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The Debt is Holy
And Must Be Paid!
A sacred trust
when a contract's made.
The Debt is Holy
And must be paid.
Anon.

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
Thomas Jefferson

I seriously doubt when the Founders enshrined the rights of private property in the Constitution, they imagined a world where all the private and public property had been gobbled up by a few big banks and the corporations which grew up around them. Oh wait, they did.

The people have no control over its own money supply and the valuation thereof. The control was signed over one hundred years ago to a private banking cartel called The Fed. The U.S. Treasury, (except for a few coins, about one one-thousandth of the money supply) does not make money but borrows from The Fed. The Treasury pays back the central bank through tax revenues and the sale of Bonds (Loans with a promise to pay back with interest.) Well this has been going on for years and We The People now owe around $16,000,000,000,000 (16 Trillion). Most of the federal income taxes collected go to pay the interest on the national debt. While most of our taxes 'service the debt' we borrow to pay for war and 'entitlements' which are not entitlements but promises of services in exchange for taxes, but governments can't keep their promises because all the taxes are going to pay the interest on the debt to "investors".

When money is 'printed out of thin air' why is usury allowed? Banks own the system of money. Banks determine the value of money by establishing how much it cost to borrow and how much money is in circulation. Banks have been wreaking havoc with boom and bust for centuries. But now, things are out of control; greed and blind ambition for power has brought the financial system and whole societies to the brink of chaos and collapse. The dominoes have begun to fall and they lead this way. Our fiscal house is worse than Greece.

Financial products, like derivatives, have so over-exposed the banks' actual assets and “reserve” of the infamous fractional-reserve banking system, the system has become a farce. It's a known secret all the Banks are broke. Back in 2008 the Banking system almost collapsed and had to be bailed out with trillions of dollars.

But how come if we owe the banks trillions of dollars, the banks are broke? What happened to all the money? Even the gold is gone.

Behind every great fortune is a crime.

This Grand Bargain everyone is dithering over is nothing but the codification of The Debt We Owe To A Private Banking Cartel. The Grand Bargain is all about paying back the 'national debt' to Big Banks. Period. End-of-story.

Why?

What did the People of the United States get for all this debt? Endless war, crumbling infrastructure, the corporatization of food, medicine and politics. We got squat.

Austerity is about fucking over the little guy so the fat cat can make his nut. Period. End-of-story.

We're going to balance the budget with two-to-one cuts over revenue without winding down the military-industrial-complex; the biggest entitlement program on the planet!  

And speaking of entitlements – uh, hello Social Security! That's my fucking money and I'm entitled to it. Don't let the scumbags tell you Social Security is some kind of government handout. It's a contract every citizen makes with the government. The government takes some of our money from every paycheck and holds it for us – and uses it – and when we retire, we get the money back. That's the fucking grand bargain.

Why are the banks, who make money from nothing and lend it at interest, more entitled than me who pays in real money earned from my labor? The banks profit from nothing and now we have to pay back the banks ill-gotten gains by looting my own money the government holds for me in trust. WTF!

Why is the debt holy? How come Thomas Jefferson was so much smarter 200 years ago than we are today?

Europe is crumbling because of Europe's private central banking system. The Euro, like the US Dollar, is under the control of private banking cartels.

Are we really going to go on with this charade and pay back these institutions which have been clearly guilty of great crimes by gutting social programs and public trust programs like Social Security, Medicare and Big Bird?

And still plunder the earth in endless resource wars against the Chinese?

Really?

I don't think so. Not if we want to live.

Instead of pillaging the public trust, why not just say no.

Cancel the Debt. Reform the Financial System. Reboot.

Anything else is debt slavery.

(And while a percentage of our debt is owed to entities like China and Japan, which should be accommodated, the larger point is the financial system is a swindle and must be reformed and rebuilt.)

Originally posted to Michael Alton Gottlieb on Mon Nov 12, 2012 at 10:36 AM PST.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement.

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Comment Preferences

  •  Tip Jar (6+ / 1-)

    The Later it Gets, The Faster it Gets Late

    by Michael Alton Gottlieb on Mon Nov 12, 2012 at 10:36:27 AM PST

  •  Good luck with this (5+ / 0-)

    But my money is on the windmills.

  •  Jefferson didn't say that (8+ / 0-)

    No matter how many times it's debunked it continues to spread. The link you provided debunks the claim.

    Earliest known appearance in print: 1937

    Status: This quotation is at least partly spurious; see comments below.

    Comments: This quotation is often cited as being in an 1802 letter to Secretary of the Treasury Albert Gallatin, and/or "later published in The Debate Over the Recharter of the Bank Bill (1809)."

    The first part of the quotation ("If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered") has not been found anywhere in Thomas Jefferson's writings, to Albert Gallatin or otherwise. It is identified in Respectfully Quoted as spurious, and the editor further points out that the words "inflation" and "deflation" are not documented until after Jefferson's lifetime.[2]

    The second part of the quotation ("I believe that banking institutions are more dangerous to our liberties than standing armies...") may well be a paraphrase of a statement Jefferson made in a letter to John Taylor in 1816. He wrote, "And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."[3]

    The third part of this quotation ("The issuing power should be taken from the banks and restored to the people, to whom it properly belongs") may be a misquotation of Jefferson's comment to John Wayles Eppes, "Bank-paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs."[4]

    This first known occurence in print of the spurious first part with the two other quotations is in 1948, although the spurious portion actually appears after the two other quotations.[5]

    Lastly, we have not found a record of any publication called The Debate Over the Recharter of the Bank Bill. There was certainly debate over the recharter of the National Bank leading up to its expiration in 1811, but a search of Congressional documents of that period yields none of the verbiage discussed above.

    Others have simply gotten old. I prefer to think I've been tempered by time.

    by Just Bob on Mon Nov 12, 2012 at 11:07:49 AM PST

  •  Thank you (1+ / 0-)
    Recommended by:
    Diane Gee

    More diaries like this, yes we can fight this delusional debt meme.  

  •  But that debt must be paid thing does not apply to (3+ / 0-)
    Recommended by:
    Friend of the court, Odysseus, Justus

    those other "persons" we call corporations.  Corporations renegotiate debt all the time with their lenders when they get into a cash flow crunch and bankruptcy is just another management tool and often a handy way to screw the workers.  In the economic history of the US you'll see that all the railroads went bankrupt at one time or another and often more than once just like the airlines and also just like the airlines, they enjoyed large government subsidies.

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