DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Why war on usury ? Secrets of banking and global empire

**Msrwbdas** · 07-23-2011, 09:51 AM

The effect of riba' on the overall economy is quite strange, it ultimately causes the existence of more debts than money to pay. I once read a study of American Indians, Peter Farb's "Man's rise to Civilization", and one section tells us about the Northwest Coast Indians who build totem poles and practice usury. It was a pretty extreme case of usury and society.

They used woven blankets as currency, and borrowed and lent to each other with high interest. There were only about 500 blankets but the total debt reached millions! The author noted the system was prevented from collapsing because the tribe valued social prestige and rank, and forgiving huge debts (by destroying its record written on a sheet of copper) caused one to increase rank and prestige. It's an extreme but very interesting case.

Now I do wonder about the IMF and other banks periodically "forgiving debt" while still perpetuating usury... maybe they do it to prevent systematic collapse and increase prestige at the same time. So every time it happens, it means the system is actually teetering on the edge...

The issue of abandoning debt did happen in a recent history in USA !!! Check this link.

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http://www.globalresearch.ca/index.p...t=va&aid=25707

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Although largely forgotten by historians and by the public, repudiation of public debt is a solid part of the American tradition. The first wave of repudiation of state debt came during the 1840's, after the panics of 1837 and 1839. Those panics were the consequence of a massive inflationary boom fueled by the Whig-run Second Bank of the United States. Riding the wave of inflationary credit, numerous state governments, largely those run by the Whigs, floated an enormous amount of debt, most of which went into wasteful public works (euphemistically called "internal improvements"), and into the creation of inflationary banks. Outstanding public debt by state governments rose from $26 million to $170 million during the decade of the 1830's. Most of these securities were financed by British and Dutch investors.
During the deflationary 1840's succeeding the panics, state governments faced repayment of their debt in dollars that were now more valuable than the ones they had borrowed. Many states, now largely in Democratic hands, met the crisis by repudiating these debts, either totally or partially by scaling down the amount in "readjustments." Specifically, of the 28 American states in the 1840's, nine were in the glorious position of having no public debt, and one (Missouri's) was negligible; of the 18 remaining, nine paid the interest on their public debt without interruption, while another nine (Maryland, Pennsylvania, Indiana, Illinois, Michigan, Arkansas, Louisiana, Mississippi, and Florida) repudiated part or all of their liabilities. Of these states, four defaulted for several years in their interest payments, whereas the other five (Michigan, Mississippi, Arkansas, Louisiana, and Florida) totally and permanently repudiated their entire outstanding public debt. As in every debt repudiation, the result was to lift a great burden from the backs of the taxpayers in the defaulting and repudiating states.
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The next great wave of state debt repudiation came in the South after the blight of Northern occupation and Reconstruction had been lifted from them. Eight Southern states (Alabama, Arkansas, Florida, Louisiana, North Carolina, South Carolina, Tennessee, and Virginia) proceeded, during the late 1870's and early 1880's under Democratic regimes, to repudiate the debt foisted upon their taxpayers by the corrupt and wasteful carpetbag Radical Republican governments under Reconstruction.

Economics professor Steve Keen is also calling for a debt jubilee, stating:
We should write the debt off, bankrupt the banks, nationalize the financial system, and start all over again.

We need a twenty-first century jubilee.

[We're going into] a never-ending depression unless we repudiate the debt, which never should have been extended in the first place.

If we keep the parasitic banking sector alive, the economy dies. We have to kill the parasites and give a chance to the real economy to thrive once more and stop the financial [crooks] doing what they did this time around ever again.

07-23-2011, 09:51 AM	#8
Msrwbdas Join Date Oct 2005 Posts 386 Senior Member	The effect of riba' on the overall economy is quite strange, it ultimately causes the existence of more debts than money to pay. I once read a study of American Indians, Peter Farb's "Man's rise to Civilization", and one section tells us about the Northwest Coast Indians who build totem poles and practice usury. It was a pretty extreme case of usury and society. They used woven blankets as currency, and borrowed and lent to each other with high interest. There were only about 500 blankets but the total debt reached millions! The author noted the system was prevented from collapsing because the tribe valued social prestige and rank, and forgiving huge debts (by destroying its record written on a sheet of copper) caused one to increase rank and prestige. It's an extreme but very interesting case. Now I do wonder about the IMF and other banks periodically "forgiving debt" while still perpetuating usury... maybe they do it to prevent systematic collapse and increase prestige at the same time. So every time it happens, it means the system is actually teetering on the edge... The issue of abandoning debt did happen in a recent history in USA !!! Check this link. ################# http://www.globalresearch.ca/index.p...t=va&aid=25707 ################ Although largely forgotten by historians and by the public, repudiation of public debt is a solid part of the American tradition. The first wave of repudiation of state debt came during the 1840's, after the panics of 1837 and 1839. Those panics were the consequence of a massive inflationary boom fueled by the Whig-run Second Bank of the United States. Riding the wave of inflationary credit, numerous state governments, largely those run by the Whigs, floated an enormous amount of debt, most of which went into wasteful public works (euphemistically called "internal improvements"), and into the creation of inflationary banks. Outstanding public debt by state governments rose from $26 million to $170 million during the decade of the 1830's. Most of these securities were financed by British and Dutch investors. During the deflationary 1840's succeeding the panics, state governments faced repayment of their debt in dollars that were now more valuable than the ones they had borrowed. Many states, now largely in Democratic hands, met the crisis by repudiating these debts, either totally or partially by scaling down the amount in "readjustments." Specifically, of the 28 American states in the 1840's, nine were in the glorious position of having no public debt, and one (Missouri's) was negligible; of the 18 remaining, nine paid the interest on their public debt without interruption, while another nine (Maryland, Pennsylvania, Indiana, Illinois, Michigan, Arkansas, Louisiana, Mississippi, and Florida) repudiated part or all of their liabilities. Of these states, four defaulted for several years in their interest payments, whereas the other five (Michigan, Mississippi, Arkansas, Louisiana, and Florida) totally and permanently repudiated their entire outstanding public debt. As in every debt repudiation, the result was to lift a great burden from the backs of the taxpayers in the defaulting and repudiating states. *** The next great wave of state debt repudiation came in the South after the blight of Northern occupation and Reconstruction had been lifted from them. Eight Southern states (Alabama, Arkansas, Florida, Louisiana, North Carolina, South Carolina, Tennessee, and Virginia) proceeded, during the late 1870's and early 1880's under Democratic regimes, to repudiate the debt foisted upon their taxpayers by the corrupt and wasteful carpetbag Radical Republican governments under Reconstruction. Economics professor Steve Keen is also calling for a debt jubilee, stating: We should write the debt off, bankrupt the banks, nationalize the financial system, and start all over again. We need a twenty-first century jubilee. [We're going into] a never-ending depression unless we repudiate the debt, which never should have been extended in the first place. If we keep the parasitic banking sector alive, the economy dies. We have to kill the parasites and give a chance to the real economy to thrive once more and stop the financial [crooks] doing what they did this time around ever again.
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