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Real0ne -> America's "prison industry" (2/21/2013 6:10:09 PM)
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ever wonder how these municipalities et al can throw someone on jail/prison and they make money off it? Debtors prisons were in theory outlawed, yet we have them.
and they are BIG money!
The largely unknown reason for America's bloated prison industry
Politics
June 26, 2009
By: Geoff Linsley
Government newsletter
As of the end of 2007, a record 7.2 million people were behind bars, on probation, or on parole.[1] The United States has the highest documented incarceration rate[2] and total documented prison population in the entire world.[3]
Why does America like to lock people up so much? Most will argue that we just have better police. This argument, however, isn’t supported by annual statistics, which show that an increase in convictions doesn’t directly correlate with a drop in crime. This suggests that further bloating America’s prison industry isn’t a proper solution to decreasing America’s crime. Why, then, does the American prison industry continue to grow, despite being proven ineffective? The answer is rooted in a common misunderstanding of America’s legal system.
Most think that the legal system has complete authority over them and that getting railroaded in court is inevitable. The truth is that America’s legal system has been bankrupt since 1871.[4] Being bankrupt, the courts don’t have the capacity to function because they aren’t funded. In order for any case to exist, the case needs to be bonded: the case needs someone to provide consideration – which is a sum of money – that gives a case life. That’s why when anyone files a civil case, they need to post a bond (which is just a some of money) in order for the case to exist. A bond also needs to be posted in criminal cases. The courts, however, trick defendants into agreeing to post their own bonds by arguing their cases and/or giving the court permission to exist. This bond represents a damage that needs to be paid back.[5] Since the court is a bankrupt debtor, they actually require you to give life to their case against you in order for it to exist.
What happens after the citizen unwittingly posts the bond against him/herself? A corporation specializing in private prisons, known as the Corrections Corporation of America (CCA[6]), sells stock in their company by selling prisoners’ accounts (including these bonds) as securities through the securities exchange. A surety company guarantees the bonds, then the CCA underwrites them, then they are underwritten by an investment bank or banker, and then they are put out on the market and resold to the public.[7] The public buys them as mutual funds or debt instruments, equity instruments. They are allowed to do this because prisoners, not having any understanding of the economics of the legal system, didn’t undergo full settlements and closures on their accounts. The CCA is then allowed to sell the debt of a prisoner’s bond/account[8] as a commercial dishonor to the public. They sell the debt, and the prisoner himself – who is at this point a debt-slave of the public, nothing more than chattel, like a cow – becomes collateral for the debt. While these debts are sold for immense amounts of profit, the bill to keep America’s bloated prison industry goes to, like always, the unwitting, taxpaying civilian. Doesn’t this clarify why America’s growing prison system is the largest per capita of any country? Isn’t America’s legal system great?
yeh its ducky,
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