In the United States House of Representatives, the “Jubilee Act for Responsible Lending” (otherwise known as H.R. 2634) was passed on April 24, 2008.
The heading of that Act explains the concept behind what it covers:
H. R. 2634, IN THE SENATE OF THE UNITED STATES, April 24, 2008
Received; read twice and referred to the Committee on Foreign Relations
To provide for greater responsibility in lending and expanded cancellation of debts owed to the United States and the international financial institutions by low-income countries, and for other purposes.
SECTION 1. SHORT TITLE.
This Act may be cited as the `Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008?.”
In other words, the United States wants to cancel the debts owed to it by international financial institutions in low-income countries.This is a little like a man who stands on the street starving while offering to buy the rest of the world dinner – using a credit card, of course.
You can read the rest of the Jubilee Act H.R. 2634 HERE.
It doesn’t take a lot of mathematical skill to figure this out. The dollar, or more accurately stated the Federal Reserve Note, has depreciated to the point where its value (being generous) is about 6 or 7 cents when compared to the 100 cents it was worth when the Federal Reserve Act was passed on December 23, 1913 and the unlawfully established Federal Reserve System took over the reins of America’s monetary management.
The 100-year contract established with this privately-owned corporation known as “The Federal Reserve” will come to an end on December 23, 2013. On its 100th anniversary, the Federal Reserve System leaves the American people about 17 trillion dollars in debt – times five in long-term debt. As of 2012, the Gross Domestic Product of the United States was close to $16.5 trillion. Comparatively, Spain’s Gross Domestic Product for 2012 was about $1.3 trillion.Spain’s debt was $2.3 trillion.Spain has a 167 debt-to-GDP ratio. The United States has a 106 percent debt-to-GDP; Italy’s debt at $2.5 trillion is 108 percent debt-to-GDP.The European Union was at 85 percent at year-end 2012.
When you take all of the above and input it into my brain, it comes out this way: For every dollar we print to repay our debt, we go 46 cents more in debt than we were before we printed the currency (or sold the bond or keyed a number into a computer) to reduce our debt. In other words, as things stand at this moment in time it is impossible for America to repay her debt.You can find the statistical data for debt-to-GDP HERE. And this is just the tip of the iceberg as it relates to actual US debt.Or, look at it this way. One trillion seconds is almost 32,000 years. So to pay off the debt, if Congress put a hundred dollar bill per second into an account to pay the debt, it would take well over 4,000 years to get the job done.
There is much history regarding the concept of what is called odious debt. Americans need to pay attention to what it is and learn to use the concept to tell the US Treasury and Federal Reserve System where to go look for the trillions of dollars they say the American people owe in government debt. According to the Doctrine of Odious Debt, we the people owe about 25 percent of what the Federal Government and the Federal Reserve System tell us we owe.
The concept of odious – or immoral – debt is not a bee I got in my bonnet one day and decided to dream a little dream of reduced debt, fewer taxes, more jobs, and a return to the Rule of Law. This is a serious matter and is one with which the nations of France, Russia, Germany and the United States are very familiar because it has been used by those nations and others.
After the Civil War, it was found that the Confederate States incurred great debt in its attempt to secede from the Union.The North won that war. It would have been immoral for the taxpayers of the United States (North and South) to be forced to pay the debts of the Confederacy which had seceded from the Union during the time the debt was incurred. The 14th Amendment of the United States Constitution repudiated those debts.
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Section 4 of Amendment 14 raises some very interesting questions regarding “insurrection” or “rebellion” as, it can be argued, Citizens of this nation had an economic war declared against them by too big to jail banksters when the protections of the Glass Steagall Act and the McFadden Act were, with careless disregard for the outcome, over-ridden. For close to ten years, Washington’s political machine has used debt to enslave the American populace… what else can you call debt that is so huge it is not repayable? The only thing that stands behind the value of the US Federal Reserve Note – American currency, regardless of what you call it – is the blood, sweat and tears of the American people. If you don’t pay your taxes, you go to jail. According to the 14th Amendment, public debt must be authorized by law. From where does our Rule of Law in America flow? The Constitution!
We do not honor debts resulting from dishonorable purposes. We did not honor the debts of the Confederacy. After the Spanish-American War ended in 1898, the US turned to the Doctrine of Odious Debt when it rejected Cuba’s debts to Spain. We said the debts “…were imposed upon the people of Cuba without their consent and by force of arms.” (Continued)