Debt Repudiationn

http://georgewashington2.blogspot.com/2010/04/is-it-time-for-debt-jubilee.html

Washington's blog discusses the benefits of debt repudiation, particularly for public entities such as school districts and cities.

Many public entities were swindled into purchasing interest rate swaps and other complicated contracts as a way of hedging the interest on their public debt (i.e., public bonds).

Matt Taibbi's most recent article, "Looting Main Street" discusses how this type of swindle happened to public officials who were paid off by the investment banks.
URL: URL: http://www.rollingstone.com/politics/story/32906678/looting_main_street

Other accounts include less despicable public officials and pension fund officials who were simply lied to and misled by the investment banks, resulting in their purchase of structured investment vehicles that are now costing them dearly (e.g., they must pay exorbitant interest rates despite the currently nonexistent federal reserve prime lending rate.)

I believe that China late last year stated they would not recognize the obligations of some of the debt based garbage sold to them by the investment banks.

Debt repudiation is the only sane solution in my opinion for saving the populace from becoming debt peons to the investment banks