by James Jaeger

Starting on page 94 of James Martin's new book, THE MEANING OF THE 21st CENTURY, Martin discusses the concept and repercussions of DEAD CAPITAL.

DEAD CAPITAL is one of the most important concepts/messages I have seen in a book in a long time, so please really read and study the Martin excerpt below carefully:

"Westerners take land titles for granted. ... in the Third World ... homes are held without a title -- it's often almost impossible to get a title. Most homes are outside the legal system. If a home has no deed or title, it's owner can't get a mortgage on it, and it can't be used for business collateral. Possessions that are not recorded can't be turned into capital that has other uses.

"Similarly, many businesses are outside the legal system. They don't have limited liability and can't obtain funding from banks or finance organizations. They are cut off from the lifeblood of a modern society.

"The inability to raise capital keeps countries poor.

"Contrary to popular belief in the West, the poor in poor countries often have substantial savings. [Researcher De Soto] estimates their savings at 40 times all the foreign aid received throughout the world since 1945. Such [dead capital] doesn't have the multiplier effect that capital has in the West.

"Unfortunately, establishing a title to your home or land in most Third World countries is such a nightmarish process that most people don't start. In Lima, to obtain legal authorization to build a house on state-owned land took 6 years and 11 months. In Egypt, to acquire and legally register a small lot on state-owned land takes from 5 to 15 years, and obtaining permission to build a home on former agricultural land takes 6 to 11 years. In Peru, obtaining legal authorization to build a house on state-owned land took 207 steps in 52 government offices -- and then another 728 bureaucratic steps required by the Municipality of Lima. ... this is utterly insane.

"A system could be designed with appropriate databases so that the process could take ten minutes on the Internet.

"In 1992, Libyan leader, Muammar al-Qaddafi was reported to have incinerated all of Libya's land titles.

"Government procedures that prevent people from participating in the process of active capital do immense damage. They constitute a totally unacceptable form of de facto apartheid."

My feeling is this. These Third World governments are obviously and purposely preventing their citizens from titling their land so they can keep them in squalor and under their thumb as slaves. This truly pisses me off.

If the U.S. insists on maintaining a $500 billion per year global military ... let's USE it dudes. Let's go into any and all Third World countries and tell their suppressive governments: "Look assholes, you in any way prevent your citizens from titling their land and possessions and we will TAKE away all YOUR land and possessions." And if the rest of the world doesn't like this, let them throw the first punch at the U.S.

13 July 2008

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