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Monetary Reform Discussion |
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[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index] MONETARY: Savage Cruelty of Povery
THE MOST SAVAGE CRUELTY OF DEBT IN THE By Eric V. EncinaWake up, Filipino people. We are in the very edge of death because of debt. It’s a matter of Life or Debt and finally death! What can we do? Please urgently study and promote Social Credit Monetary Reform. This is the only solution at this very moment.I am weeping in this greatest tragedy in our country. We are dying here. Please take action for our children, for our race and for the future of our nation.Please seriously take a look closer on our debts. Philippine Debt service or interest payment costs to reach a hair-raising P645.9 BILLION by 2005, not far off next year. Filipino government officials, legislators and concerned citizens must be nervously concerned right now. It’s urgent than ever.According to the reports of Filipino Senator Ralph G. Recto, our Philippine exact debt service or interest payment which is due early next year is not only P301.7 Billion as indicated in the 2005 Philippine proposed budget that had been sent to Congress but actually a hair-raising, a nerve-wracking, a staggering P645.9 BILLION. I myself is weeping in this tragedy. My just anger raises up to Heaven as I am calling for justice.The P301.7 Billion represents interest payments only for the National Government Debt which recorded at P3.4 TRILLION last year, some computed at P5.6 TRILLION. Payments for the debt principal are amounting to P334.2 BILLION which is a mandatory appropriation due next year 2005 that would bring to P645.9 BILLION – which is the TOTAL AND THE EXACT AMOUNT OF INTEREST PAYMENT OR DEBT SERVICE.According to Sen. Ralph G. Recto: “The amount for principal amortization is tucked away as an off-budget item, meaning you don’t see it in the proposed national budget.”That means, it is somehow kept secret by the Budget Department to avoid public outcry.WHAT IS INDEED CRUEL IS THAT, like interest payment, the principal payments are deemed as automatically appropriated by Presidential Decree No. 1177, institutionalized as Sec. 26 (a) Book 6 of the Philippine Revised Administrative Code of 1987. We can examine, but we cannot be allowed to touched them. We can also scrutinize them, but they cannot be allowed to be slashed. They are twins under the imperialism of debt money system.You must weep Filipino people! The Philippine interest payment bill early next year amounting P645.9 BILLION is computed to a daily debt service payout of P1.77 BILLION, a hemorrhaging financial payment at the cost of millions of poor Filipinos groaning and moaning in dreadful poverty in the countryside. We have paid more than enough. It is a crime against humanity. This is insanity and we must put it off right now!Imagine the Philippine Judiciary’s proposed budget for 2005 is around P8Billion and is only worth 4 ½ days of INTEREST PAYMENT to commercial and international bankers. The same with Philippine Dept. of Health proposed budget of P10.3 Billion is equivalent to less than 6 days of debt service next year. What we will spend for school textbooks of around P809 Million is just 1 hour of debt service or interest payments.Another merciless cruelty is that the amount of P334.2 BILLION for principal amortizations and the P301.7 Billion for interest payment costs for 2005 is eventually increasing due to constant pressures on Philippine Peso currency devaluation.In the year 2004, the original computation for debt service is supposed to be P271.5 BILLION but this had skyrocketed to P309.8 BILLION, due to Philippine Peso devaluation, making the mandatory interest payment more terribly expensive. The gross interest payment has been skyrocketing since 1980’s and been worsening in 1990’s up to 2002-2004 and certainly next year and in the coming years under the savage cruelty of debt money system. On the records, in 2002, it’s P385 BILLION; in 2003, its P425.7 BILLION; and of course this year, it is pegged at P575.6 BILLION. These have been translated the hair-raising rise of National Government’s debt from P2.38 TRILLION in 2001, to P3.36 TRILLION last December 2003. So there is an 81-percent uncontrollable increase!Philippine Government is now BANKRUPT! Whether you believe it or not. The government heavily relies on domestic and foreign borrowings to global banking racketeers and manipulators to meet the expenditures. The Philippine Peso is extremely weakened and walloped by the US dollar, and nightmarishly our debt service is skyrocketing in an everlasting chains of debt money system. Filipino people whose 80% of the population is in the trap of dreadful poverty is also calamitously slammed by the tidal waves and darkening clouds of gargantuan debts.International Bankers, global mega-bankers, financiers, both multilateral and bilateral and domestic commercial bankers who again will get P645.9 BILLION racketeering USURY AS THEY CALL IT DEBT SERICE are condemnably rapacious, voracious and avaricious like wild vultures in the desert.Filipino People, take action now. You, fellow Filipino citizen who is also suffering or you foreign citizen --- who is reading this article, what can you do?Promote economic/monetary justice, because if you are not doing anything, you are tolerating the debt money system, you are an accomplice, you are a traitor, you are an enemy! And you are part of the pestiferous debt money system or usurious banking system!So it is clearly seen that under the present financial protocol of the country’s interest burden, both foreign and domestic, is calamitously set to rise into financial hemorrhage in perpetuity. And in view of this nightmarish situation – hair-raising debt and interest payments and the Philippine Government’s bloating and burgeoning budget deficit, accompanied by double-to-triple digit inflation, under the insane regime of US-dollar-induced perpetual borrowings – it is clearly that a complete return to sanity lies in the ADOPTION OF AN ECONOMIC ALTERNATIVE, SUCH AS THE MONETARY REFORM POLICY OF SOCIAL CREDIT which is the only the key to economic and monetary justice for the Filipino people and a liberation from the savage cruelty of debt and interest that cause terrible poverty to all. THIS WOULD PUT A CAP UPON THE EXISTING DEBT, AND ALLOW THE CREATION OF DEBT-FREE MONEY UNDER THE FORMULA OF SEINIORAGE SYSTEM WITHIN A SOVEREIGNTY BASED MONEY SYSTEM. General reform on monetary system is the only ultimate solution to liberate ourselves from the savage cruelty of debt and poverty.Comments, suggestions, advice, correction, criticism or assistance are urgently suggested and welcome today. Come on, you take action now before it is too late.IF ONLY OUR PHILIPPINE GOVERNMENT CREATES THE MONEY DEBT AND INTEREST FREE, NO MORE DEBTS, SO MUCH TAXES, UNEMPLOYMENT, BANKRUPTCIES, POVERTY, HUNGER, CRIMES AND VIOLENCE AND UNNAMED HORRORS OF DEATH OF THE POOR IN THE COUNTRYSIDE. BUT ECONOMIC SECURITY TO BE RIGHTLY GUARANTEED TO ALL FROM THE CRADLE TO THE GRAVE.PLEASE BEAR ON MIND THE EMERGENCY CAMPAIGN : MONETARY JUSTICE FOR THE FILIPINO PEOPLE AND FOR ALL PEOPLE IN THIS PLANET!Eric V. EncinaFilipino Monetary ReformerFILIPINO ALTERNATIVE SOLUTIONS FOR SUSTAINABLE SURVIVAL,INC. c/o Lito Alhambra Old House, Homesite, Km2, Brgy. Lawa-an, |