Reader Thoughts On “Global Debt Consolidation Under New York Law (Freepom)”
Ozymandias Mr. Collins: “There are also other weirdos out there (in addition to myself) who get their kicks from researching and pondering such things.” Quite correct!
“Perhaps you, the person reading this right now, is such a weirdo.” Also, most assuredly correct.
Thank you for your labours and all that do to facilitiate understanding. I am pleased to support your blog. Kindly be assured that you are among, and sharing with, many of your own kind.:-)Peace Be With You,Oz
Dottie Derewicz Wow. . I am glad the response to my post was entered into this entry JC.I guess I am now entered into the doom and gloom folks. I have never considered myself a doom and gloom person by any means. ‘
My post was all about how we could actually strive for excellence in all that we do and that includes a free trade deal that actually has little to do with free trade. “Deal” is actually the operative word..a deal means negotiation.
Couldn’t we strive for the best, that is all I am saying. I have been here for much of the two years on this site and I have contributed I think a positive message. So I will continue on to hope for the best and strive for excellence.
JC Collins Dottie, you have definitely contributed to the positive message here on POM. One of the best in fact. Which is why I’m a little confused about the “I guess I am entered into the doom and gloom folks” comment. This piece I wrote is not in any way a negative response to anything you wrote.
I may not always respond, but I’m always reading and posting the comments of everyone. Your comments are always honest and full of positive intent. Please don’t feel like I would think anything but that. Sorry if I missed a cue on something you wrote. I’m a little slow sometimes when it comes to social cues, let alone the virtual kind.
Dottie Derewicz It’s ok, JC I do understand. This probably has more to do with frustration on my part than anything you may have said. I apologize, knowing you I know that was never your intent to infer that I was being negative.
Thank you for your kind words. I appreciate all that you do and I don’t know what I would be thinking with all that is going on around me if I wasn’t able to come here and find truth..I will go into this a bit further tomorrow, but you JC…are the best.
Frédéric Perron Hi, i think this is the most complicated post since the start of POM, if any of you got some video or content that can help understand this it would be greatly appreciated. Regards
Dottie Derewicz JC my sense of frustration has moments and today was one of those moments. What you said above about preparing for the worst but hoping for the best is for the most part the way I live my life. But lately I have become more and more frustrated as I see what is happening in my own nation.
I see politicians who seem to only want to say what is expedient at the moment politically to either achieve whatever purpose they have at the moment or get money in their pockets or get elected. I see what has transpired in the world with debt out of control.
I see the Middle East with ISIS being at the center of all the news. And knowing that ISIS was created by those in our own government and we are spending billions of dollars to fight the thing we created.
Trillions of dollars spent on war after war for what? For nothing. To achieve what goals?..
there is differing opinions on that, but none were to further democracy, just look at the outcome.
And why should the US be going in telling others they should be a democracy if that were truly the case.
I hope and pray that you are correct in saying hegemony is a thing of the past in the new system. It seems though that it could be we just have different players..maybe not.. hopefully I am wrong. I would love nothing better than to be wrong.
I see a fight in our government to hold onto power. The establishment Republicans/neocons will fight until their last breath to keep control and there are democrats that are much the same.
They are more than happy to take the money of the lobbyist for the next election at the same time they are forgetting what they were sent there for.
The greatest frustration of all is knowing that for the most part the people thought that the man or woman they voted for was going to work to make things better instead they took advantage of their position and did exactly opposite of what the people had hoped they would do.
There is much more, but it is true I can’t do anything about it..but just as Allen said..I have a passion and it isn’t just about TPP..it is really about “Making America Great Again” and not just economically, but in a moral sense as well.
We need to stand for something..that is my hope for America, to again to stand for something. It doesn’t matter imo if we have the strongest economy in the world if we don’t stand for something and continue down the road we have been on for the past how many years. God bless you JC and I know you hope for the best and prepare for the worst and I will of course do the same.
Ina-Lu Hi JC, Thank you for the explanations on sovereign debts and bonds. I think I am starting to understand enough at least to start formulating some questions such as:
1 Related to the new bonds issued for the purpose of recapitalisation of state institutions. Do these bonds automatically fall under the CAC or SDRM depending on the investor’s (buyer’s) jurisdictionor the sovereign state needs first to allign to a mechanism and thereafter observe the related process.
2 Related to existing bonds that still have some time to mature, but are in jeopardy to be serviced due to declining economic growth. Will the court arbitration and settlement of complex bonds (where the debtor is aso an investor) be used and ‘monetised’ on the bond market like a suprabond derivative and swapped? I sincerely hope not.
3. In the understanding that the mechanisms are put in place to address the world’s debt, when the debt is going to be serviced in a way or another, will the debt sytem be closed or will it be just a matter of a 100 times down scale of the same system?
I am a novice and I hope I do not offend anyone with my simplistic questions.
JC Collins Novice and simplistic. Yeah, right. Haha. I’ll have to go back and reread some information to fully answer your questions.
The bonds issued under a specific jurisdiction with specific provisions related to any CAC or SDRM mechanisms would have to be addressed under that jurisdiction. I’m not a lawyer and couldn’t say for sure, but I would assume a case could be made either way when it comes to the questions you’ve asked.
Which is why a trusted jurisdiction by bond holders be used in any arbitration.
I also hope debt restructuring does not lead to further monetization of debt through the derivative model. But you never know. Debt will continue, but how it accumulates will ultimately change.
Most of us are novices trying to play catch up to those who are making this up as they go. As such, there will always be another corner blocking full visibility.
Susan Morris Nice article, JC, thanks. The whole world seems to assume that Sovereign debts are legitimate. Is there no provision for ‘Odious debts’?
Do the Chinese trust the Chinese courts? The very strong impression is formed that the West (white guys) are the ones who can be trusted. I beg to differ.
What do you think about Common Law? Can it usurp New York Law and English Law (which in themselves are very strange titles, the first being a city and the second being a nation, both being centres of massive corruption).
In the clip in your side-bar about the Lima IMF talks, 50% of the speakers represent one ethnicity. The US Sec. of the Treasury, and his predecessor represent the same ethnicity.
The Head and Deputy Head of the New York Fed. are of the same ethnicity. Yet you lay out the options as if there is a conflict of interest. Your above statements would have us believe that negotiations were between sovereign Sovereign nations and multilateral institutions, which I feel is very misleading. Would you be willing to expand upon this?
JC Collins Susan, based on the flow and theme of your comment I’m going to assume the ethnicity you reference is Jewish. When I add that to your comments about me on another site, where you refer to me as being Jewish and having inside information, plus stating here that you feel I’m being misleading, your whole approach becomes negative and somewhat absurd.
First, I’m not Jewish. Sorry to disappoint you. I was born to a very gentile family in Newfoundland. Not that it matters.
Second, I have no inside information. As I’ve stated many times before, the information I use to form my analysis is available to all.
Third, your accusation towards me of presenting misleading information is framing the argument around your own inner deficiencies which are externalized through the type of questions you’ve formulated.
As such, there’s no real response I can give because your approach is faulty and somewhat ridiculous. Not to mention how you misrepresent the actual information I’m presenting myself.
You are feeding the confusion of the disorganized masses Susan by distracting away from the actual mechanics and methodology of the transition and attempting to bring focus to the old divide and conquer mentality. Not very helpful on this site I’m sorry to tell you.
In regards to your initial questions, if sovereign debts aren’t legitimate then no debts are, and no laws and regulations are. The whole facade of human advancement and civilization falls apart and chaos reins.
We are the collective canvas and debt represents the brush strokes which have painted our world. This applies to individuals, sovereign governments, international institutions, and people like yourself. It’s taken a long time to paint this picture. So it’s not about to be thrown out.
I’m sure you’re smart enough to figure it out from there yourself.
Susan Morris Whither Palestine?
JC Collins The Palestinian flag being raised at the UN was a great day for humanity. You’ll put a negative spin on this in your own mind and proclaim that I’m supporting the UN, and as such, I must be a Jewish insider. Very transparent and predictable.
shawn Michael HI JC, long time reader – first comment. I try to keep my skepticism, sometimes jaded lens, at bay. That in mind, I have come to associated NY with Wall Street & Wall Street with corruption.
So when you point out that many of the sovereign bonds have been issued under NY law, I am not sure if that is necessarily a good or bad thing. Using Delaware for comparison purposes, it has become a common place for corporations to register.
I understand it, it is due in part because of the rich (as in quantity) case law & a bench that is well versed in corporate law. As such, corporations like it as a jurisdiction because it allows for greater predictability.
So in that way, I suppose NY is a good place as it is likely to have more robust case law and a more informed bench. That said, I would be lying if I did not say that the influence of Wall Street is a concern. One paper, judges are to be independent, and in my limited experience, they are for the most part.
But I suppose like the TPP, or anything else, it is dependent on the integrity of those involved. But like others have opined regarding the TPP and other things, there is little most of us can do but observe.
All that said, JC is there anything that gives you confidence that NY being the jurisdiction for many of these bonds is a good thing? Best,
JC Collins Shawn, thanks for the comment, and no, I don’t have any confidence whatsoever that New York would be a good jurisdiction. Mainly for the reasons you gave. The best intentions are often corrupted.
“The best laid schemes o’ Mice an’ Men” – Robert Frost, To a Mouse
Dottie Derewicz Here is the article on the IMF and world debt.