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The Ethics of Repudiation

­Certainly this applies to most nations, but this is specifically about America and the stupendous National Debt which Government has created and attempts to Force upon it’s people. 

This morning the USDebtclock.org. is showing:

the “National Debt” at over $16.6 trillion; over $52,000 per citizen.

“US Unfunded Liabilities” at over $122.8 trillion for SS, Prescription Drugs and Medicare; that’s over $1.08 million per taxpayer. 

EVERYONE should bookmark and regularly open the DebtClock, which contains much more than the above.  Warning, it displays running totals of Many Items, heavily consuming computer resources.  Opening it in a separate window is advised!

The quotations which follow are excerpts from [source:] “The Ethics of Repudiation” by John P. Cochran published at https://web.archive.org/web/20171112020811/https://www.lewrockwell.com/

Do you ever get the feeling that no one in the Washington power elite is willing to seriously deal with the major economic threat to future prosperity facing the United States today: mounting government debt and the associated deficits? The problem, as pointed out by Murray Rothbard over 20 years ago:

Deficits and a mounting debt are a growing and intolerable burden on the society and economy.  This is so because they raise the tax burden and increasingly drain resources from the productive private sector to  the parasitic, counterproductive, public sector.  Moreover, whenever deficits are financed by creating new money, matters become even worse because credit inflation creates PERMANENT and rising price inflation as well as waves of boom-bust “business cycles”.

Deficits and a mounting debt, therefore, are a growing and intolerable burden on the society and economy, both because they raise the tax burden and increasingly drain resources from the productive to the parasitic, counterproductive, “public” sector. Moreover, whenever deficits are financed by expanding bank credit – in other words, by creating new money – matters become still worse, since credit inflation creates permanent and rising price inflation as well as waves of boom-bust “business cycles.”

Rothbard continues,

When government borrows money, it does not pledge its own money; its own resources are not liable. Government commits not its own life, fortune, and sacred honor to repay the debt, but ours. This is a horse, and a transaction, of a very different color.

 

The public debt transaction, then, is very different from private debt. Instead of a low-time-preference creditor exchanging money for an IOU from a high-time-preference debtor, the government now receives money from creditors, both parties realizing that the money will be paid back not out of the pockets or the hides of the politicians and bureaucrats, but out of the looted wallets and purses of the hapless taxpayers, the subjects of the state.

Both parties [the politicians doing the borrowing and the members of the public loaning funds to the government] are immorally contracting to participate in the violation of the property rights of citizens in the future. Both parties, therefore, are making agreements about other people’s property, and both deserve the back of our hand. The public credit transaction is not a genuine contract that need be considered sacrosanct, any more than robbers parcelling out their shares of loot in advance should be treated as some sort of sanctified contract.

In summary, as a taxpayer, you did not borrow the funds, you did not spend the funds, and you have no moral obligation to repay the funds.

Rothbard’s recommendation: “I propose, then, a seemingly drastic but actually far less destructive way of paying off the public debt at a single blow: outright debt repudiation.” Repudiation is not only a sound economic solution to our fiscal crisis, but it is also the morally correct solution.

But “in order to go this route, however, we first have to rid ourselves of the fallacious mindset that conflates public and private, and that treats government debt as if it were a productive contract between two legitimate property owners.” The commentary by Hummel and Henderson are evidence that some are seriously addressing this issue, alas, after over a 20 year lag.

Amerika is undergoing a drastic transition.  Following a century of insidious “change”, the progressive/marxists took over America in 2006, using government to Force socialism upon the Subjects, and fooling them into accepting the Great Con that the “greater good” was superior to man’s Right to Life. 

Doing so was accomplished with Debt which has brought Amerika to the brink of inevitable and total economic collapse.  Our choice is only to admit bankruptcy now and repudiate the Debt, or to wait until we hit the Abyss and do it then from the throes of disaster. 

Either way, this government will be closing it’s doors and going out of business forever, as has every government throughout history. 

I know, most unthinking people cannot envision living with real Liberty and without being Governed,  Open your minds and help this Nation restart with a Voluntary System, stop being Subjects by becoming sovereign individuals who choose for yourselves what to do, and how to do it, by your free choice and without Force.  

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Updated: 12 Nov 2017 — 09:35:50
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