Freedom Flounders: Bonds and the Courts

I was astounded when the Supreme Court of Canada cut Bell Canada (BCE) bondholders off at the knees. BCE is one of Canada’s largest corporations.

More recently the U.S. Supreme Court has refused to hear arguments relating to claims made by Chrysler bondholders.

In my view these court decisions effectively bring into question the validity of all existing contractual agreements throughout the free world.

The inscrutable integrity of bond indentures formed the firm foundation upon which democracy was built. When the highest courts trashed bondholders, they threw the baby out with the bath water.

Sad to say that the world is awash in trillions of dollars of Sovereign Dictatorship money, and trillions more stolen during the Subprime mega heist. There’s lots of sleazy money around to buy up the assets of freedom, and all of it came out of our pockets.

Since no ethical person will loan money without a reliable indenture, huge corporations that once depended on affordable fixed income sources for loans, must now sell themselves to vultures in order to survive from one day to the next.

I have finally come to realize that the wise framers of the U.S. Constitution worded it in such a way that it self-cancels at the point where Americans tire of the blessing of freedom. If the populous votes for a dictator – it gets a dictator, and freedom evaporates on the spot.

When powerful political leaders put partisan politics above the Rule of Law, Supreme Court appointments reflect this, and Supreme Court decisions confirm it. Once in place, incompetent judges scoff at the validity of contractual agreements, and the house of cards crumbles.

The gift of freedom is indeed fragile. It is a precious jewel known for a brief moment in time to a minuscule percentage of the human race. So unfortunate to see it thrown to the trash heap of history by the very souls who possessed its gift