When Debt Is More Important Than People,The System Is Evil

When Debt Is More Important Than People, The System Is Evil Charles Hugh Smith from 1. Of Two Minds Zero Hedge February 18, 2012 The Empire of Debt has only one endpoint: a death spiral. It is evil and must be dismantled. Ethics has no place in the Empire of Debt. The financialized Status Quo is careful to limit the language used to describe the situation in Greece to the subtexts of “obligations” and “avoiding chaos.”

The reality being masked is that debt is now more important than people. The suffering of the people of Greece is presented as a footnote to the financial play being staged; when the suffering is noted, it is presented with a peculiar set of unspoken subtexts: 1. 1. Looky-loo detachment of the “gosh, look at that wrecked car, are there any bodies?” sort. People slow down to look at car crashes, and they revel in videos of riots with the same detached fascination with mayhem that doesn’t involve them. Tsk tsk, how awful, etc.

2. They’re reaping what they sowed, “they made their bed, now they have to sleep in it,” i.e. the suffering of Greek non-Elites is the richly deserved consequences of their government overborrowing.

This begs further investigation. In the normal course of affairs in corrupt kleptocracies, various Elites siphon off most of the swag and the commoners get just enough shreds to buy their complicity. In other words, it may well

be that the entire populace of Greece benefitted handsomely from the massive State borrowing, but it also may well be that the private-sector Greeks received little of the swag. In this case, they don’t “deserve” to be forced into debt-serfdom by their Euroland overlords.

The ethics of debt, at least in the officially sanctioned media, boils down to: nobody made them borrow all those euros, and so their suffering is just desserts.

What’s lost in this subtext is the responsibility of the lender. Yes, nobody forced Greece to borrow 200 billion euros (or whatever the true total may be), but then nobody forced the lenders to extend the credit in the first place.

Consider an individual who is a visibly poor credit risk. He would like to borrow money to blow on consumption and then stiff the lender, but since he cannot create credit, he has to live within his means.

Now a lender comes along who can create credit out of thin air (via fractional reserve banking) and offers this poor credit risk $100,000 in collateral-free debt at low rates of interest. Who is responsible for the creation and extension of credit? The borrower or the lender? Answer: the lender.

In other words, if the lender is foolish enough to extend huge quantities of credit to a poor credit risk, then it’s the lender who should suffer the losses when the borrower defaults.

This is the basis of bankruptcy laws–or used to be the basis. When an over-extended borrower defaults, the debt is cleared, the lender takes the loss/writedown, and the borrower loses whatever collateral was pledged. He is left with the basics to carry on: his auto, clothing, his job, and so on. His credit rating is impaired, and it is now his responsibility to earn back a credible credit rating.

The debt is discharged and the borrower must live within his means without relying on credit. But he is also free of the burdens of servicing the debt.

If the lender is forced into insolvency due to the losses, then so be it: lenders that cannot differentiate between good and bad

credit risks should go under and disappear: that’s what happens in a competitive, transparent capitalist economy. Fools who create credit and extend it to poor credit risks must be eliminated from the system as quickly as possible lest they destroy more capital in the future.

The potential for loss and actually bearing the consequences from irresponsible extensions of credit was unacceptable to the banking cartel, so they rewrote the laws.

Now student loans in America cannot be discharged in bankruptcy court; they are permanent and must be carried and serviced until death.

This is the acme of debt-serfdom.

The global banking cartel has declared Greece’s debts to be permanent and its people debtserfs. More precisely, some privately held debt will be written down, but certainly not all of it, and the debt owed to the European Central Bank cannot be written down a single euro: Greece must pay the interest on the full debt, whatever the costs to its people.

We might ask why the fully-financialized Status Quo of financial and political Elites so carefully insures no shadow of ethics passes over the Greek debt crisis: If they did, it would become obvious that when debt becomes more important than people, the system is evil and should be dismantled.

Yes, evil, as in evil empire: the Empire of Debt that now dominates the global economy is intrinsically evil and cannot be salvaged; the only way to rid the planet of its parasitic, pervasive evil is to dismantle it, all of it, everywhere.

Europe is a good place to start. The only way to dismantle the evil Empire of Debt is to stop obeying its commands: Greece should not pay a single euro on any of its debts, starting with debt owed to the Evil Empire of Debt’s favorite tool, the Troika of the EU (European Union), the ECB and the IMF. We are constantly told default and exit from the debtors’ prison of the euro would lead to chaos.

Unfortunately for the Evil Empire

of Debt and its Eurozone army of lackeys, toadies and apparatchiks, this claim is demonstrably false.

Thanks to Pater Tenebrarum of the always excellent Acting Man financial blog, we have access to a 53page report from Variant Perception that completely dismantles the fear-mongering claims of Apocalypse for the Greeks should their government default on its debts.

A Primer on the Euro Breakup: Default, Exit and Devaluation as the Optimal Solution. The only way forward is default and exit from the debtors’ prison of the euro.

Once the debt has been renounced, Greece will have to live within its means, i.e. the goods and services produced by their economy. I think a critically important point has been lost in all the fearmongering: the value of the goods and services produced by an economy remain the same whether they are valued in euros, gold, dollars, bat guano or any other open-market measure of value.

What will impoverish Greece is paying interest on the mountain of debt. If we value total Greek output of goods and services at 100 quatloos, and this economic activity generates a surplus of 10 quatloos, the Greek people can decide to consume that 10 quatloos, invest it or some mix of the two.

If they have to pay 10 quatloos in interest, then there is no capital left to invest in productive assets. As the existing productive assets degrade, wear out and become obsolete, then the goods and services produced will decline, along with the surplus generated.

This sets up a positive feedback loop, i.e. a death spiral: as production of value declines, so too does the surplus available to invest in productive assets.

This is why the only way forward is default and exit from the debtors’ prison of the euro. The only way forward is to value people more than debt, and to dismantle the evil Empire of Debt.

Syrian Girl: Why al-Qaeda is al-CIA-da Infowars.com February 18, 2012 In Syria, they know the score. In America, they are largely clueless.

Syrian Girl - Why Al Qaeda is Al CIAda http://www.youtube.com/watch?v=qCqmI1SQB5o

Surviving The Coming Collapse with Survivalist James Wesley Rawles Infowars.com February 18, 2012 On this Friday, February 17 edition of Infowars Nightly News, co-host Rob Dew interviews New York Times best-selling survivalist-fiction author, blogger, and survival retreat consultant James Wesley Rawles about his latest book, Survivors: A Novel of the Coming Collapse. The novel combines useful “how to” information with a compelling fictional storyline that not only entertains but also informs.

Surviving The Coming Collapse with Survivalist James Wesley Rawles 1/2 http://www.youtube.com/watch?v=ZoSySD aR98s Surviving The Coming Collapse with Survivalist James Wesley Rawles 2/2 http://www.youtube.com/watch?v=6nq59O WMuqk

Arrogant doctors refusing to provide health care services to parents who refuse vaccines Ethan A. Huff 1. NaturalNews February 18, 2012 Parents who refuse to allow their children to be forcibly injected with cocktails of toxic adjuvants, chemical preservatives, and live viral materials are increasingly being told by mainstream medical quacks that they are no longer welcome as their patients.

Convinced that their own personal opinions on vaccines must apply to everyone, these vaccine-pushers have assumed the role of medical dictators, treating everyone who does not agree with their vaccine dogma as if they are unworthy to receive medical care.

According to a study conducted in Connecticut last year, the number of conventional practitioners and pediatricians that say they have dismissed patients because of vaccine refusal appears to be on the rise. While only six percent of physicians said they “routinely” dismissed families over vaccine refusal back in 2001 and 2006, that number appears to at least be in the double-digits today, with one survey of 133 doctors showing that about 30 percent of them have refused patients who resist vaccines.

Dr. Scott J. Goldstein and his partners from the Northwestern Children’s Practice in Chicago, for instance, now require all of their patients to comply with the practice’s vaccine requirements (http://www.cbsnews.com). And Dr. Allan LaReau and his 11 colleagues from Bronson Rambling Road Pediatrics in Kalamazoo, Mich., stopped working with all families that refused vaccinations back in 2010 ( 1. http://online.wsj.com).

The excuses for this blatant form of medical discrimination include many of the usual suspects. One of the most humorously irrational ones, of course, is the idea that unvaccinated children pose a disease risk to the vaccinated.

The sheer insanity of this pseudoscientific nonsense would be humorous if it were not taken seriously by many so-called

medical professionals today.

The vast majority of the vaccines administered to children in the first few years of their lives have never been proven either safe or effective, and yet self-professed experts like Dr. Goldstein and Dr. Lareau worship them as if they are some kind of magical cure for disease.

Dr. Goldstein, in fact, told CBS News that he believes vaccines have “done more than anything else over the past 100 years to help improve the health of children,” an ideology that has no basis in reality.

Ironically, many of the recent disease outbreaks that have been blamed by the mainstream media on unvaccinated individuals were actually most rampant in vaccinated individuals. The 2010 whooping cough outbreak in California, for instance, was found to be most prevalent among children that have been vaccinated against whooping cough. And experts have reluctantly admitted that a failure of the vaccine, not the fact that some children were unvaccinated, was likely the real cause of that outbreak (http://www.wired.com/wiredscience/2011/09/vaccineresponse-pertussis/).

Sources for this article include: http://www.cbsnews.com http://www.childrensmemorial.org/findadoc/bios.aspx?id=649

BBC: Let’s Kill the Internet and Start Over 1. The Daily Bell February 17, 2012 Viewpoint: The internet is broken – we need to start over … Last year, the level and ferocity of cyber-attacks on the internet reached such a horrendous level that some are now thinking the unthinkable: to let the internet wither on the vine and start up a new more robust one instead. On being asked if we should start again, many – maybe most – immediately argue that the

internet is such an integral part of our social and economic fabric that even considering a change in its fundamental structure is inconceivable and rather frivolous. I was one of those. However, recently the evidence suggests that our efforts to secure the internet are becoming less and less effective, and so the idea of a radical alternative suddenly starts to look less laughable. – BBC/ Prof Alan Woodward, Department of Computing, University of Surrey Dominant Social Theme: Look, can we talk? The Internet is paedophiles’ best friend and a virus manufacturer besides. If we get rid of it, we’ll all be a lot safer. And especially the children. Good Lord, the children! The children!

Free-Market Analysis: It is clear to us by now that the Anglosphere power elite is increasingly desperate to shut down the Internet any way it can. This article posted at the BBC (whether or not the author understands he’s been enlisted on behalf of a larger Western elite agenda) is a good example of a sub dominant social theme within the context of this aim.

The power elite wants to run the world, and what we call the Internet Reformation has badly dented their plans. How does one run a secret, super-duper conspiracy to create a New World Order when one’s every move is plastered on the Internet the very next day?

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