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The Morality and Legality of Debt Jubilee, Part III

Sprott Money's picture




 

 

Jeff Nielson for Sprott Money

 

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.

us_iou

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.

Corruption

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.

debt-jubilee

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.

world-big

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.

 

Jeff Nielson for Sprott Money

 

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Mon, 12/22/2014 - 20:06 | 5582976 p00k1e
p00k1e's picture

We’re discussing the euthanasia programs for the 59 ½+ club in order to Jubilee the debt. 

As example, the student loan payment is someone else’s pension payment.  When a student loan is Jubilee’d – the pensioner ‘entitled’ to ‘transfer payment’ rides the needle. 

It’s math, not politics. 

Now widely apply this concept to the Social Security program, we’re debt free.

Not to mention all the loose-end disabled who will become ‘Jubilee’d’ as well.   They’ll free up a lot of our resources.   

Fri, 12/26/2014 - 13:14 | 5593498 nofluer
nofluer's picture

It’s math, not politics. 

Ahhh... we're redefining words now.

Actually it's not "math" or "politics" that you propose. It's "murder." Plain and simple. I don't know who raised you, but whoever it was, they screwed it up. They forgot to teach you ethics and humanity.

Mon, 12/22/2014 - 15:42 | 5581970 Prober
Prober's picture

I actually agree strongly w some of the stuff you wrote, eg everyone needing to have practical skills (which I do have), self-sufficiency (which I do have), how scumbag politicians in WADC tapped SS fund for general spending, etc. HOWEVER, the elderly were not and are still not just victims or bystanders.

1. If the elderly did not want these entitlement programs, and did not want the abuses you described, then they should have not voted into office the politicians who took those positions, and afterwards they should have marched on WADC to end lies, abuses, tax hikes, entitlement program expansion, etc. It happened on their watch, so they own it. The blacks marched all over the country and ended apartheid, so the whites could have ended the explosion of entitlements, taxes and debt - IF THEY WANTED TO.

2. Look at the elderly's IMMENSE politically powerful lobby group, AARP - they are ALWAYS pushing for MORE benefits, opposing ANY reductions of any kind or amount - they behave full-time like greedy immoral parasites.

3. The government, both monopoly political parties, have been importing the poverty of latin america, legally and illegally thru 8+ amnesties, and loading them up with a smorgasborg of entitlement programs - I don't see the elderly and their IMMENSE politically powerful lobby group, AARP, offering any political oppostion to loading up the entitlement programs with tens of millions of latin america's overbred undereducated poverty. Is it because AARP does not know this is going on or is it because they want the entitlement programs as big and broad as possible and because they want as many entitlement program voters as possible ?

I could go on, but the facts are irrefutable: the elderly fully share responsibility for the entitlement, tax, and debt mess, and most of them get out far, far more than they pay in, especially in the last 2 years of life, and the married ones.

 

Tue, 12/23/2014 - 01:57 | 5584072 Future Jim
Future Jim's picture

Correct!

 

 


Baby Boomers already spent Social Security

Baby Boomers already spent their Social Security. It’s gone.

Baby Boomers are the most short sighted generation.

Baby boomers not only voted for the politicians who spent all their SS, they also voted for the politicians who created the programs that have been spending the SS contributions of Generation X. Then Baby Boomer politicians spent even more money and saddled us with additional debt after spending our SS contributions.

Baby Boomers are the most guilty generation.

Now Baby Boomers want Generation X, and our kids, to accept a cut in our future SS benefits so that we can pay Baby Boomers full SS benefits today.

Baby Boomers are the most selfish generation.

Baby Boomers whine that FDR and JFK promised them that if they let the government spend their SS tax dollars on welfare and warfare, then Generation X and our kids would pay for their retirement.

Seriously!?

Baby boomers are the most gullible generation.

Generation X has no choice in the debt slavery forced upon us. Government debt is Taxation without Representation. Baby Boomers are guilty of Taxation without Representation.

Baby Boomers are the most fascist generation.

One of the only ways to save America is to stop collecting SS taxes and to stop sending SS checks to Baby Boomers and anyone after them.

Although Baby Boomers deserve no Social Security at all, I would be willing to accept Walter William’s plan to stop collecting SS taxes and to then divide up all federal land amongst those who paid in already.

 

Tue, 12/23/2014 - 12:37 | 5585272 Bob
Bob's picture

Given that you are ignoring the fact that the SS Trust Fund invested its idle proceeds--like all funds of any kind do, money losing value by just sitting around as cash, after all--you should note that somewhere around $4T of the federal debt is owed to the trust funds. 

You know, that precious federal debt that all of the SS haters love to promote as so essential the repay. 

If you're suggesting default on the federal debt, I would suggest that we hit more advantaged investors like sovereign wealth funds, banks and such before writing off the debt of people who actually saved that invested money pennies at a time over the course of their entire working lives. 

And if you like the idea of sticking it to your elders--which seems to be the real thrust of your burning rant--you too can now vote, junior. 

Fortunately for your desires, the vote means nothing anymore (if it ever did), so the oligarchs and their toadies in the .1% will be working overtime to drum up passions among the ignorant to divert attention from the fact that the money the gov didn't collect in taxes from them is the money--directly and indirectly--they most proudly intend to steal from the "boomers" you despise . . . rather than properly reappropropriated from them, the primary beneficiaries of this government over its period of massively growing gov debt.  

Too bad Divide and Conquer always works so well against the masses is my thought. 

Tue, 12/23/2014 - 13:33 | 5585484 Future Jim
Future Jim's picture

Seniors not only declined to fight those who took and spent their social security, but even worse, seniors voted for their front men, and thus seniors are guilty in direct proportion to their age – except of course to the extent they voted libertarian …

 

Yeah … that’s what I thought.

 

Seniors should not worry if they were decent people who raised their kids well; whereas, those seniors who let the government schools and universities and TV raise their kids will probably not fair so well.

 

Many seniors are now holding back progress by demanding that newer generations compensate them for their lack of wisdom and courage, and thus they also lack responsibility and honesty. Seniors are now being played (like so many other groups) in a divide and conquer strategy straight out of The Prince. Unfortunately, seniors cannot bring themselves to join the fight against The Prince until they admit that their money is simply gone and that no man has a right to the fruits of other man’s labor.

 

The whiniest and most self entitled by far among seniors is the Baby Boomers – hence the title of this this article.

 

Tue, 12/23/2014 - 15:06 | 5585756 Bob
Bob's picture

No generation that I've seen or read of has had any shortage of pompously self-righteous people delighted to blame the people at the bottom rather than those at the top.  It's not an impressive position to take, though it is a path of little resistance that offers the greatest rewards, regardless of the corruption of values required to adopt and maintain such a spiteful identification with the "winners" whom one then feels entitled to claim as his rightful brothers. 

So libertarians are blameless here?  Take a look at the meaning of "neoliberalism," the set of values and policies that drove the "globalization" of our economy.  It's textbook Rand and Austrian bullshit meant to stoke the psychopathy of the "ambitious."  Whether you pretend that you see "socialism" all around you or not.

Contrary to popular "wisdom," most of you kids didn't get fundamentally fucked up.  Question is whether ya'll will have the integrity and balls to turn the blame back against its real source or accede to twisted cunts who take satisfaction in kicking the shit out of homeless old people as a celebration of their own superiority.   

Tue, 12/23/2014 - 15:46 | 5585869 Future Jim
Future Jim's picture

Your mischaracterization of me and others does not bode well for your open mindedness, critical thinking skills, or honesty, but just in case, I think you may find What is Wrong with the People to be a more thorough and enlightening read. You will probably agree with at least some of it because it explains how dishonest banking is at or near the top pf the pyramid of cause and effect that creates many self reinforcing perverse incentives throughout all levels and all factions.

Tue, 12/23/2014 - 11:54 | 5585096 Graph
Graph's picture

Future Jim have to "Back to the Future" us and change the course of History.

Tue, 12/23/2014 - 04:57 | 5584258 Manic by Proxy
Manic by Proxy's picture

Great to hear a Gen X moron being honest. Nice to hear the same Nazi rheotoric made fashionable in 1930's Germany. Yes, let's kill those parasite Boomers(Jews). That'll fix it. Your approaching devastation is yours. You earned it. You voted for the likes of Clinton, Bush and Obama. YOU are the real problem. You're part of the unaccomplished masses, without skills, perspective and most importantly, without a moral compass. You are the enemy.

Tue, 12/23/2014 - 05:11 | 5584276 RafterManFMJ
RafterManFMJ's picture

Well friend it seems if voting got us into this mess, then by gum more voting will get us out!

I'm gonna git all my friends together, and we're gonna be plumb votin' fools!

We'll show them dirty skunks in Washington a thing or two!

YeeHaw! I'm off to the grange to vote away my troubles!

Mon, 12/22/2014 - 12:32 | 5581199 Prober
Prober's picture

and the protesters :-))

Mon, 12/22/2014 - 13:27 | 5581422 Ying-Yang
Ying-Yang's picture

Ahhhhhh....

Instead of a Debt Jubilee, just ‘make it legal’ to euthanize the most non-productive comment poster on ZH we know - Prober.

 

Mon, 12/22/2014 - 11:28 | 5580959 DerdyBulls
DerdyBulls's picture

What a dream.

Mon, 12/22/2014 - 11:26 | 5580952 chunga
chunga's picture

I like the idea but it's never going to happen. It's ALL fraud and the so called "judicial system" is nothing more than a collection agent for the highest bidder.

If every Jane and John Doe had an understanding of how New York Law affects the Securitized New York Common-Law REMIC Trusts in re: Note and Mortgages I think they would stop paying en masse.

 All assignments of the Note and conveyances of the Mortgage were required by *law* to take place within 90-days of the start-up date of the Pool.

[“Pool” is an “innovative product”]

If that did not occur (and there are mountains of evidence to prove that it did not) it is game over and it is legally dead. Bury it.

 Subsequent frauds heaped upon that initial fraud add just further insult to injury.

Alleged lenders and their agents of malcontent know they can never demonstrate a valid enforceable right to foreclose. It cannot ever be "assigned" back in to that 90 day period because it is simply impossible.

No one should get a "hall pass" from breaking the law simply because they have broken it on an institutional level so many times the consequences of which there will be no alternative but to burn the churches and salt the earth. Especially those frequently found clamoring for massive taxpayer bailouts.

Trillions of dollars on this securitization swindle (legally and fatally broken within 90 days of inception by their bad acts) and none of them are in prison. Yet none of the above prevented the perpetrators from obtaining enormous ill-gotten wealth by selling toxic bonds and certificates on Wall Street.

None of it matters in this fake, plastic, disposable world. Merry Christmas!

Mon, 12/22/2014 - 11:17 | 5580925 McCormick No. 9
McCormick No. 9's picture

The borrower is the servant of the lender. Avoid debt like the plague. here are the reasons we shouold have a debt jubilee from a spiritual perspective.

1. Satan is an enslaver. He would have us work off our debt of sin and try to save ourselves. This is impossible, and as long as we attempt it, we are enslaved.

2. God gave us a debt jubilee. He paid for our debt of sins with the blood of his own Son. No-one anywhere is under the power of this debt.

3. As a type and a symbol of this debt jubilee, the ancient Israelites were given a law of financial debt forgiveness. This is still in effect today, and is echoed in the Lords Prayer "Forgive us our debts EVEN AS WE FORGIVE OUR DEBTORS.

4. If debts were forgiven every 7 years, the entire financial market would change. Interest rates and loan requirements would get progressively more stringent as the jubilee year approached. It would be next to impossible to get any kind of loan in the sixth year of the cycle. This would limit indebtednes and ensure that people would plan their debt responsibly.

5. A debt jubilee would slow growth by limiting capital expenditure based on debt to an environmentally sustainable level. Those that needed debt liquidity could always get a loan on the black market, where the penalty for default would be death, thus effectively lessening the pool of genetically irresponsible debtors.

Mon, 12/22/2014 - 14:16 | 5581631 Solar
Solar's picture

Edit for your #2. -- "God gave us a debt jubilee. He paid for our debt of sins with the blood of his own Son. No-one anywhere who has been saved by the Son is under the power of this debt."

Always loved the Jubilee!  A wonderful gift.  It reminds you that ultimately God is your provider (not yourself) and to not put material stuff (idols) before God. 

Leviticus 25  How the Jubilee and 7-year Shemitah would change our world if we adopted it.

BTW, 2015 is a Shemitah year when the land is to rest (observe a sabboth).  After majorly rejecting God, He sent the Jews into exile to Babylon in 586 BC.  Israel had failed to observe Shemitahs (the land’s one-year-in-seven sabbath) for 490 years, so God set the term of the Babylonian captivity at 70 years to make up the deficit.  2 Chron. 36:21 says, “The land enjoyed its sabbath rests; all the time of its desolation it rested, until the seventy years were completed in fulfillment of the word of the LORD spoken by Jeremiah.”   Ouch.

"18Follow my decrees and be careful to obey my laws, and you will live safely in the land. 19 Then the land will yield its fruit, and you will eat your fill and live there in safety."

Mon, 12/22/2014 - 21:37 | 5583375 Itinerant
Itinerant's picture

Actually debt jubilees in the Ancient Near East usually applied only to agricultural debts (denominated in grain/fruits of the land). Commercial silver debts were not included because that was the basis of international trade, and debt jubilees could not be decreed outside of your own borders.

With regard to the centrality of debt forgiveness spiritually:

  1. Jesus' public career started with reading the scroll from Isaiah (This is the year of the Lord, i.e. Jubilee).
  2. His career ended after the incident in the temple when he kicked out the bankers there (the priests had a monopoly on the right kind of coins [silver shekels from Tyre, which devout Jews would not carry because the inscriptions were blasphemous, and needed to be exchanged at a considerable loss in the Temple] and doves deemed fit for sacrifice [far more expensive than run of the mill unapporved doves].
    -Everything Jesus had said and done up until tha point earned him suspicion and censure, but when he encroached on their business, the priests decided within the week that enough was enough. 
  3. The central petition of the "Lord's prayer" is about being forgiven one's debts, just like we forgive those who owe us.

Although debt cancellation has been turned into a metaphor about sin and divine forgiveness, the primary and literal meaning is very clearly about debt and freeing individuals/society from the burden of debt (often resulting in slavery, bonded labour, and in Jesus' time, share-cropping).

Mon, 12/22/2014 - 17:58 | 5582471 wet_nurse
wet_nurse's picture

If God's real we don't have anything to worry about, He's gonna do what He's gonna do. If he's not real... well, I shoulda banged that girl in Highschool.

I think the debt Jubilee God instututed was every 50 years not every 7.

Mon, 12/22/2014 - 21:11 | 5583251 Solar
Solar's picture

As I said, Shemitah every 7 years.  Yes the Jubilee is every 50. 

Why do you think you "don't have anything to worry about"?  Do you seek Him out?  Do you even want to?  Do you want to have Him in your life -- He did make you, knows you, loves you.  If you really don't want Him in your life at all, He did give you free will and will let you have your choice, which means you are choosing to be separated from Him and all the blessings you live with and enjoy now.  It is your choice.

Mon, 12/22/2014 - 22:47 | 5583604 wet_nurse
wet_nurse's picture

Thanks for the words. It's hard not being crass on this site. I believe in the final Jubilee, every knee will bow every tongue etc.
God got us into this mess (that damned snake) and he got us out on the cross. Just sitting here watching the movie, believing in good news.

Mon, 12/22/2014 - 14:16 | 5581626 Solar
Solar's picture

 

Mon, 12/22/2014 - 11:13 | 5580900 p00k1e
p00k1e's picture

Magical thinking. 

Mon, 12/22/2014 - 12:03 | 5581088 Mandel Bot
Mandel Bot's picture

As we know, all money loaned by banks is created out of thin air. So bankers aren't really loaning anything. In order to loan something you need to own it first. What the bankers are doing is called forgery or check kiting when ordinary people do it.

So the question is “What is the moral imperative to 'repay' to the bankers money which was never theirs in the first place?” Not to mention the interest, which is really adding insult.

Mon, 12/22/2014 - 14:22 | 5581659 p00k1e
p00k1e's picture

Gobbledygook. 

Mon, 12/22/2014 - 10:50 | 5580837 GreatUncle
GreatUncle's picture

Personally if you want the debt jubilee everybody gets the same amount and if you have debt it is paid against what you owe first. Those with no debt get the equivalent value, hell they may even spend it and drive the economy a bit now purchasing some of those things they could never afford.

If you do the debt juiblee cancelling debts those who behaved responsibly, went without, maybe they never had a home couldn't afford it, ditto children when others just opened their legs and got paid for it ramping up the debt ALL GET PENALISED.

X amount each, paid in notes in your hand if you have no debt or with debt your debt is downsized and if not too far in debt you may even get some.

Not that government (and the debt) controlled by those higher up (banksters) did not want this debt servitude of populations globally just not everybody bought into it.

Mon, 12/22/2014 - 11:06 | 5580880 SafelyGraze
SafelyGraze's picture

with a debt jubilee (aka "enron holiday"), your offshore subsidiary can borrow a billion dollars and pay you a bonus with it.

then the subsidiary's debt is forgiven and you keep the billion.

which is pretty great stuff.

hugs,
ken lay and the enron holiday team 

 

Mon, 12/22/2014 - 13:26 | 5581417 nofluer
nofluer's picture

Sorry. Off-shore stuff is not elegible. No in-country participation, no in-country benefits.

Tue, 12/23/2014 - 01:50 | 5584059 Future Jim
Future Jim's picture

Jubilee is unecessary because the federal debt is illegitimate - not only for misrepresentation - but also for taxation without representation and for having been spent on unconstitutional endeavors.

 


US Federal Debt – Problem Solved

The American government has been spending trillions of dollars on programs it had no Constitutional authority to create, and such unconstitutional expenditures exceed the amount of the federal debt. Therefore,

The federal debt is unconstitutional.

Not only are most government programs themselves unconstitutional, but the debt used to pay for these unconstitutional programs, which were created by previous taxpayers, is paid for by future taxpayers. Therefore,

The federal debt is Taxation without Representation.

Taxation without representation is also unconstitutional. In fact, it is the reason America seceded from the British empire.

Given that the US Constitution is pretty simple, then anyone who loaned money to the US government should have known that they were loaning money to a fraudulent and illegitimate enterprise and thus should not expect repayment.

Of course, there would be a huge consequence – no one would be willing to loan money to the US government again until it started obeying the Constitution, which would be ...

Good!

Tue, 12/23/2014 - 05:01 | 5584266 RafterManFMJ
RafterManFMJ's picture

Yea.

Every time someone spouts off about this Unicorn-riding Yeti called the Debt Jamboree I think of the aphorism "Shit in one hand and wish in the other, and see which one fills up first."

It ain't.gonna.happen. Not without war and massive bloodshed.

Tue, 12/23/2014 - 05:21 | 5584280 Self-enslavement
Self-enslavement's picture

All Federal Reserve notes are counterfeit.
Money is created as credit.
Money is not created as debt.
The Federal Reserve and all central banking is a huge con.
Only the people have the right to print money.
Bankers have no right to print themselves money.
Shame on the Pentagon for being in on the scam to transfer wealth.
Shame on law enforcement too.
They are the modern day version of the redcoats.
What was that about waiting until you see the whites of their eyes?

Tue, 12/23/2014 - 12:54 | 5585332 Future Jim
Future Jim's picture

"Bankers have no right to print themselves money."

No one has a right to print themselves money, but everyone has a right to print money because money is a product.


Money is a Product

If you’re like 95% of Americans, you’ve NEVER thought of money as a just another product – like iPhones or insurance policies, but how is money NOT a product? What if any of us could invent a useful money and sell it to whoever wanted to use it? What if our money were better than others?

We use money because it is way more efficient than directly trading the product of our labor for the product of other people’s labor. For a money to be useful, it must therefore be portable, divisible, stable, and very difficult to counterfeit, which are among the most critical factors that contribute to the only necessary factor: A useful money must be widely accepted as payment.

Suppose several companies produced their own brand of money, and you could ask for payment, and store your savings, in the brand of your choosing. Which monetary product would you prefer to use? Would you choose a brand of money whose producer would buy their money back from you at any time? For example, suppose you could be confident the the producer would give you one ounce of gold for their $100 bill. – OR – Would you ask for payment, and store your savings, in the brand whose producer would only give you their own pieces of paper in exchange for their $100 bill?

In the past, one could have argued that there would be more delay and more cost to convert back and forth between a larger number of currencies, but given today’s technology, such conversions would be instantaneous and free.

Since 1914, the Federal Reserve produces all of our money in America. How do you think they are doing? How is it possible that a Hershey bar cost 3 cents in 1918, and 85 cents now?

We are being taxed (robbed) indirectly through inflation because the government, the states, the cities, the corporations, and the people, all borrow money that doesn’t exist. Over 90% of the money borrowed was created out of thin air so that it could be given to the borrower; whereas, automobiles and college degrees are not created out of thin air. Therefore, more dollars can be offered to buy the same car or medical procedure. Therefore, each car costs more. Therefore, each dollar is worth less.

Theft through inflation is even worse than it seems because – for a given currency – prices should naturally go down for all products, and although the prices for most products will not go down as fast as they do for computers, prices for all products should go down for the same reason – efficiency and innovation. For example, if dollars were not created out of thin air, then as quantities, efficiency, and innovation increased, we would get more and better cars for the same amount of labor. Given more and better cars and the same total number of dollars in existence means that each car would cost fewer dollars, which means that each dollar would be worth more. So how is it that each dollar is worth less and less?

We are being robbed through inflation, but who gets to keep the difference? If we are free, then why aren’t we all allowed to create a money to compete with the Federal Reserve? Why doesn’t any journalist, politician, or economist on TV dare to ask these questions?

The reality is that we are not free.

To understand that “Money is a Product” is a necessary epiphany to understand the world we live in, and more importantly, how to progress beyond it. Ironically, it is self-proclaimed Progressives who are the most resistant to the reality of money, and who are thus holding us back. Therefore, you will never learn the reality of money from the mainstream media or from government schools.

Thanks to the Internet and the Crash of 2008, people are beginning to wake up to reality.

The Promise of Reality is Freedom.

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