Debts That Can't Be Paid, Won't Be.

[georgephillip]

Michael Hudson sums up his analogies between debt slavery in the ancient world with today's banker-controlled centralized economy in the US and Eurozone with a simple mathematical and political principle: "Debts that can't be repaid, won't be."

Hudson begins by showing how this same form of debt slavery destroyed Rome and why it will vanish the US from the page of time if it isn't stopped:

"Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to 'take the multitude into their camp' and usher in democracy, within which an oligarchy emerges once again, followed by aristocracy, democracy, and so on throughout history.

"Debt has been the main dynamic driving these shifts – always with new twists and turns...

"Since the Renaissance, however, bankers have shifted their political support to democracies. This did not reflect egalitarian or liberal political convictions as such, but rather a desire for better security for their loans.

"As James Steuart explained in 1767, royal borrowings remained private affairs rather than truly public debts. For a sovereign’s debts to become binding upon the entire nation, elected representatives had to enact the taxes to pay their interest charges..."

Recent events from Ireland to Greece to Spain suggest bankers are shifting support from democracies by demanding fiscal austerity and the sales of public commons, thereby turning 21st Century international finance into a new mode of warfare.

"Every economy is planned.

"This traditionally has been the function of government. Relinquishing this role under the slogan of 'free markets' leaves it in the hands of banks.

"Yet the planning privilege of credit creation and allocation turns out to be even more centralized than that of elected public officials.

"And to make matters worse, the financial time frame is short-term hit-and-run, ending up as asset stripping. By seeking their own gains, the banks tend to destroy the economy.

"The surplus ends up being consumed by interest and other financial charges, leaving no revenue for new capital investment or basic social spending."

Debt Slavery

 

[WatertheTree]

Michael Hudson sums up his analogies between debt slavery in the ancient world with today's banker-controlled centralized economy in the US and Eurozone with a simple mathematical and political principle: "Debts that can't be repaid, won't be."

Hudson begins by showing how this same form of debt slavery destroyed Rome and why it will vanish the US from the page of time if it isn't stopped:

"Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to 'take the multitude into their camp' and usher in democracy, within which an oligarchy emerges once again, followed by aristocracy, democracy, and so on throughout history.

"Debt has been the main dynamic driving these shifts – always with new twists and turns...

"Since the Renaissance, however, bankers have shifted their political support to democracies. This did not reflect egalitarian or liberal political convictions as such, but rather a desire for better security for their loans.

"As James Steuart explained in 1767, royal borrowings remained private affairs rather than truly public debts. For a sovereign’s debts to become binding upon the entire nation, elected representatives had to enact the taxes to pay their interest charges..."

Recent events from Ireland to Greece to Spain suggest bankers are shifting support from democracies by demanding fiscal austerity and the sales of public commons, thereby turning 21st Century international finance into a new mode of warfare.

"Every economy is planned.

"This traditionally has been the function of government. Relinquishing this role under the slogan of 'free markets' leaves it in the hands of banks.

"Yet the planning privilege of credit creation and allocation turns out to be even more centralized than that of elected public officials.

"And to make matters worse, the financial time frame is short-term hit-and-run, ending up as asset stripping. By seeking their own gains, the banks tend to destroy the economy.

"The surplus ends up being consumed by interest and other financial charges, leaving no revenue for new capital investment or basic social spending."

Debt Slavery

Excellent post.

 

[uscitizen]

So that is what the right wingers are all about.
Yep with SS it is all about the govt not wanting to repay the money they "borrowed" from SS.
Actually borrowed from us.

 

[georgephillip]

So that is what the right wingers are all about.
Yep with SS it is all about the govt not wanting to repay the money they "borrowed" from SS.
Actually borrowed from us.

It also raises the question why should sovereign governments depend on private banks for funding:

The founder of the Rothschild dynasty famously proclaimed he didn't care who got elected as long as he controlled his country's money supply. Today, bankers are demanding control over the governmental policies of foreign sovereign states:

"A similar creditor-oriented austerity is now being imposed on Europe by the European Central Bank (ECB) and EU bureaucracy.

"Ostensibly social democratic governments have been directed to save the banks rather than reviving economic growth and employment.

"Losses on bad bank loans and speculations are taken onto the public balance sheet while scaling back public spending and even selling off infrastructure.

"The response of taxpayers stuck with the resulting debt has been to mount popular protests starting in Iceland and Latvia in January 2009, and more widespread demonstrations in Greece and Spain this autumn to protest their governments’ refusal to hold referendums on these fateful bailouts of foreign bondholders."

Debt Slavery

Private US banks stand to lose billion$ if Europe crashes the way Lehman Brothers did.
Private US bankers will do their level best to transfer those losses to the public balance sheet.
Maybe in November of 2012...?

 

[Trajan]

So that is what the right wingers are all about.
Yep with SS it is all about the govt not wanting to repay the money they "borrowed" from SS.
Actually borrowed from us.

santa must have left you a lot of booze under your tree..its been days dude, sleep it off.

 

[Quantum Windbag]

Michael Hudson sums up his analogies between debt slavery in the ancient world with today's banker-controlled centralized economy in the US and Eurozone with a simple mathematical and political principle: "Debts that can't be repaid, won't be."

Hudson begins by showing how this same form of debt slavery destroyed Rome and why it will vanish the US from the page of time if it isn't stopped:

"Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to 'take the multitude into their camp' and usher in democracy, within which an oligarchy emerges once again, followed by aristocracy, democracy, and so on throughout history.

"Debt has been the main dynamic driving these shifts – always with new twists and turns...

"Since the Renaissance, however, bankers have shifted their political support to democracies. This did not reflect egalitarian or liberal political convictions as such, but rather a desire for better security for their loans.

"As James Steuart explained in 1767, royal borrowings remained private affairs rather than truly public debts. For a sovereign’s debts to become binding upon the entire nation, elected representatives had to enact the taxes to pay their interest charges..."

Recent events from Ireland to Greece to Spain suggest bankers are shifting support from democracies by demanding fiscal austerity and the sales of public commons, thereby turning 21st Century international finance into a new mode of warfare.

"Every economy is planned.

"This traditionally has been the function of government. Relinquishing this role under the slogan of 'free markets' leaves it in the hands of banks.

"Yet the planning privilege of credit creation and allocation turns out to be even more centralized than that of elected public officials.

"And to make matters worse, the financial time frame is short-term hit-and-run, ending up as asset stripping. By seeking their own gains, the banks tend to destroy the economy.

"The surplus ends up being consumed by interest and other financial charges, leaving no revenue for new capital investment or basic social spending."

Debt Slavery

I see you are still reading fringe sites in order to get economic advice.

 

[Quantum Windbag]

So that is what the right wingers are all about.
Yep with SS it is all about the govt not wanting to repay the money they "borrowed" from SS.
Actually borrowed from us.

Huh? Last time I checked Obama had no problem not only borrowing from the SS trust fund, he actually thinks no one should have to pay into SS to get benefits. Or did you think his payroll tax holiday was about income tax?

 

[georgephillip]

Michael Hudson sums up his analogies between debt slavery in the ancient world with today's banker-controlled centralized economy in the US and Eurozone with a simple mathematical and political principle: "Debts that can't be repaid, won't be."

Hudson begins by showing how this same form of debt slavery destroyed Rome and why it will vanish the US from the page of time if it isn't stopped:

"Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to 'take the multitude into their camp' and usher in democracy, within which an oligarchy emerges once again, followed by aristocracy, democracy, and so on throughout history.

"Debt has been the main dynamic driving these shifts – always with new twists and turns...

"Since the Renaissance, however, bankers have shifted their political support to democracies. This did not reflect egalitarian or liberal political convictions as such, but rather a desire for better security for their loans.

"As James Steuart explained in 1767, royal borrowings remained private affairs rather than truly public debts. For a sovereign’s debts to become binding upon the entire nation, elected representatives had to enact the taxes to pay their interest charges..."

Recent events from Ireland to Greece to Spain suggest bankers are shifting support from democracies by demanding fiscal austerity and the sales of public commons, thereby turning 21st Century international finance into a new mode of warfare.

"Every economy is planned.

"This traditionally has been the function of government. Relinquishing this role under the slogan of 'free markets' leaves it in the hands of banks.

"Yet the planning privilege of credit creation and allocation turns out to be even more centralized than that of elected public officials.

"And to make matters worse, the financial time frame is short-term hit-and-run, ending up as asset stripping. By seeking their own gains, the banks tend to destroy the economy.

"The surplus ends up being consumed by interest and other financial charges, leaving no revenue for new capital investment or basic social spending."

Debt Slavery

I see you are still reading fringe sites in order to get economic advice.

By "fringe" do you mean sites that don't depend on corporate advertising for their existence?

Michael Hudson is currently a research professor of economics and formerly served as a Wall Street analyst. He can be wrong, but he can't be bought.

Not everything CounterPunch publishes is accurate, but very little is manufactured to deceive, unlike the corporate press across the political spectrum and especially in a presidential election year.

The struggle between creditors and debtors has waged for thousands of years on this planet:

"Creditor power and stable growth rarely have gone together. Most personal debts in this classical period were the product of small amounts of money lent to individuals living on the edge of subsistence and who could not make ends meet. Forfeiture of land and assets – and personal liberty – forced debtors into bondage that became irreversible."

Do you think private bankers rely on central planning?

Debt Slavery

 

[Quantum Windbag]

Michael Hudson sums up his analogies between debt slavery in the ancient world with today's banker-controlled centralized economy in the US and Eurozone with a simple mathematical and political principle: "Debts that can't be repaid, won't be."

Hudson begins by showing how this same form of debt slavery destroyed Rome and why it will vanish the US from the page of time if it isn't stopped:

"Book V of Aristotle’s Politics describes the eternal transition of oligarchies making themselves into hereditary aristocracies – which end up being overthrown by tyrants or develop internal rivalries as some families decide to 'take the multitude into their camp' and usher in democracy, within which an oligarchy emerges once again, followed by aristocracy, democracy, and so on throughout history.

"Debt has been the main dynamic driving these shifts – always with new twists and turns...

"Since the Renaissance, however, bankers have shifted their political support to democracies. This did not reflect egalitarian or liberal political convictions as such, but rather a desire for better security for their loans.

"As James Steuart explained in 1767, royal borrowings remained private affairs rather than truly public debts. For a sovereign’s debts to become binding upon the entire nation, elected representatives had to enact the taxes to pay their interest charges..."

Recent events from Ireland to Greece to Spain suggest bankers are shifting support from democracies by demanding fiscal austerity and the sales of public commons, thereby turning 21st Century international finance into a new mode of warfare.

"Every economy is planned.

"This traditionally has been the function of government. Relinquishing this role under the slogan of 'free markets' leaves it in the hands of banks.

"Yet the planning privilege of credit creation and allocation turns out to be even more centralized than that of elected public officials.

"And to make matters worse, the financial time frame is short-term hit-and-run, ending up as asset stripping. By seeking their own gains, the banks tend to destroy the economy.

"The surplus ends up being consumed by interest and other financial charges, leaving no revenue for new capital investment or basic social spending."

Debt Slavery

I see you are still reading fringe sites in order to get economic advice.

By "fringe" do you mean sites that don't depend on corporate advertising for their existence?

Michael Hudson is currently a research professor of economics and formerly served as a Wall Street analyst. He can be wrong, but he can't be bought.

Not everything CounterPunch publishes is accurate, but very little is manufactured to deceive, unlike the corporate press across the political spectrum and especially in a presidential election year.

The struggle between creditors and debtors has waged for thousands of years on this planet:

"Creditor power and stable growth rarely have gone together. Most personal debts in this classical period were the product of small amounts of money lent to individuals living on the edge of subsistence and who could not make ends meet. Forfeiture of land and assets – and personal liberty – forced debtors into bondage that became irreversible."

Do you think private bankers rely on central planning?

Debt Slavery

Everyone can be bought.

 

[georgephillip]

Slave thought.

 

[editec]

Ask yourself this folks.

Where did the BANSTERS get enough money to lend trillions of dollars to national governments?

I contend that most of the DEBT is nonsense.

I submit to you that thanks to "national" banks like the FED, these debts are largely fiction.

THEY get to create DEBT from gossimer and then DEMAND payment from the real world.

Until we break through that SHAM, we are all basically DEBT SLAVES.

This is, incidently one issue where the far right AND the far left are in agreement.

Most of this so called debt?

It's bullshit, folks.

Banks produce nothing but claim to own everything.

Go figure.

Our banking and finance system is worse than worthless, it's PARASITIC!!

 

[georgephillip]

Ask yourself this folks.

Where did the BANSTERS get enough money to lend trillions of dollars to national governments?

I contend that most of the DEBT is nonsense.

I submit to you that thanks to "national" banks like the FED, these debts are largely fiction.

THEY get to create DEBT from gossimer and then DEMAND payment from the real world.

Until we break through that SHAM, we are all basically DEBT SLAVES.

This is, incidently one issue where the far right AND the far left are in agreement.

Most of this so called debt?

It's bullshit, folks.

Banks produce nothing but claim to own everything.

Go figure.

Our banking and finance system is worse than worthless, it's PARASITIC!!

I think Ellen Brown makes the same point when she says banks create the "money" for the loans but not the money for the interest. There are some solid financial reasons why the only state in this union that has its own state bank is not suffering from high unemployment or budget deficits.

Private investment banks may explain how the 1% rule.