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Greek Film Shows Way Out of Debt Bind

June 23, 2015

0701_greece_crop.jpg"Debtocracy" introduces the concept of "odious debt" and points to strong precedents for repudiating debt that has been incurred fraudulently. 

"At first we thought this predatory IMF behavior was reserved for the Third World, but now it's clear Europe and America are also in their cross-hairs."

In April 2015, a Greek parliamentary committee endorsed this concept. Clearly any debt deal 
reached this week will only pass the Greek parliament by virtue of the votes of the opposition parties. Greece's predicament exemplifies what may happen to any country that has forfeited its power to create credit, i.e. the medium of exchange (currency.) That's us all. 

(originally posted June 20, 2011) 
by Henry Makow Ph.D.

"Debtocracy" a 75-minute documentary made for $15K has inflamed popular resistance in Greece by casting the debt crisis in a new light.

Seen on the Internet by over a million Greeks, the film convincingly argues that the debt is a neo-liberal ("Economic Hitman") scam and there are strong precedents for repudiating it.

The brainchild of Costas Lapavitsas, an economist and professor at the School of Oriental and African Studies in London, the film introduces the concept of "odious debt" which the US used in 2003 to renounce Saddam Hussein's $120 B debt to Russia and France.

Defined in the 1920's by Russian economist Alexander Sacks, "odious debt" is
incurred by a despotic power, "not for the needs or in the interest of the State, but to strengthen its despotic regime, to repress the population that fights against it, etc. This debt is odious for the population of all the State."

He went on. "This debt is not an obligation for the nation; it is a regime's debt." Sack called it "a personal debt of the power that has incurred it." When this power falls, that debt "consequently . . . falls with the fall of this power.

Sack also considered a debt odious when, "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." A bribe is an example of a manifestly personal interest.

Now, in order for a debt to be deemed "odious," Sack said that the lender must also be aware that the loan is "contrary to the interests of the nation."

In this case, Professor Sack said, "the creditors have committed a hostile act" against the people. They can't therefore expect that a nation freed from a despotic power will assume the 'odious' debts, which he called "personal debts of that power."

As we shall see, these criteria apply to Greece. But first the film looks at:


The Illuminati banker-IMF method of absorbing the world's wealth is well documented. They bribe corrupt regimes to incur huge debts for costly boondoggles built by companies owned by the same bankers. Then the bankers make their targets repay these "loans" (created out of thin air) by accepting severe "austerity" programs and privatizing national enterprises and resources. 

At first we thought this predatory behavior was reserved for the Third World, but now it's clear Europe and America are also in their cross-hairs.

Rafael Correa, the President of Ecuador didn't think most of his government's income should be used to service the national debt. He ordered an "audit committee" to investigate how this debt was incurred and discovered that 70% was due to the corruption of prior regimes.

He renounced that debt. Equador's bonds fell to 20 cents on the dollar. His government secretly bought it back and saved seven billion dollars in interest.

Interestingly, many civil servants at the Ministry of Finance refused to cooperate with the audit committee. There is always a class which is in cahoots with the bankers and profits at the expense of the people.


The banker-owned mass media has put out the story that Greece's problems are due to bloated bureaucracy and a crippled tax system. But "Debtocracy" documents a pattern of wasteful boondoggles from which the ruling class and bankers benefited.

These include bribes and kickbacks from the German conglomerate Siemens to build the Athens subway system and a $1.1 B boondoggle for "security" at the 2004 Athens Olympic games.

But the most costly expenditure has been billions for unnecessary weaponry -- aircraft and submarines -- bought from European manufacturers which are owned by the same bankers.


It's clear that the Illuminati bankers intend to use debt to enslave and impoverish us. They will raise the spectre of financial mayhem to extort the money from us.

Like Greece, our governments will have a choice. Either default on the debt or default on the people. Our puppet politicians have been defaulting on us for a long time. We need to use the concept of "odious debt" to ensure they stop now.

The bankers' credit scam cannot go on for ever. Eventually the social contract will break down as is happening in Greece. This is why the bankers are creating a New World Order police state, under the pretext of a war on terror.

While the world's media focuses on the bailout negotiations, a debt audit is underway to prove much of Greece's debt illegitimate, illegal and odious   -

Greek Gov't - We had no choice but propose hash reforms (Reforms-loaded word)

Film available here - Be patient. "Odious Debt" introduced after 30 minutes.

Greeks are all of Us - the stats

Americans are Focus of "Counter-Terrorism" Strategy

First Comment from Dan:

That's a good documentary.  It's an old racket that's been done to the PIIGS and I'm still waiting for most people to catch up with understanding it, because every country is the target of it.  It just takes longer for the big productive ones to rack up enough astronomical debt to be hopelessly caught in the trap. 

This spot by Brother Nathanael (Milton Kapner) is about a week old and it explains how the IMF scam is working on Ukraine, but it's essentially the same thing that's been done to Greece.  

I thought it was a nice touch in 'Debtocracy' that they they shows how the crooks add insult to injury by blaming the victim.  Saying the Greece's sluggish economy is due to Greeks being lazy people.  If the same bankers said that about women -- can you imagine? 

Scruples - the game of moral dillemas

Comments for "Greek Film Shows Way Out of Debt Bind"

Ann Diamond said (June 24, 2015):

Thanks for posting your 2011 piece on the Greek debt crisis -- I was here during the corruption scandals under the rightwing Karamanlis government. He and his cronies were making secret deals with German companies, and stashing their loot in private Swiss accounts. How can people believe this crisis is all the fault of ordinary Greeks? Not that they aren't champion tax evaders and hoarders -- they're also very resilient, hardworking, self-sufficient, and much more politically aware than Canadians.

Edgar said (July 15, 2011):

I did notice that in Greek politics the same names always resurface. Now the man supposed to clear the situation is a certain Venizelos, certainly an heir to an ex-Prime Minister of the 1920's, not to speak of all the Papandreus' and other repeating names. In some way verious countries are actually clan dictatorships, and Greece does stand out in this regard.

It is useful to regard the Bilderberg attendee lists, they do reflect to ever-returning faces of an elite that is not at the service of the people who elected them (if they actually did that). Berlusconi : a certified member of P2 lodge, etc. And the German Schroeder : isn't he related to the Schroeder bank that handled Hitler's finances ? And so on..........

Nicolas said (June 23, 2011):

What you fail to mention in your article about the debt enslavement of the Greeks is that they have been volunteer for decades to live on debt at the expense of the European taxpayer; You should have explained how the debt buden is born after the communist revolution and the sucessive socialist governmenst which had lobbied in the Bruxelles corridors to benefit from the European subsidies, in order to maintain their unsustainable public deficits with the benevolent complicity of federalist Eurocrats like Jacques Delors of François Miterrand or Helmuth Kohl.

The Greek State is now employing two thirds of the working population with a ridiculous productivity and a rampant corruption in all economic sectors. As you can imagine the bankers like Goldman Sachs were more than happy to find such complacent ears in order to combine their financing with the European money in order to leverage the Greek debts like other commercial banks were doing with the recycling of the wholesale credit into retail or corporate loans.

But the main culprits were the Greeks themselves who thought they could dupe the system for ever and live at the expense of dominant EU members like the Germans, who are now considered as the new occupiers of their country. But who has invited them in the first place? And what do you think will happe nto all these idle civil servants after the collapse of their Ponzi scheme? Well, many of them have already found the solution, as they return in droves to the countryside to complement their vanishing revenues with their own green productions. Back to work: they have finally come to reason. Nonetheless I doubt that all of them are understanding what in means in terms of living standards, as they are preparing to live like their forefathers did before the red revolution.

Armando said (June 22, 2011):

thank you so much for all the articles, all the information you share is amazing, I just red the article titled "debtocracy" and it left me was so clarifying, you are doing an excellent job mister!!!...congratulations to you and all your team and collaborators...God bless you man, I promise to pray for you to live a thousand years, we need you to be here telling the truth...and again....than you!!!!...

Dan said (June 21, 2011):

(Avi Lewis) "The IMF played a signature role in creating the crisis in Argentina, driving the same policies of de-regulation and privatization that lead to immense corporate profits, but then destroy the finances of a state."

He's referring to the Argentine debt crisis of 1999, but I remember the IMF figuring out the IMF stunt when the Mexican peso collapsed in 1983, while I was working at a Houston bank. This was at the peak of the Reagan/Bush administration's policy of "across the board" de-regualtion of checks and balances, government oversight and accountability mechanisms. Progression of events and parties were perceived as dialectics of multiple factions by the public through the years. Actually the real continuity of unilateral globalization strategy has been in plain sight all along.

I think the Greek documentary is better than anything I've seen from American producers lately. Ours tend to corrupted by fear-based disinformation on purpose.

The best America-based analyst of the economics of the globalist takeover is Michael Hudson, Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City; Freelance economic advisor to Iceland, Latvia and China on finance and tax law.


How Financial Oligarchy Replaces Democracy

Horst said (June 21, 2011):

What an excellence with this article... Thanks to people like you, Bob Chapman, Alex Jones, Max Keiser and Gerald Celente, just the very most efficacious I do follow on a steady basis, WE shall smash this monster and evil, and we shall do it in a very fine surgical manner.
Thank you for being given the privilege "d'etre choye".

Patrick said (June 21, 2011):

Hi Henry, excellent observation regarding Ecuador, and how Correa saved his country. Not surprised by Ecuador since it has a history
of some outstanding Presidents such as Gabriel Garcia Moreno,

Of course, the Masons eventually stabbed, shot and slaughtered him as he was leaving Church, but it shows that some are willing
to put their necks out for their country. Will at least one Greek politician try to save their country? Do they have a Ron Paul?

David said (June 21, 2011):

I was amazed by the figure you quote of one million Greeks watching the film- 10% of the public. Now that the banking scam has been exposed on a mass scale it is really in the public hands whether to stop it or not.

There is often debate as to what scale the average person is complicit in Illuminati crimes. I think the examples that provide solid answers on that question are when vast numbers of the populace know what evil is being perpetrated and have the capability to stop it.

The most shocking example that comes to mind was the Dutroux case. The Belgian public knew that their elites were involved in pedophile rings. This was so obvious that an amazing 300,000 Belgians (out of a total pop. of only 10,000,000) marched through the streets in silent protest, an event dubbed the 'white march'. However they only marched for one afternoon, went home and didn't do it again. They let their sadistic overlords get away with their crimes. They had no excuse: the truth had been exposed, masses of people knew the truth and people had organized large scale activism against it. For me the most shameful aspect of the whole Dutroux affair was not the crimes themselves but the fact that the Belgian public knew what was going on and didn't do enough to stop it. They were complicit with the crimes.

Another example is the Iraq war protests in Britain in 2003 when 2 million protested against the war. The majority of the public didn't believe the weak propaganda used to sell it. They joined together on mass and said no! Then when the government went ahead with the war anyway and they just went home and said 'o well! I suppose there's nothing we can do!' What cowards. I missed the first demo but went on the 3rd Iraq anti-war protest, there were only 15,000 people! Again: the public were complicit with evil.

The Greek people now know the truth. They have no excuse for being screwed over.

Brian said (June 21, 2011):

The concept of 'odious debt' speaks directly to that malodorous 800 pound gorilla in the room, the Federal Reserve, and to that other stench the IRS.

I get up 6 days a week to go to work and I'm running out of creative ways to temper the rage I feel over this daily extortion, and it's a sure bet that I speak for a growing multitude. With the World rapidly accelerating to a breaking point, the race is on, and the question which remains is how powerful will this multitude prove to be as a mitigating factor in what is sure to be some degree of 'financial mayhem'. In other words, how transparent will the master illusionist become as the spell over humanity is broken; how much hell will break loose before an inevitable amelioration.

Kirk said (June 21, 2011):

Mr. Bramerton is correct. Loans cannot be made simply on the basis of "caveat emptor". A loan is fraudulent if the loaning institution makes a loan that it is aware cannot reasonably be paid back and is not in the best interests of the borrower. Loans to several countries have reached that point. The expected effect of further loans, indeed the planned effect, is to cause a default as an excuse to loot the citizens of the country.

Dan said (June 20, 2011):

Never mind Greek films. I think the Bible showed the way to avoid debt enslavement a long, long time ago. :-)

Deuteronomy 15:1 - At the end of every seven years you must cancel debts.

Andrew said (June 20, 2011):

And let's not forget the vicious trap of student loans and institutions dolling out money to income-less, asset-less kids desperate to get qualified on the on the flimsiest guarantee of 'potential future earnings'. Particularly odious for their serpentine entrapment of the young and naive.

Alcuin Bramerton said (June 20, 2011):

Debt forgiveness and the Doctrine of Odious Debts also applies to individuals. The same principles have legal traction on loans or structured financial inducements made by financial institutions such as banks, mortgage lenders, insurance companies, stock-trading entities, energy conglomerates and pharmaceutical firms.

If the intention of the financial transaction tied to the loan, or tied to the financial inducement, is extortion, if it is, in effect, an élite scheme to bamboozle the borrower with small print or to blind him with science, that loan or inducement, should be struck off the record immediately and completely. The debt was not incurred with the informed consent of the borrower. The debt did not benefit the borrower. And the lender was well aware of these facts when the loan papers were signed.

Henry Makow received his Ph.D. in English Literature from the University of Toronto in 1982. He welcomes your comments at