Category Archives: current events

Illegitimate Debt Week

illegitimate debt weekThe Week of Global Action against Debt and IFIs is an initiative of the different movements and organizations in the International South North Campaign on Illegitimate Debt. It was born at the World Social Forum in Nairobi, in 2007, and this year, its 4th edition, runs from 11 to 17 of October 2011.

One of the cornerstones of the Week of Global Action against Debt and International Financial Institutions (IFIs) on October 11-17, 2010 is the demand for the immediate cancellation of illegitimate debts across the globe – Africa, Asia, Latin America and the Caribbean, Europe and North America. At least 297 organizations from 60 countries will participate and will strongly raise issues around illegitimate debt cases in the week-long activity.

Who’s Afraid of a Debt Jubilee?



The New York Times is now starting to ridicule the idea of a debt jubilee that is “doing the rounds”.


Entitled “The Downside To a Debt Jubilee”, NYT says,

Good ends do not justify bad means. That philosophical observation applies to proposals for a big American debt jubilee that are now doing the rounds. The basic idea is to slash consumer debt, which is an admirable aim for an overleveraged nation. Household debt is still 90 percent of gross domestic product, down only modestly from the 2008 peak of 100 percent. But even bank-haters should recognize that this cure might be worse than the disease.

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At least the writer recognizes that there are bank haters in the American population. He then goes on to say that if there’s a jubilee it will require help from the Fed. Too bad the writer just doesn’t get it… the Fed is doomed…it will be erased along with the debt in the coming jubilee…

Imagine An American Jubilee Celebration. Imagine a celebration sometime soon in the future: A celebration of Jubilee. Over 90% of the American national debt has been eliminated, through the American National Jubilee Act and International Treaty. Trillions of dollars of new debt-free credit for manufacturing, energy R&D, scientific innovation and advanced technologies to solve the pressing problems facing the world, has been issued by the government lawfully and debt-free. America is rebuilding its economy.

Imagine the American Jubilee Party of the future. It would transcend nationalism, and would indeed be a world wide party, celebrating the “shaking off” of debt burdens around the globe.

Occupy Wall Street Should Make 4 Demands

Author and Historian Webster Tarpley, In “An Emergency Program for Anti-Wall Street Protestors: Don’t Let Soros Hijack the Movement“, offers 4 Key Demands that the “Occupy Wall Street” protestors should include:

1. Student Loan Amnesty.
2. Stop Foreclosures
3. Defend and fully fund the social safety net.
4. Pay for healthcare and social services with a 1% Wall Street Sales Tax.
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Jubilee in Greece – Part 1

greek banking crisis

Defending the Banks or the People?*

A Greek court has canceled 100% of the debt owed to two banks by an unemployed Greek woman. It’s the first time in the modern era that a Greek court has made such a ruling, and it looks this decision will become a precedent for thousands of other pending cases in the Greek courts, as many borrowers are in distress from predatory interest rates and are failing to meet their obligations. It looks like Greece once again will see a rebirth of democracy, as was the case in ancient times when Solon, the celebrated “Father of Democracy instituted” the “Shaking Off of Debt Burdens.
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99 percent Occupy Wall Street Protest

Happening now on Wall Street………. The New York Daily News calls them “a bunch of spoiled brats” incovenienceing the “tens of thousands of people who actually have to work for a living” … This is a protest by the 99 percent who will no longer tolerate the greed and corruption of the 1%….

occupy wall streetWe are the 99 percent. We are getting kicked out of our homes. We are forced to choose between groceries and rent. We are denied quality medical care. We are suffering from environmental pollution. We are working long hours for little pay and no rights, if we’re working at all. We are getting nothing while the other 1 percent is getting everything. We are the 99 percent.

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Its not Keynes or Hayek, It’s Leviticus

Fight of the Century: Keynes vs. Hayek!

“Fight of the Century” is the new economics hip-hop music video by John Papola and Russ Roberts. Keynes and Hayek never agreed on the answers to these questions and they still don’t. Let’s listen to the greats. See Keynes and Hayek throwing down in “…

This entertaining online video about economics claims that the fight of the century is Keynes vs Hayek. That`s true if you`re talking about the 20th century. I remember my father, John Garman, telling me when I was a young boy, that when I see two people fighting, don`t assume that one is right and the other is wrong, and take sides. In reality, it`s usually the case that both are wrong. In the 21st century, it`s no longer ivory tower economists that are inspiring the world, such as Marx, Keynes or Hayek, it’s Leviticus. For the twenty first century, a new inspiration is emerging from the economic rubble. Activists inspired by the Book of Leviticus are calling for a Debt Jubilee. Yet many consider Leviticus irrelevant. Even dangerously irrelevant. It`s the book in the Bible largely ignored by the church. The concept of liberty expressed in Leviticus is mostly unknown to the students of Marx, Keynes and Hayek.

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Rule by Rentiers: the Pain Caucus


Ye shall do no unrighteousness in judgment: thou shalt not respect the person of the poor, nor honor the person of the mighty: but in righteousness shalt thou judge thy neighbour.
Leviticus 19:14-16

The rich are wise in their own eyes; one who is poor and discerning sees how deluded they are.
Proverbs of Solomon 28:11 (NIV)

Rule by Rentiers
By PAUL KRUGMAN writing in the New York Times, June 10, 2011

Consciously or not, policy makers are catering almost exclusively to the interests of rentiers — those who derive lots of income from assets, who lent large sums of money in the past, often unwisely, but are now being protected from loss at everyone else’s expense…

…Krugman calls these rentiers The Pain Caucus…

However, the policy prescriptions of the Pain Caucus all have one thing in common: They protect the interests of creditors, no matter the cost. Deficit spending could put the unemployed to work — but it might hurt the interests of existing bondholders. More aggressive action by the Fed could help boost us out of this slump — in fact, even Republican economists have argued that a bit of inflation might be exactly what the doctor ordered — but deflation, not inflation, serves the interests of creditors. And, of course, there’s fierce opposition to anything smacking of debt relief.

No, the only real beneficiaries of Pain Caucus policies (aside from the Chinese government) are the rentiers: bankers and wealthy individuals with lots of bonds in their portfolios.

And that explains why creditor interests bulk so large in policy; not only is this the class that makes big campaign contributions, it’s the class that has personal access to policy makers — many of whom go to work for these people when they exit government through the revolving door.

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An Economy Under Siege, Paul Krugman

Nobel Prize-winning economist and New York Times columnist Paul Krugman has some generally dismal news in this talk, held in conjunction with Krugman’s visit to Yale to receive the Henry E. Howland Memorial Prize, one of the highest honors that the U…

A Global Debt Jubilee is Waiting Behind the Curtains


What sort of Jubilee is waiting to take center stage?

More voices are being “raised like a trumpet” to proclaim that the current regime of fiat money and debt will not survive, and that some sort of global jubilee is waiting in the wings, waiting behind the curtains, soon to be revealed. Here is one such analysis by Alcuin Bramerton…..

• When debt is fraudulent, debt forgiveness is the logical and only remedy.

• Debt or credit which cannot be paid back is never an asset; it is always a liability.

• All debt which charges a percentage originates in delusion. Debt grows exponentially indefinitely; income and other financial growth cannot do this.

• The total amount of money in circulation today in the West can only pay for a tiny fraction of the total private and public debt in the West. This fact is evidence of systemic fraud.

• Debt is manufactured through fraudulent means to reward a creative criminal élite.

• If the intention of a financial transaction tied to a loan, or tied to a financial inducement, is extortion, if it is, in effect, an élite bankster scheme to bamboozle the borrower with small print or to blind him with science, that loan or inducement, should be struck off the record immediately and completely. The debt was not incurred with the informed consent of the borrower. The debt did not benefit the borrower. And the élite lender was well aware of these facts when the loan papers were signed.

• You cannot solve the debt problem by issuing more debt. You solve the debt problem by cancelling, completely, all national, corporate and personal debt. You do this simultaneously across the planet, and you do it permanently.

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Alcuin and Flutterby: Universal debt forgiveness and the imminent

Behind the scenes, all the indications are that universal debt forgiveness is set to be announced. A global debt jubilee is waiting in the wings. The Doctrine of Odious Debts has been spectacularly revisited. The default position

Publish Date: 08/13/2011 2:00

Alciun references the Irish Finance Minister, Michael Noonan ruling out universal debt forgiveness..

Debt forgiveness just “not realistic” | QBA | Quality Business Alliance

Finance Minister, Michael Noonan, yesterday emphatically ruled out a universal debt forgiveness plan, saying that the idea was just “not realistic”. He went on to say that the inability to repay mortgages was a complex issue …Indeed, complex for those trying to maintain control..

Publish Date: 09/02/2011 5:06