PatColo
21st June 2011, 10:38 PM
following is a paste-job from Stirling's blog, check the links for original/full articles & video (which I haven't watched yet):
Debtocracy - The video that has helped to empower the People of Greece (with English subtitles) ~ link (http://www.youtube.com/watch?v=qKpxPo-lInk)
Greek Film Shows Way Out Of Debt Bind ~ link (http://www.henrymakow.com/greekfilmmakescase.html) ~ Another great article by Henry. The link to the film is the one just above this story, or can be linked from this story. Stirling
Defined by Russian economist Alexander Sacks in the 1920's, "odious debt" (http://articles.cnn.com/2003-12-15/world/sprj.irq.france.debt_1_iraq-debt-iraq-conflict-iraq-money?_s=PM:WORLD) is incurred by a despotic power, "not for the needs or in the interest of the State, but to strengthen its despotic regime, to repress the population that fights against it, etc., this debt is odious for the population of all the State."
He went on. "This debt is not an obligation for the nation; it is a regime's debt." Sack called it "a personal debt of the power that has incurred it." When this power falls, that debt "consequently . . . falls with the fall of this power."
Sack also considered a debt odious when, "the loans incurred by members of the government or by persons or groups associated with the government to serve interests manifestly personal - interests that are unrelated to the interests of the State." A bribe is an example of a manifestly personal interest.
Now, in order for a debt to be deemed "odious," Sack said that the lender must also be aware that the loan is "contrary to the interests of the nation."
In this case, Professor Sack said, "the creditors have committed a hostile act" against the people. They can't therefore expect that a nation freed from a despotic power will assume the 'odious' debts, which he called "personal debts of that power."
Debtocracy - The video that has helped to empower the People of Greece (with English subtitles) ~ link (http://www.youtube.com/watch?v=qKpxPo-lInk)
Greek Film Shows Way Out Of Debt Bind ~ link (http://www.henrymakow.com/greekfilmmakescase.html) ~ Another great article by Henry. The link to the film is the one just above this story, or can be linked from this story. Stirling
Defined by Russian economist Alexander Sacks in the 1920's, "odious debt" (http://articles.cnn.com/2003-12-15/world/sprj.irq.france.debt_1_iraq-debt-iraq-conflict-iraq-money?_s=PM:WORLD) is incurred by a despotic power, "not for the needs or in the interest of the State, but to strengthen its despotic regime, to repress the population that fights against it, etc., this debt is odious for the population of all the State."
He went on. "This debt is not an obligation for the nation; it is a regime's debt." Sack called it "a personal debt of the power that has incurred it." When this power falls, that debt "consequently . . . falls with the fall of this power."
Sack also considered a debt odious when, "the loans incurred by members of the government or by persons or groups associated with the government to serve interests manifestly personal - interests that are unrelated to the interests of the State." A bribe is an example of a manifestly personal interest.
Now, in order for a debt to be deemed "odious," Sack said that the lender must also be aware that the loan is "contrary to the interests of the nation."
In this case, Professor Sack said, "the creditors have committed a hostile act" against the people. They can't therefore expect that a nation freed from a despotic power will assume the 'odious' debts, which he called "personal debts of that power."