Odious Debt

[Hatha Sunahara]

Straight talk from economist Michael Hudson about the interplay of government power and the obligation of citizens to pay 'sovreign debt' incurred by governments that do not get the approval of its citizens to bail out the bankers. Remember Hank Paulson telling us the government needed to pay out $700 billion to bail out the too big to fails? Most people I know did not approve of that. Hudson describes the same dynamics playing out in Iceland and Greece and throughout the world. A debt that cannot be paid, will not be paid.

To save you the trouble of looking it up, odious means deserving of hatred or scorn.


http://www.youtube.com/watch?v=UK8k5ST4zWU


Hatha

[palani]

Given us by the miracle of accounting, in double entry bookkeeping, at the end of the day, the books had best balance.

A bookkeepers responsibility that does not result in this outcome is deserving of an action of ACCOUNT.

If the books are balanced at the end of the day then why unbalance them in contradiction to solid well grounded theory by figuring out how to pay a debt that does not exist?

[Hatha Sunahara]

Given us by the miracle of accounting, in double entry bookkeeping, at the end of the day, the books had best balance.

A bookkeepers responsibility that does not result in this outcome is deserving of an action of ACCOUNT.

If the books are balanced at the end of the day then why unbalance them in contradiction to solid well grounded theory by figuring out how to pay a debt that does not exist?

Accounting conventions will not resolve the issue of who is responsible for 'sovreign debt' when governments improperly bind their citizens to generational slavery. The Greeks understand this. But their prime minister will bamboozle them. They don't want austerity, but they do want to remain in the EU. So, in order to remain in the EU, they will vote for what they are protesting against in the streets. Their Prime Minister is slick. Slick. Just watch them get bamboozled in their own referendum.


Hatha

[palani]

Accounting conventions will not resolve the issue of who is responsible for 'sovreign debt' when governments improperly bind their citizens to generational slavery. The Greeks understand this. But their prime minister will bamboozle them. They don't want austerity, but they do want to remain in the EU. So, in order to remain in the EU, they will vote for what they are protesting against in the streets. Their Prime Minister is slick. Slick. Just watch them get bamboozled in their own referendum.


Hatha

Sovereign entities take on sovereign debt. The U.S. falls short in the sovereignty category as does the EU, the UK and the Swiss Confederation. Federations of independent nation-states are not sovereign themselves. This is an issue most bankers will gloss over quickly in their willingness to achieve wealth (or appearance of wealth in the realm of appearance of reality).