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Salbuchi - Second Republic Project - Pillar 3 - REJECT THE DEBT-BASED SYSTEM (Part 1 of 2)

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Hello, Adrian Salbuchi once again. This is the third video, the third pillar for founding a Second Republic which requires rejecting the debt-based economic system. In order for the financial system to wield enormous power all over the world they need everybody to be indebted to the global banking overworld. And I mean everybody. Individuals, families, companies, organizations, yes, governments. And they need that indebtedness to go on for years and years, and generations and generations. They do this through compound interest, ensuring that people become indebted and can never get out of debt again. And the same with companies, and the same with states and governments. Under a Second Republic, each country will need to tackle its problem with debt in a different manner. In the US, undoubtedly it means auditing the FED and revampting the entire financial system. In the case of Argentina, it's a very special case, and let me just sort of brief you in on some of the details. As many of you know, Argentina suffered various US backed military coups in 1955, in 1961, in 1966, and the worst ever in 1976. This last military civilian-military take over took place in March 1976 but the economy was placed a hundred per cent under the control of civilians: José Alfredo Martinez de Hoz, Domingo Cavallo, Guillermo Walter Klein, the Rohm Brothers, who were all doing great business with Chase Manhatten banks, Citycorp, First Bank of Boston, HSBC, the Bank of America, Goldman Sachs, Merrill Lynch, Deutsche Bank. They actually work on both sides of the counter. They were, on the one hand, ministers of economies, secretaries of finance, central bank presidents and officers, and then on the other side, they were the legal counsellor for those very same banks that we were becoming indebted to as a country. They were advisors to Citycorp, and Banque Nationale de Paris, and NatWest in Europe. In this way, the Argentine's foreign debt, public debt, grew and grew and grew. From six billion dollars in 1976, when the military took over, to 36 billion dollars when democracy was ushered in in 1983 once again. And from then on, there are all these so called 'democratic' governments - Raul Alfonsin, then Carlos Menem, then Fernando De la Rua, then Eduardo Duhalde, and now the notoriously criminal Kirchner duo - Mr. Kirchner and his wife Cristina Kirchner - had done nothing but to revamp the foreign debt, and kick it forward, kick it forward, making it eternal. So it grew from 36 billion in 1983 to 45 billion with Menem, to 76 billion, then to a 100 billion, and now it's almost 200 billion. It is unpayable, it is fraudelent, and it ensures that Argentina will always bite the dust. It has become Argentina's foremost problem, general social hardship, unrest, poverty, sickness, and a generilized coming down of the entire population. And it has also become a Litmus test for all so called democratic governments. A president, no matter how bad he is, and believe me we've had some of the worst in the world, can reach power as long as he takes up a commitment, he ensures the bankers that he will never, ever, ever investigate the foreign debt of the Republic of Argentina which can all be traced back, or at least 70 or 80% of it, to the illegitimate and illegal military takeover in 1976. If they promise to do that, everything is just fine. Even though a Federal Court ruled in July 2000 that after 18 years of investigation, because a citizen by the name of Alejandro Olmos had the bravery, the courage to actually file their loss, to investigate them, they took it backwards and forwards, and they procrastinated but after 18 years in the year 2000, the judge Jorge Ballesteros said that there were so much wrong-doing that even though a lot of time had gone by, he recommended that under Art. 75 of the Argentine Constitution, Congress should investigate what that foreign debt was all about. Naturally, Congress never investigated anything because our senators and deputies, as happens in America, are their because of the money power. And the money power, they know, would dry up if they were to even insinuate that they are going to investigate foreign debt. What should Argentina do with the specific case of our problem with debt? We should honour legitimate debts because a part of our public debt is correct. We should investigate dubious debts which is the bulk by around 70 to 80 per cent which can be traced back to the military regime that illegally usurped power in 1976. And we should repudiate and reject the illegitimate and illegal debt which would require not only the amounts that we have paid should be returned to Argentina by the bankers, but also that they should indemnify us for the moral damage and the material damage they have caused. You see, the repudiated debt in Argentina, and many other countries, can be reclassified as, what is called 'Odious debt' which is a legal concept in international law that holds that a national debt incurred by a regime that was illegal, and for purposes that do not serve the best interest, the common good of the nation, such as wars of agression, should not be enforceable. Such debts are considered by this doctrine to be personal debts of the regime, and not debts of the state. It also applies when a despotic regime contracts debts not for the needs and interest of the state, but in order to strengthen itself and to supress popular insurrection. Well, that's what we had between 1976 and 1983. We had a regime that was violent, that made people disappear, that persecuted the public, and the lendors, the lending banks, knew about this very well. So they are also hostile to the Argentinian people, and we should not be paying them these debts. However, what have all so-called democratic governments done ever since, they have paid, continue to pay, and pay ever more, and the debt just grows and grows, and we do not think about it. And we are talking about very common Wall Street Journal and Financial Times names: Manufacturers Hanover Trust, Chemical Bank, which later merged into JPMorgan Chase, Chase Manhatten Bank, CityCorp, Banque Nationale de Paris, Deutsche Bank, First Boston Bank, Bank of America, Barkley's, HSBC, National Westminister Bank, ABM, Goldman Sachs, Merrill Lynch, the IMM, the World Bank, they are all household names. You see, the concept of all this debt goes back to the beginning of the 20th century. In cases that involve, for example the repudiation of the debt that Cuba had with Spain by the United States at the Spanish-American War in 1898. You have cases going back to Poland in 1919, Costa Rica in 1923. But we have a very recent example which is from 2004 when the George W. Bush government repudiated, actually, condoned, they declared about 85 % of the debt of Iraq as odious debt. They did not call it that way but sort of, basically, they pardoned 85% of it. And they forced the UK, France, Germany, Italy, Russia, Spain, and Holland to follow them. Which they did. And one of the French banks actually said: 'Watch out, other countries can do the same because if we are pardoning 85% of Iraq's debt because it was contracted by a monster by the name of Saddam Hussein, well, other countries, Argentina for example, could have turned around and say: 'Well, why should we pay the debt that was incurred by General Videla, or General Viola, or General Galdieri. Those are also odious debts, too.' The debt trap is set up in such a way that only those politicians can become presidents of Argentina, and ministers, and governers, and really have places of power, if they promise, literally promise, that they will not investigate the Argentina's debt because it can be repudiated and declared odious debt. And that applies to the government and the administrations of Raul Alfonsin, Carlos Menem, Fernando De La Rua, Duhalde, and the very criminal duo of the Kirchners who today have usurped power in Argentina. The debt trap in a way worse than they made everybody think that the sole accountable party, regarding Argentina's foreign debt, is the Argentinian State - irrespective of who was in power when the debt was contracted. But in actual fact, if you look at it, there are six accountable parties. You have the Argentinian state, but then you have the successive governments, both military and civilian, then you have the lending banks, The Goldman Sachs, the Bank of America, JPMorgans who knew that they were lending this money to a repressive, authoritarian regime. The IMF - the International Monetary Fund, as auditors, as well as the World Bank, the rating organizations - Standard and Poor's, Fitch, Moody's who can say, 'Oh, everything is just fine with Argentina, continue, let the money continue flowing.' And the specialized media - the Financial Times, the Wallstreet Journal, the Economist, The New York Times, who have always said, 'It's just great. Continue investing in Argentina. I'm not saying that the media should pay for the debt but they should at least bear the political cost. Same with the rating agencies. And the lending banks should have a part of their responsibility because until 2001-2002, for example, they told investors to invest in Argentinian bonds because they were great, and they weren't. We went into default in 2001. So there is professional malpractice on the part of the banks.

Video Details

Duration: 10 minutes and 11 seconds
Country: Argentina
Language: English
Producer: Adrian Salbuchi
Views: 132
Posted by: wingman007 on Mar 18, 2011

3rd Pillar: “REJECT THE DEBT-BASED ECONOMIC SYSTEM” – This will mean a different thing for different countries. In many Latin American countries – certainly for Argentina – it means thoroughly investigating our Public Debts which were artificially created by pressure from the IMF, the global power elites, the World Bank and the private banking cartel working shoulder-to-shoulder with their local Trojan horse managers in each country.

In the US, this would mean auditing the FED.

In the European Union, it would mean revamping the monstrous EU monetary bureaucracy mandating things from Brussels and Frankfurt…

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