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Posts Tagged ‘debt’

English: Tim Hudak.

From the August 14, 2012 Waterloo Region Record article, PCs to take ‘nothing for granted’ in byelection fight: Hudak, Ontario PC Party leader Tim Hudak said:

Every time we pay and use those important tax dollars that go to interest on our debt, it’s taking critical dollars away from the front lines we want to move forward in health care and education.

Did he forget that it was his party that ran up a $5.6 billion deficit and handed out extra millions in interest payments to bankers, despite claiming they would balance the budget?

It’s yet more rhetoric from a typical big party politician, and why I won’t be voting for any of them this time around either.

Previously, I wrote the 2011 article, Ontario PC leader Tim Hudak’s promises shows he’s a shameless opportunist.

And just because a party has freedom in its name doesn’t mean I’ll vote for it, as I demonstrated with my article, Why I’m not voting for the Ontario Freedom Party in this 2011 provincial election.

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Walter WilliamsAustrian School supporter Walter Williams, writing for LewRockwell.com, equated defaulting on one’s debt to theft in his July 31, 2012 article, How Times Have Changed (emphasis mine).

Years ago, spending beyond one’s means was considered a character defect. Today not only do people spend beyond their means but also there are companies that advertise on radio and TV to eliminate or reduce your credit card and mortgage debt. Students saddled with college loans have called for student loan forgiveness. Yesterday’s Americans would have viewed it as morally corrupt and reprehensible to accumulate debt and then seek to avoid paying it. It’s nothing less than theft. What’s worse is there’s little condemnation of it by the rest of us.

We can see a pattern, with fellow Austrian School supporter Gary North calling for a fool’s gold free market standard, whereby the government that he says lies, cheats and steals would enforce contracts, yet it is expected to get completely out of money-issuing, which even globalist David Rothkopf says is a fundamental right of states. Specifically, states have the ability to issue money debt and interest-free, which is the real reason governments are targeted by private central bankers and Austrian School devotees, alike.

I also caught North deliberately omitting the fact that United States Notes are interest-free, and giving the false impression that they are no longer valid.

For Williams to specifically focus on student loan debt is revealing, since it is the very fact that large international banks — like those that Daily Bell founder, Anthony Wile, admitted to consulting for — which are largely responsible for lobbying U.S. and Canadian governments to make it impossible to wipe out your student loans in a bankruptcy. Big corporations, on the other hand, including banks, have no such constraint.

Is it any wonder, then, that fellow Austrian School supporter, Tom Woods, posed the question in an article, Are We Austrians Shills for the Bankers?

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Assorted currency. Coins and notes

Article I, Section 8 of the U.S. Constitution grants Congress the power to coin money and regulate the value thereof.

On the October 16, 2011 episode of The Progressive Radio News Hour with Stephen Lendman, Ellen Brown, author of Web of Debt, relayed what a former director of the Bureau of Engraving and Printing said in the 1980s (at 13:18):

The government could solve its debt problem by just minting some large coins. That there’s no limit on how many coins they can make, and there’s no limit on the face value of the coin. So today, for example, you could stamp out 15 $1 trillion coins and you’d take care of the debt and you’d have a little money left over. And, a number of economists actually picked up on that, and there’s this whole dicussion out there now about how you could solve the problem with some $1 trillion coins which you would then put in the government’s bank account, basically. So you don’t actually ever spend the coins, but you can draw against them, and it’s a way to create money…

And I wholeheartedly agree with both the constitutionality and simplicity of the proposal.

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Michael Badnarik

Michael Badnarik, 2004 Libertarian presidential candidate and “Stepfather of the Constitution,” was asked the following question by a caller on his October 2, 2008 radio show (at 48:44):

During the Civil War, Abraham Lincoln printed Greenbacks in order to finance the army of the North and to pay his soldiers and buy goods. Couldn’t we do the very same thing? Couldn’t we abolish the Federal Reserve and the fractional reserve banking system and go to constitutional money printed by the Treasury and controlled by Congress, which would, we would not have to pay interest on that debt, and we could pay our debts without the interest applied? Wouldn’t that solve the whole problem?

Badnarik responded:

That’d be a step in the right direction, I think.

Despite being a hard money advocate, notice how he didn’t take exception with United States Notes being unconstitutional as he has with blatantly unconstitutional acts like the USA PATRIOT Act, 2001, and the Military Commissions Act, 2006.

For where some people get the idea that interest-free fiat money is constitutional, see my articles: The “necessary and proper” clause: it’s not meaningless, and The Constitution doesn’t prohibit both the states and federal government from issuing fiat money.

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US national debt clock, 2008

In many jurisdictions, such as California, children who are entitled to receive child support payments are only entitled to simple interest on arrears.

The banksters, however, who create credit out of nothing, loan it out at compound interest.

Take the simple example of $10,000 owed over 10 years. With simple interest of 10%, as required in California, the child will be owed $20,000 10 years later.

With annual compound interest of 10%, the banksters will be owed $25,937.42, or 30% more. But hey, the banksters need that extra money to pay for their government lobbyists. After all, the children have the rest of their lives to pay off their individual compounding debt, and if that’s not enough, they can transfer it to their own children, as previous generations have.

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Gary North speaking at the Mises Institute aft...

My email to Gary North on his October 8, 2010 hit piece on Ellen Brown, the author of Web of Debt:

Dr. North,

You’re getting real desperate with today’s hit piece on Ellen Brown, “Cheerleader for Hitler’s Economics,” as you scramble to defend what more and more people are realizing to be the gold standard bankster scam to confiscate people’s wealth in the inevitable terminal phase of their latest debt with interest money scheme, all in the name of a return to “sound money.” It happened in 1933, it will happen again, and you know it.

This year alone, despite being a self-professed “gold bug,” he admitted gold was a bad investment from 1980-2001, he made the outlandish claim that 21 years is a medium-term investment to justify gold’s embarrassing performance during that time, and claimed that gold coins produced by the U.S. and Canada aren’t money, despite being legal tender.

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A recent study of the banknotes issued by 10 different countries has found, unsurprisingly, that richer countries have cleaner banknotes.

“Researchers found a “strong correlation” between the amount of bacteria per square centimeter on banknotes and a country’s ranking on the Index of Economic Freedom, Wageningen University in the Netherlands said on its website Monday.”

What doesn’t take any study to show, and is of far greater consequence to the holders of those notes, is which ones are directly issued effectively interest-free by the country’s central bank, such as those by China.

Personally, I’d take the dirtier bank notes issued interest-free over the cleaner ones issued at interest payable to a non-producer class, since the cost of soap and water is far less than the amount of interest that will be owed over the course of the lifetime of the debt associated with the notes.

I don’t think we’ll be hearing mention of such a comparison in Bloomberg any time soon, given that they are captivated by the Wall Street banking cartel, which itself is dominated by the illegal Federal Reserve banking cartel of the United States.

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