THE PEOPLE vs THE CANADIAN GOVERNMENT & THE BANK OF CANADA

“ Until the control and the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of sovereignty of Parliament and democracy is idle and futile. Once a nation parts with the control of its currency and credit, it matters not who makes the nation's laws. Usury, once in control, will wreck any nation.” William Lyon Mackenzie King, Prime Minister of Canada, pictured below on the $50 bill.

COMER vs the Canadian Government and the Bank of Canada

On January 20, 2012, the Committee for Monetary and Economic Reforms (COMER) - a Canadian economic and monetary think thank represented by constitutional lawyer Rocco Galati - filed a landmark lawsuit against the Bank of Canada, the Minister of Finance, the Attorney General of Canada, the Minister of National Revenue and the Queen for - among other - "abdicating their statutory and constitutional duties with respect to article ss. 18 (i) and (j) of the Bank of Canada Act which stipulates that the Minister of Finance and the Government of Canada are required to request and the Bank of Canada is statutorily required to make interest-free loans for the purpose of human capital expenditures, infrastructure expenditures and federal, provincial and municipal expenditures."   

source: www.comer.org

Historical background, purpose and objective of the lawsuit

The Bank of Canada was first created in 1934 as a private Central Bank. However, in 1938 the Bank of Canada was nationalized and constitutionally mandated with the exclusive right and power to issue and loan the federal, provincial and municipal governments interest-free money for public infrastructure development and “human capital” expenditures such as education, health and other social programs.

Prior to 1938, Canada did not have a public Central Bank. As a result, the government had to borrow money for government expenditures from private commercial banks at interest. The country's largest private commercial bank – the Bank of Montreal – was the government's de facto bank. However, on the eve of the Great Depression (1929), the interest on the government debt had reached an alarming one third of government expenditure. As a result, a Royal Commission was set up in 1933 to study the setting up of a Canadian Central Bank to issue interest-free money to the government for public infrastructure development and “human capital” expenditures such as education, health and other social programs.

As Prime Minister Mackenzie stated in 1935:

“ Until the control and the issue of currency and credit is restored to government and recognized as its most conspicious and sacred responsibility, all talk of sovereignty of Parliament and democracy is idle and futile.”

Tragically, however, in 1974 the Bank of Canada became a member of the Bank for International Settlements (BIS) - an apex private central banking organization regrouping all private Central Banks around the world - which started dictating monetary, financial, fiscal, economic and budgetary policy in Canada. Furthermore, under the BIS, the Bank of Canada was strictly forbidden to provide interest-free loans to the government, contrary to the Bank Act of 1938. Instead, the Bank of Canada started lending money to private commercial banks at near-zero interest rates (the Prime rate), which the commercial banks then loaned back to the government at much higher compounded interest rates. As a direct result, the Canadian "public debt" has since skyrocketed from $24 billion in 1974 to over $600 billion in 2014 (see graph below).

Graph 1: Canadian government/public debt

source: www.qualicuminstitute.ca/federal-debt/

As the above graph clearly and tragically shows, the “public”/government debt has exponentially increased from $24 billion in 1974 (before the Bank of Canada became a member of the BIS) to over $600 billion ($611.9 billion) in 2014  (from 1974-2014, after it became a member of the BIS).

Furthermore, according to statistics published by the Ministry of Finance, Canadian taxpayers paid 
$ 28.2 billion in interest on the "public debt" in 2014 alone, which represents 10% of total government expenditure for 2014 ($271.7 billion), exceeding health and other social expenditures, employment insurance and children's benefits, Public Safety and National Defense. (Please see details in picture below.)

Source: Canada Ministry of Finance: www.fin.gc.ca

Vicious debt-austerity trap cycle

The current vicious and impoverishing cycle of debt-austerity policies imposed on Canadians by Prime Minister Stephen Harper and his government are a direct result and consequence of the monetary, financial, fiscal, budgetary and economic policies dictated and imposed on the Bank of Canada by the BIS.

Indeed, Prime Minister Harper, the Finance Minister and his government are imposing deadly austerity measures on the Canadian public, slashing federal, provincial and municipal budgets, cutting down on public infrastructure development and “human capital” expenditures such as health care, education and other public and social services, while spending $28.2 billion a year to pay the interest on the unconstitutional so-called “public debt”...

Moreover, according to Paul Hellyer - the former Canadian Defense Minister and author of The Money Mafia - Canadian taxpayers have paid over $ 1,100 billion ($1.1 Trillion) in compounded interest payments on the (so-called) “public debt” from 1974-2004 (twice the current public debt). With the current level of government debt ($ 611.9 billion), Canadian taxpayers will pay over a trillion dollars in interest only over the next 20-25 years, ad infinitum...

  

As Prime Minister Mackenzie clearly and prophetically stated in 1935:

“ Once a nation parts with the control of its currency and credit, it matters not who makes the nation's laws. Usury, once in control, will wreck any nation.”

And as the "father" of the current fraudulent Fractional Reserve Banking and private central banking architecture - Meyer Amschel Rothchild - himself arrogantly said:

Why should the government borrow money at interest from private commercial banks when it can issue and spend its own currency interest-free through the Bank of Canada..?

The obvious question that any sane and thinking person would ask PM Stephen Harper, the Finance Minister, The Governor of the Bank of Canada, the Canadian government, Opposition Leaders and Members of Parliament, is why does the government have to borrow fiat money created ex nihilo (out of nothing) from private commercial banks at compounded interest, which hard-working Canadian taxpayers are coerced to repay trough taxation, when the Bank of Canada Act constitutionally gives the Bank of Canada the exclusive mandate, right and power to issue and loan money to the government interest-free...? I encourage all Canadians to urgently ask Prime Minister Harper, the Finance Minister, the Governor of the Bank of Canada as well as their MP this question.

In 1939, Mr Graham Towers – the first Governor General of the Bank of Canada from 1934 to 1954 - testified in front of the Canadian Government's Standing Committee on Banking and Commerce, during which he provided factual evidence and openly revealed much about the modus operandi of the (fraudulent) central private banking system in Canada.

In one question he was asked by the Committee: "Will you tell me why a government with power to create money, should give that power away to a private monopoly, and then borrow that which parliament can create itself, back at interest, to the point of national bankruptcy?".

To which Mr Towers replied: "If parliament wants to change the form of operating the banking system, then certainly that is within the power of parliament" (1)

I therefore encourage all Canadians to ask their MP the same question.

(1) http://www.michaeljournal.org/appenE.htm

Fractional Reserve Banking and Private Central Banking

"The few who can understand the system will be either so interested in its profits, or so dependent on its favors, that there will be no opposition from that class, while, on the other hand, that great body of people, mentally incapable of comprehending the tremendous advantage that Capital derives from the system, will bear its burden without complaint and, perhaps, without even suspecting that the system is inimical to their interests." Letter written from London by the Rothschilds to their New York agents introducing Fractional Reserve Banking and private central banking in the USA.

I encourage all Canadians who wish to live as free men/women to urgently carry out their own research into the fraudulent Canadian and global private central banking architecture which has literally enslaved all Canadians and all of humanity to a handful of private bankers. Please research Fractional Reserve Banking and Private Central Banking.

As Goethe rightly stated: "None are more hopelessly enslaved than those who falsely believe to be free."

And as Henry Ford (prophetically) stated: “It is good that people do not understand the workings of the banking system; for if they did, I believe that there would be a revolution before tomorrow morning.”

That "morning" is not far...

Finally, I invite you to read the following Open Letter I have written to Barack Obama regarding the 2008 banking/financial collapse and the fraudulent banking policies and practices of the privately-owned Federal Reserve Bank in the US.

I also invite you to read the following article I have recently written regarding the root constitutional cause behind the vicious and deadly debt-austerity trap cycle in Greece and in the EU.

In fact, the exact same banking scam and looting mechanism that is operating in the US since 1913 through the privately-owned Federal Reserve Bank, and in the EU since 1999 through the privately-owned European Central Bank (ECB), is unconstitutionally and thus illegally operating in Canada since 1974 through the Bank of Canada.

"There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt." John Adams (2nd US president, 1797-1801)

Canadians must break free from the vicious and deadly debt-austerity trap cycle and from the resulting economic and financial enslavement. The monopoly over the supply of money in Canada by private central banksters and the resulting "public debt" has become a weapon for the economic plunder of the wealth and resources of Canada and the exploitation, oppression and enslavement of Canadians. Nothing less than the future survival and freedom of Canadians is at stake. 

Indeed, the global private monopoly over the supply of money is the root cause of all human exploitation, oppression, economic depressions, poverty, unemployment, homelessness, hunger/famines, wars and endless human misery and suffering. As long as private central banking and Fractional Reserve Banking are not permanently banned and outlawed, global plunder, human enslavement, exploitation, oppression, poverty, war, misery and suffering will go on unabated ad infinitum...

As Tolstoy rightly stated:

" Money is a new form of slavery. The only difference between chattel slavery and money, is that the latter does not have a visible master-slave relationship."

This is truly a landmark lawsuit for Canada and for the entire world. Unfortunately, although unsurprisingly, the mainstream Canadian (corporate) media and the global so-called "free" press(titutes) have brilliantly failed to cover this landmark lawsuit in the so-called "news", although this is the most important issue facing the welfare, survival, future and freedom of all Canadians and by extension of humanity as a whole.      

Thank you for raising awareness about this landmark lawsuit and this extremely important issue and for sharing this article through the Internet and social media.

You can download the entire Claim against the government of Canada and the Bank of Canada and read and endorse the "Call for the Renaissance of the Bank of Canada" at this link.

I also invite you to watch this brilliant 10 minute crash-course video given by a 12 year old Canadian girl on the fraudulent Canadian banking system:

You probably wonder why you never heard this from the Prime Minister, the Canadian government, Opposition Leaders, Members of Parliament, the "free" press(titutes) and the so-called economic and financial pseudo "experts"...?

Food for thought...

"In a world surrounded by deceit, telling the Truth is a revolutionary act." George Orwell

Truthfully,

Arya.

THE EU/EURO/ECB & THE FINANCIAL AND ECONOMIC ENSLAVEMENT OF GREEK & EU CITIZENS...

THE ROOT CAUSE BEHIND THE GREEK, EUROPEAN AND WORLD "DEBT" AND AUSTERITY VICIOUS TRAP CYCLE

I write this article as Alexis Stripas of the (anti-austerity) Syriza party has just won the elections in Greece. Greece and other EU-member countries (as well as countless other countries and people around the world) are painfully trying to "survive" an exponentially increasing “debt” crisis and deadly austerity measures imposed by the Troika ( European Central Bank (ECB), IMF and the European Commission) which has literally economically and financially enslaved European nations and Greek and other EU citizens to the Troika.

Unfortunately, Prime Minister Stripas has clearly and repeatedly stated that he has every intention of repaying the (so-called) "debt"; neither does he wish to take Greece out of the EU and abandon the Euro. Instead, he has stated that he wishes to negotiate with the Troika to reduce the debt to sustainable levels (currently the debt to GDP ratio is 175%) and renegotiate the interest and the terms of payment on the debt with the Troika.

Graph: Greek "public debt" to GDP ratio 2001-1013 (in billions of Euros)

In fact, a high-level ECB official clearly stated today that the ECB was not willing to write off any of the Greek debt it holds: " Mr Stripas must pay. Those are the rules of the game", stated ECB executive board member Benoit Coeuré. However, he further stated that the ECB "did not rule out a rescheduling of the debt." 

Furthermore, Yanis Varoufakis - the newly appointed Greek Finance Minister - has also clearly stated that he wishes to find a "mutually beneficial agreement between Greece and the troika" and that he does not want Greece to exit the EU and to abandon the Euro; "no Grexit" he stated in a Bloomberg interview.

First meeting between Yanis Varoufakis and Jeroen Dijsselbloem - president of Eurogroup, Athens 30 January, 2015.

However, simply renegotiating and rescheduling the payment on the "debt" will not resolve the root constitutional cause of the Greek "debt" crisis and/or put an end to the vicious and deadly debt-austerity trap cycle. In fact, the Troika will continue to dictate Greek budgetary, fiscal, structural, and economic policy to force Greece to pay the interest on the so-called "debt", and they will continue to impose further austerity measures to "privatize" (i.e. economically loot)  the wealth and resources of Greece and to financially bankrupt both the Greek people and the country. 

The root constitutional cause behind the (so-called) "debt" crisis in Greece and in the EU

"A well defined problem is half resolved." Einstein

The root constitutional cause behind the current Greek and EU “debt" and austerity crisis is contained in the following two Articles of the Maastricht Treaty (EU Constitution).

MAASTRICHT TREATY

ECONOMIC AND MONETARY POLlCY

Chapter 1

Economic policy


Article 104

1. Overdraft facilities or any other type of credit facility with the ECB or with the central banks of the Member States (hereinafter referred to as “national central banks”) in favour of Community institutions or bodies, central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of Member States shall be prohibited, as shall the purchase directly from them by the ECB or national central banks of debt instruments.

Chapter 2

Monetary policy


Article 105a

1. The European Central Bank shall have the exclusive right to authorize the issue of bank notes within the Community. The ECB and the national central banks may issue such notes. The bank notes issued by the ECB and the national central banks shall be the only such notes to have the status of legal tender within the Community.

Meaning and consequences of Article 104 and 105a

Article 104 and 105a of the Maastricht Treaty explicitly forbids EU member nations from printing, issuing and circulating their own national currencies (the inviolable constitutional right of any sovereign nation) to fund their own economic activities and socio-economic development.

Instead, they must “borrow” all of their (fiat) money on the financial markets with interest which Greek and all EU member citizens are then coerced to repay through taxation at compounded interest rates, thus forever financially and economically enslaving all hard-working Greeks and European citizens ( i.e. the "working class") to the Troika and to the private banksters ( i.e the "ruling class" or more appropriately the professional thieves, criminals and parasites living off human labor and ingenuity.) 

Currently, hundreds of billions of Euros are paid annually by Greek and other EU member citizens to private banks to pay the interest on the so-called "debt", while the the ECB, the IMF and the EC (Troika) imposes deadly austerity measures in Greece and in other EU member countries. Of course, the (hidden) objective and aim of the austerity measures is to loot ( i.e. "privatize") the wealth, resources and public infrastructures of Greece and other EU member countries and to transfer Greek/EU taxpayer money into the pockets of the private banksters...

Indeed, the main (hidden) agenda and objective behind the formation of the European Union was to centralize, consolidate and take over complete control over the money supply of sovereign states in Europe through the Euro and through the privately-owned European Central Bank, which is of course entirely owned and controlled by the same international private banksters who control the privately-owned Federal Reserve Bank (FED) in the US, the IMF, the World Bank and all Central Banks in Western countries. 

I invite you to read the following Open Letter I wrote and addressed to Barack Obama during the 2008 financial collapse regarding the Federal Reserve Bank and the fraudulent US banking architecture. 

In fact, the exact same looting mechanism that operates in the US through the privately-owned and controlled Federal Reserve Bank (FED), is now operating in the EU through the privately-owned European Central Bank (ECB), with the covert support and criminal complicity of morally corrupt European politicians (i.e. minions of the Troika/banksters) and financially and morally bankrupt European governments.

Tragically, the vast majority of Greek and European citizens have never read the Maastricht Treaty, and even those that did surely do not understand the tragic implications of articles 104 and 105a of the Maastricht Treaty - economic and financial enslavement to the Troika and to the private banksters...

I encourage all Greek and European citizens who wish to live as free men/women - and indeed all human beings globally - to urgently carry out their own research into the fraudulent global banking and financial architecture which has enslaved all European citizens and the entire world. Please research/Google Fractional Reserve Banking and Private Central Banking.

As Goethe rightly said:

“None are more hopelessly enslaved than those who falsely believe to be free.”

And as Henry Ford (prophetically) stated:

“It is good that people do not understand the workings of the banking system, for if they did, I believe that there would be a revolution before tomorrow morning…”

That “morning” is not far…

BREAKING NEWS UPDATE ( 18 March, 2015)

The " morning " Henry Ford referred to in his above quote has just begun...In fact, over 10,000 German and EU citizens from all over Europe have demonstrated and rioted in Frankfurt on March 18 to protest against the ECB's anti-austerity and fraudulent banking practices ahead of the opening inauguration ceremony of the new 1.3 billion euros ECB new Head Quarters in Frankfurt! 
Please see this BBC article and video of the demonstrations and of the riots. 

" There are two ways to conquer, plunder and enslave a nation. One is by the sword. The other is through debt."  John Adams ( 2nd president of the US, 1797-1801)

Indeed, the private monopoly over the global money supply and the resulting global "debt" has become a powerful and deadly weapon for the plunder and enslavement of nation states and for the global exploitation, oppression and enslavement of humanity. This vicious and deadly debt-austerity trap cycle must be broken to liberate humanity from perpetual financial and economic slavery, exploitation, oppression, wars, mass poverty, unemployment, homelessness, hunger/famine, environmental destruction and endless human suffering and misery. Nothing less than the future of human "civilization" and freedom is at stake. 

As Tolstoy rightly stated:

"Money is a new form of slavery, distinguishable from chattel slavery simply from the fact that it has no visible master-slave relationship.”

Meet the EU "invisible" master - Mario Draghi, Head of the privately-owned European Central Bank (ECB) - laughing all the way to the bank...(literally)

How does Greece and other EU member countries and citizens break free from the chains of the EU and the ECB financial and economic enslavement...?

Greece and other EU member countries MUST break free from the EU, the ECB and the Euro

The only solution for Greece and for other EU member countries to regain their economic and financial sovereignty is to break free from the chains of the EU/ECB/Euro, and to re-establish their own public banks with constitutional power to issue their own local currency backed by 100% gold and silver reserves. The real money thus created can then be loaned by the publicly-owned Central Bank to national governments interest-free for productive government expenditures and investments i.e. infrastructure development, employment creation, education, R&D, health and other "human capital" expenditures. This will create employment, economic growth and real wealth within the economy and save hundreds of billions of Euros in taxes paid/looted annually to pay the interest on the so-called (odious) “debt”...

As Abraham Lincoln and Thomas Jefferson rightly stated:

"The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity." Abraham Lincoln

In fact, Abraham Lincoln (the 16th president of the US) printed, issued and circulated his own debt-free and interest-free $US called "Greenbacks" to finance the US Civil War and government spending while in office, thereby undercutting the private banksters in the US. He was of course assassinated for his "dangerous" action, as were president Thomas Jefferson, Andrew Jackson, John F. Kennedy and many other US presidents/congressmen/patriots who fought against the private banksters.  

As president Kennedy and Thomas Jefferson stated:

Both president Kennedy and Thomas Jefferson were also assassinated for their opposing & fighting the private banksters... 

As Meyer Amschel Rothschild - the "father" of the fraudulent global "fractional reserve banking" and central private banking system arrogantly said:

Legal action: "Odious Debt"

Greece, EU member countries (and countless other illegally indebted countries in the world) can and should legally repudiate their so-called "debt" under the doctrine of the "Odious Debt" recognized under international law. 

Odious Debts are legally defined as "debts which are contracted against the interests of the population of a State, without consent and with the full awareness of the creditors." The doctrine stipulates that in such cases, the debt is odious under international law and unenforceable against the alleged debtor State. 

International law scholar Alexander Nahum Sack was the first to popularize the doctrine of odious debt. Sack explained that the reason that these odious debts cannot attach to the territory of the State is that  they do not fulfill one of the conditions determining the lawfulness State debts, namely that "State debts must be incurred and the proceeds used for the needs and in the interest of the State. Odious debts contracted and utilized for purposes which, to the lenders' knowledge, are contrary to the needs and the interest of the nation are not binding on that nation, unless the debt is within the limits of real advantages that these debts might have afforded." 

It is thus now up to Prime Minister Alexis Pristas, Finance Minister Yanis Varoufakis and his government to use these legal instruments to declare and argue that the Greek debt is an "odious debt" under international law and thus unenforceable against Greece. As Yanis Varoufakis himself recognized and publicly stated on BBC: "The largest loan in history was granted to the most insolvent of EU nations..., with a list of reforms that was just a fig leaf. This could not end well."

source: http://www.bbc.com/news/world-europe-31147112

UPDATE ON THE GREEK TRAGEDY/SAGA (17 July, 2015)

Alexis Stripas has tragically (but unsurprisingly) endorsed and agreed to “immediately implement” a harsh/deadly and deeply humiliating (to add insult to injury) THIRD AUSTERITY BAILOUT from the Troika which the Greek parliament has tragically rubber-stamped, despite the overwhelming majority of Greek citizens voting NO/OXI/against the austerity/bailout terms. In fact, while the PM and the MP were debating and voting on the bailout/austerity text, thousandsof Greeks were rioting outside of parliament against the bailout/austerity measures. 
See also this link.

“I signed a text I do not believe in.” PM Alexis Tsipras

Incredibly, PM Alexis Tsipras – who was elected PM in January 2015 on a mandate to put an end to the austerity policies imposed and dictated by the Troika - publicly acknowledged and stated: 

“ I signed a text I do not believe in.” 

At the same time, however, PM Tsipras cheerfully voted in favor of "a text he does not believe in" the following day in parliament while publicly stating and acknowledging that the bailout/austerity measures were detrimental to Greece! And to add insult to injury, he arrogantly stated in parliament: “Colleagues, we are at a critical moment; we are called on to take a decision with responsibility.I want to say that throughout these five months we have fought really hard. I am personally proud of what has been done, this fight has been made with personal costs for the sake of our people's rights." I take full responsibility for everything, says Tsipras - and I feel proud of the fight we have fought over the last few years.” You can watch PM Tsipras' speech in parliament before the vote.

As Einstein rightly stated: Insanity is doing the same thing over and over again and expecting different results.”

Governmental and Parliamentary opposition to the third bailout/austerity agreement

Several members of Tsipras' own government, Syriza party members and MP have voiced their disagreement and vehement opposition to the bailout/austerity agreement endorsed by PM Tsipras.

Golden Dawn MP vocally expressed his fierce opposition in parliament.

“I dont know if we did the right thing. But I know we felt we had no choice. We never said this was good agreement”, said the newly appointed Greek Finance Minister Euclid Tsakalotos. He told MPs that many of the measures in the bailout bill will be recessionary, but that it is the price to pay to preserve Greece in the eurozone. “It’s a difficult deal, a deal for which only time will show if it is economically viable.”

“ It’s a bad deal but for Greece’s sake, its future in Europe, it has to go through,” said shadow finance minister Anna Asimakopoulou.

Greek deputy finance minister, Nadia Valavani, resigned just hours before the bailout vote in parliament saying she couldn’t support the bailout programme.Valavani told Tsipras that it is “impossible” for her to keep serving in his government, given the austerity measures he had agreed to. In a letter released by the finance ministry, Valavani warned that Greece faced a “crushing capitulation” at the hands of its creditors in Brussels. The bailout terms were not a “viable solution” to Greece’s problems, she insisted, warning: “The solution imposed today in such a depressing way is not sustainable for the Greek people and for the country.”

Both Finance Ministry secretary general Manos Manousakis and Deputy Finance Minister Valavani resigned, calling the Third Bailout Agreement a “tombstone" and a "humiliation of the government and the country".

Parliamentary Speaker Zoe Konstantopoulou said that the bailout deal is “a coup, a blackmail and a Crime Against Humanity which could lead to a social genocide. The people gave a clear “No” in this month’s referendum, says Konstantopoulou - we don’t have the right to interpret it as a “Yes”, or a “No with conditions.” Konstantopoulou said that creditors have forced destructive policies on Greece, and slammed Greece’s debt as an “odious debt”. She also (rightly) held former Finance Minister Yanis Varoufakis responsible for failing to successfully negotiate/resolve the debt-austerity crisis in Greece. 

“We are here because the negotiations failed. What we now have in front of us is a new Versailles Treaty” said Yanis Varoufakis.

Personal comments:

This third austerity/bailout agreement/treadmill is truly the last nail in the coffin of Greece. In fact, it is economically impossible for Greece to break free from the vicious trap cycle of debt-austerity under the third bailout terms. In fact, the IMF has predicted that the GDP-to-debt ratio would increase to over 200% within the next 2-3 years. Therefore, Greece will inevitably further slide into the vicious trap cycle of further debt, further austerity, soaring unemployment, bankruptcies, privatizations, etc. and economic, financial and political enslavement ad infinitum...

What to do...?

The ONLY solution for Greece to break free from the vicious trap cycle of debt/austerity and from perpetual economic enslavement to the Troika is to BREAK FREE from the chains of the EU/EURO/IMF/Troika (i.e. Grexit.) and reintroduce the Drachma – backed by 100% gold/silver reserves. The REAL money thus created by the independent Central Bank of Greece can then be loaned interest free to the government for PRODUCTIVE investments in public infrastructure, human capital investments and social programs (i.e. education, R&D, health, etc.) This will create EMPLOYMENT and REVENUE and therefore REAL economic growth and REAL wealth in the economy.

Odious debt

“There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.” John Adams (2nd US president, 1797-1801)

Greece has clearly been conquered and enslaved by debt. However, Greece CAN and SHOULD legally repudiate their so-called “debt” under the doctrine of the “odious debt” recognized under international law. Odious Debts are legally defined as “debts which are contracted against the interests of the population of a State, without consent and with the full awareness of the creditors.” The doctrine stipulates that in such cases, the debt is odious under international law and unenforceable against the alleged debtor State.

International law scholar Alexander Nahum Sack was the first to popularize the doctrine of odious debt. Sack explained that the reason that these odious debts cannot attach to the territory of the State is that they do not fulfill one of the conditions determining the lawfulness State debts, namely that “State debts must be incurred and the proceeds used for the needs and in the interest of the State. Odious debts contracted and utilized for purposes which, to the lenders’ knowledge, are contrary to the needs and the interest of the nation are not binding on that nation, unless the debt is within the limits of real advantages that these debts might have afforded.”

I am truly perplexed (but not surprised) that neither Yanis Varoufakis – as (former) Finance Minister – nor PM Alexis Stripas and the (anti-austerity) Syriza government brilliantly failed to declare and argue that the Greek debt is an “odious debt” under international law and thus unenforceable against Greece…?

I have written to Yanis Varoufakis about this issue. Unfortunately (but unsurprisingly), Yanis Varoufakis chose to ignore and to not respond to my comments. He is evidently more interested and competent in sterile pseudo-economic debate/masturbation than in identifying, addressing and resolving the root causes of the Greek debt-austerity crisis.

As for PM Alexis Tsipras, he is evidently incompetent and unwilling to break free from from the vicious trap cycle of debt/austerity and from the chains of his EU masters/banksters and the Troika...

The choice for Greece is clear: Voluntary Servitude or Freedom...?