Wealth is Debt
The concept of using debt as leverage has been used by many to accumulate assets. The theory behind the practice is that proceeds acquired through a loan “are reinvested with the intent to earn a greater rate of return than the cost of interest.” However, this practice only works under certain conditions: when there is access to cheap money; and when there is a way to reset ones debt obligations through bankruptcy restructuring if the burden of repaying a loan becomes too overwhelming. This concept of leverage through debt has long been the standard for corporations. However, it is no longer a viable strategy for the individuals.
Many countries have failed to protect their citizens from lenders. In India, for example, desperate farmers have committed suicide as their only means of escape from their debt obligations. In the Philippines activists have demonstrated against “the World Bank, the International Monetary Fund and the Asian Development Bank for using debt, aid and the promise of ‘development’ as leverage to impose ill-conceived economic policies and unfair conditions which aggravated the country’s accumulation of illegitimate debts and economic mal-development.” In the United States, the financial institutions that were preparing for the coming crash were able to lobby Congress to pass the ‘Bankruptcy Bill’. This law that took effect in 2005 created what is now widely referred to as Debt Slavery and is “the biggest rewrite of U.S. bankruptcy law in a quarter century”.
Those citizens of the United States who were cunning enough to foresee the implications of the Bill declared bankruptcy before it took effect. However far too many have been caught unaware and are only now just beginning to realize that corporations, whose debts are wiped clean when they declare bankruptcy, have more rights then they do. Unfortunately, the number of personal bankruptcies filed in the US has been surging year after year, and many people are finding out about their slave status the hard way.
How do countries fare in this “Wealth is Debt” game?
The following table available through the CIA Fact Book is a list of the top 14 indebted countries. It is the external debt of each country defined as “the total public and private debt owed to nonresidents repayable in foreign currency, goods, or services.” It clearly shows that the wealthiest countries in the world have the largest debt.
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The chart also indicated that The World is $54.31 trillion in debt. The CIA Fact Book states that “this figure is the sum total of all countries’ external debt, both public and private.” So who exactly is this “external” entity that the World is indebted to?
The United Nations recognizes 192 countries, but by using a very loose definition of a country there could be as many as 243 countries. The CIA table lists 199 countries that have external debt – the World debt is the sum total of these. So either the remaining loosely defined countries that are not listed in the CIA table own all the debt of the World or the 54 trillion dollars, plus interest, is owed to someone or something else.
Since the UN only recognizes 192 countries we can safely rule out any country being owned $54 trillion. So unless we have borrowed money from an off world source, there are other players in the game. Some of those players, as many have already figured out, are the central banks of the world, one of the largest of which is the Federal Reserve System in the United States of America.
Universal Debt Slavery
This means that the central banks of the world own The World. This is why they have been given free reign to do as they please with the global economy, and why they have waged war against any organization that threatens their banking plutocracy. They have done this by eliminating private individuals and corporate entities who dare create their own non-fiat currencies, usually backed by precious metals, based on an interest-free, community-controlled systems.
So how does each country fare in their present accounting practices? The following table is a list of the top and bottom ten countries based on their current account balance as listed in the CIA Fact Book. That China has the best balance sheet and the United States the worst correlates quite well with what is presently happening with their currencies and economies.
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The one thing which is clear with the present established form of fractional reserve banking is that if this practice is allowed to continue, then in the near future, the banks will own everything in the world: from our water, to our air and land, to our resources and our persons. In essence, the establish banking system, based on “Wealth is Debt”, is about the ownership of planet earth and everything and everyone on it, including our children and us.