When Debt is Fraud, Debt Forgiveness is the Only Remedy

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We hold this to be self-evident: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy.

This article appeared in Of two Minds by Charles Hugh Smith on September 1st 2011

In the wake of recent events in Greece, this article is as relevant as ever. (Please share and educate)

"On a grand scale the only way to erase counterfeit money and (counterfeit) assets of hundreds of trillions of dollars is to erase the debts associated with those fake assets. (Let me underscore again, these are not “toxic” assets, they are fake assets.)… Forgiveness in general, and forgiveness of debt in particular, stand as virtues if they free us up to acknowledge, address, and learn from our culpability, start anew, and create forward.”

Endgame: When Debt is Fraud, Debt Forgiveness is the Last and Only Remedy,

by Zeus Yiamouyiannis, Ph.D., copyright 2011

Introduction:

Finally serious economists are considering a position I have been maintaining and writing about since the 2008 financial meltdown. Whatever its name— erasure, repudiation, abolishment, cancellation, jubilee—debt forgiveness, will have to eventually emerge forefront in global efforts to solve an ongoing systemic financial crisis.

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Sanders: Call for 'Political Revolution' Is About Mass Movement, Not Me

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'Enough is enough. This country belongs to all of us and not a handful of billionaires.'

Published on Sunday, June 07, 2015 byCommon Dreams

by Jon Queally, staff writer

As Sen. Bernie Sanders continues to attract overflow crowds, it was "standing-room-only" at a large community center in Keene, New Hampshire on Saturday where the presidential candidate continued to describe how a grassroots-driven "political revolution" is needed in the country in order to make real progress on debilitating levels inequality and student debt, the increasing threat of climate change, and the firm grip on the nation's democracy held by the billionaire class and corporate interests.

The Wall Street Journal reported that approximately "800 people squeezed" into the event, but a local newspaper put the number at over a 1,000 attendees, with many spilling out into the entryway and beyond.

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"This is not about Bernie Sanders," the candidate said to the room filled beyond capacity. "You can have the best president in the history of the world but that person will not be able to address the problems that we face unless there is a mass movement, a political revolution in this country.

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Governments Giving Fossil Fuel Companies $10 Million a Minute: IMF

 

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Governments are failing to properly tax fossil fuel consumption, with enormous environmental costs, the IMF reports. (Photo: Andrew Hart/flickr/cc)

Energy companies receive $5.3 trillion a year in funding from governments worldwide, says financial powerhouse

Published on Monday, May 18, 2015 byCommon Dreams | Nadia Prupis, staff writer

The fossil fuel industry receives $5.3 trillion a year in government subsidies, despite its disastrous toll on the environment, human health, and other global inequality issues, a new report by the International Monetary Fund (IMF) published Monday has found.

That means that governments worldwide are spending $10 million every minute to fund energy companies—more than the estimated public health spending for the entire globe, IMF economists Benedict Clements and Vitor Gaspar wrote in a blog post accompanying the report (pdf).

"These estimates are shocking," Clements and Gaspar wrote. "The number for 2015 is more than double the US$2 trillion we had previously estimated for 2011."

Subsidies occur in two ways, IMF Fiscal Affairs Department directors Sanjeev Gupta and Michael Keen explained in a separate blog post published Monday:

“[P]re-tax” subsidies—which occur when people and businesses pay less than it costs to supply the energy—are smaller than a few years back. But “post-tax” subsidies—which add to pre-tax subsidies an amount that reflects the environmental, health and other damage that energy use causes and the benefit from favorable VAT or sales tax treatment—remain extremely high, and indeed are now well above our previous estimates.

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