From: Eric Encina [mailto:[email protected]] Sent: Tuesday, September 15, 2009 1:18 PM To: [email protected] Subject: Your book - Very important and interesting
THE SAVAGE CRUELTY OF DEBT <http://www.thepeoplesvoice.org/TPV3/Books.php/2009/09/14/the-savage-cruelty-of-debt> September 14th, 2009 1:31 AM Link: http://www.lulu.com:80/content/paperback-book/the-savage-cruelty-of-debt/7422277 By Eric V. Encina Image removed by sender. IMF-WB TRICKS AND FLATTERY & THE SAVAGE CRUELTY OF DEBT http://www.lulu.com/content/paperback-book/the-savage-cruelty-of-debt/7422277 and http://www.lulu.com/content/hardcover-book/the-savage-cruelty-of-debt-ii/7471331 published at Lulu.com in USA, is expectedly to be banned very soon because of the contents against status quo of the bankers and its crimes against the Philippines and in the third world nations. It is obvious that bankers have put the fingers and or some bankers or financiers have put a squeeze on the publisher to keep my book off the market anywhere in the world. My book is not designed for profit-making venture except in a possible fund raising for the campaigns and for our survival in the Philippines. “To supplement tax collections, we will aggressively pursue the privatization of government-owned and controlled corporations and the sale of government assets.” – Philippine Government. The quoted statement above under the present financial-economic system and tax collection policies is blatantly a contradiction or a hostile to Article II, Sec. 19 of the 1986 Constitution that states: “ THE STATE SHALL DEVELOP A SELF-RELIANT AND INDEPENDENT NATIONAL ECONOMY EFFECTIVELY CONTROLLED BY THE FILIPINOS”. Therefore, this is an outright treason and a savage cruelty to the Filipino people in the process and in conflict with the charter so far as the public wealth or people's money is concerned. The IMF Managing Director Rodrigo de Rato has made a very flattering remarks about the Philippine economy, hailing the RP financial progress under debt-fuelled economy through the implementations of tough tax measures. In an exclusive interview with the Philippine Daily Inquirer Newspaper, he praised the Philippine economic strengths through the interest of foreign investors in the stages of the government privatization program. He added that the presenceof strong foreign interests in the recent successful sales of GOVERNMENT ASSETS is an evidence of the remarkable turnaround to Philippine economy over the last few years. The sales and privatizations of the Philippine national assets are blatantly in contradiction to Philippine Constitution. However, to other economists, bankers and politicians —usually with vested interests and juicy commissions, the sale or the privatization of government assets is a matter of economic contingency or exigency or simply a matter of economic pragmatism and practicality albeit of the expense of the greater numbers of Filipino people. The system itself and its strong inclination to totally privatize and sell the Philippine national assets which are likewise Filipino people’s wealth is so bitterly preposterous that the mind of the poor masses is repelled or confused. The major problem in the privatizations and sales of the government assets is that it is a tricky device for paying off horrendous government debts—which is, by the way, impossible to pay off as a whole until the end of the world under the debt money system schemes. We have to bear in mind that such assets belong to the Filipino people, and therefore should not be put up for auction, where market forces of globalization of finance and economics as evidences show can consign them into foreign ownerships. The experience of most countries in the world shows that privatization is only a temporary expedient to reduce the national debt. However, in truth, debt is not actually reducing but increasing. Once the national assets are privatized or sold off to foreigners and to multinational corporations, they are gone forever but the vicious cycle of debt and borrowing continues to choke up the inhabitants through tax measures and increasing of prices of basic needs. What an irony to Filipino people under the debt-fuelled money system only for the benefit of the bankers and the powerful few! The IMF chief has also hailed that 12% Expanded Value Added (E-VAT) as the “government’s central achievement” since it was put into law and come into forcible implementation, and now being vigorously implemented by force and by all means as imposed by the US foreign economic policies through IMF and WB debt money system scheme and as a form of imposition or condition to collect more taxes to pay off the debts. On the other hand, he also made a comment that the recent shortfall of Government tax collection or revenue of P73.67 Billion target illustrates a particular need to step up more tax efforts. The Bureau of Internal Revenue’s Value Added Tax Collection in the first five months of 2007 has reached to P56.6 Billion but still lacking to shore up the budget deficits. The government’s tax collection agency of Department of Finance is directed by law to implement aggressive tax efforts to shore up satisfactory collection and recover from the shortfall. For 2007, it has the target of collecting P765 Billion in taxes to help meet the government’s goal of limiting the budget deficit to only P63 Billion and thus to reach the goal of posting a balance budget by 2008 which is likely impossible under the present debt money system. The IMF chief has also stressed the NEED for MORE TAX MEASURES, that means, to legislate more tax laws and aggressive policies or simply to collect more taxes. The point of the IMF chief is to comply with the conditions of the multilateral funding agencies for more loans and financial assistance under the debt scheme policies. While the IMF chief is trying to economically and financially bamboozle the Filipino people and control the Philippine government, the WB and the International Financial Corporation are also adroitly putting us further into the dungeon of debts in the process that is also so subtle than ever. They are planning to issue the peso-denominated bonds to the domestic capital market and use the proceeds to fund their interest-bearing programs for the Philippines . This is about to be done with the consent of the Philippine Government with the gesture of flattery that issuance of peso-denominated bonds is an indication of bankers’ confidence to Philippine peso. The question is: Who do actually benefit? The Filipino people or the bankers? If the issuance of Philippine peso denominated bonds is possible, why it is that debt free money creation is not possible? Why it is the issuance or creation of money is being done or entrusted solely by the charted, private, foreign and international banks and not by the Philippine government? And the government will borrow its own money from these bankers – which is a silly act or to say it as infinitely silly. The report that the proceeds of the issuance of peso denominated bonds by the WB and the International Finance Corporation to support the Philippine development programs is a trick and prevarication of the debt money system. To get the government into debt through the issuance of peso dominated bonds is not going to help the Philippine government and the poor people in the process. The profits and proceeds will certainly go to the banks and to those corporations involved in the multi-billion transactions. Like IMF, WB is one of the Philippine Government’s biggest multilateral creditors, also along with the Asian Development Bank (ADB) and the Japan Bank for International Cooperation (JBIC) and in addition to other bilateral creditors that have a much greater compulsion to lend than their prospective clients to borrow. International Finance Corporation is an arm of the World Bank that provides interest-bearing loans to private sectors. They control the private sectors through debt money system. IMF and International Financial Corporation’s trick: These multilateral agencies do not usually issue peso-denominated bonds. There must be something fishy behind this financial-economic engineering gimmick. The Filipino people must closely keep watch for another bamboozlement to our economy. Why? It is because under the present fiscal program for 2007, the government is set to borrow at interest US$2.466 Billion from foreign creditors or bankers, and in addition, another P260 Billion from domestic sources, they are, the commercial and private bankers TO PLUG its ballooning budget deficits and PAY OFF the debts that will fall due this year. Hence, of the foreign-borrowing scheme program, $1.466 Billion would come in the form of the official development assistance (ODA’s) (this is not a grant but also a debt at interest) from bilateral and multilateral agencies like World Bank. Loans in the form of ODAs are interest-bearing though lower than the commercial bank rates. In 2006, the World Bank has granted a huge loan of $250 Billion under “Development Policy Loan” to the Philippine Government with the protocol of yearly provision of interest-bearing loan to the country, on top of other financial assistance. WB’s Financial assistance is not a grant or a gift but an interest-bearing loan which is served as a form of budgetary support for the government. But why it is that the Philippine government still lacks of money? Most of the foreign loans and taxes do not feed down to the people but only to the foreign, international bankers in the form of interest payments and to voracious government officials and politicians in the form of graft and corruptions. No matter how it is claimed that the Development Policy Loan from the WB is substantially cheaper than commercial banks, it is still not reasonable to get the country in huge debts. Official Development Assistance or ODA’s is a futile loan at interest, claimed to be for the provision of public health and environmental services when poor Filipinos are suffering diseases in the countryside, in particular to impoverished villages, without any substantial help from the government agencies, and when our Philippine environment is continually deteriorating because of economic and monetary pressures. And the bitter of all is that ODA’s fraction of loan is being used as a budget for the enhancement of tax collection by the Philippine Bureau of Internal Revenue. What a tomfoolery! To recapitulate the issues, the Philippine is hugely in debt to commercial, foreign, bilateral and multilateral financial institutions with the total debt of US$300 Billion or more or less P6 Trillion with the interest rate of $500 per second, or $1 Million per minute or $7 to $10 Billion annual interest payments. And to fulfill the obligations, the government has to allow the foreign and multinational corporations to take over the public’s wealth and government assets through privatization program or policy or simply by selling off to foreign ownerships as economic expediency, hence, to continue large foreign borrowings at interest to commercial, foreign, bilateral and multilateral financial institutions and of course lastly to impose more taxes to pay off the debts, curb budget deficit and run the government. We are now in the most disastrous financial pressures. Filipino people are suffering poverty, hunger, malnutrition, diseases, unemployment and homelessness in the countryside. THE COUNTRY IS SEDUCED TO AN EVER INCREASING BURDEN OF ASTRONOMIC DEBT WITH SKYROCKETING INTEREST PAYMENTS. We are in the state of savage cruelty of debt and poverty? Where is the money? The problems can be addressed if there will be a complete rectification of the present financial-economic system through the monetary reform policy that will entirely overhaul the system and put an equilibrium between the money supply and the consumption demands. The proper, equitable and just distribution of wealth is not possible under the present system of finance. Therefore, it can only be possible when there is debt-free money creation that will build a debt-free and prosperous nation, establish an inflation-free economy, devaluation- free Philippine currency, and will provide financial-economic security in the form of supplementary basic income to every citizen from the cradle to the grave as a right of citizenships. ALL MEN, WITHOUT EXCEPTION, HAVE THE RIGHT IN STRICT JUSTICE, TO BE GIVEN AT LEAST THE MINIMUM AMOUNT OF MONEY EQUALLY AS NEEDED FOR THEIR SHARE OF EARTHLY GOODS TO LIVE AS HUMAN PERSONS WITH DIGNITY CREATED IN THE IMAGE AND LIKENESS OF GOD AND HIS CHILDREN. Availible at: http://www.lulu.com:80/content/paperback-book/the-savage-cruelty-of-debt/7422277 -###- Eric V. Encina Filipino Social Crediter/Monetary Reformer Author – THE SAVAGE CRUELTY OF DEBT Filipino Alternative Solutions For Sustainable Survival Movement c/o Lito Alhambra Old House, Homesite, Km. 2, Brgy. Lawa-an, PO Box 8, 5800 Roxas City , Capiz Province , Philippines ericenc...@yahoo. com *** exposing the hidden truth for further educational research only *** CAVEAT LECTOR *** In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. NOTE: Some links may require cut and paste into your Internet Browser. Please check <http://tinyurl.com/33c9yr> http://tinyurl.com/33c9yr for more real news posts and support the truth! (sorry but don't have time to email all posts) free book download: <http://www.lulu.com/content/165077> http://www.lulu.com/content/165077 *** Revealing the hidden Truth For Educational & Further Research Purposes only. *** NOTICE: Due to Presidential Executive Orders, the National Security Agency (NSA) may have read emails without warning, warrant, or notice. They may do this without any judicial or legislative oversight. You have no recourse, nor protection.......... IF anyone other than the addressee of this e-mail is reading it, you are in violation of the 1st & 4th Amendments to the Constitution of the United States. Patriot Act 5 & H.R. 1955 Disclaimer Notice: This post & all my past & future posts represent parody & satire & are all intended for entertainment and amusement only. 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