black hole it is a black hole and its growing sucking more into its death spiral everyday.
Dont be Detroit
I would support a permenent jubilee from the idea that 'debt' actually exists.
I've read it and I disagree. I can not see that the states are victims they are the offenders. They never had to give up on gold as currency, they never had have to install the fractional reserve system. They did for one good reason: To get more and more of the work of everyone.
??? What is it you are saying that you have read? It does not sound like Localism, a philosophy of government. It is not about making the states in charge (heck counties could change states if they wished, or if enough of them want to, form their own), it is about making individual citizens in charge by bringing free market principles to government. And it would not start with states anyway. The place to start, and it says so, is the third pillar- that is changing the way people access the political system. If that is not done first none of the other stuff can follow because the one party with two faces is funded by global interests and has been sealed off from reform from within.
Don't get what you are saying about the states never having had to give up on gold as currency. They were forced to give up on gold currency when the feds started taxing state bank issued notes which at one time were competing with federal bank notes. The feds tax "gains" on gold which are really just their sucking value out of paper money.
Part of the reason the states are "offenders" is that they work for the same political party that sponsors federal candidates, so the Founders intent of check and balance is lost. That is addressed in the third pillar, and elsewhere where it covers the other tricks the feds use to turn state governments into their allies against the citizens instead of what states were meant to be - co-soveriegns who would be a buffer between their citizens and the limited federal government created.
When you say "they never had have to install the fractional reserve system" you imply that the book thinks that fractional reserve banking is the problem. Are you sure we are talking about the same book? Is it possible that you did not absorb what was in there but just imposed what you were already thinking onto the text? It said fractional reserve banking was OK if there really were adequate reserves instead of 50-1 "leverage". The excess leverage is the problem, not the whole concept and it said how to deal with that too.
Are you sure this was the book that you read? http://www.amazon.com/Localism-Philosophy-Government-Mark-Moore/dp/0692257101/ref=tmm_pap_title_0/178-8150350-9642704
It's this blog entry which starts with:
"readers saw how all of the public debts of our nations (past and present) were the direct result of fraud, and thus legally unenforceable – on two bases"
And that a wrong assumption to start from, and the public debts are a direct decision of the politicians to abondon money and to install a central bank. And so no I'm not for any debt jubiliee for states. They should not base a system on debt, they did and so they have to pay back.
I've no idea why you think I was writing about a different book.
To decentralize the political system, almost all services that are provided currently would have to taken down to the county level. "Representing people..." what a dream. Almost all people who participate in the political system believe it can be reformed. What a dream.
pass the peyote....
Well, the good news is that the debt will never get paid back anyway. There's not enough money on the planet to pay back this pile of crap. So, presto! Problem solved.
The only just way to do it is with a long lead time, at least 30 years, so that everybody knows when its coming. Right now, the banksters at the top know when the ups and downs are coming, but the rest of us don't. The justice in Jubilee is that everyone will know. But I doubt many calling for Jubilee are willing to wait 30 years to get it- they want immediate relief. If by some miracle you got it without reforming our political system, you would be right back in trouble in a few years. No friends, you have to reform and DECENTRALIZE the political system so that it starts representing indivudaul people again instead of groups of collectives. That would probably take 30 years even if "we" (1% of the pop.) started today. If anyone wants the blueprint as to how we do all of that..... http://www.amazon.com/Localism-Philosophy-Government-Mark-Moore/dp/06922...
But I doubt many calling for Jubilee are willing to wait 30 years to get it- they want immediate relief. If by some miracle you got it without reforming our political system, you would be right back in trouble in a few years.
Yep. And the folks on the bottom of the debt pile would take their debt-freedom and run right to WalMart and the Chebby dealer to buy more stuff they can't afford, thereby running up their debt all over again. I'm not sure 30 years is appropriate... maybe too long to provide meaningful relief. But there should definitely be a period of "re-education" where people learn how to manage money, how to EARN money, and why going into debt for petty stuff is a really BAD idea.
Finally, the concept of "delayed gratification" must be internalized or the whole mountain of crap just starts building up all over.
Oh... and the government MUST be limited to spending NOT ONE DIME MORE than they take in in tax revenues, wars must be paid for in CASH, and a maximum tax rate of 20% should be imposed on the Federal govt. What the govt spends their stipend on would be the stuff that elections are made of.
Actually in ancient debt Jubilees people were returned full use of their ancestral lands and bonded labourers returned there. Without working the fields they had nothing, but the at least they had the capital with which to produce a living, without all of it being skimmed off to pay interest on prior debts. Often it was not permitted to sell the land, only claims to the produce were negotiable.
And in the spirit of Xmas, worth mentioning that St. Nicholas (Santa Clause) was originally a bishop who is said to have thrown bags of money into the homes of destitute families who would otherwise be forced into selling their daughters to meet creditor demands.
Going into debt should certainly not be encouraged, but the real issue is what happens when all the returns to the means of production (capital, machines, land, whatever) go to a concentration of wealth-holders who form a huge tax on all economic activity purely because they have become the "owners". Their own contribution to producing the land or legacy social capital is usually microscopic compared to the unearned income they are claiming. Prosperous societies are the one where the distribution of ownership (equity) is more equitable, where people produce with means that they themselves own.
Instead of moralizing about people spending too much, it's also worthwhile wondering how everything came to be owned by banks who produce nothing whatsoever (except for IOU's).
i like that you make your points sincerely - this is the paramount problem of this saeculum - there is an answer in that nature refuses an imbalance as great as this to persist.
but i do object to an analysis that mirrors the marxist perspective - which is to say essentially that prosperity depends on an equitable distribution of ownership. perhaps it does, but the early communists were confronted with the same problem, which stated simply, is:
who decides for whom?
the attempt to empower any human to answer this question is a far worse nightmare, as we learned in the 20th century.
inequality is a natural state of nature. early on, when the united States of America was founded, and our highest angels (Spirit of '76?) held that the rule of law was sufficient, Jefferson himself mused that the bill of rights was short by two amendments, which he suggested would be:
no standing armies
no monopolies
if you consider carefully, both of those assertions form the foundation of an effective "power jubilee".
debt is nothing if not the tempory power over the property and labor of another.
Jefferson also suggested that the basis of our currency should be the acreage of our land. no issue of money beyond the land backing it. it took me until i understood fractional reserve fiat banking to understand this. but in Jefferson's time, the rules of power would not permit us to reject banking as it was, and as it has become.
these are not new problems. but the fact that we've strayed so far from Rule of Law based on sound fundamental principles means the inevitable reset will come, as many here realize. there is no way around this. the nature of banking must change.
our only real chance is to understand this well enough that we can avoid another true dark age, and know enough to rebuild (hopefully without making the same mistakes) when the time comes.
peace, and Merry Christmas
"But I doubt many calling for Jubilee are willing to wait 30 years to get it- they want immediate relief."
A Jubilee is a reset. It happenes at the end of a cycle. We are at the end of a cycle. There is no waiting for thirty years at this point.
id say The War Department and the CIA with their bottomless pit black/off the books budgets take up a lions share of the budget-probably more than anything else; Imagine if The War Dept public budget was only the TIP of an iceberg-you get the idea-what we are NOT SHOWN is what will kill us
"Just get rid of all the entitlement programs"
Easy for you to say jackass. Did you pay your hard earned money into SSI for the last 30 years?
The resolution is dependent on time. That is, how fast change occurs.
Assuming we are in a profound level of overshoot, rapid change would be more likely. "Rapid change" herein is likely violent, one way or another.
Math always wins in the end though. What is unsustainable, won't be sustained.
Exactly!
Instead of a Debt Jubilee, just ‘make it legal’ to euthanize the two most non-productive people we know – elderly and handicappers.
Unfortunately, the elderly made decisions based on those government "programs" and it's a bit late in the day for the govt to just say, "ooops! My bad. No-money-fo-you"!
(Funny thing is that a lot of the "elderly" didn't trust the government's assurances - and even though they don't have a lot of money, they have alternate "retirement" plans that involve them continuing to work at things besides the careers they had. And those who have retirement plans with money in them are about to have it all stolen by the government and the mega-banks.)
And since you seem to be economically challenged, I'll spell out another aspect of the SS "program" you apparently missed. The cheap shit you've been buying for about 65 years was partially paid for by manufacturing costs being held down due to WAGES being held down because of the reliance of the lower class workers on those govt programs. So those new shiney cars you bought? Yeah... add about 20% of what you paid for them to an "old fart retirement bail-out fund" to make up for the cost-at-purchase that you didn't have to pay. And the booming economy that may have provided your job was partially caused by the spending that resulted from all that "free money" from the government.)
And for every doctor's visit? Add another 50% or so because of the Federal dollars the medical system sucked out of the economy (while paying medical workers) so you could have cheaper medical costs. (The current medical system is around 20% or more of the economy)
And let's not forget the lower taxes you've been paying since LBJ put the hose in the SS money tank and started syphoning the SS "trust fund" out of the fictional "box" and into the general fund - to spend on the Democrapic "entitlement" programs and for Vietnam, and all the other Military-Industrial spending for the non-stop wars - that fed the economy that you've been sucking off of. I don't recall anyone bitching about the high-wage jobs that resulted from all that spending.
As to the elderly being non-productive... who do you think is working and paying taxes? It's not the "youth" of today. Their fuzzy feel good "college" degrees didn't pay them to learn how to do shit. As I grew up, I learned to be a welder, (certified in 5 states), a plumber, an electrician, etc etc etc. I had 5 skilled trades under my belt before I was 21, and learned a lot more after I entered the civilian job market. What can you do in the real world besides shove the keys down on your computer keyboard and click your mouse to spew BS into the internet?? (And even if YOU can do stuff, think of all the people out there who can't!)
Next time you're hungry, try to take a bite of Twitter or Facebook... they produce a lot of BS in a day's time. Maybe you can wrap the posts from your blog around you when it snows?
Perhaps you should do some research into today's labor markets... see where the jobs are that aren't being filled. See how many skilled trades there are that are crying for workers - and see how much of that stuff, how many of those skills you have.
When the SHTF, there will be a lot of suffering. All you have to do to increase that suffering is to start "eliminating the excess population" by starting with the people who have life experience and who can think of ways to keep your butt fed. (Can you grow a potato? How about a tomato? A Persimmon tree? A Cherry tree? Keep bee colonies alive and producing? Raise cattle, sheep, chickens, etc? I can. Since money is really hard to digest, you go ahead and kill off the people who know stuff... and then starve...)
Finally in all sincerity, I wish you good luck. You're going to need it.
"Unfortunately" = Status quo.
Exactly. Nobody wants to accept change.
I say, the elderly had a chance way back then, when they were not elderly, to make a change. When it was their time, they did not make the change.
Now it isn’t their time. It’s our time. I say we make the change before we become them and do not want the change.
Let the chips fall where they may.
You and prober aren't paying attention. The voters by an overwhelming margin threw out the Dem Party ("progressive" socialists". So what's the first thing the "republicans"/conservatives do? By allowing the Socialist/Dems to fund next year's budget without demure they buy into EVERY SOCIALIST PROGRAM the Dems enacted and wanted enacted. And now they are saying that they won't "repeal" Obummer "care" but will just adjust some parts of it.
YOU obviously haven't noticed that the voting booth GIVES YOU ABSOLUTELY NO POWER AT ALL!!! As someone said after the Swiss vote on going back to a gold-backed currency, and the Scotts "voted" to remain slaves to the Brits - "It doesn't matter how they vote. What matters is who counts the vote!" Apparently you did not notice that in Philidelphia, IIRC there were around 100 precincts where 100% of the "vote" was for the Dems - NOT A SINGLE VOTE FOR A REPUBLICAN, AN INDEPENDENT, A WRITE IN, OR EVEN MICKEY MOUSE!!! (Some clown ALWAYS votes for a cartoon character!)
The US has not been a "republic" since at least 1971 when we went off the gold standard. (Actually about a 100 years +/-, and if you want to get picky, the US Constitution was destroyed about 13 or 14 years after it was ratified when the US Supreme Court usurped the power of Judicial Review.) Who "voted" to repeal Glass-Steagle and allow the criminal bankster class to take over the country?? I sure didn't. Did you? Gee... must have been a fairy or a gnome. Oh, wait... they aren't allowed to vote... but maybe... yeah... maybe THEY are the ones who stuff all of those ballot boxes? Eh? Yeah. Probably. Mystery solved. We now return you to your private fantasyland. Thanks for playing!
My position is clear: the people always have the power and the option to "vote" by marching on WADC and taking control of the government - if they don't, then they deserve what they get from politicians. Freedom isn't free, it has to be fought for every day forever.