Tag Archive | poverty

Greek Authorities to Launch Mass Confiscation of Safe Deposit Boxes, Securities, Homes in Tax-Evasion Crackdown*

Greek Authorities to Launch Mass Confiscation of Safe Deposit Boxes, Securities, Homes in Tax-Evasion Crackdown*

By Tyler Durden

Last week, the Greek parliament once again approved more austerity to unlock withheld Greek bailout funds in Brussels: a symbolic move, which has little impact without any actual follow through, like for example, actually imposing austerity. And while Greeks have been very good in the former (i.e. promises), they have been severely lacking in the latter (i.e. delivery).

That may be changing. According to Kathimerini, Greek Finance Ministry inspectors are about to start seeking out the owners of all local undeclared properties, while the law will be amended to allow for financial products and the content of safe deposit boxes to be confiscated electronically. The plan for the identification of taxpayers who have “forgotten” to declare their properties to the tax authorities is expected to be ready by year-end, according to the timetable of the Independent Authority for Public Revenue.

What follows then will be a wholesale confiscation by the government of any asset whose source, origins and funding cannot be explained.

The Greek tax authorities will receive support from the Land Register to that end, as by end-September IAPR inspectors are set to obtain access to the company’s database to draw details on properties. Any taxpayers identified as having skipped the declaration of their assets to the tax authorities will be asked to comply and declare them, along with paying the tax and fines dictated by law. Should taxpayers fail to do so, the asset will be “sequestered.”

Kathimerini also notes that the IAPR is also waiting for Parliament to pass regulations permitting the mass confiscation of safe deposit box contents and financial assets such as securities.

To date the process has been conducted in handwriting and is therefore particularly slow in locating the assets of taxpayers who have either concealed incomes or have major debts to the state. It is about to get much more streamlined: once the necessary regulations are in place for the operation of an automatic system to collect debts, the tax authorities will be able to issue online confiscation notices and immediately get their hands on the contents of safe deposit boxes, confiscating cash, precious stones, jewelry and so on. They will also be able to confiscate shares and other securities.

This year the tax authorities will focus their efforts on confiscations as they try to reduce the huge pile of expired debts to the state. In this context the Independent Authority for Public Revenue will auction 27 properties belonging to state debtors by the end of next month, with the aim of collecting 2.7 billion euros by the end of the year from old debts and another 690 million euros of new debts from major debtors.

We will share the details of the auctions with readers as some notable bargains may emerge in the coming months.

Source*

Related Topics:

Greeks Paid €7bn More in Taxes in 2016, as Middle-Classes Vanish and Poverty Increases*

IMF to Greece: Sorry We’ll Destroy You*

There is a new U.S. “Marshall Plan” for Greece*

What Will Unfold as Greece Hires a Rothschild as Debt Advisor*

Greece Bans Cash*

Greece is now a Colony of the E.U.*

Europe’s Vindictive Privatization Plan for Greece*

How German and French Banks Helped Bankrupt Greece*

Trump’s First Budget Not Looking Good for Citizens*

Trump’s First Budget Not Looking Good for Citizens*

The money goes to war, war, and more war…

By Tyler Durden

Here are some of the highlights from the latest batch of trial balloons:

 

  • Trump’s budget will include a massive nearly $200 billion cut to the Supplemental Nutrition Assistance Program, the modern version of food stamps, over the next 10 years – what amounts to a 25% reduction, according to The Washington Post.

 

 

  • The budget calls for about $800 billion in cuts to Medicaid for fiscal year 2018, WaPo reported.

 

  • The budget also calls for $2.6 billion in border security spending, $1.6 billion of which will be earmarked for Trump’s proposed wall along the U.S.’s southern border.

The budget is also expected to propose major domestic discretionary spending cuts – an earlier version of the budget called for $54 billion in such cuts next year alone.

Predictably, Democrats are already up in arms over the proposal, even though a formal draft isn’t expected until Tuesday.

In a statement cited by Bloomberg, New York Senator Senator Chuck Schumer clumsily compared Trump’s campaign rhetoric to a “Trojan Horse.”

“This budget continues to reveal President Trump’s true colours: His populist campaign rhetoric was just a Trojan horse to execute long-held, hard-right policies that benefit the ultra-wealthy at the expense of the middle class,” Bloomberg noted.

Well, at least Trump didn’t promise that if Americans liked their healthcare plan, they can keep it.

To be sure, Republicans have also expressed some discomfort with the cuts, particularly Trump’s plan to whack $54 billion in discretionary spending. Mitch McConnell even told Bloomberg that Congressional Republicans would ultimately end up writing their own budget, the same way Senate Republicans are rewriting Obamacare repeal.

Trump has promised to balance the federal government’s budget in 10 years, though, as Democrats have noted, the projection is dependent on economic growth accelerating to 3% following the passage of massive tax cuts, and no recession over the next decade, a rather bold assumption. Meanwhile, growth collapsed to an annualized rate of just 0.7% in the fist quarter, the slowest rate in three years, while loan demand has plunged to the lowest level in 6 years. Meanwhile, the Committee for a Responsible Federal Budget claims that rather than reining it in our national debt, Trump’s tax cuts would make the debt much worse.

Source*

Belgian Analyst: U.S. Born out of Violence Needs War to Survive*

Related Topics:

The U.S. is Back in Recession with Interest Rates Already at Zero*

Chinese Billionaire Says U.S. Wasted Trillions on Wars and Wall Street and Forgot about their Citizens*

Is U.S. Deep State in Deep Trouble?*

Trump To Continue Bankrupting The U.S. Through Foreign Wars*

Trump Wastes over $94mn in Taxpayer’s Money on Ineffective Syrian Airstrikes*

World Rushes to De-Dollarize Oil Trade Before U.S. Economy Crashes*

Puerto Rico’s $123 Billion Bankruptcy Is the Cost of U.S. Colonialism*

Rapidly Declining U.S. Exports*

The U.S. Spent a Half Billion on Mining in Afghanistan with ‘Limited Progress’*

U.S. Has Spent $11.5 Million A Day for Past 542 Days Straight in Fight against ISIS*

U.S. Navy Just Spent $2.1bn on a Fancy Transport Fleet That Sinks*

U.S. has Already Spent Five Billion Dollars to Subvert Ukraine*

U.S. Military is Building a $100mn Drone Base in Africa*

U.S.-U.K. Paid “White Helmets” Help to Block Water to 5 Million Thirsty Syrians*

Tens of Thousands March Across U.S. Demanding Donald Trump Release His Tax Returns*

U.S. Tax Dollars and Companies Support Sex Traffickers in Iraq*

The U.S. Looking for War

U.S. Government Admits Social Security Going Bankrupt*

IMF to Greece: Sorry We’ll Destroy You*

IMF to Greece: Sorry We’ll Destroy You*

By Michael Hudson

Sharmini Peries: The European Commission announced on May 2, that an agreement on Greek pension and income tax reforms would pave the way for further discussions on debt release for Greece. The European Commission described this as good news for Greece. The Greek government described the situation in similar terms. However, little attention has been given as to how the wider Greek population are experiencing the consequences of the policies of the Troika. On May Day thousands of Greeks marked International Workers Day with anti-austerity protests. One of the protester’s a 32-year-old lawyer perhaps summed the mood, the best when he said …

“The current Greek government, like all the ones before it, have implemented measures that has only one goal, the crushing of the workers, the working class and everyone who works themselves to the bone. We are fighting for the survival of the poorest who need help the most.”

To discuss the most recent negotiations underway between Greece and the TROIKA, which is a European Central Bank, the E.U. and the IMF, here’s Michael Hudson. Michael is a distinguished research professor of Economics at the University of Missouri, Kansas City. He is the author of many books including, “Killing the Host: How Financial Parasites and Debt Bondage the Global Economy” and most recently “J is for Junk Economics: A Survivor’s Guide to Economic Vocabulary in the Age of Deception”….Michael, let’s start with what’s being negotiated at the moment.

Michael Hudson: I wouldn’t call it a negotiation. Greece is simply being dictated to. There is no negotiation at all. It’s been told that its economy has shrunk so far by 20%, but has to shrink another 5% making it even worse than the depression. Its wages have fallen and must be cut by another 10%. Its pensions have to be cut back. Probably 5 to 10% of its population of working age will have to immigrate.

The intention is to cut the domestic tax revenues (not raise them), because labour won’t be paying taxes and businesses are going out of business. So we have to assume that the deliberate intention is to lower the government’s revenues by so much that Greece will have to sell off even more of its public domain to foreign creditors. Basically it’s a smash and grab exercise, and the role of Tsipras is not to represent the Greeks because the Troika have said,

“The election doesn’t matter. It doesn’t matter what the people vote for. Either you do what we say or we will smash your banking system.”

Tsipras’s job is to say, “Yes I will do whatever you want. I want to stay in power rather than falling in election.”

Sharmini Peries: Right. Michael you dedicated almost three chapters in your book “Killing the Host” to how the IMF economists actually knew that Greece will not be able to pay back its foreign debt, but yet it went ahead and made these huge loans to Greece. It’s starting to sound like the mortgage fraud scandal where banks were lending people money to buy houses when they knew they couldn’t pay it back. Is it similar?

Michael Hudson: The basic principle is indeed the same. If a creditor makes a loan to a country or a home buyer knowing that there’s no way in which the person can pay, who should bear the responsibility for this? Should the bad lender or irresponsible bondholder have to pay, or should the Greek people have to pay?

IMF economists said that Greece can’t pay, and under the IMF rules it is not allowed to make loans to countries that have no chance of repaying in the foreseeable future. The then-head of the IMF, Dominique Strauss-Kahn, introduced a new rule – the “systemic problem” rule. It said that if Greece doesn’t repay, this will cause problems for the economic system – defined as the international bankers, bondholder’s and European Union budget – then the IMF can make the loan.

This poses a question on international law. If the problem is systemic, not Greek, and if it’s the system that’s being rescued, why should Greek workers have to dismantle their economy? Why should Greece, a sovereign nation, have to dismantle its economy in order to rescue a banking system that is guaranteed to continue to cause more and more austerity, guaranteed to turn the Eurozone into a dead zone? Why should Greece be blamed for the bad mal-structured European rules? That’s the moral principle that’s at stake in all this.

Sharmini Peries: Michael, The New York Times has recently published an article titled, “IMF torn over whether to bail out Greece again.” It essentially describes the IMF as being sympathetic towards Greece in spite of the fact, as you say, they knew that Greece could not pay back this money when it first lent it the money with the Troika. Right now, the IMF sounds rational and thoughtful about the Greek people. Is this the case?

Michael Hudson: Well, Yanis Varoufakis, the finance minister under Syriza, said that every time he talked to the IMF’s Christine Lagarde and others two years ago, they were sympathetic. They said, “I am terribly sorry we have to destroy your economy. I feel your pain, but we are indeed going to destroy your economy. There is nothing we can do about it. We are only following orders.” The orders were coming from Wall Street, from the Eurozone and from investors who bought or guaranteed Greek bonds.

Being sympathetic, feeling their pain doesn’t really mean anything if the IMF says, “Oh, we know it is a disaster. We are going to screw you anyway, because that’s our job. We are the IMF, after all. Our job is to impose austerity. Our job is to shrink economies, not help them grow. Our constituency is the bondholders and banks.”

Somebody’s going to suffer. Should it the wealthy billionaires and the bankers, or should it be the Greek workers? Well, the Greek workers are not the IMF’s constituency. It says: “We feel your pain, but we’d rather you suffer than our constituency.”

So what you read is simply the usual New York Times hypocrisy, pretending that the IMF really is feeling bad about what it’s doing. If its economists felt bad, they would have done what the IMF European staff did a few years ago after the first loan: They resigned in protest. They would write about it and go public and say, “This system is corrupt. The IMF is working for the bankers against the interest of its member countries.” If they don’t do that, they are not really sympathetic at all. They are just hypocritical.

Sharmini Peries: Right. I know that the European Commission is holding up Greece as an example in order to discourage other member nations in the periphery of Europe so that they won’t default on their loans. Explain to me why Greece is being held up as an example.

Michael Hudson: It’s being made an example for the same reason the United States went into Libya and bombed Syria: It’s to show that we can destroy you if you don’t do what we say. If Spain or Italy or Portugal seeks not to pay its debts, it will meet the same fate. Its banking system will be destroyed, and its currency system will be destroyed.

The basic principle at work is that finance is the new form of warfare. You can now destroy a country’s economy not merely by invading it. You don’t even have to bomb it, as you’ve done in the Near East. All you have to do is withdraw all credit to the banking system, isolate it economically from making payments to foreign countries so that you essentially put sanctions on it. You’ll treat Greece like they’ve treated Iran or other countries.

“We have life and death power over you.”

The demonstration effect is not only to stop Greece, but to stop countries from doing what Marine Le Pen is trying to do in France: withdraw from the Eurozone.

The class war is back in business – the class war of finance against labour, imposing austerity and shrinking living standards, lowering wages and cutting back social spending. It’s demonstrating who’s the winner in this economic warfare that’s taking place.

Sharmini Peries: Then why is the Greek population still supportive of Syriza in spite of all of this? I mean, literally not only have they, as a population, been cut to no social safety net, no social security, yet the Syriza government keeps getting supported, elected in referendums, and they seem to be able to maintain power in spite of these austerity measures. Why is that happening?

Michael Hudson: Well, that’s the great tragedy. They initially supported Syriza because it promised not to surrender in this economic war. They said they would fight back. The plan was not pay the debts even if this led Europe to force Greece out of the European Union.

In order to do this, however, what Yanis Varoufakis and his advisors such as James Galbraith wanted to do was say, “If we are going not to pay the debt, we are going to be expelled from the Euro Zone. We have to have our own currency. We have to have our own banking system.” But it takes almost a year to put in place your own physical currency, your own means of reprogramming the ATM machines so that people can use it, and reprogramming the banking system.

You also need a contingency plan for when the European Union wrecks the Greek banks, which basically have been the tool of the oligarchy in Greece. The government is going to have to take over these banks and socialize them, and use them for public purposes. Unfortunately, Tsipras never gave Varoufakis and his staff the go ahead. In effect, he ended up double crossing them after the referendum two years ago that said not to surrender. That lead to Varoufakis resigning from the government.

Tsipras decided that he wanted to be reelected, and turned out to be just a politician, realizing that in order to he had to represent the invader and act as a client politician. His clientele is now the European Union, the IMF and the bondholders, not the Greeks. What that means is that if there is an election in Greece, people are not going to vote for him again. He knows that. He is trying to prevent an election. But later this month the Greek parliament is going to have to vote on whether or not to shrink the economy further and cut pensions even more.

If there are defections from Tsipras’s Syriza party, there will be an election and he will be voted out of office. I won’t say out of power, because he has no power except to surrender to the Troika. But he’d be out of office. There will probably have to be a new party created if there’s going to be hope of withstanding the threats that the European Union is making to destroy Greece’s economy if it doesn’t succumb to the austerity program and step up its privatization and sell off even more assets to the bondholders.

Sharmini Peries: Finally, Michael, why did the Greek government remove the option of Grexit from the table in order to move forward?

Michael Hudson: In order to accept the Eurozone. You’re using its currency, but Greece needs to have its own currency. The reason it agreed to stay in was that it had made no preparation for withdrawing. Imagine if you are a state in the United States and you want to withdraw: you have to have your own currency. You have to have your own banking system. You have to have your own constitution. There was no attempt to put real thought behind what their political program was.

They were not prepared and still have not taken steps to prepare for what they are doing. They haven’t made any attempt to justify non-payment of the debt under International Law: the law of odious debt, or give a reason why they are not paying.

The Greek government has not said that no country should be obliged to disregard its democratic voting, dismantle its public sector and give up its sovereignty to bondholders. No country should be obliged to pay foreign creditors if the price of that is shrinking and self destruction of that economy.

They haven’t translated this political program of not paying into what this means in practice to cede sovereignty to the Brussels bureaucracy, meaning the European Central Bank on behalf of its bondholders.

Note: Wikipedia defines Odious Debt: “In international law, odious debt, also known as illegitimate debt, is a legal doctrine that holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable.”

Source*

Related Topics:

Financial Power Struggle, ISIS and IMF Chief Charged for Corruption*

IMF Chiefs: Prostitution, Kickbacks and Money Laundering*

The Real Purpose of the IMF*

There is a new U.S. “Marshall Plan” for Greece*

What Will Unfold as Greece Hires a Rothschild as Debt Advisor*

In Greece Shock for Cancer Patients: “Life expectancy” Needed for Prescription Medication*

Greece Bans Cash*

Greece’s Former President of Parliament on Why Syriza Party Broke Its Pledge to the People*

Greece is now a Colony of the E.U.*

Europe’s Vindictive Privatization Plan for Greece*

How German and French Banks Helped Bankrupt Greece*

The Usury Based System. Towards A Worldwide Financial Disaster?*

The Usury Based System. Towards A Worldwide Financial Disaster?*

By Jonas E. Alexis, Richard C. Cook

New World Order agents are in charge of all Western governments and of the military-industrial-intelligence-media complex, and they have shown themselves capable of killing anyone who gets out of line, as they did to JFK, perpetrating false flag events to stampede the populace into obedience, as they did with 9-11, or destroying whole nations as they did with Yugoslavia, Iraq, Libya, and now Syria.

Richard C. Cook is a retired federal government analyst. In his 32-year career he worked for five civilian agencies and the Carter White House. While with NASA he documented the flaws with the space shuttle solid rocket booster and testified before the Presidential Commission on the Space Shuttle Challenger Accident. Unable to return to NASA after his testimony, he spent the rest of his career with the U.S. Treasury Department.

On retirement in 2007, Cook published a book on monetary policy entitled We Hold These Truths: The Hope of Monetary Reform.

Jonas E. Alexis: The issue of money scandals on a massive scale is always interesting because it brings out the inexorable relationship between capitalism and usury. For example, the illustration is used that “if Judas Iscariot had invested his thirty pieces of silver at just a few percentage points compound, repayable in silver as of today, the amount of silver required would be equivalent to the weight of the Earth.” There isn’t enough gold and silver in the universe to meet that challenge. In other words, the idea behind usury is an arithmetic impossibility.

But the oligarchs always try to come up with superficial and crazy ways to bypass that mathematical impossibility. Why? Well, they always attempt to come up with sophisticated ways to cheat the oppressed, the poor, and the needy.

For example, during the Roman Empire, after the death of Augustus, the rich started employing usury to increase their wealth. In the process, they largely “controlled any financial movements in the economy.” Eventually, during the decline of the Roman Empire, “the tenant-farmers were reduced to serfdom by their creditors.”

Usury was eventually condemned by all religious institutions, including Islam, Hinduism, and Buddhism, because it was viewed as a practice that oppressed the poor and needy and had the potential to bring about the collapse of economic progress. In Islam, for example, trade or fee is permitted, but usury is not.

Philosophers such as Plato, Aristotle, Cicero, Seneca, and Plutarch also condemned usury as unnatural (contra natura) and immoral. This discussion became so important in Plato’s Law that he ultimately not only advises that “no money should be lent at interest” but that “the borrower should be under no obligation to repay either capital or interest.”

Plato says in The Republic that the oligarchs gather their wealth through usury and by ruining the life of others, namely the poor. Aristotle called usury “the most hated” form of “getting wealth.” Marcus Porcius Cato, a Roman statesman who lived between 234 and 149 B.C., indirectly equates usury with murder.

As George Santayana put it, those who don’t know their history are doomed to repeat it. Over the centuries, usury has destroyed economic progress. And we are just repeating history here because compound interest is taking a huge toll on almost all the strata of the U.S. economy, especially among college students and home owners.

In early 2012, student loan debt reached $1 trillion, with the average graduate owing at least $25,000. During the same season, student debt rose by 8% and college tuition skyrocketed.313 Fifty-one-year-old Doug Wallace, who graduated from Eastern Kentucky University with a debt of $89,000, declared, “It’s like you’re not of much worth in society.” Courts are now finding that “debt collectors misled borrowers” with regard to student loans.

Kelsey Griffith, a student from Ohio, graduated with a debt of $120,000. Chelsea Grove, a Bowling Green State University drop-out, is now paying off a $70,000 debt, even though she has no intention of going back to school. Christina Hagan will have to pay off a $65,000 debt when she graduates from Malone University (an evangelical school).

Although she makes $60,000 a year as a state representative, “she plans to begin waiting tables in the next few weeks…to help pay down her student loans and credit cards.” Hagan has a message for the younger generation,

“I placed a priority on a Christian education and I didn’t think about the debt,” she said.

“I need my generation to understand that nothing is free.”

Capitalism makes usury not only sophistically alluring for the rich and powerful, but makes it legitimate, and for this purpose it has received widespread criticism. Capitalism is not just “wealth” or economic exchange in the free market. Soon or later usury is going to sneak in—the exclusion of ethical values in the pursuit of usurious contracts.

One anthropologist and historian who has studied this issue from the early centuries likened modern capitalism to “a structure designed to eliminate all moral imperatives but profit.” Over the centuries—most specifically during the twentieth century—Jewish intellectuals have refined usury in such a way that the masses are completely oblivious of what is actually going on. And their definition only works for the rich and powerful, not for the poor and the needy. William Deresiewicz of the New York Times, summarizing the avarice and usurious activity of the rich over the past few decades, tells us unapologetically:

“Enron, BP, Goldman, Philip Morris, G.E., Merck, etc., etc. Accounting fraud, tax evasion, toxic dumping, product safety violations, bid rigging, overbilling, perjury. The Walmart bribery scandal, the News Corp. hacking scandal—just open up the business section on an average day. Shafting your workers, hurting your customers, destroying the land. Leaving the public to pick up the tab. These aren’t anomalies; this is how the system works: you get away with what you can and try to weasel out when you get caught.”

In short, the oligarchs always use capitalism to suppress the poor and the needy. They always use ambiguous phrases such as “economic freedom” or “economic exchange” in order to sneak in usurious contracts into the economic equation. And if you are against “economic exchange,” they argue, then you must be a socialist or communist or something equally weird.

Those who don’t think that capitalism is a sophisticated way of cheating the masses probably don’t know what capitalism really is. That is why we are inviting Richard C. Cook to tell us a little bit about this because he spent years working in Washington.

Richard C. Cook: Since I retired in 2007, I have published several books and dozens of articles on public policy matters. My next book was on monetary policy and titled, We Hold These Truths: The Hope of Monetary Reform. This book consisted of a history of the U.S. monetary system and an explanation of why that system should be changed radically to avert further disasters.

In the book I predicted the financial collapse of 2008. Of course the changes I prescribed have not been made, and in the nine years since then the situation has become much worse. In fact, we likely have passed the point of no return.

Very few people understand how the Western banking system really works and how it differs from that which operates in such countries as Russia, China, and a few others, with partly controlled systems that still derive from their formerly communistic economies. Those who do understand are based in the world’s financial centres such as London, New York, Paris, Frankfurt, Milan, Basle, etc.

These are the owners and operators of the largest banks. Representatives of these privately-owned banks are assigned to manage national central banks, like the Bank of England and the Federal Reserve, and international quasi-public institutions like the International Monetary Fund.

One of my projects at the U.S. Treasury Department was to develop and teach training courses on the history of U.S. government finance. My research showed that in American history, the type of financial system based on central banking controlled by private interests used to be known as the “Jewish system.” I did not employ this term in teaching my classes because of the sensitivities involved. But to use it would not have been “anti-Semitic” as much as a statement of historical fact.

The Western financial system based on bank-issued debt as the dominant means of introducing money into circulation was created by medieval money-changers in Europe. By the time of the Renaissance, modern banking had begun to take form. There was also the assumption that if lending were backed by gold and silver held in the vaults of banking institutions that real value could always be counted on if promissory notes were called in.

But there are deeper structural problems. The inevitable consequence of any economy based on usury, depending of course on whether interest is simple or compound and also on the prevailing rate of interest, is that the wealth of that economy will gradually pass into the hands of the financial controllers. This fact has been known and understood since the system first appeared in ancient Babylon, as documented by Dr. Michael Hudson. Dr. Hudson even cites an ancient legend that the system was invented by the Devil to enslave human beings.

A usury-based system sucks the purchasing power out of the producing economy. This places every institution and individual within that economy under pressure to constantly generate an ever-increasing level of economic activity to stave off bankruptcy, ruin, and even starvation.

Historically, the system took a major step toward chaos when banks were allowed, by law, to lend more than they had on reserve. “Fractional reserve banking” was a natural outgrowth of the practice banks were permitted to engage in under the assumption that not everyone would want to redeem their paper notes with gold and silver at the same time.

Unfortunately, the more mature an economy becomes, the more the economic growth rate slows and the greater the stress involved in the simple act of living. Many cannot keep pace as the ranks of the poor grow. The ancient Hebrews recognized the peril of the system by mandating a periodic “Jubilee” when debts were forgiven.

In today’s economy, there is never a Jubilee. So in order to pay off debt, the economy must constantly grow. In order to make it grow, everything else must be sacrificed. When human values conflict, they must be pushed aside to serve growth. Ask any politician—economic growth must be constant; non-growth is disastrous.

Further, without regulation, companies are motivated to cut costs by wanton pollution, reducing wages, and overusing public infrastructure like highways without paying their fair share of taxes.

This is where Western society has arrived today. People and firms must constantly increase the rate of economic activity just to pay their debts, leading to increased resource consumption, brutal competition among individuals and nations, price inflation, war, crime, and breakdowns in health and social order. The idol of Mammon is voracious in demanding its blood tribute.

Because machines are increasingly better able to produce goods and services than people, technological unemployment is soaring even as human beings lose the income needed to purchase what must be produced. Vast numbers are increasingly left out of the economy, leading to human exploitation that in some parts of the world even includes a resurgence of human slavery.

Thus an economy that is incredibly productive on the one hand creates increasing misery on the other. Such an economy is unsustainable. The fault lies chiefly with the usury-based financial system. It is not that alternatives are not available. Different methods have been used at various times in history to introduce money into circulation apart from debt-based private banking.

The “Reagan Revolution” Killed the Economy

When I worked at the Carter White House in 1980, I convened a small group of experts to study alternative financial systems. In November 1980, however, President Jimmy Carter was voted out of office, and the “Reagan Revolution” began. This was actually a right-wing coup aided by the Federal Reserve’s crashing of the U.S. economy through radically increasing interest rates and the manipulation by Reagan’s supporters of the Iranian hostage crisis.

The “Reagan Revolution” consisted chiefly of completing the long-planned turnover of the U.S. producing economy to the banks and Wall Street, with factory jobs being outsourced to third-world countries. Privatization of public enterprises such as municipal water systems accelerated.

The changes were planned by academics from Harvard, the University of Chicago, and other elite universities. Attempts were made to apply the same logic around the world, including Russia during the 1990s, after the collapse of the Soviet Union. This trend in Russia has since been modified or even reversed.

But within the U.S., the process was completed under President Bill Clinton with NAFTA and the repeal of Glass-Steagall, a law that had prevented the merger of investment and commercial banking. Hence the rise to power of predatory firms like Goldman Sachs and the Carlyle Group.

These firms specialize in methods based on usury that are used to buy up whole companies, fire the employees, sell the domestic assets, and ship the remaining jobs overseas. It was all done by design under presidents who were mouthpieces for behind-the-scenes power.

Without sufficient domestic jobs combined with production that no one can afford to buy the bankers have kept the system afloat through bubbles and government bailouts. There was the dot.com bubble, the housing bubble, and, under President Obama, the Treasury bond bubble, along with what became known in Federal Reserve jargon as “Quantitative Easing” (QE); i.e., a stab at a zero-interest rate economy.

Today there is scarcely a single major figure in public life, including the so-called “progressives” and reformers, who is actively promoting the use of other methods besides usury for money-creation. An exception is Rep. Dennis Kucinich, who was maneuvered out of his seat in the U.S. House of Representatives by gerrymandering. Kucinich promoted a plan developed by the American Monetary Institute of creating money by federal spending for infrastructure.

It is amazing how locked-in people are to their habitual ways of thinking about life’s problems and how fearful they are of “thinking outside the box.” People love their chains because they are used to them. They kiss the whip that scourges them. Through the “Stockholm Syndrome” they suck up to their captors to curry favor.

So it is with trying to help people see how simple it would be in concept to get rid of the debt-based financial system. But they can’t. They won’t.

Meanwhile bank CEOs become multimillionaires by dealing in hollow currency. They could just as easily be put on trial for counterfeiting and fraud.

People would rather destroy the planet and themselves through support of endless wars based on “regime change”, gobbling up other nations, man-made climate change, chemical pollution, alcohol and drug addiction, criminalization of government and law enforcement, resource depletion, etc., than confront the controllers of the financial system who rule society and say, “Enough is enough.”

These controllers are in charge of all Western governments and of the military-industrial-intelligence-media complex, and they have shown themselves capable of killing anyone who gets out of line, as they did to JFK, perpetrating false flag events to stampede the populace into obedience, as they did with 9-11, or destroying whole nations as they did with Yugoslavia, Iraq, Libya, and now Syria.

They can take away your job, spy on your computer, audit your taxes, throw you in prison, murder you, or send you off to fight their wars. All to keep a corrupt system in place.

When I worked at the U.S. Treasury Department, as part of post-9/11 security, they designated the entire U.S. financial system as “critical infrastructure.” No one questioned what the implications were. What it meant in practice was that the police power and military might of the nation were committed to defending what ethically is indefensible.

Thus the U.S. military, acting as global enforcer, has forces stationed in a majority of nations and on all the seven seas to ensure that money keeps flowing in to feed the debt monster. If any other nation wishes to even think about challenging this hegemony, that nation and its leaders are castigated and demonized and threatened with nuclear annihilation. The senior civilian and military leadership are adept at assuring such “adversaries” that “no options are off the table” in order to protect the blessings of “freedom” and “democracy” for one and all.

But I do know that every human being on earth is being profoundly challenged by world conditions and their extreme potential for chaos. On an individual level, even if we can’t escape the common human fate, we can certainly pray for insight into something more benign right now for our neighbor and ourselves. We are not alone in the universe, and we can seek the inner help we need to resist the temptations to respond negatively. Then we can commit ourselves to making whatever improvements we are able.

Source*

Related Topics:

How Usury Encloses The Commons

Usury-Free Currency Competes with Federal Reserve Notes*

Usury: The Root of All Evil?*

Rothschild’s Summit Fine-tuning Capitalism into Global Economic Tyranny*

Rothschild Demands Western Nations Invade Syria*

Between the State of the City of London and the Crown*

Only 3 Countries Left Without a ROTHSCHILD Central Bank!*

Anonymous Takes 9 Rothschild Central Banks Offline*

Mystery of New York Fed Robbery Has Central Banks Asking Who’s Next*

Central Banks Nervous as the Brixton Pound increases in Popularity*

Ban Cash to Help Central Banks stinks of Total Control – NWO’s Cashless Society*

Rothschild’s Central Banks Losing Control*

E.U. Passed Tax ID Numbers for Everyone*

The History of Your Enslavement

Supreme Court Rules States Cannot Steal Money from the Innocent*

Supreme Court Rules States Cannot Steal Money from the Innocent*

 

By Jack Burns

Colorado, like most states, forces convicted criminals to pay court costs, fees, and restitution after they’ve been found guilty. But the question arises,

“What happens when someone who’s been found guilty, has paid their dues, and then has their convictions overturned on appeal?

Do they get their money back?”

Not in many states, like Colorado. But all of that has changed after a landmark ruling from the Supreme Court of the United States (SCOTUS).

The state not stealing money from innocent people sounds like common sense, right? Well, unfortunately, in the land of the free, it was necessary for SCOTUS to step in and tell the greedy state that they do not have a right to steal people’s money.

According to Forbes, “defendants, Shannon Nelson and Louis Madden, were convicted for sexual offenses and ordered to pay thousands of dollars in court costs, fees and restitution. Between her conviction and later acquittal, the state withheld $702 from Nelson’s inmate account, while Madden paid Colorado $1,977 after his conviction. When their convictions were overturned, Nelson and Madden demanded their money back.”

Colorado refused, even after the plaintiffs won in a state-level appellate court. The state, instead, insisted that if they wanted their money back, they’d have to file a claim under the Exoneration Act, forcing the defendants to once again prove their innocence to retrieve their funds. The plaintiffs appealed all the way to the Supreme Court, who sided with the citizens in a 7-1 ruling, declaring Colorado’s law unconstitutional.

Justice Ruth Bader Ginsburg wrote the majority opinion for the court declaring

“the Exoneration Act’s scheme does not comport with the Fourteenth Amendment’s guarantee of due process.”

Ginsburg wrote that Nelson and Madden are “entitled to be presumed innocent” and “should not be saddled with any proof burden” to reclaim what is already theirs. In other words, they shouldn’t have to demonstrate they’re not criminals after the court has already made such a determination. According to Forbes:

Ginsburg forcefully rejected Colorado’s argument that “[t]he presumption of innocence applies only at criminal trials,” and not to civil claims, as under the Exoneration Act:  “Colorado may not presume a person, adjudged guilty of no crime, nonetheless guilty enough for monetary exactions.”

The decision, on its surface, may not seem like much but holds promise for putting an end to the much criticized practice of local law enforcement agencies around the country who engage in civil asset forfeiture.

The Free Thought Project has worked diligently to highlight such fiscally abusive practices taking place all around the country. Take for instance rapper Blac Youngsta’s recent run-in with the law back in January.

He was detained by Atlanta police withdrawing $200,000 cash from his bank account. He’d planned to take the money and buy his favorite sports car but police were notified and Youngsta was detained as being a possible bank robbery suspect.

Youngsta and his entourage were apprehended while police pointed their weapons at them. The so-called authorities then put everyone in handcuffs, confiscated their personal weapons, and took half of the rapper’s $200,000 withdrawal saying he could get it back after it was processed as evidence at police headquarters.

In essence, the police seized his money and forced the rapper to reclaim his own funds after proving he was entitled to it. They robbed him. The police shakedown made international news and smacked in the face of common sense, as many were left scratching their heads and asking how police could get away with doing what common street thugs often do, take other people’s money.

Matt Agorist with TFTP reported, from 1998 to 2010, more than 12 billion dollars was raked in from law enforcement at all levels of government. This translated into the government taking away 600 million more dollars than all the robberies and thefts during that same period, making authorities seem more crooked than the individuals they’re trying to arrest.

And the practice isn’t limited to local law enforcement either. As we previously reported, the “DEA seized more than $4 billion in cash from people since 2007, but $3.2 billion of the seizures were never connected to any criminal charges. That figure does not even include the seizure of cars and electronics.”

The Inspector General of the Justice Department concluded their practices constituted a threat to everyone’s civil liberties, and now, apparently, the SCOTUS agrees. Everyone is entitled to due process under the law and are likewise entitled to keeping their assets once they’re found not guilty in criminal court. It’s a good day to be an American. Maybe now law enforcement at all levels will stop such controversial practices.

Source*

Related Topics:

Tens of Thousands March Across U.S. Demanding Donald Trump Release His Tax Returns*

U.S. Keeps Stealing Iraq’s Oil*

Chinese Billionaire Says U.S. Wasted Trillions on Wars and Wall Street and Forgot about their Citizens*

U.S. Feds Takes Over Puerto Rico’s Finances*

Iran Files Complaint against Bankrupt U.S. Theft of Funds*

Strike Debt Victory for Corinthian Students*

U.S. Government Admits Social Security Going Bankrupt*

Americans Have $11.85 Trillion in Household Debt*

Federal Reserve Owes More Than $2 Trillion in US Debt*

Police Now Illegally Seize More Money than the Criminals*

Dear America: Better Read the Fine Print on Your Credit Card Statement*

Being Profiled for Economic Slavery*

Banksters are Buying Baltimore’s Debt, Hiking Interest then Taking Families’ Homes*

Debt-ocracy: Enslaving Entire Nations and Peoples*

 

Greeks Paid €7bn More in Taxes in 2016, as Middle-Classes Vanish and Poverty Increases*

Greeks Paid €7bn More in Taxes in 2016, as Middle-Classes Vanish and Poverty Increases*

Two out of ten Greeks paid 80% of the total income taxes last year. At the same time poverty increases: more than 340,000 households declared zero income for the tax year 2015. Data released on Thursday by the Independent Authority for Public Revenue (AADE) shows the stifling tax burden and the disproportionate allocation against the social groups that were once the middle-classes.

The data revealed that 70% of the paid taxes came from employees and pensioners who cannot hide their incomes.

  • €59.4 billion came from taxing incomes of employees and pensioners
  • €6.052 billion came from rent income
  • €4.676 billion came from business activity
  • €3.77 billions came from interests, shares etc
  • €1.25 billion came from agricultural activities

According to the data:

17.6% of the households, about one million taxpayers with annual income 20,000 euros paid 77.13% of the total taxes.

At the same time, income declarations of taxpayers with zero income increase by 34.000.

One out of ten households had not even one euro income in the tax year 2015 (tax declaration in 2016).

Five out of then households declared an annual income below 1,000 euros.

Three in ten households had an annual income of 12,000 euros.

Taxpayers with annual income 20,000-30,000 euros paid a total of 1.4 billion euros

513,509 taxpayers with annual income of 30,000 euros or over paid the lion’s share of taxes due to the state’s inability to contain tax evasion, restructure the public sector and make the necessary reforms.

Each time public finances go off course, it is taxpayers with monthly revenues of more than 2,500 euros who are forced to plug the gaps. On average, these people pay in excess of 9,200 euros in taxes per year.

In total, about 6,194,000 taxpayers declared 2015 incomes of 75.1 billion euros to the tax authorities last year. This increased to taxable revenues of 82.1 billion euros following the incorporation of assets used for the determination of undeclared incomes (known as “tekmiria”/deemed income), and the income tax due amounted to 8 billion euros.

The data illustrate that declared incomes fluctuate from year to year according to the state of the Greek economy: For example, incomes expanded when the economy stabilized in 2014, while they shrank the year after that because of the uncertainty and tough austerity measures that followed.

Declared incomes in the last five years have been as follows:

  • 89.1 billion euros in 2011
  • 80.1 billion euros in 2012
  • 71.2 billion euros in 2013
  • 76.01 billion euros in 2014
  • 75.2 billion euros in 2015.

From all this, we can conclude that Greek taxpayers’ incomes crumbled by about 17.9 billion euros in the first two years after the start of the bailout program. In particular Greek salary workers have lost taxable declared revenues of approximately 5 billion euros in the period from 2011 to 2015, while the biggest losses have been sustained by taxpayers in Attica.

For the tax year 2016 (income declaration in 2017) taxpayers will pay more because of the tax basis from 9,636 last year to 8,636 annual income. Unmarried taxpayer with monthly income 700 euros will pay 200 euros more in taxes when compared to previous years.

Should Greece fail to reach the targets in 2018, another broadening of the tax basis lies ahead. From 8,636 euros currently it will fall down to 5,636. The current tax rate for employees and pensioners is 22%.

PS Taxing the poor is the perfect recipe of IMF’s neo-liberal policies.

Source*

Related Topics:

There is a new U.S. “Marshall Plan” for Greece*

What Will Unfold as Greece Hires a Rothschild as Debt Advisor*

In Greece Shock for Cancer Patients: “Life expectancy” Needed for Prescription Medication*

Greece Bans Cash*

E.U. Throws Greece and Refugees to the Sharks*

Greece is now a Colony of the E.U.*

Europe’s Vindictive Privatization Plan for Greece*

How German and French Banks Helped Bankrupt Greece*

Americans aren’t Filling their Taxes this Year says IRS*

E.U. Desperate to Raises Taxes Starts Cashless Society Project November 2017*

E.U. Passed Tax ID Numbers for Everyone*

A Call for National Tax Disobedience*

Deep State in Panic Mode, Creating Events to Distract from their Activities*

Deep State in Panic Mode, Creating Events to Distract from their Activities*

Audio

In this episode:

  • Trump keeps promise and donates salary to National Park Service.
  • Ralph Lauren closing store in NY.
  • 2017 Retail bankruptcies are surging this year.
  • The next subprime crisis is here and the corporate media doesn’t want to talk about it.
  • Manhattan apartment prices are tumbling, over a million people left NYC since 2010.
  • US factory order surged, not so fast most of this was based on the military.
  • Richmond Fed Lacker was booted from the Fed because he was leaking information.
  • Jamie Diamond says there is something wrong with the economy, but we just can’t put our finger on it.
  • Trump and Ryan try to push health care again.
  • Evidence is pouring out that Susan Rice was one of the people behind the unmasking, she has now been called to testify.
  • Judicial Watch gets documents that show Obama was involved with the IRS scandal.
  • North Korea allegedly hacked into SK and stole military plans.
  • The last 5 Presidents bombed Iraq.
  • Turkey is starting a new mission in Syria but Syria has not given the go ahead.
  • Bomber has been identified in the St. Petersburg bombing.
  • The deep state uses another event to distract from the truth, they are back to using chemical weapons attack in Syria.

Continues…

Deep State Trouble,Evidence Surfaces Which Could Bring Down The House Of Cards

X22 Report — Episode 1245

Audio

In this episode:

  • Auto sales decline more than originally thought even with incentives.
  • 46% of millennials are saying they can no longer live in San Fran, its to expensive.
  • Obama economic recovery is worse than the WW2 economy.
  • The economy is ruined for many Americans, those who make less than 30,000 a year worry about feeding their families.
  • Insiders are selling their stocks and retail investors are buying, this is the herd mentality and the market bubble is getting ready to pop.
  • Schiff is trying to distract the US by continually pushing the agenda of Russian collusion when in fact the real story is the spying and the unmasking.
  • Today source unveiled Susan Rice as one of the individuals that had the power to unmask names.
  • Sean Spicer says the investigation is running into trouble.
  • The FBI is going to create a special unit to look into the Russian hacking the elections but not the unmasking of individuals on the Trump team which is against the law.
  • Syria and the US are separating Syria and each want it for a different reason.
  • UK is on full alert for cyber attack on their nuclear facility.

Source*

Related Topics:

Major U.S. Politicians Are Being Blackmailed by the Deep State

This Week the ‘Arch of Baal’ Was Displayed For the Third Time in Honour of ‘The World Government Summit’*

Rothschild Makes Dismal Admission — His Financial World Order Now “Threatened”*

Disturbing Message to All Americans from Former Defense Minister of Canada on the NWO*

Dear America: Better Read the Fine Print on Your Credit Card Statement*

Why Are White Americans Dying Off?

1 Million People Have Ditched New York Since 2010*