I sent the following letter to President Obama and Secretary Clinton on the 21st of May. I would like to ask all of you in the Alternative Banking group to offer your professional opinions on the potential long-term economic effects of implementing such a proposal.
And, if like me, you believe these long-term effects would be highly positive for all the World’s People, then I would like to ask you to support this idea by attempting to raise public support and awareness of this economic alternative, and please feel free to sign your own name at the bottom of the letter and forward it to either the
White House (http://www.whitehouse.gov/contact/submit-questions-and-comments)
and/or the Secretary of State (http://contact-us.state.gov/app/ask)
and the Secretary of the Treasury (http://www.treasury.gov/connect/Pages/Message-to-the-Secretary.aspx).
The original letter:
Mr. President and Madame Secretary of State, as a veteran and a student of foreign policy and economics, I offer you this advice on the ongoing global financial crisis, with special attention to the European Union Debt Crisis due to current events.
I would like to suggest a bold new program to augment current efforts to promote simultaneous Frugality and Growth. This program could be called Sovereign Debt Forgiveness.
Just as Bank of America was recently compelled to take responsibility for the hardship that their mismanagement of the American Economy has caused the American People, in the form of Debt Forgiveness through an estimated $3 Billion in Principal Reductions on Underwater Mortgages, the Global Financial Sector should be held accountable and responsible, and be compelled to set Right the Wrongs they have committed through their greed, parasitism, selfishness, and short-sightedness.
Let us not forget that the Lenders to the Sovereign States are also the very same Global Investors who are the leaders of our Global Economy, and thus are those who were responsible for the mismanagement of our Global Economy and the collapse that followed.
It must not be the People of the wealthier Nations who bail out the People of the Nations who were most harmed by the Financial Collapse, because it was not these People who are to blame for the problem. It must be the Institutions and the Individual Investors whose Recklessness and Greed led us into this catastrophe who bear the greatest penalty during the recovery.
Therefore, we should begin a Global program which will identify those Institutions and Individuals most responsible for the Harm inflicted on the World’s People and their Economy, as well as those Populations who have been most Harmed, such as those in Greece, Spain, Italy, Africa, the Middle-East, and Asia by dramatic rises in inflation and commodities prices, coupled with declines in per capita income and overall assets, and extreme rises in unemployment, which can all be directly attributed to the financial mismanagement that began in American and European Banks and Institutional Investment Firms.
The Reaper comes to collect what he is due. Judgment for those responsible is unavoidable. Some know their guilt, like Mr. Buffet, and have genuinely repented and sought to make amends.
For the rest, the financial leaders who will neither change, nor repent, nor relinquish their positions of leadership, either the People or their Representatives must demand that an example be made of these malevolent leaders to ensure that our future economic leaders will not make the same mistake of presuming themselves entitled to the Wealth of Nations without an implied responsibility to use that privilege to Serve Humanity. Justice must be done.
Mr. President, your role, and that of America, is to lead the World toward Justice, Accountability, Benevolent Leadership, Peace on Earth, and Goodwill toward Humanity.
In this case, that means calling for a global implementation of the same principle that the Justice Department exemplified by compelling Bank of America to offer principal reductions on under-water mortgages. This time though, we must call for those Financial Institutions which are most guilty of leading the world into crisis to bail out Greece, Spain, and Italy, while facilitating sustainable growth across Asia, the Middle-East, Africa, and South America, not with more opportunistic and usurious loans, but with Debt Forgiveness, followed by either their genuine dedication to benevolent financial leadership worldwide, or by their replacement with Individuals and Institutions of sounder Character.
I wish you the best of luck in guiding our Nation and our World toward a higher standard of leadership in Government, in Finance, and in all aspects and expressions of Humanity’s Conduct and Character.
If we can restore Justice and Accountability in the Financial World, and encourage Innovation, Determination, Cooperation, Healthy Competition, and sound Character and Values worldwide, while also protecting and rejuvenating the Earth and Ecosystem we depend on by making sustainability and a symbiotic relationship with the biosphere (which is our life-blood) our highest priority, then our Economic woes will soon vanish.
Sincerely, Gabriel G. McMillan Veteran, Writer, and Philosopher