Posted on 08/06/2002 2:26:44 AM PDT by sarcasm
Edited on 04/13/2004 2:08:04 AM PDT by Jim Robinson. [history]
BRASILIA - Praising Brazil as a model economy on a troubled continent, Treasury Secretary Paul O'Neill said the United States would support Brazil's efforts to obtain an estimated $10 billion bailout from the International Monetary Fund.
''Brazil has the right economic policies in place to maintain stability so that the economy can continue to grow,'' O'Neill said yesterday. ''The United States stands ready to support Brazil as it continues to implement these policies.'' He credited Brazil with carrying out a plan that helped dramatically reduce inflation, from four digits to about 7 percent.
(Excerpt) Read more at boston.com ...
How do you like this compassion so far?
Model economies don't need $10 billion bailouts. (Bush Treasury Secretary O'neill, you are a liar). Brazil's culture, mores and religion cannot support thrieving economy. Economic upheaval and political unrest has been the history of South America ever since they stopped being colonies.
That would be really sensible. The US economy has enough problems of its own, and giving out bad loans is just a temporary solution that will probably end up propping up banks that made bad loans.
Maybe this globalism thing just isn't working real well. Maybe we could also see how well we get along without them!
When will we have elected officials who put Americans first?
The silver lining is, if you are long stocks, this money will show up today to boost the market.
When, oh when will the USA stop supporting the rest of the world, rebuild its own in terrible shape infrastructure, and let its people enjoy their prosperity rather than wasting billions trying to buy friends elsewhere, which only makes enemies and has the rest of the world laughing at us?
The last thing any country should want is a bailout from the IMF. It comes with conditions attached, based on flawed economic theory, that ensures economic misery for many years to come. It's almost as bad as having a big government, luddite member of the Bush Dynasty as President.
Every poster above seems to miss the significance of what is going on...even though the article explains it all. The reaqson why we continually send money to hopelessly bankrupt LDCs, is crystal clear:
It is corporate welfare from you and me to the financial elite (Citigroup, JPMorgan, South American bureacrats, et al).
Since at least the early 1980s South America has not been able to pay it's external debts. The situation just gets worse. They now owe 3 times as much as they did then. They will NEVER be able to pay back. The crisis occurs because they can't even pay the interest. When they balk about debt service, the U.S. government/financial elite convince them to keep playing the game. (So Citigroup doesn't have to admit it's been hopelessly insolvent based on any reasonable accounting for over 20 years). You and I are taxed so Citigroup gets paid with a little left over for the LDC governmental/banking elite to stash money in Swiss bank accounts, etc. The citizens of both countries pay the price.
It's a sting operation, pure and simple. As long as people remain as much in the dark as the above posts appear to indicate, it will just keep on happening.
Huh? Catholics can't thrive?
Yeah, but Citigroup and JPMorgan contributed more to the campaign than all those disabled Vets put together!
Did I say catholicism was the religion of Brazil? No.
If anything, Brazil's religion is a form of catholicism with some local beliefs thrown in. It's not catholicism as it's known in the USA. Can they thrieve? A country that is thrieving does not need a 10 billion dollar bailout. I think you can answer that one yourself.
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