THE most harmful legal provision of all

[lc1]

THE most harmful legal provision of all
(The Automatic Debt Service Provision)

Here it is:

All expenditures for principal and interest on public debt, and national government guarantees of obligations which are drawn upon, are automatically appropriated.

Who else but the Great Repressor Ferdinand Marcos would come up with such a cruel provision? Of course, it didn’t help that Cory Aquino arrogantly declared after Marcos’ ouster - despite the golden opportunity to repudiate the obviously illegitimate debts of her evil successor – that the Philippines will pay all debts. Not even a renegotiation! Such insensitivity! Well, it’s only proper that she’s at the forefront of any action against repression. She is partly to blame.

US-trained Fidel Ramos was definitely no better. Erap Para sa Masa was obviously just a campaign slogan. And what else can we say about In Excessive Gloria who has turned the vicious cycle of borrowing-to-pay-for-borrowing into an art?

A third world country needs all the funds it can get to set up, among others, vital infrastructure for the efficient flow of people and goods, obtain meaningful health service and indispensable education for its people, provide significant subsidies for its key industries. Yet what have our governments done? They’ve continuously diverted much needed funds to appease the moneymen on whom the country will always depend because it never spends to be financially independent.

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Read on from The Legally Inclined blog at http://thelegallyinclined.wordpress.com. Feel free to forward the link to your friends and colleagues. And leave some feedback if you can.

[uls]

MASTER AND SERVANT.

Foreign lenders will always make sure their borrowers can and will pay them back plus interest.

They demand borrowers to prioritize debt servicing above anything else.

Or else they shut off the flow of money...

That's why we have EVAT and other oppressing taxes...

That's the way it is...

[lc1]

MASTER AND SERVANT.

Foreign lenders will always make sure their borrowers can and will pay them back plus interest.

They demand borrowers to prioritize debt servicing above anything else.

Or else they shut off the flow of money...

That's why we have EVAT and other oppressing taxes...

That's the way it is...

Only for those willing to be enslaved. The provision is not contractual. Its a self-imposed obligation. The law can be repealed.

[tidus1203]

The higher powers will not let that happen what can small pawns like us do? Oh yes, we can always abandon ship

[Altis6453]

I believe that the SC already ruled on the legality of the auto debt service provision in the annual appropriations laws being enacted by Congress.

[uls]

Only for those willing to be enslaved. The provision is not contractual. Its a self-imposed obligation. The law can be repealed.

Golden Rule: He who has the gold makes the rules.

The Western bankers do not care about the laws of a poor, weak country like the Philippines.

Tidus calls them "higher powers".

Hand them a copy of our laws... tatapon lang nila yan.

Napakaliit ng tingin nila sa Pinas.

To them, we are no different from Somalia.

To them, the governments of poor countries are nothing but puppets they can easily manipulate.

The Western bankers profit by lending money to poor countries.

To collect payment, they make the sovereign governments bleed their citizens.

There are powers in the world that are higher than presidents.

Presidents are just puppets.

[lc1]

I believe that the SC already ruled on the legality of the auto debt service provision in the annual appropriations laws being enacted by Congress.

Its not about legality. The provision would not have lasted decades if it were illegal.

The higher powers will not let that happen what can small pawns like us do?

Support the campaign to repeal the law. Its gaining ground. Even if slowly. There's a new bill which proposes Congressional concurrence prior to making principal and debt payments. The bill also provides for congressional oversight in contracting future loans. Its not a repeal but its a progressive amendment. Its at least a start.

Its not enough to resign our fate to our leaders especially because they don't have our welfare mind. If we just give up then we deserve all the abuse we get because we know better and we could have done more but we just gave up.

[tidus1203]

^^ Sorry for being apathetic, but I am a person who will save my ass first over my country. Hopeless na talaga sakin Pilipinas and I am just doing everything for myself and my loved ones.