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Politics : Stockman Scott's Political Debate Porch

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To: SGJ who wrote (2989)	7/23/2002 2:29:16 PM
From: Jim Willie CB	Read Replies (4) of 89467

IMF now in a real Catch-22 with Argentina and Brazil first, early this year Argentina defaulted on $145 billion in debt creditors were JPMorgan, Deutschebank, and another bank savings accounts in Argentina were decimated they are worth 50% less now, instant loss worse, the ArgPeso was devalued some large amount I think I heard devalue was 35% so savers are really pissed off esp since their money can be pulled out now half Peso, half dollar riots have really not ended Comiskey has a friend who returned from the chaos recently IMF has the desire to aid Argentina banks but to do so would encourage Brazil to default on $300B in debts JPMorgan has exposure with Brazil also talk about a tough spot South America will go bankrupt, in its entirety I know I sound like a kook, but the world banking system is gonna threaten disintegration in NYCity and South America and Asia then gold takes off like you have never seen in your life too bad we must endure days like today though / jim

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