Guest Editorial - A National Bankruptcy Act

This is pretty good. If you know anything about National Socialist Germany in the period between 1918-1933, you'll know that Germany was not just on the brink of collapse, but for all intents and purposes, had collapsed. It was the National Socialists that engineered a remarkable recovery in just 7 years, and it's something we need imitate. Of course, it won't happen and it is my belief that we will have to resort to violence if there is any chance of saving our civilization, but this type of thinking should be incorporated into any political platform that advocates for the White Working Man.

A few things I'd like to add to this excellent essay. First, the outlawing of so-called "ARMs" or Adjustable Rate Mortgages. Second, the outlawing of usury over 10 percent, and that is with ANY credit, including credit cards. Third, the strict regulation of Banks, investment houses, the equity, commodity and exchange markets. Outlawing Hedge Funds would be a huge start.

As a great man once said, The people were not put here on earth for the sake of the economy, and the economy doesn't exist for the sake of capital. On the contrary, capital is meant to serve the economy, and the economy in turn to serve the people."

THAT should be the battlecry of any White Workers Party!


A National Bankruptcy Act
A Modest Proposal

Bill White
American National Socialist Workers Party
http://www.overthrow.com

Commentary -- Reading today of the Bush Administration's bail out package, which involves printing $1 trillion dollars to bail out Jew bankers who lent money at interest rates that drove their customers bankrupt, I sigh a bit. Bush is working ad hoc to bail out very rich people, while ignoring the problem, what caused it, and how it needs to be fixed. I think government "take over" of the loans, perhaps not literally, but through legislation disposing of them, is necessary, but a government "purchase" of them for face value is not. The Jews banks have to lose money while the working people they stole from have to be protected, and what we ultimately need to do is see someone have the political courage to propose a National Bankruptcy Act, which will reorganize all the debts of the people and businesses of this country. Unfortunately, we will not likely see it until the crisis gets so bad it bankrupts the government and ruins the currency as well, which is where we are headed.
The crisis started when Jewish money lenders decided the time had come to stop shearing the sheep and start slaughtering them. Now, like African tribesmen in Zimbabwe who have just taken over a white farm and slaughtered the cows, they are wondering why the milk has stopped flowing. We cannot feel bad for these big banks and we must punish them for what they did.

The process started a long time ago, as we have discussed in several issues of National Socialist magazine, particularly our issues on Walmart ("Meet the Jew that Raped You") and Usury. The Jews began moving production and factories overseas, wages started to decline, and the Jewish banks began replacing production with credit. Workers started borrowing to make up for their declining wages, and the vicious cycle set in. The Jews then overturned state usury laws and began packing fees and interest into loans that drove effective interest rates into the hundreds of percents. People started to go under. In the first wave, they seized family farms and cornered the market on agriculture. Now, they want to corner the market on all other real estate through foreclosures and short sales.

When you loan money to someone at an interest rate so high you know they will not be able to pay you, that is usury, and it used to be a crime. Desperate people who need money to obtain things to survive will take bad deals in the short run in the hope of making good on them in the long run. In other words, they will buy time. One can take advantage of this desperation to make them sign agreements that they can never live up to, and to control this, we once had legislation that limited the things that two parties can contract. This made people inclined to take unworkable solutions find workable ones. Libertarian disciples of Jews like Von Mises call this "statist tyranny" and "interference in the free market."

The banks reformed legislation to allow themselves to loan money at rates people couldn't repay, and then set up a system of loaning money that allowed people to repay one loan they couldn't repay with another loan that was even worse.

The trouble with this kind of lending is that it has to end with the lender taking the assets pledged as security and making a profit selling them. If it ends any other way, it inevitably bankrupts the lender. They may collect a lot in the short run, but if they cannot take something and sell it to a third party to collect on the debt in its entirety, interest and principle, then eventually they will have stolen everything there is to steal and not be able to steal any more. Their income source will dry up. The only way they could survive this is if they took the money they were making and piled it up somewhere, investing it into something useful, instead of continuing the scheme. The Jews didn't do this -- they kept putting money back into the scheme.

So we've reached the point where they have stolen everything there is to steal, and now the thieves are bankrupt and asking for a bailout. Since they are also handling most of the country's savings, their failure endangers a lot of common people, too, and they are claiming there is no way that this can be fixed unless they pocket huge amounts of money, and the government makes good on their thievery by printing money to pay the debts working people cannot. This is the wrong approach.

If Bush prints $1 trillion more dollars and puts it in circulation, instead of doing what he has been doing, and what Clinton did before him, and giving it to China, Japan and Saudi Arabia to stick in a vault, then he will cause massive inflation. Those nations may dump their dollars on the market as well, and that will cause more massive inflation. This massive inflation has been coming for a long time, and the effect of it will be to make the dollar worthless. We already need hundred dollar bills to fill up our gas tanks and buy groceries; just ten years ago I thought it was a lot if it cost twenty bucks to fill my tank; soon we will need thousand dollar bills, and ten thousand dollar bills, and all sorts of bills the government has never had to print before. It will be the wheelbarrows full of money, but with debit cards giving some convenience to the process. The ultimate end of the path the Bush administration is pursuing is a cancellation of the dollar and the reissuance of a new dollar or other currency.

True, this will end up cancelling some debts, but you can imagine the big banks will be lobbying hard to have all consumer and mortgage debts translated from old dollars to new dollars, and the effects of inflation stopped. After all, when they saw they were bankrupting their customers, they pushed to "reform" the bankruptcy laws to keep the system going just a few more years. When they see the currency collapse, they will push to have all their debts adjusted for inflation or otherwise pushed past the 20%+ interest rates that were seen in the early 1980s.

What is needed instead of the destruction of the currency is a National Bankruptcy Act that will treat all classes of debtors, from the smallest working person to the biggest bank, fairly, and without blame or hatred or finger pointing among whites of all classes. The Jews we have needed to push off this sinking ship for a long time, but white bankers and white workers are now in the same boat because of them, and we must work together to put forward a plan of revival.

The first step involves massive cancellation of debts combined with a compulsory reform of the credit rating system that does not penalize consumers for participation. Mortgage debts must be written down to the value of the security and unsecured debts must largely be cancelled. The fact of irresponsibility or irresponsibly obtained consumer goods must be set aside -- the bankers who lent the money gorged on their consumer goods just like the people who borrowed it, and just about everyone shares equally in the blame. And for those people who live on cash and are going tsk tsk at those who took the opportunities the system gave them, they should remember that their "cash" is really just a complex investment in a mixed bag of high grade corporate and governmental debt, and that if this reform does not go through, their one dollars in money markets and bank accounts will be worth ninety seven cents, then ninety five, then ninety, then fifty, then ten, then nothing. The money of the United States is fundamentally worthless if the institutions whose debt guarantees it fail, and having "saved" it in large quantities is not going to protect you if the system falls apart.

The purpose of these debt write offs cannot be "foreclosure" or the seizing of goods that people pledged as security, but need to utilize to be productive. The mass seizure of homes, cars and other common items must be stopped, and the debts restructued to match the security's current value. The values of homes were inflated; the value of mortgages were inflated; and now everyone is holding assets, whether debt or real property, that is no good. The goal must be to make these assets good, and that involved writing them down to realistic values.

This includes writing down debt obligations of banks, insurers and financial institutions that lend to each other, writing down obligations to the fed, restructuring insurance policies protecting against losses on these obligations, and taking all the unrealistic numbers and writing them down to realistic levels.

Once this is down, the government must then work to bring the currency crisis, which has not yet broke, under control to bring stability to the system. This involves two steps: One, reducing the US spending that is driving the country further into debt, and, two, restructuring US trade policy to encourage the domestic production of goods. In the past thirty years, we have restructured our economy to create a lot of jobs for people who were processing papers to mortgage our assets, and eliminated productive labor. Productive labor must return.

This plan is going to involve a lot of steps the government will not like to take, because they are not internationalist, whether of the Marxist Jewish or libertarian Jewish variety.

The first is institution of trade barriers and the elimination of free trade agreements, which will drive prices up in the short term and make it profitable to open factories in the United States to produce goods domestically. This will take a period of adjustment but will end up well for the country, and will occur in the long term, anyways, as our currency will become so worthless we will not be able to purchase foreign goods for reasonable prices if we choose mass inflation over rescue.

Second, we must end all foreign wars and foreign occupations, not for principle, but because they are bankrupting us. Next to foreign trade, foreign wars have been the major reason the US has printed currency in the past decade. An increase of about a third in prices can be attributed directly to printing money to pay for the wars in Iraq and Afghanistan. This means that the cost of three dollars worth of food is now four dollars because of the amount of money the government printed to pay to invade Iraq. We can no longer afford to occupy foreign countries, and should bring our military back and dramatically scale it and our military spending back, at least until we can afford the luxury of an imperialist army. I, of course, oppose an imperialist army, but the debate of the rights and wrongs of it is no longer relevant -- its clearly bankrupting us and we have to cut it back to a minimum -- just enough to defend ourselves -- until we have a surplus, which we can then discuss spending on military expansion.

Third, we need to dramatically reduce the number of useless people we support. This is a racial argument and a racist argument, but the fact of the matter is that the average Negro household in the United States, even where both parents are married and employed, consumes more government services than the parents produce. Niggers on welfare, as we all know, are basket cases. We need to take all people on welfare and put them to work producing goods or engaging in economically useful activities. If we cannot do this, we need to expel them from the country. Why expel them? Why not "let them live"? Because if you take their welfare check from they will die, and they will either die slowly and publicly and create health problems from their corpses, or they will have to be killed. To avoid having to deal with the problem that we have a lot of useless people that we cannot afford to continue to keep alive, we should dump the useless people on another country and make it their problem. Its the strategy Mexico has been taking towards the United States for decades, and its a strategy we have to take.

Now, most people receiving welfare or disability (particularly psychiatric or substance abuse related) can work, but choose not to. Take away their check and let them get hungry, and they will work. Keep giving them a check, and we are reaching a point where the checks will start to bounce. If the checks start bouncing, they will riot. So, better to put them to work while we are not in an emergency, and ease them into it so that they grumble but don't go crazy.

And for those who truly cannot work, we should institutionalize them, either in prison or a hospital. If we got the rest working, we could afford it, and it would create a benefit to society to keep those folk from interacting with the general population.

Yes, this is all discriminatory and will involve government structuring of individuals lives. It is also sane and good and for the benefit of all.

With those three fundamental changes to the economy -- a change in trade policy, a change in war policy, and a change in welfare policy -- we can eliminate the root causes that are bankrupting the government, and will interfere with the government bailing out institutions that are bankrupting the rest of us.

Give people their houses; give them their cars; give them good productive jobs; and, give them a stable currency. Give banks enough money to stabilize themselves and preserve liquidity, but make them take write downs and losses on the debts they have to cancel. Give government guarantees of hard earned savings of working people and enact legislation to confiscate the wealth of those who profited from once criminal acts. Eliminate the government policies that are driving the government bankrupt, and which the financial system has been trying to cover for for fifty years. Rebuild the entire economy on a new, firm basis. Institute a National Bankruptcy Act.

There will be a lot of details to cover here. Contract law will have to be modified, government grants will be needed, government-compelled restructuring and nullification of loans as a pre-condition for government aid will be needed, and a lot of foreclosed property will need to be returned to its owners. Jews will object, because there will no parasitical activities for them to participate in. White people will not, though those corrupt whites that served the Jew system will scream. Jew intellectuals, both Marxist and libertarian (and neo-conservative) will scream their pet policies are disappearing, or that "freedom" or "the people" are being harmed, but they can be silenced through repressive political actions. After all, when the ship is sailing well, you can afford to have lunatics running around talking about sinking it; when the ship is sinking, those lunatics need to be tossed overboard to keep the healthy passengers alive.

I don't anticipate any of this happening at once. I expect the government will be unable to enact the kind of legislation needed, and it will take ten or more years of failed economic policies to compel the government to make a change. I do foresee that the government will take actions, like inflating the currency, that will lead to predictable consequences -- the collapse of the currency -- that will lead to predictable necessities -- the reissuance of a new currency -- that the government will not want to do. And I foresee that the government will be reluctant to cancel the little guy's obligations to the Jews, while eager to give the Jews money "to save the system."

This happened in Germany, and several other European countries, in the 1920s and 1930s. The currency was based on mortgages -- the rentenmark. The government was transferring massive amounts of wealth overseas -- Ludwig Von Mises' World War I reparations payments. With no domestic industrial production, the people borrowed against their real estate until they went broke, and the democratic governments tried to fix things with inflation, which got out of hand twice and destroyed the currency.

Adolf Hitler fixed this, but it took a lot of misery and desperation to make it so. He took the country through a national bankruptcy, issued a new currency, restored wrongfully foreclosed property, redistributed land to farmers, got industry restarted, and built Germany into the world's most powerful single nation.

We have a model for reform staring at us, but we have to be brave enough to take it. With the current state of things, and the current condition of the press and the people, who have gotten arrogant in their error because what they were doing "hadn't failed yet", its going to be a hard step for us to take. The Jews, who have seen this train wreck coming for a long time, have indoctrinated us not to take the steps needed to fix things, because those fixes involve cutting off blood to the economic functions they suckle. But when our country follows its current course to its end; when it fails; when it descends into chaos and poverty; and when no one can stand to listen any more to the Jews and their lies; National Socialism will be sitting there, waiting in the wings, waiting to step forward again to rescure a drowning people.