MONETARY: ECONOMIC TERRORISM OF DEBT SLAVERY AND THE SAVAGE CRUELTY OF POVERTY

[Eric Encina <ericencina@yahoo.com>]

  THE ECONOMIC TERRORISM OF DEBT SLAVERY

 

                     By Eric V. Encina

 

“The priority in the national agenda is the looming fiscal crisis fueled by our gargantuan public debt, particularly the insatiable interest payments on the principal amounts of foreign debts”. – Philippine Sen. Miriam Defensor-Santiago

 

In 2005-2006, as in the rest of South-East Asia, the Philippines will continue sinking despairingly under the deluge of astronomical debts incurred through the carnage and swindling of the debt-based money system. It has already brought the country to the deepest pit of social and economic collapse. This year with heavy deficit problems, our country’s gross national debt is enormously increasing under the interest payments in excess of $10 Billion actually and even more than that if we will use the computation per minute or per second rate of interest payment, that is  $1million per minute or $300 per second more or less, against the mandatory allocation to debt servicing by the Philippine Government of around $6.3 billion.

 

So it will be clearly seen that under the present financial protocol of the country’s usurious interest burden, both foreign and domestic, is  set to rise calamitously into perpetuity. And in view of this nightmarish situation – hair-raising debt and the Government’s bloating and burgeoning budget deficit, accompanied by double-digit inflation, under an insane regime of dollar-induced perpetual borrowings – it is clear that a return to sanity lies in the adoption of an economic alternative, such as the monetary reform policy of Social Credit  which is the only key to economic and monetary justice for the Filipino people.

 

This would put a cap upon the existing debt, and allow for the CREATION OF DEBT-FREE MONEY under the formula of SEINIORAGE within a sovereignty based money system.

 

In this 21^st century that monetary reform would seem to be the only solution for the survival of our Filipino people, and indeed for humanity as a whole. Our political leaders, legislators and economic/monetary managers should have their eyes opened to the fact that fiscal disciplines and the management of government expenditures – this and the collection of taxes are not enough but at times in themselves iniquitous, become impossible oftentimes, and socially destructive, within the confines of a debt-based money system.

 

The Debt has become a hereditary, even a terminal disease of the Philippine Government. And alas, most of the asinine and irresponsible administrations since 1968 have not been seriously bothered by the contracting of astronomical loans at heavy burdens of  mega-interest to foreign international banks. They themselves would not be paying the price of these loans but the Filipino taxpayers. The price would fall to be paid by their successors and by the pitiful generations then unborn, under the harsh conditions of perpetual financial hemorrhage and savage cruelty of poverty.

The debt cap was removed in 1997 by the Philippine Congress in order to comply with the pressing requirements of dictatorial international bankers on banking liberalization – and among other things for the sake of those with vested interest,  and the introduction of EVAT (Expanded Value Added Tax) and other increasing taxes just implemented and on the way to implementation.

 

The result is perpetual economic enslavement to debt finance and a rapacious banking system. It is the worst form of terrorism, despicably and barbarously committing an entire Filipino population to the unnamed horrors of poverty and death.

 

Foreign and international aid from rich-nation-countries to the third world or fourth world – which is nothing but the leaf from the vine for impoverished populations  -  sometimes confuses the issuance of further loans at interest, and does not feed down to the poor and the needy in the countryside, but goes to the rapacious government leaders, banking and financial institutions and corporations.

 

It is, in fact, futile to send even genuine aid to poor population via their governments, because it then becomes a tool for camouflaging the interplay of banking profit and interest – as I have observed and researched in the Philippines and evidently in other poor countries.

 

Foreign aid thus becomes a grand deception of the international bankers, used as a calming tool to hide their monopoly of money creation, and thereby continue the most atrocious economic and monetary enslavement of poor populations.

 

However. under the present grave circumstances, where the poor desperately need overseas aid for life survival and livelihood projects, then donors, either in rich-nation government agencies or private charitable organizations and individuals, could consider sending aid, in whatever form, direct to the poor and the needy, without it passing through the hands of corrupt government officials. ULTIMATELY, OF COURSE, THE BEST FORM OF FOREIGN AID TO THE THIRD WORLD WOULD BE A GENERAL REFORM OF THE PRESENT DEBT-BASED MONETARY SYSTEM.

 

 

Comments, suggestions, advice, criticism and correction are always welcome.

 

Eric V. Encina

Filipino Social Crediter/Monetary Reformer

FILIPINO ALTERNATIVE SOLUTIONS FOR SUSTAINABLE SURVIVAL, INC.

c/o Lito Alhambra Old  House, Homesite, Km2, Brgy. Lawa-an, P.O. Box 8,

5800 Roxas City, Capiz, Philippines

Tel. No. 0063 36 6216-454

Email: ericencina@yahoo.com

 

---

Yahoo! Messenger with Voice. Make PC-to-Phone Calls to the US (and 30+ countries) for 2¢/min or less.