Community | December 22, 2011 | 1 comment

Odious Debts

source: http://www.change.org/petitions/odious-debt-change

camdic

http://www.change.org/petitions/odious-debt-change

"Odious" debts, incurred and used for ends which, to the knowledge of the creditors, are contrary to the interests of the nation, do not compromise the latter — in the case that the nation succeeds in getting rid of the government which incurs them — except to the extent that real advantages were obtained from these debts. The creditors have committed a hostile act with regard to the people; they can't therefore expect that a nation freed from a despotic power assume the "odious" debts, which are personal debts of that power.
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One could also include in this category of debts the loans incurred by members of the government or by persons or groups associated with the government to serve interests manifestly personal — interests that are unrelated to the interests of the State.
Alexander Sack, Les effets des transformations des États sur leurs dettes publiques et autres obligations financières, Recueil Sirey, 1927.


I just signed the following petition addressed to:
----------------
The World Bank
1818 H Street, NW
Washington, DC 20433 USA
tel: (202) 473-1000
fax: (202) 477-6391

International Monetary Fund, 700 19th Street, N.W., Washington, D.C. 20431
Headquarters 2 (HQ2):
Telephone Operator: + 1 (202) 623-7000 · Fax: + 1 (202) 623-4661

European Central Bank
@ecb_europa_eu Frankfurt
info@ecb.europa.eu

Change is to explain who and why, has allowed the State, with taxes paid by citizens, that there are salaries out of control with relative contributions that justify pensions of that amount. Individuals of the same nation who have helped to build, are found to have salaries / pensions without any reason.
This way of legislation has created a huge public debt and I do not think is fair to keep asking, to those who have not created it, nor even benefited, to make sacrifices in order to redeem him.
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Sincerely,
Camillo Di Cicco

http://www.change.org/petitions/odious-debt-change
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