Greece debt audit committee deems debt "illegal, illegitimate and odious"

Hi
In what I feel is big news and a great boost for those normal Greeks who are feeling the brunt of debt repayment program. A debt audit committee has come to the conclusion that the debt repayment program being imposed on its people is "illegal, illegitimate and odious". And in doing so claim they do not have to pay back the debts as it goes against the human rights of Greeks where debts are being pushed on the public sector.

It looks like greece are the only country who have their eyes open and are taking no more of this. The tripe people spew out about not living within their means is wrong. How many of the ordinary working greek live lavish lifestyles. No it is the upper and banking class who spend money as though it's going out of style (actually maybe is). Furthermore it's these people who take the public money and are allowed to make riskfree gambles where all the financial gains are enjoyed while any losses are imposed on the working class.

The rest of the world needs to open their eyes and follow suit. You don't want to be the one telling your grand children that you did nothing while the world was being manipulated. I can see the loss of respect even now knowing your grandparents were weak selfish people. So who do you want to be.....telling the story of you standing up for what's right or hiding your story of your shame.

Respect to greece. If I prayed they would be with you to see this through and force these criminals away from your doors.

a reply to: liteonit6969

All debt created by private fractional reserve banking should be considered illegal, illegitimate and odious.

We need to erase the world's debt to bankers and build a surplus, debt free, society.

originally posted by: Isurrender73
All debt created by private fractional reserve banking should be considered illegal, illegitimate and odious.

Yet Greek debt was created by the country living beyond its means for quite a few years. Blame the bankers if you like, but the problem is too few Greeks paying tax, generous public jobs, massively expensive public sector (yes, I would love to retire at 55) and (er) a blinkers-and-fairy-land-mentality.

originally posted by: Isurrender73
a reply to: liteonit6969

All debt created by private fractional reserve banking should be considered illegal, illegitimate and odious.

We need to erase the world's debt to bankers and build a surplus, debt free, society.

The only way that will happen is to charge and try the traitors in the present government and banking cartels, remove existing governments and replace them with legitimate governance structures followed by forgiving ALL debts worldwide.

I don't think that is going to happen any time soon.

Cheers - Dave

a reply to: paraphi

Eliminating the debt and private fractional reserve banking is not "Fairy Land", it was what the founding fathers envisioned.

This is not a utopian ideology, it is common sense math.

The Greeks are the first of us to have the courage to proclaim that the emperor has no clothes.

a reply to: liteonit6969

Well, of course they would. The government that spent beyond its means now doesn't want to repay that debt because it can't.

This has nothing to do with any concern for their citizens and only to do with concern for their own power. Make no mistake, as soon as they get their own hides clear with their power intact, they'll expect the citizens to pay up as per normal.

a reply to: ketsuko

Unfortunately, I share the same opinion. I'd like Greece to go the way of Iceland but I'm not optimistic.

originally posted by: Isurrender73
a reply to: ketsuko

Unfortunately, I share the same opinion. I'd like Greece to go the way of Iceland but I'm not optimistic.

Ah, but see Iceland is small enough with few enough citizens to get away with it. Greece is too large. The larger it is, the harder it will be for something like this to work.

a reply to: ketsuko

Define living beyond their means. The system seemed to think they were well within their rights to spend this "money". Can you not see the problem here? Money isn't real. Nothing has changed. Yet those in power have decided to create this.
Most likely the government is looking after no 1. But it is clear the Greek people are being properly represented.

originally posted by: ketsuko

originally posted by: Isurrender73
a reply to: ketsuko

Unfortunately, I share the same opinion. I'd like Greece to go the way of Iceland but I'm not optimistic.

Ah, but see Iceland is small enough with few enough citizens to get away with it. Greece is too large. The larger it is, the harder it will be for something like this to work.

I guess i'm not afraid to watch it crumble.

Food, water, and a bed. Burn the rest to the ground and start over.

Too Big to Fail
Too Big to jail

Iceland and Greece
All should follow these precedents.

a reply to: liteonit6969

Iceland did something similar and is being lauded for their recovery....

TPTB are very afraid. If Greece give them the boot, many other economies with follow.

Then there is the whole 'Islamic Banking' threat....

"You say you want a revolution...."

originally posted by: ketsuko

originally posted by: Isurrender73
a reply to: ketsuko

Unfortunately, I share the same opinion. I'd like Greece to go the way of Iceland but I'm not optimistic.

Ah, but see Iceland is small enough with few enough citizens to get away with it. Greece is too large. The larger it is, the harder it will be for something like this to work.

Somedays.....

a reply to: FyreByrd

Why?

Fewer people reduces the chances that you'll have ulterior motives to screw the rest.

Iceland is small enough to have drastically reduced risks of that happening. Greece? Not as much.

Btw, all you people who laud Iceland?

Why aren't you all on your way there now?

originally posted by: paraphi

originally posted by: Isurrender73
All debt created by private fractional reserve banking should be considered illegal, illegitimate and odious.

Yet Greek debt was created by the country living beyond its means for quite a few years. Blame the bankers if you like, but the problem is too few Greeks paying tax, generous public jobs, massively expensive public sector (yes, I would love to retire at 55) and (er) a blinkers-and-fairy-land-mentality.

Agreed.

BAFLM, < i'm stealing this for future threads lol.

originally posted by: Isurrender73
a reply to: liteonit6969

All debt created by private fractional reserve banking should be considered illegal, illegitimate and odious.

We need to erase the world's debt to bankers and build a surplus, debt free, society.

Who creates the debt? The bank of the person (or government) who is willing to take on a loan to spend more than they actually have?

originally posted by: liteonit6969
a reply to: ketsuko

Define living beyond their means. The system seemed to think they were well within their rights to spend this "money". Can you not see the problem here? Money isn't real. Nothing has changed. Yet those in power have decided to create this.
Most likely the government is looking after no 1. But it is clear the Greek people are being properly represented.

Living beyond your means means spending more than you have.

I can think I'm well within my rights to live like I produce goods and services valued at $1 million/year, but the reality is that I don't, so I would have to find someone willing to loan me the money to live like that, and as soon as it became apparent that I could not pay back that loan, the lender would be well within their rights to call in the debt.

Money is simply a symbol of your worth. If the combined material worth of the government isn't as much as what they spend ... they either need to spend less or they borrow.

Did you skip basic econ class?

originally posted by: ketsuko
Btw, all you people who laud Iceland?

Why aren't you all on your way there now?

It's too damn cold.
I grew up in Texas. 70 F is chilly.