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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: c.hinton who wrote (4178)	11/19/2001 3:32:23 PM
From: isopatch	Respond to of 36161

chinton. That may be THE discovery of the week!! This excerp definitely worth a cut an paste all its own, IMHO. <Canadian minister speaks frankly Earlier in the day, Canadian Finance Minster Paul Martin called upon the world community to develop a system that would effectively allow countries to declare bankruptcy- much like Chapter 11 bankruptcy laws in the United States. Canada has been seeking to have such a scheme adopted for three years. "After some initial resistance, the balance of opinion is shifting our way," Mr Martin told reporters.> If that's true. Saints deliver us!! Wow!! Talk about about an express train to socialism via accelerated and massive confiscation of private savings?! How could such a nutty ever be received with anything other than outright laughter except by a socialist politician emancipated from all financial discipline I mean, hey guys! Why wait for taxes or W.S. deception to empty our wallets the slow, old fashion way? Geez, at least they had to work at it. Anybody else besides me remember, all those years ago, when New York City was sinking beneath the waves, before Felix Rohatan(sp?) came up with the Big Mac bailout bonds? It was an unbelievable circus! Will never forget, at one point, then US Congressman from NY Herman Bedillo said, "Why don't we just borrow the money and not pay it back?!" Turns out ole Herm was a true visionary, and we never realized it at the time. A man ahead of his time.<LOL> Folks, I feel sorry for all our grandchildren if the Prime Minister of Canada is successful in bringing this into the international political/financial mainstream. Can you imagine how high interest rates would have to go to protect the lender from the ease with governments could just walk away from their committment to you? And what would that do to the rest of the economy? So much for the "social contract" between a government and it's people. Eventually, the only service governments will provide it's private citizens with will be the "service" the bull gives the cow!! Isopatch

To: c.hinton who wrote (4178)	11/19/2001 3:44:53 PM
From: Jacob Snyder	Read Replies (2) \| Respond to of 36161

re: Ch. 11 for nations: This would merely formalize a process that already exists. Once a government has a big enough debt, it gains power over the creditors, and, sooner or later, finds a way to default on all or part of the debt. The creditors, of course, bring to bear whatever economic/diplomatic/military/political leverage they have. Frequently, in fact, the whole reason a rich country lends money to a poor nation, is to gain economic/political control, and there is little expectation of the loans ever being repaid. This happens all the time, and the costs get "externalized" (= paid by taxpayers in rich countries). This process has been going on for centuries. As an example, look at how the U.S. is suddenly getting a lot more lenient with Pakistan, (lending new money and forgiving old loans), now that we need use of their airfields.