Greek Film Shows Way Out of Debt Bind
June 20, 2011
argues convincingly that there are strong precedents for repudiating the Greek
by Henry Makow Ph.D.
a 75-minute documentary
made for $15K has inflamed popular resistance in Greece by casting the debt
crisis in a new light.
Seen on the Internet
by over a
million Greeks, the film convincingly argues that the debt is a neo-liberal
("Economic Hitman") scam and there are strong precedents for repudiating it.
The brainchild of Costas Lapavitsas, an economist and professor at the School of
Oriental and African Studies in London, the film introduces the concept of
"odious debt" which was used in 2003 by the United States to renounce
Saddam Hussein's $120 B debt to Russia and France.
Defined by Russian economist Alexander Sacks in the 1920's,
"odious debt" is incurred by a despotic power, "not for the needs or in the
interest of the State, but to strengthen its despotic regime, to repress the
population that fights against it, etc., this debt is odious for the population
of all the State."
He went on. "This debt is not an obligation for the nation; it is a regime's
debt." Sack called it "a personal debt of the power that has incurred it." When
this power falls, that debt "consequently . . . falls with the fall of this
Sack also considered a debt odious when, "the
loans incurred by members of the government or by persons or groups associated
with the government to serve interests manifestly personal - interests that are
unrelated to the interests of the State." A bribe is an example of a manifestly
Now, in order for a debt to be deemed "odious," Sack said that the lender must
also be aware that the loan is "contrary to the interests of the nation."
In this case, Professor Sack said, "the creditors have committed a hostile act"
against the people. They can't therefore expect that a nation freed from a
despotic power will assume the 'odious' debts, which he called "personal debts
of that power."
As we shall see,
these criteria apply to Greece. But first the
film looks at:
The Illuminati banker - IMF method of absorbing the world's wealth is well
documented. They bribe corrupt regimes to incur huge debts for costly
boondoggles built by companies owned by the same bankers. Then the bankers make
their targets repay these "loans" (created out of thin air) by accepting severe
"austerity" programs and privatizing national enterprises and resources.
At first we thought this predatory behavior was reserved for the Third World,
but now it's clear Europe and America are also in their cross-hairs.
Rafael Correa, the President of Equador didn't think the majority of his
government's income should be to used to service the national debt. He ordered
an "audit committee" to investigate how this debt was incurred and discovered
that 70% of it was due to the corruption of prior regimes.
He renounced that debt. Equador's bonds fell to 20 cents on the dollar. His
government secretly bought it back and saved seven billion dollars in interest.
Interestingly many civil servants at the Ministry of Finance refused to
cooperate with the audit committee. This emphasizes that there is always a class
which is in cahoots with the bankers and profits at the expense of the people.
The banker-owned mass media has put out the story that Greece's problems are due
to bloated bureaucracy and a crippled tax system. But "Debtocracy" documents a
pattern of wasteful boondoggles from which the bankers and the ruling class
These include bribes and kickbacks from the German conglomerate Siemens to build
the Athens subway system and a $1.1 B boondoggle for "security" at the 2004
Athens Olympic games.
But the most costly expenditure has been billions for unnecessary weaponry --
aircraft and submarines -- bought from European manufacturers owned by the same
It's clear that the Illuminati bankers intend to use debt to enslave and
impoverish us. They will use the specter of financial mayhem to extort the money
Like Greece, our governments will have a choice. Either default on the debt or
default on the people. Our puppet politicians have been defaulting on us for a
long time. We need to use the concept of "odious debt" to ensure they stop now.
The bankers' credit scam cannot go on for ever. Eventually the social contract
will break down as is happening in Greece. This is why the bankers are creating
a New World Order police state, under the pretext of a war on terror.
Film available here -
Be patient. "Odious Debt" introduced after 30 minutes.
Europe Delays Decision on Greece