Jesus died for our debt, not our sins

Jesus Would Have Cancelled The Debt Not Bail Out Wall Street

A Travesty of Financial History

Half of new cancer patients lose their entire life savings

Analysis and History of the Global Debt Crisis

"A heavy progressive or graduated income tax."

Point 2 Communist Manifesto,

Karl Heinrich Marx

"Socialism as dreamed of by Karl Heinrich Marx called for a graduated income tax and a central bank providing "a flexible currency." - Edward Mandel House

"Why do governments claim businesses and consumption need to be financed by debt?

The answer is really very simple.

The wealthy increase their wealth by lending and they do it without even having to use their own money by means of the Ponzi scheme known as fractional reserve banking.

When debtors cannot meet their obligations, assets are acquired by the wealthy at fire sale prices who then become even wealthier." - John Kozy
"Credit economies existed long before money and coinage. These economies were agricultural.

Grain was the main means of payment – but it was only paid once a year, at harvest time." - Michael Hudson

Sumerians and Babylonians paid their beer tab at harvest time, on the threshing floor, when the grain was nice and fresh.

The ale-woman then paid the palace or temple for its advance of wholesale beer for her to retail during the year.

The peers of Hammurabi recognized that there was a cycle in which debt built to a point it was unpayable.

Debtors unable to pay fell into bondage to the palace or temple and, forced to work palace or temple land, ultimately lost their own land.

In Babylon the flight of debtors from the land drove this reality home.

Clean Slate proclamations were part of the community's self-preservation.

Rulers recognized aid was required for people who were sick, widows who lost their husbands or other factors that obliged them to run up debts.

Rulers would then cancel debt to restore the status quo in a Jubilee Year.

"The Greeks and the Romans learned about interest-bearing debt from their contacts with Middle Eastern civilizations, but tragically failed to institute programs of Clean Slate debt amnesty.

Their failure has been an albatross around the neck of Western economies ever since." - John Siman

"The world's biggest economies are reaching an inflection point where the growth in debt loads is becoming unsustainable." - William Pesek



"Debt is the source of all power and wealth for the central banking system as they do not actually produce any tradable good, such as industry; nor do they provide any necessary service, such as government.

Interest on debt is the source of income and authority for the central banking system, and thus, it needs to continually advance credit and expand debt.

In Marxist theory, the nature of accumulation plays a very important part, in that it holds a dual character.

One is known as accumulation by expanded production, which, since 1864, has been mostly concerned with capturing production.

In this case money is made through extraction of fruits of the production of labor.

The other nature of accumulation is accumulation by dispossession, which is usually framed in terms of relations between capitalist and non-capitalist modes of production.

This is accumulation derived from dispossessing someone of something.

The Atlantic slave trade was an example of accumulation by dispossession, as Africans were dispossessed of their lives and freedom.

Colonialism is another example, where resources are extracted, dispossessing the nation of its own resources.

Perhaps it would be helpful to expand upon Marx's ideas of accumulation by dispossession in regards to the central banking system.

Central banking represents an example of accumulation by dispossession.

Money, loaned at interest which debtors are never able to fully repay, dispossesses them of freedom through interest payments and debt bondage.

Debt is just another word for slavery, therefore, the the central banking system itself, functions through a system of accumulation by dispossession.

Conventional understanding of accumulation by dispossession describes it as an interaction between capitalist and non-capitalist modes of production, where the capitalist mode will dispossess the non-capitalist mode of production.

Central banking, the pinnacle of the capitalist system and the primary source and avenue of its power, is an interaction between central banks and ALL modes of production.

Industry/commerce, governments/nations, and individuals/people, are ALL dispossessed of freedom through debt bondage." - Andrew Gavin Marshall

locked in debt

Scapegoat Economics 2015

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"Here's the scenario:

The borrower is a retailer that has been in business for 26 years.

They have five retail outlets, employ 90 people, have revenue of over $10 million and are well-respected members of their community.

In 2007, its bank approved a term loan to expand the business.

The term loan balance is $650,000.

They also have a $1 million working capital line of credit for inventory and they owe $800,000.

The loan is supported by the personal guarantees of the two business owners and UCC filings on the incorporation assets, which is basically inventory.

The last three years, financial statements reflect a decrease in revenue (sales) and they have sustained losses.

When the bank made the term loan, the business's financial statements already reflected losses.

Nonetheless, the bank wrote covenants into their loan agreement that required the business to produce a certain level of profitability.

If the business did not meet this level of profitability, the loan could be called for "technical default" of the covenant.

From day one, the bank waived this requirement.

That is, until this year, when they placed the loan in their "special assets/workout division" and subsequently "called" the loan.

The bank demanded payment in full by April 1.

It is important to understand that this businmess never missed even one payment on either loan.

The owners were working diligently to reduce expenses.

They hired seasoned retail consultants to guide them through the process of restructuring their business so that they would be able to remain in business.

The owners showed every willingness to work with the bank and make the changes that would bring them through this economic crisis with all commitments met as agreed.

The owners were faced with the realization that the bank was going to close them down.

Their new loan officers, the decision makers, were in another state and communicated with them through e-mail.

Let's examine the stupidity and short-sightedness of this bank's decision.

If the bank demands payment in full on the loan, they put the company out of business.

The bank will then sell the inventory and perhaps get 50 cents on the dollar for the inventory.

The bank will still sustain a loss of $750,000.

Additionally, the 90 employees will now be out of work.

And five pieces of commercial property would become vacant and no longer produce cash flow (rent) to the landlords.

If the landlords cannot fill the space, and don't have the rental income, it is likely that they will not be able to make their mortgage payments on the commercial properties.

The domino effect is astounding." - Joe Nocera March 10, 2009

kabal trust bank

debt deflation

"Asset price inflation fueled by the Federal Reserve – is giving way to debt deflation.

We have reached a limit in which scheduled interest and amortization absorb the entire economic surplus.

New construction, investment and employment are grinding to a halt.

Families and real estate investors are using their entire disposable income to pay creditors or face bankruptcy." - Michael Hudson 06/08

Chronic Illness and Bankruptcy

#1 Reason Americans File for Bankruptcy

2008 Off-balance-sheet assets, much of it securitized credit-card debt at just the four biggest US banks - Bank of America, Citigroup, JP Morgan Chase and Wells Fargo - is about $5.2 trillion, according to annual filings.

March 23, 2009 Treasury Secretary Timothy Franz Geithner, a protégé of Henry Kissinger, announces his latest plan which seeks to harness government and private resources to purchase an initial half-trillion dollars of off-balance-sheet toxic debt of investment banks.

Timothy Franz Geithner holds out the expectation that the program will eventually could grow to $1 trillion.

April 24, 2009 Nonperforming on-balance-sheet assets of JP Morgan Chase grew 185% over the past year to $14.7 billion.

Bad assets of Bank of America increase 229% to $25.7 billion.

Bank of America hammered with foreclosure fraud lawsuits

Problem assets at Citigroup rose 128% to $27.4 billion, and Wells Fargo jumped 180% to $12.6 billion.

credit card debt


Bankrupt Grand Chevrolet Firms Closed

"Madison Avenue helped drive the expansion with use of credit cards.

There was a lot of money to be made by collecting fees for loan origination and debt service, and the largest banks wanted in on the action.

The 1980s was the age of a paradigm shift in American politics.

The US was transformed as the profit motive supplanted the public good.

The rich were taking it all for themselves and letting the good times roll and everyone who wasn't rich wanted to be or act as if they were rich.

Advertisers suggested people could purchase the 10-day Caribbean cruise or expensive diamond ring that was once restricted to those with higher income levels creating the illusion that debt was equal to wealth." - Paul C. Wright

"In times past, bankruptcy would have wiped out the bad debts.

The problem with debt write-offs is the very wealthy hold most of the savings, so the government doesn't want to have them take a loss.

It would rather wipe out pensioners, consumers, workers, industrial companies and foreign investors.

So toxic debt will be kept on the books and the economy will slowly be strangled by debt deflation." - Michael Hudson 06/08

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