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Is A Financial Jubilee Ahead?
Globalism - Ecumenism
Monday, November 07, 2011
Ed DeShields

Let’s get clear on the subject of the world’s sovereign debt.  It cannot, and will not, be repaid. 

As we’ve seen in Irony of a Charging Bull (Part I and II), many are preparing a solution to fix the problem. As odd as it might sound, just such an event could indeed occur.

Let’s look back.  Earlier this year I suggested the world would be awakened to the finality of the financial problem towards the end of 2011.

"It’s a pretty safe bet to speculate that we are currently observing – in the news today -- the unimaginable global shift in wealth from the people to a very small societal caste of bankers -- and their chosen beneficiaries -- who will have the power to vastly dominate the financial and political world as we know it." (Excerpted from "Too Big to Fail" June 14, 2011)

"2011 will be almost certainly marked by a series of violent shocks that will threaten to destroy the pillars on which the “Dollar wall” has rested for decades. The year 2011 will deal us a systemic crisis and put us at the crossroads of global chaos including a bloodless reorganization of the Arab world within a dilapidated international political system unable to respond to the challenge." (Excerpted from "End of the Road for the Ship of Fools" May 3, 2011) 

I’m not a genius, nor a prophet.  All you had to know was that the bonds owed by governments come due periodically.  And, now they’re due.

The citizenry would realize, about now, that a worldwide financial crisis is directly affecting them.  This insurmountable debt crisis would escalate into a collapse of the Euro (still pending) followed by a mortal wounding of Europe’s banking system and other fiat currencies within weeks thereafter.  Regrettably, this is now looking quite likely to occur – on schedule.

Money fleeing Europe will flood the U.S. – thought to be the only remaining market sizeable enough to store wealth of that size – creating a mini-boom in the stock and treasury markets.  But this will prove to be a false boom.

When European banks begin to fail, the financial derivatives that insure European bank debt will trigger a minefield of debt obligations spread across the planet.  Those obligations are many times greater than the actual debt left behind.  Since the U.S. and other world banks owe the bulk of this liability, Europe’s crisis will jump onto U.S. soil and beyond.

That problem can’t be fixed. 

So what lies on the other side?  No one can really be sure.  Any solution, whatever it is, will have to be big enough to move the needle.  Thus, no individual country, or politician alone can fix it.  It will have to rely upon a big-bang plan that will be an “Ah-ha” moment allowing the world to step back from the brink of eminent collapse; a shock and awe moment imaginative enough for the world’s citizenry to willingly accept.  Any thing short of this would otherwise mean we would kill each other (that could happen too) with war just as every other great kingdom’s collapse has done since Mesopotamia. Let’s speculate for a moment that war won’t be widespread.    

In a jury of foxes, the chickens are always guilty.  Thus it won’t be a simple matter to resolve the mess we’ve found ourselves in.  Some chickens, and their politics are going to be sacrificed.  Somebody or something will emerge on the other side that will become the solution.   You can bet your mortgage on it.  Or, should you?  Keep reading! 

The Occupy Wall Street movement (now known as “Occupy Everything”) is organizing under its own form of government.  Of the many questions swirling around OCCUPY, the most challenging has been how to gel it into a global movement without sacrificing the decentralized, leaderless model referred to as a “subsidiarity movement”. Occupy Wall Street September 17th They believe there is widespread acknowledgment that there are challenges that can only be dealt with on a global scale, such as debt, abolishing interest, climate change and even overturning international casino capitalism. However, there is also a growing recognition by OCCUPY’s so-called general assembly model (expressed via the repetitive chanting of their dialog) that is fundamentally limited on a structural level.

A breakthrough came on Friday from the New York City General Assembly where the “structure working group” proposed, and the general assembly accepted, the adoption of a modified spokes council model (also called a subsidiarity model).  OCCUPY’S model gives a Central Authority all decision-making control, with only input from local discussion groups known as “spokes”. 

Last week, the Vatican announced,

“Pope Benedict XVI vigorously embraced, the principle of subsidiarity to regulate relations between the State and local communities and between public and private institutions, not excluding the monetary and financial institutions.”

Along with this announcement was the Church’s call for the U.N. to administer a system where a World Authority under a subsidiarity system would govern the world. 

OCCUPY is not a fluke, but an amalgamation of hundreds of similar thinking anarchist groups worldwide.  Fired Yale professor David Graber, anthropologist and Wall Street original occupier, played a major role in pressing for the first NYC gathering to shift away from the previous protest rituals and towards direct democracy. 

Graber recently authored a book entitled, Debt, The First 5,000 Years, a 384-page pontification on the history of debt injustice directed towards the misfortunate.  He   calls for a “Biblical-style Jubilee” of debt forgiveness. 

Graber is an atheist and believes those of faith in a supreme deity are foolish and are the heart of the historical problem.   His Jubilee, while modeled around the God’s Jubilee is the Anti-Jubilee of sorts.   His theories emulate the Church’s core structures and Biblical parables but replace the deity concept with a human fairness and respect doctrine. 

Stay with me here.  According to Graber who is well known for organizing world-wide mass protests, we are seeing the beginning of a mass awakening.  It will be public opinion and public outrage that will bring about the final solution – the cancellation of the debt itself.

But before you jump at the thought of your mortgage being cancelled by your lender remember your forgiveness in the emulated church of Graber marks you as part of the system.  It is your release from the bondage of debt and financial salvation, in his words.

This isn’t a new concept.  Google “debt jubilee” and you will find hundreds of anarchist groups with similar debt forgiveness movements.  In 2008 the Marxist government of Ecuador became the first country to hold an official debt audit; a massive, yearlong investigation to ascertain the legitimacy of their nation’s debt.  The process persuaded the Ecuadorian society to “acknowledge” the impact of conservative neo-liberalism on their country their newly-empowered “progressive” activists so despised.

The Debt Audit Commission, which oversaw the process, concluded that foreign loans had caused ‘incalculable damage’ to Ecuador’s economy.  It found that nearly 70% of the national budget had been diverted towards servicing debt.   After 1980 86% of new loans were used to pay debts – not to help its people.

Overall the Commission considered that the loans and their impact broke multiple principles of international and domestic law and that the Ecuadorian government was forced to act in the interests of the financial system and transnational corporations rather than its citizens.

In December 2008 the government of Ecuador announced it would default on debts found to be illegitimate.  Ecuador instantly reduced its debt burden so as to have more money to spend on its people.  Audits are now planned in several other developing countries including in Bolivia and Brazil and throughout Europe.

These movements have called for countries to consider simply not paying all or part of their debt obligations.

In the year 2000, a petition calling for the cancellation of debts owed by impoverished countries to rich world nations – so-called Third World Debt – was handed to the Secretary-General of the United Nations (can you see the connection to the Vatican and OCCUPY?).   It had over 24 million signatures and was entered into the Guinness Book of Records twice, as the world’s biggest petition and the “most international” petition, with signatures from more than 166 countries.

Their aim is the cancellation of unjust and unpayable global debt and the creation of systems that prevent such debts arising in the future.

So we’ve seen our financial world change significantly over the recent past.   However this is only the beginning.   The scope of the crisis prepares us for new laws and governing structures. 

Here are the three major steps that are being planned by OCCUPY, the Vatican and the United Nations:

     1.  They will audit and cancel unjust debts

They will develop audits to stop toxic lending and cancel any debt that is “unjust”.  According to OCCUPY, they have seen that many countries are still repaying large amounts of money on the basis of projects that harmed their people or environment, involved large-scale corruption, carried extortionate rates of interest or were illegally transacted in the first place.  They propose this money needs to be cancelled.

Their first step is an audit – a full, public, open examination of past lending. Then what is judged to be illegitimate will be cancelled.  Governments and campaigners in the world who are conducting their own audits should be supported.

     2. They will establish an International Debt Court

They believe much of lending is unjust.  As long as unjust lending goes on and historic injustices are not rectified, an international body capable of independently judging debt disputes must be developed.  This ‘debt court’ should be based in a neutral space, like the United Nations.  It would give borrower countries a clear way out of paying unjust debts and, as lenders would know there was a chance they wouldn’t be repaid if their loans weren’t fair, it would also limit irresponsible lending.

     3. They will ensure lending is “just”

They believe money is being lent in a reckless manner, with government assistance. Businesses receive financial backing to allow them to export and invest in developing countries, but all too often this supports arms sales and dubious or environmentally damaging projects. This has to stop.

Strict standards will be imposed to ensure all lending complies with human rights, improves the environment, is used to develop the industry of the country concerned, and has the support of its citizens. In other words, to make sure finance works for the poorest rather than the richest.

It has been shown time and again that the ‘conditions’ laid down by lending countries and institutions are very good for the profits of large multinational corporations, but can be disastrous for local producers and industries that are unable to compete with them, as well as being bad for democracy. Aid and loan conditions will be removed immediately, allowing ordinary citizens, rather than international institutions, to hold their governments to account.

Therefore, on one side we have the Church. On the other we have the anarchists, or the anti-church so-to-speak mirroring a unified message for our future. As we read in the Vatican’s own words:

“Today all of this seems anachronistic and surreal, and all the nations, great or small, together with their governments, are called to go beyond the “state of nature” which would keep States in a never-ending struggle with one another.   Globalization, despite some of its negative aspects, is unifying peoples more and prompting them to move towards a new “rule of law” on the supranational level, supported by a more intense and fruitful collaboration.

With dynamics similar to those that put an end in the past to the “anarchical” struggle between rival clans and kingdoms with regard to the creation of national states, today humanity needs to be committed to the transition from a situation of archaic struggles between national entities, to a new model of a more cohesive, polyarchic international society that respects every people's identity within the multifaceted riches of a single humanity. Such a passage, which is already timidly under way, would ensure the citizens of all countries – regardless of their size or power – peace and security, development, and free, stable and transparent markets.

As John Paul II warns us, “Just as the time has finally come when in individual States a system of private vendetta and reprisal has given way to the rule of law, so too a similar step forward is now urgently needed in the international community.”

Time has come to conceive of institutions with universal competence, now that vital goods shared by the entire human family are at stake, goods which the individual States cannot promote and protect by themselves.”

Published by The Vatican

God (The Real One) help us. 

About Ed DeShields

Last article:  Irony of a Charging Bull (Part 2)

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