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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 368.29+0.6%Nov 7 4:00 PM EST
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To: Snowshoe who wrote (7248)6/16/2006 8:43:02 AM
From: elmatador   of 217593
 
Volcker caused the US to syphon capital and we kept the US afloat. >>During the years Latin American countries were borrowing abroad capital was flying out as heavily as it was being borrowed. According to a World Bank report: Mexico tops the league with $26.5 billion in 1979-1982, almost half the total capital inflow during the period. Venezuela is second with $22 billion in the same period, when only $16,1 billion officially entered the country. Argentina is third with $19.2 billion, while Brazil capital flight is estimate at a relatively modest $3.5 billion.

“Much of the money being borrowed abroad was funnelled straight out again...In such cases, foreign borrowing was a recipe for disaster,” the report says.
“With citizens of the fifteen largest debtor countries now holding at least $340 billion in ‘flight capital’ abroad, Treasury Secretary Nicholas F. Brady says winning some of this treasure back would be a ‘major opportunity’ to ease the third world debt crisis.” ... “Brady broached slapping a withholding tax on Latin’s accounts in U.S. banks. But the Federal Reserve Board blocked the plan, arguing it would cost American banks business. suggested that debtor nations be required to fill some of their foreign financing needs by reclaiming flight capital.” BusinessWeek International, Apr. 10, 1989.
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