Repudiation Now

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These three articles raise a challenge against the inter-national system of debt and the crippling burden inflicted by neoliberal debt policies and financial institutions on people who should not be shaken down for even one dime of the oligarchs’ power-trips and “development” policies. A liberated society means a society where no-one is forced to pay off debts for political capitalists, and the only humane, or even sane, demand is total and unconditional Repudiation Now.

“We have not acquired any debt. The so-called public debt really belongs to the oligarchy. We the peoples have not acquired anything or been benefited, and thus we owe nothing. . . .” — Confederation of Ecuadorian Kichwas

“Their main function is to work in collusion with the World Bank to run up debt building the infrastructure foreign capital needs for profitable investment. A majority of World Bank loans have gone to building the roads and utilities necessary to support foreign-owned industry. The effect is to crowd out decentralized, small-scale, locally-owned industry serving local markets, and to integrate the domestic economy into a neoliberal framework of providing raw materials and labor for foreign industry. . . .” — Kevin Carson

“So-called ‘public debt’ is, of course, never contracted by ‘the public’ (if that means all the people of a particular country); it is contracted by a tiny, parasitic minority that lives at the expense of the rest of the public, and which has arbitrarily declared itself the rightful rulers and the designated collective-bargaining agents of everybody else in the country — whether or not anybody else ever agreed to that arrangement. When banks or foreign governments loan money to a government, they loan it to that tiny, parasitic minority, and they do so with the expectation that their ‘investment’ will be repaid by means of taxation, which is to say, by means of the money that the government extracts from ‘the public’ by force. None of the rest of us are ever asked to take on these debts; none of us are ever given any meaningful choice over whether to take on these debts, or how to disburse the money that has been loaned to ‘us;’ we are just made to pay them against our will. . . Whatever the would-be governors of Ecuador may owe, the people of Ecuador owe not one damned dime to the World Bank, the IMF, CitiBank, or any other lender.” — Charles Johnson

Introduced February 2013.

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