The concept of odious debt is not new. It has been around for nearly 100 years and was used by the USA to eliminate Iraq's debt before invasion. Ecuador created a committee to research the debts of that nation and they determined that 77% of the debt of that nation was odious debt. Odious debt is when a leader of a nation borrows money without consent of the people that are ultimately responsible for repaying the debt.
The criteria for odious debt requires three conditions:
1. Absence of Consent: The population must not have consented to the transaction in
question. This is so because it is unlikely that the law would forbid a person from
willingly entering into a contract that is detrimental to him or her.
2. Absence of Benefit: According to the applicable writings, there must be absence of
benefit to the population in two ways: (1) in the purpose of the transaction and (2)
3. Creditor Awareness: This requirement stipulates that the creditor must be aware of
the absence of consent and benefit. There are several standards that may be
employed for measuring ‘awareness’, and luckily domestic law provides a
sufficiently broad definition of ‘awareness’ to capture those creditors that shut their
eyes to the obvious.
I believe all of the recent debts of the American regimes fit this bill to a T!
#1 When President Bush created the bailouts hundreds of thousands of Americans called their congressmen and told them to vote NO. Nancy Pelosi stated that she had received 85,000 calls against the bailouts and only 1 for them. She voted for them because “we didn't understand”. One congressman quipped that his calls were coming in about 50/50. 50% of the callers said NO and 50% said HELL NO! This makes it very easy to determine that the people responsible for repayment were against it. When elected leaders violate their oaths of office and ignore the wishes of those they represent, elected or not they have taken on the role of dictator. President Obama and President Bush before him have both taken on dictatorial powers and ignored the wishes of the American people and have incurred large amounts of odious debt.
#2 The money was handed over to those politically connected enough to have their hands in the pockets of the politicians. The people have received no benefit. As the government spent the 2.3 trillion dollars of stimulus money against the will of the people paying the bills. The people were losing their jobs, homes and life times worth of savings.
#3 The amount of money the American regimes have spent waging wars around the globe in violation of the congressional requirement that only congress can declare war. Huge numbers of Americans protesting the wars show that the people are not in support. Obama determined to send troops into Libya without even bothering to contact congress. Any reasonable lender should have been able to determine, before loaning funds, that the people were opposed. The fact that the people were opposed to “the bailouts” and “the stimulus” should have been known by the lenders as well.
The people of this country are being robbed plain and simple. By the bankers that are truly in control of the governments of the world. They are being aided by those we elected to represent us. We are being raped repeatedly by the bankers, and the government we created to secure our rights, holds our arms to force us to comply. How can debt placed upon the unborn be considered legitimate? It can not. The fact that the lenders are loaning money with the full knowledge that those that will be tapped for repayment can not have received benefit should make the fact these debts are odious quite obvious even to the non involved. This is theft.
An additional item should be considered. In order to have to have a contract and a debt both parties must have brought something of value to the table. At this time the federal reserve bank is printing money at whim out of thin air. It costs the federal reserve bank nothing to create the funds. The interest charge on the created funds is becoming one of the largest parts of the debt as is the case in many nations. So instead of serving the needs of the people paying, the needs of the bankers are being serviced.
“That the United States government, the U.S Federal Reserve, and a plethora of financial institutions, are in breach of numerous U.S. laws in regards to fraud and fiduciary duty to the American people, is held to be self-evident, by a growing minority of individuals around the world. That this breach of law and duty has resulted in the deterioration of the global marketplace, diminished opportunities for workers, and effected an acute decay in living standards for millions around the world, is without doubt.
Since the founding of the houses of Rothschild and Morgan in the 18th and 19th centuries respectively, banks and bankers have progressively adopted the role of financiers to governments, who find themselves placed in a position of obligation to their financiers. Laws and regulations are thus influenced more by the interests of bankers than by the public interest. This is the essential conflict that undermines the possibility of real democracy in our world. Its not a case of who can get the most votes – it’s a case of who’s got the most money.
These banking dynasties (and the people with the most money who control them) have spawned an entire sub-race of human beings who are characterized by a conviction of their superior intellect, and entitlement to act outside of the laws of society, reinforced by the governments who are obliged to aid and abet them as debtors. This has resulted in a situation whereby the entire global economic engine is in the control of these very rich and powerful dynasties, who now collude daily to manipulate markets to their own benefit, and at the expense of the rest of the world’s citizenry.” “The closest that media has ever come to exposing this criminal organization is in the film “Inside Job”, by Charles Ferguson. The film does an utterly fantastic job of baring the collusive relationships among government, bankers, and economists. But it fails to identify the very root cause, which are these financial dynasties acting in concert, populating governments with hand-picked puppets who do their bidding, often naively. “ James West www,Midasletter.com
“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed. That whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it, “ Declaration of Independence
The government we created to secure our rights is aiding and abetting a criminal cartel of bankers that are enriching themselves by these schemes. We the people must step up and take back our country!