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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Hawkmoon who wrote (51794)7/26/2004 7:26:13 AM
From: Maurice Winn  Read Replies (1) of 74559
 
Hawk, I'm pleased to see Russia part way to accepting that Saddam's debts to the USSR/Russia are not Iraq's debts and that they are accepting the idea of writing off half of them. They are half way there. Now for the other half.

Asking Saddam's victims to pay back loans made to Saddam to suport his power over his victims is simply insane.

The idea of lending to a country is a bad one. Even democratic countries can reasonably repudiate loans as it's the governments who incur the debt. The opposition to said government shouldn't have to pay for their follies.

People lending to countries should not. I am currently taking my chances by holding US$, which is me lending my money to Uncle Sam and Uncle Al, which is foolish, but I hope is worth the bet. I will not be surprised to see eventual repudiation of the debt, by rapid pixelation of new $$$$ to stave off financial glitches, as has always been done in the past.

If the voters decide to cancel old US$ and issue a new one, I won't be surprised and won't expect them to repay the debt. Though I'll appreciate it if they do.

I realize this isn't quite the same thing as a loan, but it's still credit on the promise of material goods and services being delivered some day.

Mqurice
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