The Legal Basis to Reject Odious Debt

Léonce Ndikumana and James K. Boyce: International law supports Africa rejecting debts that did not benefit the people

Category:

News & Politics

Tags:

• Legal
• Basis
• Reject
• Odious
• Debt
• Odious Debt
• Léonce
• Ndikumana
• James
• Boyce
• International
• law
• Africa

[Yaheuben66]

and what about the "debt" that we incur with every dollar printed by the private bank, "the Federal Reserve"?

Why do I pay taxes to pay a debt I didn't agree to?

[CosmosPrivateer]

Africa??????

What about America????

The banks, fed, government and big corporations are doing the same thing in America.

Almost all of Americans debt is odious debt.

The only way to save the current system is to remove all debt public and private from the backs of the people.

Debt is just a bunch of digits and paper anyway.

[ZwolfZki]

Who were the lenders who were lending Saddam that money? I know some was the US... but who were the major creditors?

[charbroiledmonk1033]

@CosmosPrivateer i agree.

[WilhelmDrake]

@Yaheuben66

You do realize that the US public "debt" is the private sector's savings. Less debt, less savings. If you reduced the US debt to 0, you would also be reducing the private sectors stock of savings to 0. It is a basic accounting identity. Every debt is someone's asset.

[WilhelmDrake]

@Yaheuben66

The Federal Reserve doesn't print any money. That is done by the Bureau of Engraving and Printing and has nothing to do with the money supply. The vast majority of the money supply is bank credit.

[DLopezforcongress]

If all nations repudiated odious debt the banksters would be in trouble. Look at the USA where Bush invades nations without congressional declaration of war, where funds are stolen from the people and given to bankers and corporate heads, where congress votes for themselves pay increases and retirement packages, where czars are created and given huge salaries, benefits and tax incentives. All of these debts should be considered odious as well. Tea party and occupy wall street UNITE against FED

[CosmosPrivateer]

But the Fed does set the interest rate and it trades USA bonds for dollars that the treasury prints. Our real problem is banks using fractional reserve banking which gives them the power to create money.

We would have a better system if OUR government actually controlled this and not the fed or banks. We should use our account at the Treasury for all transactions. We can do that today with the technology we have.

The banks have been robbing the people far too long.

[ejbh3160]

So is the Global BAIL-OUT which "isn't used for the benefit of the people" also an odious debt?? HELL YES!!!

[schmoukiz]

This is so childish! All cases cited were political decisions, not actual acts of justice.

Imagine a world in which the creditor has the burden of proving where the money went. :) Or if companies could simply denounce contract they no longer like, blaming them on irresponsible managers. :) Or borrowers who would convince the jury they didn't benefit from the money for development because they drank most of it. :)

Seriously, people, watch who you vote for, cause it has consequences.

[charbroiledmonk1033]

@Yaheuben66 the FED does not print a single dollar. Nor does it incur debt as a proprietary action; instead it usually alters the reserve rate. Listening to Ron Paul does not make you an expert on the monetary system.