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Odious Debt

John Rowland

Posted on August 18, 2019 19:47

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If you paid $24,000 for something, what would you want or expect in return?

According to the National Priorities Project at the Institute for Policy Studies, Americans have spent $32 million per hour on war since 2001.

$32 million an hour.

The Watson Institute at Brown University puts it another way: Since 2001, every American taxpayer has spent almost $24,000 on the wars.

And for what exactly? What kind of value have Americans received in exchange for these huge outlays? Millions of dead people, global resentment/hatred, and a very-subordinated, debt-bound financial future.

With a draft-dodging, military fiscal President in the White House, expect the beat to go on. Moreover, most all Democratic presidential candidates (except Tulsi Gabbard) are essentially MIA on this issue.

But just think of what $24 grand could actually buy - something real, productive. I don't know about you, but instead of being on the hook for these debts, I want my money back.

Here's an idea/solution to this financial tyranny: odious debt.

This "doctrine was formalized in a 1927 treatise by Alexander Nahum Sack," theoretically based on such 19th century examples as "Mexico's repudiation of debts incurred by Emperor Maximilian" and "the denial by the U.S. of Cuban liability for debts incurred by the Spanish colonial regime."

Also as a legal theory in international law, the notion of odious debt "holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable."

Have your best interests been served with this wasted $5.6 trillion (and counting)? Mine sure haven't.

Or as Patricia Adams put it in Odious Debts: Loose Lending, Corruption, and the Third World's Environmental Legacy force creditors "to lend only for purposes that are transparent and of public benefit."

So let these fraudulent liabilities be the "personal debts" of the forces that incurred them (as "hostile act[s] against the people") - not the debts of the people. The top enabling force - the ultimate creditor - of all this poison is the private central bank monopoly, acting as a dictator.

Of course, don't hold your breath on any of this; the criminal class isn't criminal for nothing.

John Rowland

Posted on August 18, 2019 19:47

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