Posted by: Witch Doctor | November 28, 2010

Ever heard of Odious Debt?


Never heard of it?

Never experienced it?

Here is the problem…..

And a possible solution…….

“Odious debt is a legal term usually applied to the endowments of dictators in the developing world. It means debt incurred without the consent of the people and against the national interest(7). While the concept is not accepted by all legal scholars, it has some traction. In 2008 Ecuador refused to pay debts which, it argued, had been illegitimately acquired by previous governments(8). I believe it applies to at least some of our PFI liabilities.”

Thanks to Dr Grumble for pointing to this. Even on the days he is not posting himself, it is always worth keeping an eye on what Dr Grumble is reading at the left top corner of his blog.


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  1. I am glad if you find my shared items of interest, WD.

    I think though they are on the top right of the blog. Or you can follow this link:

  2. Oh, how I would love this to work! But wait a minute; we own the banks just now, don’t we? Why can’t the government force them to give back the money made on re-financing PFI loans at least? That would be a start..

  3. Oh dear, oh dear, Dr G. The right hand of a witch never knows what the left hand is doing. MBC thinks WD might fail revalidation for making this error. Perhaps WD is a surgeon and might make the same mistake in the operating theatre!

    No, it’s OK. On second thoughts MBC is of the opinion that WD looks at a page and sees a patient….. So the left is right or the right is left….. She’ll get the kidneys, hands feet the right way round. But driving….now that is a problem…..

  4. Julie,

    Couple of years ago, I thought banks were for saving with or borrowing from. Nowadays I don’t have a clue what they’re about or whether I own them, or they own me or whether somebody else owns both of us.

    I understand a piggy bank on the mantelpiece just fine though!

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