We Need Cascading Cross Defaults NOW!

The worldwide capitalist system is creaking and splitting and the minions are aflutter as the dragons on the commanding heights breathe fire and threaten death and destructions if they are not bailed out.  The technical term for the putative danger is cascading cross defaults.

The heart of the problem is usury, a term euphemized as "interest" that is at the heart of the damage being done.  The bad guys want to keep this going, and people of nominal good will want to believe the bad guys would do them no harm.  Western capitalism is dependent on Stockholm Syndrome citizens.

What would happen if we just defaulted on the debt?  Then those benefitting from the abuse would simply not be abusing anymore.  Here is an example from history.  After the Babylonion captivity, Artaxerxes gives Nehemiah leave to rebuild Jerusalem.  The surrounding peoples are not pleased with this, so the Jews are obliged to be half-armed and half-working.  Under these harsh circumstances, what is Nehemiah's greatest challenge?  Usury.  Nehemiah Chapter Five:

¹ And there was a great cry of the people and of their wives against their brethren the Jews.

² For there were that said, We, our sons, and our daughters, are many: therefore we take up corn for them, that we may eat, and live.

³ Some also there were that said, We have mortgaged our lands, vineyards, and houses, that we might buy corn, because of the dearth.

⁴ There were also that said, We have borrowed money for the king's tribute, and that upon our lands and vineyards.

⁵ Yet now our flesh is as the flesh of our brethren, our children as their children: and, lo, we bring into bondage our sons and our daughters to be servants, and some of our daughters are brought unto bondage already: neither is it in our power to redeem them; for other men have our lands and vineyards.

⁶ And I was very angry when I heard their cry and these words.

⁷ Then I consulted with myself, and I rebuked the nobles, and the rulers, and said unto them, Ye exact usury, every one of his brother. And I set a great assembly against them.

⁸ And I said unto them, We after our ability have redeemed our brethren the Jews, which were sold unto the heathen; and will ye even sell your brethren? or shall they be sold unto us? Then held they their peace, and found nothing to answer.

⁹ Also I said, It is not good that ye do: ought ye not to walk in the fear of our God because of the reproach of the heathen our enemies?

¹⁰ I likewise, and my brethren, and my servants, might exact of them money and corn: I pray you, let us leave off this usury.

¹¹ Restore, I pray you, to them, even this day, their lands, their vineyards, their oliveyards, and their houses, also the hundredth part of the money, and of the corn, the wine, and the oil, that ye exact of them.

¹² Then said they, We will restore them, and will require nothing of them; so will we do as thou sayest. Then I called the priests, and took an oath of them, that they should do according to this promise.

¹³ Also I shook my lap, and said, So God shake out every man from his house, and from his labour, that performeth not this promise, even thus be he shaken out, and emptied. And all the congregation said, Amen, and praised the LORD. And the people did according to this promise.

And note the sanction for those who do not go along:  Ostracization.  Necessary and sufficient.  You starve to death if you try to enforce you usurious (interest) contracts.  What will happen if we simply default on these abusive contracts?  Cascading cross defaults, with absolutely no harm done.  it sounds scary, but like most water rides in an amusement park, after the first time, you'll want to do it again.  Yippee!

Once people realize that usurious deals can be repudiated with no effect, it takes a long time for usury to re-emerge.  Even states outlawed it for a few thousand years after that.  But about 200 years ago it began to get legalized.  And the last 100 years were the bloodiest ever know to mankind.

To effect the benefit of cascading cross defaults, we do not have to make a law, we just ostracize anyone who insists on being paid.

Why have you never heard of this passage in the bible before?  Is it because the preacher man is bought and paid for, or at least taxed into oblivion if he touches a political topic?  It is because the faithful are syndrominally Stockholmish?  Who knows?  But there is a simple and easy solution at hand to our economic straits.  Cascading cross defaults.

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