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Wednesday, June 22, 2011

Greek Film Shows Way Out of Debt Bind

"Debtocracy" argues convincingly that there are strong precedents for repudiating the Greek debt.

by Henry Makow Ph.D.

"Debtocracy" a 75-minute documentary made for $15K has inflamed popular resistance in Greece by casting the debt crisis in a new light.

Seen on the Internet by over a million Greeks, the film convincingly argues that the debt is a neo-liberal ("Economic Hitman") scam and there are strong precedents for repudiating it.

The brainchild of Costas Lapavitsas, an economist and professor at the School of Oriental and African Studies in London, the film introduces the concept of "odious debt" which was used in 2003 by the United States to renounce Saddam Hussein's $120 B debt to Russia and France.

Defined by Russian economist Alexander Sacks in the 1920's, "odious debt" is incurred by a despotic power, "not for the needs or in the interest of the State, but to strengthen its despotic regime, to repress the population that fights against it, etc., this debt is odious for the population of all the State."

He went on. "This debt is not an obligation for the nation; it is a regime's debt." Sack called it "a personal debt of the power that has incurred it." When this power falls, that debt "consequently . . . falls with the fall of this power."

Sack also considered a debt odious when, "the loans incurred by members of the government or by persons or groups associated with the government to serve interests manifestly personal - interests that are unrelated to the interests of the State." A bribe is an example of a manifestly personal interest.

Now, in order for a debt to be deemed "odious," Sack said that the lender must also be aware that the loan is "contrary to the interests of the nation."

In this case, Professor Sack said, "the creditors have committed a hostile act" against the people. They can't therefore expect that a nation freed from a despotic power will assume the 'odious' debts, which he called "personal debts of that power."

As we shall see, these criteria apply to Greece. But first the film looks at:


The Illuminati banker - IMF method of absorbing the world's wealth is well documented. They bribe corrupt regimes to incur huge debts for costly boondoggles built by companies owned by the same bankers. Then the bankers make their targets repay these "loans" (created out of thin air) by accepting severe "austerity" programs and privatizing national enterprises and resources.

At first we thought this predatory behavior was reserved for the Third World, but now it's clear Europe and America are also in their cross-hairs.

Rafael Correa, the President of Equador didn't think the majority of his government's income should be to used to service the national debt. He ordered an "audit committee" to investigate how this debt was incurred and discovered that 70% of it was due to the corruption of prior regimes.

He renounced that debt. Equador's bonds fell to 20 cents on the dollar. His government secretly bought it back and saved seven billion dollars in interest.

Interestingly many civil servants at the Ministry of Finance refused to cooperate with the audit committee. This emphasizes that there is always a class which is in cahoots with the bankers and profits at the expense of the people.


The banker-owned mass media has put out the story that Greece's problems are due to bloated bureaucracy and a crippled tax system. But "Debtocracy" documents a pattern of wasteful boondoggles from which the bankers and the ruling class benefited.

These include bribes and kickbacks from the German conglomerate Siemens to build the Athens subway system and a $1.1 B boondoggle for "security" at the 2004 Athens Olympic games.

But the most costly expenditure has been billions for unnecessary weaponry -- aircraft and submarines -- bought from European manufacturers owned by the same bankers.


It's clear that the Illuminati bankers intend to use debt to enslave and impoverish us. They will use the specter of financial mayhem to extort the money from us.

Like Greece, our governments will have a choice. Either default on the debt or default on the people. Our puppet politicians have been defaulting on us for a long time. We need to use the concept of "odious debt" to ensure they stop now.

The bankers' credit scam cannot go on for ever. Eventually the social contract will break down as is happening in Greece. This is why the bankers are creating a New World Order police state, under the pretext of a war on terror." (snip) ...

NOTE: This article is originally published at this website:



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