Debt Forgiveness: It CAN be done

Debt Forgiveness.   It's not a term you'll hear the main stream media use.  It's not a term you'll hear the Banksters and Political Puppets use.  It's not a term that you'll hear the Cabal Controllers use.  Because the very idea of it shakes them right down to their blackened shrivelled up souls.

The mouth pieces of the Banksters will bluster and rant that debt forgiveness is impossible and that all debt must be paid by someone...

... but what if the debt owed is non-existent?  What if the debt is based on an illegal action?  What if the debt was created by entities that are performing illegal business transactions?   How can personal debts like mortgages and student loans be legally enforceable when we look at LIBOR, Derivatives, and the fact that almost all banks are under scrutiny for  negligence at the very least and gross criminal actions at the upper end of the scale?  ...and that's just what the main stream media IS reporting on!

Hidden from the public by the media controllers is a seething underworld of illicit money laundering, blatant theft left right and centre, and mobster dealings that would of made Al Capone faint dead away in shock. These criminal actions start right at the top with the Federal Reserve and Central Banks and various 3 letter agencies right down to the local level banks. 



When money is printed out of thin air, produced as an electronic entry on a computer somewhere, paid on an electronic computer somewhere and then sold to John Q Public to buy a house or an education, and then having the audacity to charge him interest on money that never existed in the first place, can you call this "legal"?  



When the Federal Reserve can make imaginary money to the tune of $16 TRILLION and uses that money to bailout not only their own banking cartel but foreign banks as well, for 0% interest for an indefinite "loan", yet demands that home owners pay back the imaginary money that was "lent" to them to buy their homes, while illegally creating ponzi schemes on those mortgages that will drive more banks and investors into bad debt, (while the banksters are paying them selves over $100 billion in bonuses) then taking those houses in foreclosure, even though many of the home owners have already paid back the amount of the original loan but now because of the housing bubble bursting their home is only worth half of what the original mortgage was for to begin with, can you really call this a "legal" transaction? 

(yes, that was one single sentence with an extreme use of the comma)

I'm not a financial analyst.  I'm not an economist, or money guru, but even I as a layman can look at this entire theatrical production and say "two thumbs down".

Back to Debt Forgiveness. 

The Banksters and their minions might pooh pooh the whole idea, but the fact is, it's been done before. 

Iceland has the right idea folks- dissolve the government, chuck the banksters, and politicians who are in bed with the banks, into jail and start all over.

... If all this debt is made from imaginary money, then why should anyone at any level have to pay it back?  Here me out for a moment.  If the world is drowning in imaginary debt, then where is all the money?  If the Federal Reserve is bankrupt (and it is), and the ECB is bankrupt (and it is) and whole countries are bankrupt (and they are), then where is the money? I'm not kidding- that actually is a very serious question. Where's the Beef? 

The following article, "A CASE FOR MORTGAGE DEBT FORGIVENESS: Norway Writes Down 90% Of Populations Mortgage Debt / When Debt Is Fraud / IMF: Debt Reduction Policies Work / Debt Jubilee – The Concept", contains a group of articles that outlines much of what I've talked about above and is a great jump off point to rethinking this ginormous mess.  The whole article is very long, but I will copy below some of the most important points in my opinion.

In 1997, Norway instituted Debt Forgiveness and “Wrote Down” 90% of the Countries Mortgage Debt.
It’s been done, documented, and completely hidden from the World, through the World Media, until 19 April 2012.
Complete and Total Censorship of anything Debt Forgiveness Related, World Wide.

Here is a link to radio Interview of a Lawyer from Norway instrumental in bringing Mortgage Debt Forgiveness to Norway.
[ Broadcast on: 19 April 2012
Morning Ireland: Conference on ways to tackle personal debt - Norwegian lawyer Egil Rokhaug ]

...

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.

“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.” (The Big Squeeze, Part 3: The Quiet Rebellion: Civil Disobedience, Local Markets, and Debt Erasure (January 29, 2011)

Debt forgiveness, therefore, accomplishes two important things. It eliminates the increasing and outsized portion of productive enterprise to pay off unproductive obligations, and it clears the ground for new opportunities, new thinking, invention, and entrepreneurialism. This is why the ability to declare bankruptcy is so essential in the pursuit of both happiness and innovation....

...

Default Swap Scam Works (October 13, 2008)

Systemically, all debt that charges a percentage (“usury”) originates in delusion. Debt grows exponentially indefinitely, growth (income and otherwise) cannot. This leads to a widening condition where the fruits of productive “growth” devoted to interest payments increase until those fruits are entirely consumed. (The Elephant In The Room: Debt Grows Exponentially, While Economies

Only Grow In An S-Curve (Washington’s Blog)

Once this happens, stores of wealth (hard assets) begin to be cannibalized to make up for the difference. You see this in Greece with its sale of public assets to private companies, and in middle-class America where people are liquidating retirement accounts to pay for their cost of living.

This problem is compounded by a private Federal Reserve that lends money into circulation at interest, and then allows the multiplication of this consumer debt-money liability through fractional reserve banking. The money in circulation today could pay only a small fraction of the total private and public debt. That fact alone is evidence of a kind of systemic fraud. “If you just work hard enough, save, and make sensible decisions, you can get out of debt” could only physically work for a bare fraction of the population, given the money-to-debt ratio. The rest would have to simply default to clear the boards.

This is why debt forgiveness makes not only moral but rational, mathematical sense. Finances require balancing to be coherent....

...

This possibility of epic reprisal may very well compel banks to come to the table around debt forgiveness to avoid violent backlash and criminal prosecution, even over preserving their gravy train companies. The bitter irony of these companies and their galloping greed is that they ended up victimizing each other by selling junk to each other and extracting all the real value in salary and bonuses. Their assets rest on notional values, that when unmasked would drive each into immediate insolvency. They have simply been scam artists, producing little value and extracting mountains of money.
What might this look like? Looking at present trends and using the very useful framework of Kubler-Ross’s stages of grief, it might go something like this…

Average debtor:

1) Denial: Liquidate savings to pay for over-priced house and cost of living.

2) Anger and fear: Exhaust resources, experience want, compounded by austerity measures.

3) Bargaining: Attempt to negotiate with bank through HAMP and other mechanisms to lower payments. Banks don ‘t bite and even
have incentives to foreclose.

4) Depression: Lose/default on the house and move in with family or cheap rental.

5) Find out life is better without being a debt slave and spend more time with community and the ones you love.
Bankers:

1) Denial: Collect 144 billion in bonuses after financial collapse and laugh as not a single trading day loss arises for zombie TBTF banks completely subsidized by governments.

2) Anger: Express false righteousness, indignation, and hubris over even modest/toothless demands/regulations attempted to be placed on them by governments. Exhibit sadistic zeal at being able to simply claim you own and liquidate properties they have no clear title to.

3) Bargaining: Experience dawning awareness that may have just cooked your own gooses as strategic defaults skyrocket, populist demands to prosecute fraudclosure gain traction, and quantitative easing ad infinitum dwindles and fails to keep stock prices artificially aloft. Improvise panicked attempts to “be reasonable” and actually negotiate, once the asset and money flow well runs dry.

4) Depression: Contemplate and realize possible bankruptcy by big banks. Retreat to the Hamptons to hire criminal defense lawyers, contemplate empty life, and shoulder the abuse of media and contempt of a global citizenry.

5) Acceptance: Trying to regain “good guy” status and avoid criminal prosecution by agreeing to be part of debt forgiveness.
Once defaults happen in increasing numbers and certain asset prices plunge (i.e. real estate), what will initially look like a bonanza for capitalist parasites could easily get out of hand, with people either unable or unwilling to buy inventory even at greatly reduced prices. Profits would tank at banks, liabilities would skyrocket even with most of it transferred to government guarantee. Because no one plays the game anymore, banks could go under as well, as people rise to vote out bank-friendly politicians and simply refuse to pay. This unraveling could easily force exposure of the notional value of derivatives in banks as worthless, meaning they are as bankrupt as the people they exploited. At this point, there will be a common desire and need to simply “forgive” the debts and try to find some way to distribute these empty homes.

Conclusion

Debt forgiveness simply calls out either the inherent systemic inability to make good on debts or the recognition that debt was produced through fraudulent means. In the present situation, both conditions obtain. There has likely been no point in world history where debt forgiveness has been so comprehensively merited. The only speculation from my point (barring world-wide global feudalism and eternal debt slavery) is whether we will initiate such forgiveness or be forced into it....

Read the entire article HERE