April 11, 2005 Revised: June 22, 2006

 

My father, John Koraska (aka SargeK), writes about Debtism, tax law, fiat currency, social security, welfare and the US economy. He offers possible solutions to the problems of unwarranted benefits relative to present and future resources required to pay for them. In a nutshell, when making a decision between savings and spending, he says: "Don't let your reach exceed your grasp." I think it is just a matter of time before others become aware of his intuitive perceptions and begin to understand that government can only bestow that which it confiscates from someone else.
-- Cliff Koraska

 

Debtism Defined: by John Koraska

 

Debtism n 1. A uniquely American socio-economic, tax, currency and welfare arrangement created by unconstitutional law. 2. A fraudulent monetary system based on a fiat currency and fractional reserve banking that creates corruptive capital imbalances between equity and debt. 3. A scheme that encourages debt with tax incentives and devastates savings by taxing the inflation produced by a depreciating currency. 4. A practice of perpetual government borrowing to sustain an indebted consumerist driven economy until the currency and the economy collapses.

 

You will not find the word debtism in a dictionary or a thesaurus. Once the masses understand the corrosive effects of this economic phenomenon, they will demand change. The consequence of debtism is compounding debt, a mirror image of the "Magic of Compounding Interest" (Compound interest pays interest not only on the principal, but on the interest as well.)

 

Absent immediate, corrective action, the dire economic and social outcome is not only predictable it is unavoidable. And, it will be catastrophic! The money spent by the central government is your money. Government debt (U.S. Treasury obligations' bonds and notes) that is sold to investors and placed in government Trust Funds is debt that can only be redeemed by further taxes on workers and investors, reduced welfare benefits or more debt.

 

The fundamental cause of this impending calamity is that the U.S. federal government has grossly exceeded the authority granted to it by the States and the People - expressed in the U.S. Constitution. The almost unrestrained growth in the POWER of the central government has irrefutably created unequal justice under law; that is demonstrated by economic inequality, social injustice and by perpetual, unsustainable, unredeemable debt.

 

Together we can change government and put real meaning into the words "Equal Justice Under Law".

 

Social Security can be fixed, says John Koraska. Please read the social security articles here at debtism.com, and let's reform social security before it's too late!