Wednesday, April 28, 2010

Spain Downgraded

S&P has just downgraded Spain debt from AA+ to AA, Outlook Negative.


  1. What historically can be considered common cause in global government and finance?

    1. That the global economy is based on debt and its manipulation; the underlying assumption being that "debt is money" and debt from the future can be bought and sold, like a commodity, its value based on the speculative future value of the wealth inherent in the debt.

    2. That unelected, non-sovereign or nationally unaligned, private, for-profit financial institutions basically control the global economy.

    3. That this control is through what California attorney and author Ellen Brown refers to as "The Web of Debt" which she alleges is the root cause of the current global financial disarray.

    Ellen Brown is one of the founders of today's global monetary reform movement which abides by and acts on that, and other allegations.

    That movement, inter alia, asks this basic question:

    Surely there must be something wrong with a banking system which, without fail, generation after generation, renders (apparently deliberately) almost all of its customers into financial ruin - individuals into poverty and nations into financial depression?

    Surely there must be other, better alternatives available?

    Surely 'debt counseling' should be part of any lending service from individuals to nations?

    I cannot walk into any organization anywhere in the world, buy goods or services for my own use and then expect you to pay for them - except if I'm a politician, which may be why that career field is so attractive to thieves.

    A simple solution to the slippery "Now Terror divorces Shiloma" (Merc, April 29) debacle can be taken from the principle of Odious Debt.

    "In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, such as wars of aggression (or internal suppression or oppression), should not be enforceable.

    "Such debts are thus considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state ... This debt does not bind the people of a nation; it is a debt of the regime, a personal debt contracted by the rulers and consequently it falls with the demise of the regime.

    "In some respects, the concept is analogous to the invalidity of contracts signed under coercion." - Wikipedia.