Our nations (Western nations) are rapidly going bankrupt. This is not a suggestion or an assertion. It is a simple fact of arithmetic, for anyone capable of operating a calculator, and who can understand the concept of “compound interest”. Indeed, the bankruptcy of these already-insolvent regimes has only been delayed via permanently (fraudulently) keeping interest rates frozen at near-zero – to minimize their already gigantic interest payments.
The economic outcome here is as obvious as it is inevitable. After the mass-bankruptcy which will occur either tomorrow, next month, next year, or (improbably) next decade; there will be a gigantic “economic reset” of Western economies, and very possibly the entire global economy.
This simple, inevitable conclusion should not surprise any reader. It has happened many times in our civilized history. Indeed, it has happened with such regularity/frequency that we even have a name for this economic phenomenon: Debt Jubilee. The origins of Debt Jubilee go back to (literally) Biblical times, as our societies have been bankrupting themselves, and then “resetting” for well over 2,000 years.
Having established that there must be an economic reset ahead of us, and having observed that this is a regular occurrence in our societies/civilizations; all that remains to be dealt with is how the next Debt Jubilee should be administered. As Debt Jubilee translates literally to erasing our debts; the question boils down to this: should all debt (government/corporate/individual) be wiped away, or only partially erased?
Since this is ultimately a question of law, and we are still (supposedly) societies governed by the Rule of Law; the appropriate analysis here is a legal one. The legal principle upon which any Debt Jubilee must be based is known as “the doctrine of unjust enrichment”. It is an elementary doctrine, and thus requires no legal training or expertise to understand it.
The precise legal question to be decided here is a simple one: would the Debtors here (our governments, and us) be “unjustly enriched” if all our debts were totally/permanently erased? If we answer the first question affirmatively; then the doctrine of unjust enrichment requires that we consider a second question: are the Debt-Holders entitled to any legal remedy themselves, under a separate branch of our law known (appropriately) as Equity?
Here, again, the answer to the question is governed by a simple principle. In order for any person/entity to be entitled to any equitable remedy in our legal system, they must satisfy a stringent legal test: they must demonstrate themselves to have “clean hands”. Simply, in order for anyone to be entitled to a legal remedy in Equity (in this case, the Debt-Holders) they must prove that their own conduct has been above reproach.
With the facts set out, the issues identified, and the legal principles which must decide this matter explained; we are now ready to adjudicate our coming Debt Jubilee. Considering the issues in their proper order; we begin with the question: would it be “unjust” (would we be unjustly enriched?) if our debts/our governments debts were simply erased?
Regular readers should be familiar with the recent history concerning our governments’ massive debts. The $10’s of trillions of new debt piled atop these corrupt Western regimes over the past decade are (without exception) all the direct result of serial acts of fraud/extortion by the primary debt-holder here: the One Bank (i.e. the oligarchs of the Old World Order).
With respect to the fraud; where do we begin? This banking crime syndicate began by engaging in fraudulent misrepresentation. They assured our governments back in the 1990’s (as their/our “financial experts” and the financiers of this debt) that our governments could safely increase our debt levels dramatically, meaning the bankers had (supposedly) developed the “financial engineering” to permanently suppress the amount of interest paid on those debts.
It was (as we have seen) all lies. Our debts haven’t grown in an orderly, manageable manner, as the bankers promised they would. They have exploded exponentially, to the point where all these governments are completely/obviously insolvent, and mass-bankruptcy is only delayed by (as previously mentioned) even more fraud – the illegal suppression of interest rates.
Additional fraud comes in the form of one of the banksters’ favorite tools of crime from the derivatives market — the entirely unregulated, entirely illegal $1.5 quadrillion rigged casino, operated exclusively by this financial crime syndicate – “interest rate swaps”. This form of fraud involved the banksters tricking the leaders of our governments, and the administrators of most public institutions throughout the Western world to bet against the banksters themselves.
The bets they were making (involving $trillions more in fraud) were with respect to the direction of interest rates. Let me be more specific, so that readers fully understand the magnitude of the fraud, and the monumental stupidity of all these politicians and public officials. They were betting on the direction of interest rates against the same financial cabal which is capable of completely manipulating interest rates.
It would be just as foolish as betting on tomorrow’s weather – against someone with a “weather-control machine”. How could thousands of governments and public institutions all have been swindled by this same, grossly obvious fraud? Herd mentality. “Everyone” was doing it, so it had to be not only safe, butsmart.
Then there was/is the extortion. As part of its gigantic interest-rate swindle; it was necessary for the One Bank to “crash” all of our economies (and markets): the Crash of ’08. The crash was triggered in precisely the same way that this banking cabal has been manufacturing “panics” in our economies for 150 years. In economies which (thanks to the bankers themselves) now totally run on “credit” (i.e. debt); the One Bank simply cuts off all credit – suddenly and collectively, via its Big Bank tentacles.
The result is as devastating (and predictable) as cutting off the supply of sunlight to plants, or cutting off the supply of oxygen to humans. Our economies now (literally) ‘live on’ credit. Withhold that credit, and they crash every time.
After the One Bank triggered the Crash of ’08, came the extortion against our corrupt, cowardly governments: pay this cabal $10’s of trillions in blackmail money (spread over decades), or they would finish the economic destruction of Western regimes – i.e. “call-in our debts” (which are held by the One Bank), and drive all these insolvent governments into bankruptcy.
The tip-of-the-iceberg in this extortion were the direct, cash payments to these financial extortionists: what we now know (via the propaganda of our governments and the media) as the “bail-outs” of 2008/09. However, the vast majority of these $10’s of trillions in extortion (i.e. “bail-outs”) were hidden – and are rarely mentioned by the politicians, or the equally corrupt Corporate media.
They come in primarily two forms: massive, long-term “tax breaks”, so that this crime syndicate is not even required to pay taxes on the endless $billions which are the proceeds of its various criminal enterprises. Along with that are endless $trillions of “loss guarantees”. In other words; after the various frauds of this crime syndicate have reaped their illegal harvest, and imploded (as all frauds eventually do); we are committed to indemnifying the One Bank for any/all “losses” it suffers as it perpetrates its mega-billion and mega-trillion dollar crimes against our societies.
Why were the bail-outs ever supposedly necessary, in the first place? Because some of the Big Banks were (supposedly) on the verge of bankruptcy because of debts/obligations owing to other Big Banks.
But all of these Big Banks are tentacles of the One Bank: JPMorgan, Goldman Sachs, Morgan Stanley, Barclays Bank, Deutsche Bank, Citigroup, Bank of America, et al. The “crisis” was imaginary. It was merely a gigantic paper-fraud orchestrated by the bankers. The blackmail, however, was/is only too real. And that was only the beginning of the extortion.
This financial crime syndicate then strong-armed the pathetic cowards who call themselves our “leaders” to declare the Big Bank tentacles of this crime syndicate (permanently) “too big to fail”. In other words; these traitorous cowards were permanently committing our governments (and thus ourselves) to pay any/allfuture extortion demanded by the One Bank.
Here it must be understood that no amount of financial carnage perpetrated by this crime syndicate over the short term could possibly be as injurious as agreeing to permanently pay massive extortion payments to the most-rapacious crime syndicate in the history of our species. Rather, our cowardly leaders agreed to the extortion simply to save their own jobs (and positions of privilege).
Had the banking crime syndicate driven all our governments collectively into bankruptcy; our Traitor Leaders would (at the very least) be thrown out of office. And if their treasonous crimes were uncovered by whatever regime succeeded them; they could easily rot in prison cells for the rest of their miserable lives.
Our futures (and our children’s futures) have all been permanently mortgaged to this financial crime syndicate solely so that our selfish, cowardly, treasonous leaders can protect their own interests. There can be absolutely no doubt that any/all of the additional debt and obligations which have been piled atop our governments over this period of time (and thus piled atop all of us) are doubly fraudulent.
They are fraudulent (in one, obvious sense) because they are the simple/obvious result of acts of fraud and financial extortion – and thus legally unenforceable. They are also fraudulent in the sense that our governments (our legal representatives) have been fraudulently misrepresenting these debts to us, and all the crime upon which they are based.
However, while most of our national debts are the direct product of fraud; we also had/have large historical debts. What about the original debt-loads accumulated by our governments, over roughly the last century? If we are going to erase all government debt; that debt must be considered as well.
Part II of this series will deal with that subject. Readers will be provided with a little ‘teaser’ of what is to come, via the words/thoughts of a political leader who lived at the time that our yokes of debt were first being fastened to our throats – Republican Congressman (and former prosecutor) Charles Lindbergh Sr. (from his superb book, The Economic Pinch). This is what Lindbergh had to say back in 1923 (p.110):
Our future and the future of our children have been doubly mortgaged by the wonderful profiteering schemes of the last eight years [1915-22], mortgaged on a larger scale than ever before. It is simply a larger installment of the great profiteering game, growing in its burden all the time and forcing us into greater and greater debt, debt that can never be paid under the present system of finance; but, on the contrary, will increase until by its own excesses it breaks down by forcing its own repudiation [i.e. Debt Jubilee]. It cannot much longer stand the strain imposed by its own plan. [emphasis mine]
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