Mark McHugh

New Vocabulary Phrase – Odious Debt

In Open Thread on Wednesday, January 26, 2011 at 11:37 am

Here’s a concept people all over the world need to get familiar with:

From Wikipedia:

In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, such as wars of aggression, should not be enforceable. Such debts are thus considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion.

The way I see it, most of our national debt falls into this category.  Clawbacks, anyone?

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  1. Doesn’t the concept only properly start applying when the odious regime which odiously incurred has been deposed? Not that I’d want to give anyone any ideas…

    PS I’d hit the ‘Like’ button – but I don’t really do ‘Like’ buttons. :0)

  2. The best interests of the nation still seem to be under debate, the regime that incurred the debt not properly defined, the coercion not completely acknowledged…

  3. Doesn’t the concept only properly start applying when the odious regime which odiously incurred has been deposed?

    Yes, I suppose you’re right. Funny thought though: One of the “stimulus” projects in my neck of the woods has been building new prison facilities. I wonder if the politicians who had them built ever considered what it would be like to reside there. Oh, sweet irony….

    P.S. You’re not really supposed to hit the “like” button here. I thrive on contempt. (but thanks anyway)

  4. I’m all for anonymity, too, even though I decided to always post under my real name a long time ago.
    We’re up to our eyeballs in certifiable idiots that we can’t get rid of because they’ve “built a name for themselves.”

    Well said, Mark McHugh. (I would respond in the thread at Zero Hedge, but I’m tired of having that damn robot tell me I’m an idiot for losing my password — again.) Enjoyed the odious debt, too. Hope you’re well.

    Pitch

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