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TheStreet Open House

What Will 'Debt Jubilee' Look Like?

The original rebuttal of our governments (and bankers and the media) to such obvious criticism was simple: None of these debtors "would ever default." Recall when Greece's banker -- EU "monetary chief" Olli Rehn -- told reporters over and over (in 2010) that there was "no possibility" of a Greek default. Obviously these "leaders" were forced to stop making this inane assertion after Greece defaulted on its massive debt.

So when these debtor-governments, and their bankers, and the "economic experts" in the media claim that these nations are being "bailed out," they are lying to us. They are lying as a matter of simple logic. And the lies have been demonstrated as such, empirically, through the harsh prism of hindsight.

This brings us to what our governments are not telling us: Where are they getting the "money" for these phony "bail outs"? Obviously the lesser-debtors are not borrowing the money to give to the greater-debtors. Even our political drones can operate a calculator well enough to understand that borrowing money, and then throwing it away by funneling it into these Ponzi-scheme debt markets, would make the "lesser-debtors" also greater-debtors -- and in about as much time as it takes to say the words "compound interest."

This means our lying governments have been "kiting cheques" in order to perpetrate these sham bail-outs, the only other economic possibility. Of course, these serial liars don't admit to this either; rather, they tell us they are "using their printing press."

What does a Deadbeat Debtor do when he/she kites a cheque? He takes an ordinary piece of paper (with absolutely nothing "backing" it), hands it his creditor, and (after signing his name to it) claims that a debt has been "paid."

What do our Deadbeat Governments do when they use their printing press to perpetrate one of their (endless) "bail outs"? They take an ordinary piece of paper, with nothing backing it, they hand it to creditors, and they claim that debts have been paid.

But wait! Our governments tell us that the paper that comes off of their printing presses is magic paper: It has "value" even though there is absolutely nothing backing it. How does this magic paper acquire its value? Our governments tell us the paper is valuable, and (of course) if our governments tell us something it must be true.

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