Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: stockman_scott who wrote (4288)	8/10/2002 10:57:26 AM
From: Jim Willie CB	Read Replies (1) of 89467

currency turmoil is killing Brzail, debts just rose 150% overlooked factor in Brazil is currency effect on debt since beginning of year, the Real has dropped 60% that means local values are now 2/5 of what they were that means dollar denominated debt is now 5/2 of what it was so Brazil debts rose 150% !!!!! (for math challenged, 5/2 is 3/2 more than one) this IMF $30B is nothing but a bucket of water on a bonfire nothing but a 3-6 month reprieve nothing but an opportunity for Americans to walk away after saying "we helped" I find the Argentina contrast very interesting Arg bankers were stubborn in keeping their Peso constant they pegged it constant to the dollar for years, stupidly well at first, it thwarted hyper-inflation but later, it encouraged gutting the economy, as with USA's so their economy went to shit, uncompetitive making their constant debt level unpayable (they are a fishbowl example of US troubles upcoming) but Brazil allowed their Real to devalue their economy has not gone to shit, as a result but their debt has skyrocketed to a level unpayable screwed on the left, or screwed on the right, but surely screwed this is how the entire South American continent will default and absolute chaos will reign supreme imagine your home mortgage of $120k just went to $300k I could not swallow that economy or no economy, jobs or no jobs that cannot continue to float the currency turmoil is only beginning worldwide Asian bank troubles will be front & center in a few months JPMorgan and Citi are like two floating crippled ships about to be attacked by pirates under six flags Citi just saw a class action lawsuit for Enron nondisclosure get your front row seat / jim

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