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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On Brink of 'Irreparable Split' Between Rich and Poor Nations, European Leaders Scramble

Experts say the onus is now on German Chancellor Angela Merkel to back an "ethical approach," and ease Greece's debt burden. (Photo: NumberTen/cc/flickr)

Emboldened by anti-austerity referendum, Tsipras to address European Parliament on Wednesday

Published on Tuesday, July 07, 2015 byCommon Dreams byLauren McCauley, staff writer

In the wake of Greece's historic 'No' vote this weekend, European leaders are scrambling to cement a new deal after the resounding rejection of the austerity program that has heretofore dominated fiscal policy and conversation.

European Parliament President Martin Schulz confirmed that Greek Prime Minister Alexis Tsipras will address parliament plenary on Wednesday morning. Tsipras is expected to put forth a new written proposal for financial aid, one that reflects the wishes of the people—who on Sunday voted overwhelmingly against the latest bailout offer, which would have imposed further austerity and economic hardship.

On Tuesday, European heads of state are meeting in Brussels to discuss the pending economic crisis. According to reports, Tsipras will meet with German Chancellor Angela Merkel and French President François Hollande ahead of the evening's leaders' summit to discuss his plan. Tsipras is expected to call for the country's €323bn ($356bn) debt to be reduced by up to 30 percent, with a 20-year grace period, BBC reports.

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Youth Flocking to Sanders Because 'You're Right, Bernie, You're Right!'

b2ap3_thumbnail_Screen-Shot-2015-07-07-at-9.47.06-PM.png"From Maine to California," said Sen. Bernie Sanders to great applause, "the American people understand that establishment politics and establishment economics is not working." (Photo: Common Dreams / CC BY 3.0)

If you're wondering why the campaign continues to build momentum and attract big crowds, one person among the many thousands in Portland shouted his answer.

Published on Tuesday, July 07, 2015 byCommon Dreams byJon Queally, staff writer

Continuing to draw large and enthusiastic crowds wherever he goes, Sen. Bernie Sanders attracted approximately 9,000 people to a downtown sports arena in Portland, Maine on Monday evening as throngs of people—with a noticeable presence of students and young adults—waited for more than an hour in a line that stretched around the building in order to hear the presidential candidate's populist message.

Though the campaign only put the number at 7,500 in the crowd, those familiar with building—which was filled to capacity—placed the number well over 9,000. Though not quite so many as the record crowd of 10,000 that turned out in Madison, Wisconsin the week before, many noted that the coastal New England city of Portland has less than half the population. And with other big turnouts recently in Iowa, Colorado, and elsewhere—this is becoming the new normal for the campaign.

b2ap3_thumbnail_Screen-Shot-2015-07-07-at-9.44.44-PM.pngThe line stretched around a full city block in downtown Portland, Maine on Monday evening. (Photo: Common Dreams / CC BY 3.0)

"In case you didn’t notice, this is a big turnout," Sanders told the excited crowd as he took the podium. A longtime political observer in the state told this writer that never in his long history of attending rallies in the state—from Barack Obama to Bill Clinton to Jimmy Carter—did he ever see such an enormous showing for a presidential candidate at this stage of the campaign season—or possibly ever.

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