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Politics : Stockman Scott's Political Debate Porch
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To: stockman_scott who wrote (8246)10/20/2002 12:16:49 AM
From: SOROS  Read Replies (1) of 89467
 
"A series of economic crisis' will directly affect the United States before the end of the year. Argentina, you remember them don't you?, stopped debt payment on October 9th. This gives them a thirty day grace period, November 9th, until they are in official default for nonpayment of debt. The debt we are talking about is the old Brady Bonds, the 1982 Reagan Treasury Secretary who rolled over the 70's debt, is still with us. The key thing to understand is the actual repayment of the debt isn't the point. The point is the maintenance of the illusion it can be repaid by keeping up the minimum payments. Up to now, Argentina is like a debtor wrangling with his credit card company over the amount of the debt. Now, they have said we aren't paying the minimum anymore and screw you besides. It could be a hardball negotiating technique. It could be genuine. We shall find out on November 9th. By November 9th we should also have Jesse Jackson's pick as the new President of Brazil. Brazil and Argentina owe between 300 and 700 Billion dollars, depending upon who is doing the counting. They owe these dollars to the big boys: JP Morgan, CityGroup and a slew of American, European and Spanish banks. Bluntly put, Brazil goes down and JP Morgan goes down with it. JP Morgan and CityGroup go down and the FED goes down with them. CityGroup and JP Morgan are the FED; the FED is the economic system. What do you think the FED will do if JP Morgan loses billions of dollars on bad Brazil loans? It's a question you should start asking. Brazil raised interest rates to 21% and unleashed chaos. Panama is full of Red Chinese and Venezuela is seething with possibly another coup attempt. I wonder if our leaders have noticed any of this in their lusting after Iraq?"

gold-eagle.com
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