|
COG
|
Monetary Reform Discussion |
|||||||||
| |
[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index] MONETARY: PHILIPPINE GOVERNMENT IN THE CHAINS OF UNREPAYABLE DEBTS.
PHILIPPINE GOVERNMENT IN THE CHAINS OF UNREPAYABLE DEBTS. (Paid Interest P391.7 Billion For The First Semester (6 months) By Eric V. Encina Under the IMF-WB-imposition of Philippine Presidential Decree No. 11777, institutionalized as Sec. 26 (a) Book 6 of the Philippine Revised Administrative Code of 1987, the interest payments and the principal payments are deemed as AUTOMATICALLY APPROPRIATED
every fiscal year of the Philippine Annual Budget. Just for six (6) months of the year 2006, the Philippine Government has paid already paid P391.7 Billion and the same amount or even in excess (i.e. P391.7 Billion + P391.7 Billion) for another six 6 months which translate or in total equal of P783.4 Billion interest fro 2006. BILLIONS FOR THE BANKERS while debt
and death for the poor inhabitants! This is how savagely cruel, ruthless, parasitic, crooked and pestiferous effect of the calamitous and disastrous debt-based/logged swindling monetary system! The Philippine Government at present in panic has to exert all possible efforts and lies to impose 12% Expanded Value Added Tax (EVAT) on top of prime commodities with useless exceptions, just to raise money, cash money from hard-earned-sweat-money of the overburdened Filipino taxpayers TO COVER AND ANSWER DEFICITS, PAY SKYROCKETING INTEREST CHARGES to foreign, commercial, private and international bankers. The attempts to address inflation remains inutile and incurable, poverty too dreadful than ever, local communities, villages, towns, provinces, rotten
cities in the state of eternal shortage of money and in huge debts, citizens in privation or deprivation, in gruesome miseries of hunger, illnesses, unemployment, abuses, in the everlasting throes of pains, atrocities, countless indignities, in the height of increasing heinous crimes around, violence, insurgencies and rebellions, the bickering nasty-muddy politics, and the disorder in the Philippine archipelago. This is the penalty of gullibly and continually embracing to our bosom the debt money system as being intensively imposed upon us in the names structural reform adjustments and monetarism by the IMF and WB. Practically, we are in the abyss of miseries! The Philippine Government being pressured by the structural debt-management financial system of the bilateral and multi-lateral lending institutions has consented to increase the payments of interest this year 2006 compare to last year. Accordingly, the higher-than-programme debt servicing level is in line with the government goal of slowing down the growth of the country obligations or debts and even start reducing (NOT ELIMINATING) it by 2009. The question: but how could it be done under debt finance? How could it be possible for the government to achieve the delusion of ZERO BUDGET DEFICIT in 2008 under debt finance? STUPID!, isn’t it? Hence, this is a kind of false hope and expectations only designed to
entertain the gullible hungry Filipinos in the DEVASTATED ARCHIPELAGO of the Republic of the The Government’s blind compliance with the fiscal programme of posting a balance budget by 2008 and preventing the trend of a rising debt level by 2009 under the present maxims of DEBT FINANCE is too silly and
preposterous in the eyes of Social Crediters and monetary reformers. THERE IS NO SUCH THING AS ZERO BUDGET DEFICIT under debt finance! Zero budget deficit is only possible through monetary reform policy scheme as advocated by Social Crediters and monetary reformers. Accordingly, on the amount spent for debt servicing from January to June 2006 is P235.140 Billion that went to payment of principal debts while the remaining P156.562 Billion covered interest charges on government loans. WHAT IS WORRISOME AND TORTUROUS is that the amount needed to pay the principal was not included in the government annual budget because it was NOT coming from the revenue collection, BUT FROM THE NEW CYCLES OF BORROWINGS to private, commercial, foreign and international banks! For many cruel years of poverty and practically bereft or absence of economic security in the land, PAYMENTS OF INTERESTS AS THE TOP PRIORITY ITEM THAN OTHER ITEMS FOR PUBLIC SERVICES IN THE GOVERNMENT BUDGET, on loans accounted for about a third of the government’s annual national budget. Unfortunately
because of economic and banking brainwashing techniques, this is blamed for the insufficiency of funds or lack of taxes for vital services and infrastructures, BUT NONE OF THE GOVERNMENT OFFICIALS OR EVEN CHURCH LEADERS ever directly blame the INCONSISTENCIES, INJUSTICES, DISTORTIONS, CORRUPTIONS, SWINDLE AND RACKETERRING AND ENORMOUS ANOMALIES of our extremely-insane-debt-ridden financial-economic structure with terrible domino effects to Filipino people in endless miseries and frustrations and in debilitating consequences in the countryside. IT IS IMPOSSIBLE TO TRIM DOWN GOVERNMENT DEBTS UNDER THE PRESENT MECHANISMS OF THE DEBT-BASED MONEY SYSTEM strengthened by protocols to international finance that wants to remain us in the bondage of debt and
poverty forever! IT IS ALSO IMPOSSIBLE TO REALLY RESTRAIN SPENDING or long-term austerity measures that would cause apocalyptic effects under debt-finance. Austerity measures when peoples are hungry and dying in the countryside? while it is by law or by presidential decree, the government through the citizens, has to pay everlasting interest charges to these rapacious bankers! During the six-month period, some P305.98 Billion in domestic obligations or domestic debt payments and P85.73 Billion in foreign debts, including interests, were, reportedly paid. Although it might be a good policy of the fiscal authorities to obtain or source more funding requirements form domestic resources rather than from foreign lenders but the PROBLEM REMAINS the same, under the same cloak of debt-finance, and it is still useless and inutile. Accordingly, the main purpose is to reduce the country’s exposure to foreign exchange and foreign debt scheme risks. ILLOGIGAL? While the Philippine Government says it has to reduce foreign borrowings but at the same time it is contracting another debt-based official development assistance in the total of its foreign borrowing equivalent requirements, to accordingly, take advantage of the Japan-based ODA’s concessional (really?) interest rates. This 2006, the Philippine government on another debt trap is now programmed to borrow about US$3 BILLION from commercial and private bankers through sovereign bond floating and some US$900 million from Overseas Development Aid based in Japan.
I would like to quote the statements in modification of Henry Ford, Jr. when he said: ‘IF OUR NATION CAN ISSUE A PESO BOND, IT CAN ALSO ISSUE A PESO BILL… THE ELEMENT THAT MAKES THE BOND GOOD MAKES THE BILL GOOD. IT IS ABSURD TO SAY THAT OUR COUNTRY CAN ISSUE MILLIONS TO BILLIONS OF PESO AND DOLLARS BOND AND NOT IN ‘CURRENCY’. BOTH ARE PROMISES TO PAY; BUT ONE PROMISE TO FATTENS THE USURERS, AND THE OTHER HELPS THE PEOPLE.’ MONETARY REFORM POLICY-SOLUTION: Guaranteed to cure debt and poverty in the THE PHILIPPINE GOVERNMENT MUST NOW CREATE AND PRINT THE MONEY DEBT AND INTEREST FREE ACCORDING TO THE WEALTH, NATURAL
RESOURCES, MANPOWER AND PRODUCTION AND CAPACITY OF THE COUNTRY, ACCORDING TO THE LEGIMATE NEEDS OF THE GOVERNMENT AND OF THE FILIPINO PEOPLE, BACKED UP BY THE PEOPLE THEMSELVES AND BY THE GOVERNMENT OR THE STATE, THAT IS, BY LEGISLATION TO BE PASSED AND APPROVED BY THE MAJORITY IN THE CONGRESS AND THE SENATE, APPROVED BY THE PRESIDENT AND HER EXECUTIVE CABINET MEMBERS, AND STRENGTHENED AND GUARANTEED BY THE SUPREME COURT FINAL DECISION, THROUGH MONETARY REFORM ACT AND THUS BY IMPLEMENTATION, THROUGH THE FACILITIES OF THE BANGKO SENTRAL NG PHILIPINES OR CENTRAL BANK OF THE PHILIPPINES (which must be nationalized) TO BE JOINTLY EXECUTED AND IMPLEMENTED BY DEPARTMENT OF FINANCE AND NATIONAL ECONOMIC DEVELOPMENT AUTHORITY AND GOVERNMENT AGENCIES RATHER THAN BY CONTINUALLY BORROWING MONEY AT INTEREST FROM THE PRIVATE, COMMERCIAL AND INTERNATIONAL BANKERS AT WHICH THE PRESENT DEBTS MUST BE CANCELLED, STOP PAYMENT OF
INTEREST (as the country or government has paid more than enough), AND THUS WITHDRAWAL FROM BIS, IMF AND WB, AND OTHER MULTILATERAL OR BILATERAL BANKING INSTITUTIONS. And thus, the finance of production both private and public, the country's infrastructure and other government projects must be financed by the new creation of financial credit-debt-free, and not by savings or taxes and finally, there must be dividend, or supplementary basic income to every Filipino citizen annually from the cradle to the grave with or without condition or means test. The private banks must be finally prohibited to create money debt at interest. The banks will continue to operate by law under monetary reform law based on the financial credit provision of the Government and can be used for loans and investments via interest free scheme but only charge service fee to the borrowers. This is the real ECONOMIC DEMOCRACY for all Filipinos: the real solution to poverty and money problems in the Think about THIS MAY BE HOPE OF THE NATION THAT WILL DEPEND ON MONETARY CHANGE PROPOSAL to break away from the chains of unrepayable debts. FINANCIAL CREDIT FOR THE POOR FARMING FAMILIES: DEBT FREE. LIKE FOR INSTANCE, DEBT FREE MONEY FOR THE PROMOTION, IMPLEMENTATION AND IMPROVEMENT OF ORGANIC FARMING BY POOR FAMILIES in the
villages. There are so many farmers here suffering loss of productivity, their land abandoned, mortgaged to the banks, unsustainable, and the farming families suffering hunger, poverty and destitutions, how cruel are these only because of the lack or absence of money? Thank you for reading. Comments are welcome both positive and negative. My proposal I know is radical and revolutionary
but at least better than armed revolutions, this is a peaceful revolution to increase the money supply circulation if only implemented that can help MILLIONS OF POOR FILIPINOS IN THE STATE OF ALMOST TOTAL DESPAIR. Eric V.
Encina Filipino Monetary Reformer c/o Lito Alhambra Old House Homesite, Km2, Brgy. Lawa-an, Tel. No. 0063 36 6216-454 Donation: Please send in US$check/bank draft/international postal money order to my name and address above or via Western Union likewise to my name and address above. Any cash money is also welcome in the well-sealed envelope registered air mail. Donation is also welcome via bank credit transfer/wire to: Eric V. Encina, Philippine Peso SA#0471-1906-75, Landbank of the
Thank you very much. Eric V. Encina
Do you Yahoo!? Everyone is raving about the all-new Yahoo! Mail Beta.
|