New World Order University Forum

If you manage to comprehend the debt obligations of the U.S. government, $107 trillion and counting, you will probably be overcome by one of two emotions, anger at the overspending and hopelessness at the extent of the problem. We encourage both emotions as they might serve to mobilize the people against the government. Nothing is more important than stopping the spending and throwing the spenders out of office.

But there may be another possible alternative to permanent debt peonage under socialist tyranny. That alternative is called debt repudiation. A lot of debt repudiation is going on right now among debtors holding private debt.

We wish we had more expertise on the subject because this is a very important concept and mechanism, and we think it will come into play. Today we’ll just start the learning process with a few links we’ve come across.

An introduction to debt repudiation at The Motley Fool, with comments.

Why the national debt is a legal fiction.

A booklet devoted to the recent history of debt repudiation. The concept of “illegitimate debt” in international context.

Eduador repudiated its debt in 2008, and not because of inability to pay. There is no international body that can negotiate debt defaults.

To inflate away the national debt or repudiate it? at SeekingAlpha.

“The US is now adding public debt faster than it is shedding personal/corporate debt and it’s simply not sustainable as looming demographic decline reduces trend growth rates.”

Several blogs devoted to the topic of debt repudiation.

USA Today is reporting that the share of the Federal debt for each American household is $546,668.

Repudiate the Debt is a website devoted to the topic.

Defaulting on personal debt, a thread posted by Bruce Krasting at ZeroHedge.

To make national debt repudiation work, somebody is going to have to closely investigate the Federal Reserve Bank, Secretary Geithner, and Henry Paulson and discredit their actions as “necessary to save the financial system.” The congressional investigations are under way, but we’re pretty sure they will come up short of finding prosecutable crimes.

Tags: debt repudiation

This entry was posted by Director on Wednesday, February 3rd, 2010 at 12:50 pm and is filed under Global Economy, Obama Administration, TARP bailout. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.