Odious debt, John Key’s legacy?

The concept of odious debt was established in international law in 1927 and basically states that (quote wikipedia) the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable.

John Key has borrowed a massive $ 40 billion or so in the last three years indebting this Nation for many years to come and given the rich 1% a massive tax cut while making life a lot harder for the 99%.

I would argue that this constitutes an odious debt and that while we have been labouring under the perception that we actually had an election which was not entirely steered by Propaganda, we actually have been conned into electing the Keyster after having been promised he came back to New Zealand to serve this country with his “hard nosed business acumen” as my dear neighbours still believe (poor souls) we have actually been under banker occupation and that constitutes a regime.

Here is what Max Keiser and Saifedean Ammous with a nice bit of info from Stacy Herbert about John Key’s friend Timothy the Tax dodger” Geithner the current secretary of Treasury and all out bankster scumbag to start with:

5 thoughts on “Odious debt, John Key’s legacy?

  1. Glad you have raised the issue of ‘odious debt’ however it would help to qualify exactly what the Key/National government has spent their created debt on. A breakdown on precisely what that debt was used for would be essential evidence to prove the creation of ‘odious debt’. My guess is that they have spent tens of billions on infrastructure ‘improvements’ which has had a flow on effect on the entire economy and subsequently increased GDP and the illusion of a ‘rock star economy’. Of course once infrastructure spending slows down then the entire economy also will follow and slow down creating an economic recession most likely at a time when the interest cost of the governments borrowing reaches a cyclical high point when the government can least afford it. Tough times ahead are guaranteed as a result of this governments aggressive borrowing program.
    Of course if it can be proven that Key has benefitted financially from the debt being borrowed then that would prove that some or all of the debt was odious. For example if the government have borrowed from the Bank of America (which Key has shares in) then that could indicate or prove odious borrowing. However the treasury department and Debt Management Office refuse to divulge exactly what institutions the NZ government had borrowed from, citing commercial confidentiality, so the tried and true ‘cloak of confidentiality’ hides some of the evidence needed to qualify whether our government leaders are borrowing odiously and acting fraudulently or not.
    Or if one of Keys local or offshore blind trusts has shares in Fletchers or any other large infrastructure businesses that have benefitted from the governments debt funded infrastructure ‘investments’. However unless we can somehow get a clear view of who the government have borrowed from and the assets in Keys blind trust/s investments then we can’t prove the debt is odious. In light of the facts of Keys merchant banking career working with multinational corporate banks and institutions it does appear that the question of whether Key has benefitted financially from the governments huge debt raising program or not is ‘not beyond reasonable doubt’. That doubt should be dispelled and can be by transparency by the government and Keys disclosure of facts unless… someone can hack his personal computing and/or banking records or someone close to such knowledge becomes a whistleblower. I’m hoping Wikileaks or equivalent might just do that even if it proves Key and the governments borrowing has not been odious. We deserve nothing less than the truth.

  2. I wish RT was on my Freeview !

    What is there ?
    Closeup …not very !
    Campbell LIve … barely !
    Sixty Minutes …sixty seconds
    Q+A … QuandAry !

    Key will sell the ground we walk on and people don’t have a fricken clue !

    Where can I buy some self adhesive “For Sale ” signs to put on every National Party billboard I see ? Sixteen days to get peoples attention ! The Rugby World Cup will have cost New Zealand more than a few million dollars ,it may have cost us the country !

  3. Great post …again …what a shame not a single New Zealand journalist has the smarts to find this site …I have learnt more in a month here than 3 years of TV News ,watching first Channel One then watching Channel Three plus one hour every night .
    Thanks for your great work ,how long have you had your Degree in Journalism ?

    • Autodidact I’m afraid. I had a business with my husband for eighteen years and it was my job, amongst others, to research projects and resources. I became very good at it!

      It’s not so much that journo’s don’t find this blog but that they are actively avoiding it. I gave all the stuff I wrote to 60 minutes before the 2008 election and they contacted me and all of a sudden avoided me like the plague.

      If you want to see some good news try RT it’s on freeview and is remarkably candid on all sorts of international news and beats the shit they put out on NZ hands down.

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