Kevin Gallager: Bond holders using commercial contracts to shift all liability and risk for state debt onto ordinary people
Essentially, the international banksters are saying that lending money to nation-states must be as risk-free as possible for those "investors." As Paul Jay points out in the video though, the common citizens of those nation-states usually have very little to say about the arrangements from the start, meaning they don't have much say if any about going into debt in the first place. Also, Paul is correct in pointing out that there are plenty of ways to have stimulus without increasing debt. One thing that he has never mentioned or covered to-date to my understanding concerns United States Notes, which were issued by President Abraham Lincoln to fund the US Civil War rather than going into deep debt with the international and national banksters of his day who wanted upwards of 32% interest on their proposed loans to the federal government to pay for the war.
President John Kennedy also issued non-debt money, which was immediately pulled by President Lyndon Johnson after Kennedy's assassination. The Federal Reserve System's debt-regime was put back as the sole system.
Austerity is stupid. Stimulus is definitely required.
- The government should hire all the unemployed and pay them with debt- and tax-free United States Notes (USN).
- The Federal Reserve should be nationalized and dissolved. Federal Reserve Notes should be deemed United States Notes (debt-free).
- USN should be full legal tender and should be used to completely pay off the national debt but only to those who did not commit fraud on the people in racking up that national debt.
- Fraudulent contracts should be declared null and void. USN should be used to fund all the infrastructure and other needs of the people — again, debt-and-tax free.
- The supply of USN should be exactly regulated so that there is zero inflation or deflation.
- It should be exactly the same as growth/productivity.
- Finance capitalism should be outgrown. It is a stupid system.
- All planning should be via the people via their democratic choices.
- The people should choose unselfishness.