The situation as related to “public debt” global is beyond insane. Governments are being held hostage by global banks and central banks to repay odious debt that simply cannot be repaid. We could argue till the cows come home on the nature and responsibility for this debt, but the real point here is it is impossible for this debt to be repaid, period. The 100-year contract established with this privately-owned corporation known as “The Federal Reserve” will come to an end on December 23, 2013.On its 100th anniversary, the Federal Reserve System leaves the American people about 17 trillion dollars in debt , and times five in long-term debt. As of 2012, the Gross Domestic Product of the United States was close to $16.5 trillion. Comparatively, Spain’s Gross Domestic Product for 2012 was about $1.3 trillion. Spain’s debt was $2.3 trillion. Spain has a 167 debt-to-GDP ratio. The United States has a 106 percent debt-to-GDP, or nearly $17 trillion; Italy’s debt at $2.5 trillion is 108 percent debt-to-GDP. The European Union was at 85 percent debt to GDP at year-end 2012.
It is hard to talk about these numbers because frankly most of us cannot conceive the scope of these numbers. We feel the pain, but we cannot conceive or get our heads around the crisis. So a little exercise is in order to try and visualize what a trillion means. One trillion seconds is almost 32,000 years. So to pay off the debt, if Congress put a hundred dollar bill per second into an account to pay the debt, it would take well over 4,000 years to get the job done. Now expand that globally. It is just insane, isn’t it? Couple that with the fact if we let the Fed, and all the other central banks convince us this is our only course, we are indeed dead heads in the most extreme sense. One of the main reasons this is just impossible is the fact for every dollar we print to repay our debt, we go 46 cents more in debt than we were before we printed the currency (or sold the bond or keyed a number into a computer) to reduce our debt.
There is a solution, a real solution, that could change the whole situation with a stroke of few pens and the resolve of we, the people, to demand it. The crisis could literally end overnight and the economies of the world would boom. This solution has a long historical precedent dating back to ancient times. Simply declare a jubilee. In ancient Jerusalem the 50th, (one year after the 49th) there would be a jubilee year during which any slaves would be emancipated and everyone would return to their land and family to live off of natural providence. A clear implication of this teaching is that all obligations, including debt obligations, would be forgiven in the process. This was known as The Septuagint rendered the Hebrew yovel as “a trumpet-blast of liberty”.
Simply stated, all debt, both public and private would be reset to “0”, period, end of statement. This is not so crazy and if you think there is no modern precedent, you would be wrong. After the Civil War, it was found that the Confederate States incurred great debt in its attempt to secede from the Union. The North won that war. It would have been immoral for the taxpayers of the United States (North and South) to be forced to pay the debts of the Confederacy which had seceded from the Union during the time the debt was incurred. The 14th Amendment of the United States Constitution repudiated those debts.
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
We do not honor debts resulting from dishonorable purposes. We did not honor the debts of the Confederacy. After the Spanish-American War ended in 1898, the US turned to the Doctrine of Odious Debt when it rejected Cuba’s debts to Spain. We said the debts “…were imposed upon the people of Cuba without their consent and by force of arms.”
The peace negotiators argued that much of the debt was used to crush the efforts of the Cuban people to revolt against the domination of the Spanish. The money was spent in a way that was contrary to the interests of the Cuban people. To ask them to pay for debts incurred to help continue keeping them in a perpetual state of slavery would be immoral… it was odious debt – or, unlawful debt. To command the people of any nation to keep their shoulders to the rock of debt and keep pushing it uphill under threat of imprisonment if they do not is… slavery.
Citizens of this nation and of the world had an economic war declared against them by too big to jail banksters when the protections of the Glass Steagall Act and the McFadden Act were, with careless disregard for the outcome, over-ridden. For close to ten years, the world’s political machine has used debt to enslave the populace… what else can you call debt that is so huge it is not repayable? In the US, the only thing that stands behind the value of the US Federal Reserve Note – American currency, regardless of what you call it – is the blood, sweat and tears of the American people. If you don’t pay your taxes, you go to jail. According to the 14th Amendment, public debt must be authorized by law. From where does our Rule of Law in America flow? The Constitution!
Given that if a jubilee were to be declared, it would be the sovereign act of the government with the full backing of the constitution and since no physical assets would be lost, the only “so-called’ losers would be the banksters, who have been proven over and over again to be involved in criminal activity; and the central banks which are privately held and NOT sovereign, why not do it?
It doesn’t take a lot of mathematical skill to figure this out. The dollar, or more accurately stated the Federal Reserve Note, has depreciated to the point where its value is about 6 or 7 cents when compared to the 100 cents it was worth when the Federal Reserve Act was passed on December 23, 1913 and the unlawfully established Federal Reserve System took over the reins of America’s monetary management.
How is the Federal Reserve System unlawful, you ask? Article One, Section 8 of the United States Constitution says “The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United State.” Section 8 also says Congress has the responsibility “To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;”.
There is a lawful way to change the Constitution of the United States. It involves both the House of Representatives and the Senate. Each must approve by a two-thirds supermajority vote a joint resolution amending the Constitution. The joint resolution does not require the signature of the President but is sent directly to the states for ratification. Once ratified via a vote by the People, the Constitution is lawfully amended. That is the process put in place by our Founding Fathers.
As anyone who is familiar with the history of the Federal Reserve Act of 1913 knows, this procedure was not followed. Instead, politicians who supported the concept of a central bank (which America had only briefly on two occasions until 1913) let their opponents go home for Christmas on December 23rd and proceeded to pass this Act unconstitutionally. The Congress cannot, under its own limited power, change the Constitution of the United States. The Federal Reserve Act of 1913 and the banking system that evolved from it have never been constitutional.
Aside from nations that view the Doctrine of Odious Debt as a means to get out of debt every ten years, this concept may lend itself to an exit strategy for sovereign nations of the world to escape the crushing debt being heaped on the heads of people worldwide. The idea does hold some thoughtful possibilities. Iceland thought so – and its crooked bankers and its crooked politicians sit in Icelandic prisons rather than getting multi-million dollar bonuses annually… and Iceland thrives. Too bad the Greeks and Spanish haven’t followed in their footsteps.
What the Doctrine of Odious Debt makes quite clear is that a lie has been forced upon the majority of the world’s population by oligarchic elites. They like the concept of a two-class system with them as the elitists, running things, while the rest of us who used to be middle class are shoved into the labor class forced into careers they, not we, decide are best for us.
The question, then, becomes what debts are “odious” or “immoral,” and which are not? What is an illegitimate debt? In America, we can look at mortgage-backed derivatives and millions of unlawful foreclosures and costing the people trillions of dollars to immediately identify trillions of dollars of property value and profits by banks that can be defined no way other than immoral. Well, perhaps unlawful, too. These debts and the government funds loaned to the banksters that created them and who got bailed out by additional funds from taxes on American citizens can probably make the best claim of “immoral” or “odious” debt of any citizens in the world.
These are the facts of history. It would seem by any definition or legal argument, the debts we now face, on a global basis stem from these facts of the criminal and immoral acts of the too big to fail banks and the subsequent immoral acts of the central banks to “cover” their butts, and therefore the debts both public and private are by any acceptable or legal definition odious, immoral, and illegal.
If we as the people who select our representatives and leaders understand these fundamental facts and insist that the government we elect abides by the constitution, then declaring a jubilee is the ONLY correct solution to our current problem. This is not conspiracy rantings. This is simply the truth of it and the truth can set us free. More importantly the truth can set our children free. I would welcome anyone to tell us where we got this wrong. Anyone?