A Political Imperative - End Odious Debt
The Market Ticker - Commentary on The Capital Markets
2015-02-10 07:26 by Karl Denninger
in Political Positions , 148 references Ignore this thread
A Political Imperative - End Odious Debt*
 

When in the course of human events it becomes evident that enslavement has not left the land, indeed, it has simply traveled underground via the mechanisms of finance leaving threadbare the claim that men are free when in fact no such thing is true;

We reassert that all men and women are created equal; that they are endowed with certain inalienable rights by their creator and that among them are the right life, liberty and pursuit (but not a guarantee of attainment) of happiness;

We reassert that in order to secure these rights governments are instituted among men, deriving their just power from the consent of the governed;

We reassert that whenever government becomes destructive to these ends it is both the right and duty of men and women to withdraw their consent from said government, enforcing a reorganization of same to address the abuses served upon the people;

We assert that liberty cannot exist in the absence of the right to obtain and accumulate wealth, including property, money and other assets, free of theft-by-devaluation through intentional government malfeasance;

We assert that no government nor any person has the right to impose a debt upon those not yet of the age of majority and in possession of the franchise or those not yet born, and no person against whom said debt is attempted to be laid has an obligation to pay or service said debt;

We assert that no act of government enacted by fraud is valid, and that any act imposing a cost upon the citizens or businesses of the nation without said funds being collected by contemporary taxes is inherently fraudulent and thus void ab-initio;

We further assert that allowing private institutions to practice effective counterfeiting of the currency is both the cause of myriad financial panics, market crashes and other disruptions throughout history and that it constitutes theft from the populace;

Therefore, we demand enactment of the following Amendment to the Constitution:

Section A:

Notwithstanding the provisions of the Constitution or Section 4 of the 14th Amendment, no entity, organ, authority or sub-unit of government in the United States or its possessions may issue or maintain debt except;

1. In anticipation of tax revenue to be collected within a 12 month period via tax anticipation notes, with each such issue binding the specific sequester of tax revenues so-anticipated;

2. During a time of declared war, the declaration of which contains a specific statement declaring and defining an existential threat to the continued existence of or liberty in the United States, and only to fund the specific and identifiable costs of said conflict with a maturity of no more than 10 (ten) years beyond the termination of hostilities;

Section B:

In order to facilitate the transition of the existing stock of debt by the United States government along with that of the States and localities in the United States, in conformance with this amendment existing maturities of debt may be rolled for a period of no more than 10 (ten) years, but no less than 10% (ten percent) of said debt outstanding on the date of ratification of this amendment may be so-extended in any given year.  This authority expires 10 (ten) years from the date of ratification and may not be extended except by further Amendment of the Constitution.

Section C:

All banks and other financial institutions shall operate under One Dollar of Capital with any breach thereof being defined as counterfeiting, punishable under 18 USC Section 472 as of February 10th, 2015 or any subsequent statute with liability for same being personal against all officers, directors and board members of any such organization if a corporation, and against the owners if a partnership or proprietorship.

Section D:

Notwithstanding the provisions of the Constitution or Section 4 of the 14th Amendment any borrowing not paid or refinanced under the authorities of this Amendment, or otherwise not in conformance thereof, is declared null and void.

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