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Revenue & accounting standards
 
  Article 116-Liabilities & loans  
116.1 Purpose of this Covenant  
  All entities, agencies, officials and members are strictly forbidden to enter into loans and borrowings as such action represents participation in Debtism, otherwise known as false capitalism.  
  Instead, the Society shall use real credit based on underwritten assets, not debt twisted to falsely represent capital and assets.  
116.2 Debtism  
  Debtism is the formal name given to debt-driven capitalism, also known as false capitalism--a system in operation since 1933 until 2010. Debtism is based on an economic model which replaced real assets and credit capital with purely debt based instruments and fiat money controlled by a few key banks and funds. Debtism collapsed as a model in 2009/2010 because of the MAD Principle (Mutually Assured Debt Principle) could no longer be sustained.  
  The MAD Principle was a fundamental principle that enabled Debtism (false capitalism) to function from 1933 to 2010. Essentially the principle states that no debt can be unilaterally forgiven, nor removed from the interlocking system of international debts without the whole system, and therefore the well being of the individual nation also being destroyed. There has been several times when the MAD Principle has been challenged, most notably by countries in South America in the 1970's and briefly again during the late 1990's. However, in all cases, the primary institutions controlling Debtism and the MAD principle have ensured sufficient sanctions, regime change or other measures have removed the threat.  
  The ultimate destruction of the MAD principle was due primarily to the incompetence of Alan Greenspan and the US Federal Reserve System in the United States in permitting the birth, growth and absence of regulation of the derivatives market by banks, which introduced uncontrollable amounts of debt growth--all still linked as obligations under the MAD principle. As a result, most banks in the world in 2010 remained technically bankrupt, whilst gathering equity reserves through government handouts.  
     
 
 

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