Something Stinks. Odious (or should that be ‘Odorous’) Debt?

How else, by what other means, in what specific way, apart from a Zombie Apocalypse, could a modern global society – yes one like we have now – come to a grinding halt and disappear into the mists of time?

Yes, we all know – don’t we? – about the risks from Peak Oil (which literally means Peak Everything, since nothing runs without it).  We also all know about the risks (not a small thing) of global pandemic, eating away at our capacity to do anything, including survive.  We also all should have by now realised the implications of an out-of-control population explosion and/or climate catastrophe making it impossible to provide adequate supplies of food and water for all, or even most.  We all know that there are many other possible spokes-in-the-wheels of the machinery of civilisation, including collapse of the world’s Financial and Monetary Systems.

Talking about Financial Collapse, an impending event the crumbling edge of which the world has been treading and tip-toeing around for quite some years now, I just came across something that I feel may be, or has the potential to be, the straw that broke the camel’s back, and the thing that brings the whole financial house-of-cards tumbling down – Odious Debt.

A couple of days ago (well it might have been yesterday as I don’t know which side of the world, longitudinally, the writer resides), Zero Hedge published an article on that subject in relation to the Greek financial situation.  I had not come across this term ‘odious debt’ previously – well, why would I, really? – so it piqued my interest.

Firstly, let’s define for ourselves just what the term ‘Odious Debt’ means.  Well, that has actually already been done quite nicely by Wikipedia.  Where would we be without Wikipedia?  Have you donated yet to keep this worthy resource going?

The Wikipedia definition below, and lots of other interesting information on the subject, can be found here:

“In international law, odious debt, also known as illegitimate debt, is a legal theory that holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are, thus, considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion.”

It appears that the Greek Parliament has established a “Debt Truth Committee” to investigate the legality of the €320 billion debt that has been forced on the nation by the Troika and its own previous government regime.  Read the Zero Hedge article for evidence of this claim.  The aim is obviously to erase some or all of that debt as illegally imposed.  As Zero Hedge states:

According to Greek Reporter, Konstantopoulou has said that the newly established “Debt Truth Committee,” will investigate how much of the debt is “illegal” with a view to writing it off.

The new Greek government has recently claimed that it would would honor all of its debt commitments.  It can still claim to have done so, without paying much or anything at all, if all or most of those debts are declared illegal.

Can you imagine what effect such an action would have on the European banking system?  Banks, already wobbly, would fail.  The Troika would collapse.  The ripples would be felt worldwide.

What is more, what if other nations struggling under IMF and other imposed debt took up the same stand as Greece?  Zero Hedge puts it like this:

If the Greek “Debt Truth Committee” indeed persists with determining how much of its debt is legal and enforceable, and ultimately decides to rescind some (or all) of it, the only question is how long until other countries around the world, all of which are burdened with massive, untenable debt loads across the government, financial and household sectors, decide it is time to do the same and declare a fresh start.

Because as the end of the day, the winners will be 99% of the population – or all those who have been trampled upon by the central banking regime and their crony capitalist, private bank and oligarch backers. The only losers will be that 0.01% of the population which benefited during the past 8 years of what is now obvious to all has been nothing more than a farcical global “recovery.”

In case you missed it in the above quote, here again is the link to the ‘massive, untenable debt load’ currently faced by 39% of all other countries (including Australia).

Oh, I can’t wait to see something like that happen.  What an interesting year 2015 is turning out to be.

On even a whiff of something like this happening, you will need to turn any money, or what passes for money these days, that you have in electronic storage within the banking system, into something more tangible and of lasting value pretty quick smart (and I don’t mean into other paper currency), before your wealth evaporates into thin air never to be seen again.

Take heed.

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