by Ron Holland
Previously by Ron Holland: Down Argentine WayEveryone with any intelligence in the US and around the world knows that there is no way for Washington to manage the tens of trillions in debt and unfunded liabilities short of ultimate repudiation or hyperinflation. Thanks to Wall Street bankers and the Anglo-American financial elite, our ruinous debt-financing Ponzi scheme has also been exported to most Western nations. These politicians have made a compact with the devil in delivering vote-buying programs and postponing the interest and debt reduction to future generations. Watch the cuts and subsequent riots in Greece, Ireland, the United Kingdom and you'll see just a little of the future for the United States with its faltering world reserve currency status.
The question is, should the citizens and the formerly sovereign states of the United States wait for Washington's foreign creditors to seize the remaining government and private assets left after our politicians have finished with us?
Our politicians are in the process of totally bankrupting the country, individual states and municipalities and in less than a decade will have confiscated most private wealth and placed tens of trillions of more debt on future generations. Should we act now before Congress and our politicians loot our personal, retirement and real estate wealth, destroy our Treasury obligations and kill the dollar and democratically take matters into our own hands before the looming dollar and debt crisis?
One alternative is for Americans in the individual states to organize and work toward a "Washington National Debt Constitutional Amendment" and repudiate much of the Washington government debt before it bankrupts every private American citizen. Otherwise, the massive increase in the level of indebtedness due to the meltdown and depression may first bring down the Treasury market followed by the US dollar and this will destroy the American economy for decades to come.
The American people need to meet the problem on terms which will make the best of a difficult situation for the nation and our personal financial security instead of allowing foreign creditors, our financial establishment and Washington to buy more time for them through the confiscation of our private wealth, financial security and liberty.
I believe only a grassroots effort by the American people through state-nullification efforts or the constitutional amendment process have any hope of success. The alternative is to expect those who are destroying our economy and nation to solve the problem they created without sacrificing us in the process. This is just wishful and foolish thinking.
On 12/21/1913 the New York Times stated "New York will be on a firmer basis of financial growth, and we shall soon see her the money centre of the world", one day before the Federal Reserve Act was hurriedly passed and signed into law with limited debate by a Congress controlled by Washington and banking special interests. These undemocratic tactics were designed then – just as today with the bailouts – to thwart the will and overwhelming opposition of the American people to expensive handouts for Wall Street and those shadowy few who stand behind the banking system.
Now, Washington's illegitimate national debt is growing exponentially due to the bailouts and stimulus bills as Congress tries to jumpstart a depression-threatened economy. This additional debt load will likely within the next decade bankrupt our nation and impoverish most productive, working Americans.
The Federal Reserve, together with the above financial elites, essentially manufactured the credit and real-estate bubble. The result: continued enhancement of foreign investment in their Treasury debt Ponzi scheme along with obscene profits for Wall Street at the expense of the American people.
This scam by our financial establishment makes Bernard Madoff's despicable actions look like Mother Teresa's charity operation in comparison. An unintentional consequence of these actions was the meltdown in markets, the credit crisis and spreading global depression when the bubble finally burst.
Now there is a cover-up of the cause and coming global run, crash and probable collapse of US Treasury obligations because of the dramatic increase in Washington's national debt to unsustainable levels. This economic tidal wave threatens the financial security and wealth of every American along with their savings, real estate, retirement plans, investment portfolios as well as their promised Social Security and Medicare benefits.
Concerned Americans must bypass a corrupt Congress and the leadership of both political parties often controlled by special interests at the national level and seek a debt solution through the constitutional amendment and nullification process starting at the state level.
Repudiating the illegitimate national debt of Washington politicians and special interests will allow existing treasury debt obligation owners and investors time to dispose of the unlawful debt created only to profit special financial and corporate interests. They own and control majorities in the House and Senate, much of the party leadership positions and the Federal Reserve System. State legislatures must resolve that most of the national debt is not a legitimate debt of the American people nor of the future generations who would otherwise find their prosperity and financial security sacrificed for the profit of a few corrupt global financial elites.
It will be a mistake to waste our time or effort in another futile attempt to lobby Congress, the Courts, the President or the national party leadership of either party. Most have shown their willingness to sacrifice principle, integrity and our future in the recent bailouts and the legislation just passed during the Lame Duck session of Congress.
The proposed constitutional amendment must first call upon the state legislatures to ratify an amendment repealing Section 4 of the 14th Amendment which outlawed even questioning the validity of the national debt; "The validity of the public debt of the United States, authorized by law....shall not be questioned", followed by language to further prohibit future indebtedness and deficit spending by the federal government and repudiate all federal government debt (except for obligations for Social Security Trust Funds) and debt and interest service obligations accrued after the 12/22/2013 deadline regardless of when the amendment is ratified by 2/3 of the states.
Thankfully, our Patriot Founding Fathers provided Article Five of the United States Constitution for a future time of congressional, judicial and presidential tyranny as we have seen for the last ten plus years. It provides for an option to assemble a national Convention to propose amendments to the United States Constitution as an alternative to the process of securing two-thirds approval in both houses of Congress.
Like the bailout actions and national debt increases today, Section 4 of the 14th Amendment was an unconstitutional act forced on the American people in a time of crisis just after the end of the War Between the States much like the questionable creation of the Federal Reserve and the Income Tax were enacted on the American people back in 1913.
The amendment was proposed on June 13, 1866 and later ratified on July 9, 1868 at a time when the legitimate voters of all the former Confederate States of America were disenfranchised and not allowed to vote and the states were under military occupation, reconstruction and control of the same special interests who started the war. In addition to making it illegal to question the validity of the public debt of the United States, it also unilaterally prohibited the payment of previous lawful debts incurred by the Confederate States of America or the individual state debts during the war.
Therefore we seek the right by constitutional amendment to lawfully question the validity and legality of a $60-plus trillion Washington national debt and unfunded liabilities forced on productive Americans without their consent. All of this by a Congress representing only special interests and not the will or best interests of the nation or the people of these United States.
We urge by constitutional amendment the repudiation of the unlawful debt service and repayment of principal based on an excessive level of taxation and confiscation of the private wealth, earnings and productivity of this and future generations of Americans accrued after December 22, 2013.
Yes, this may be a pipedream solution but I have heard nothing from the political establishment except empty promises. The time for talk is over. Either we take action soon or wait for China and other world creditors to act. They will not be working in our best interests.
Who will take this idea, hopefully improve it and lead a grassroots effort to save productive Americans from the harsh consequences of the Washington national debt?
January 19, 2011
Copyright © 2011 by LewRockwell.com. Permission to reprint in whole or in part is gladly granted, provided full credit is given.