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Pay up Ecuador

They saw what happened when everyone in this country stopped payment on their loans: the government threw money at them. Why would they keep paying when they see others being rewarded for stopping?
 
Haha, Ecuador, the ultimate subprime borrower.

We should have a trillion dollar taxpayer bailout of Ecuador so they can pay back their loan, maybe we should adjust their terms a little bit
 
Originally posted by: Stiganator
http://www.cnn.com/2008/WORLD/...dor.default/index.html


So we loaned money to Ecuador in the 1980 to the tune of 4 billion dollars. They have decided they aren't going to pay anymore, because they have been making interest only payments for years and the principal hasn't changed.

WTF, you knew precisely how much it would cost when you agreed to it. If you make the interest only payments you're probably never going to touch the principal. Doesn't Ecuador have any finance savvy people in their government?

My guess is things from Ecuador will be getting higher tariffs in the near future.
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That's what our government allows credit card companies to do to consumers here so only fair we do it to countries.

 
Yawn. The story of Ecuador is the same as many other developing nations- Banks loaned them lots of money, which the ruling elite siphoned off, put right back in the hands of international bankers, left the peasants holding the bag...

Might want to notice that it's happening in this country, too...
 
Originally posted by: CycloWizard
They saw what happened when everyone in this country stopped payment on their loans: the government threw money at them. Why would they keep paying when they see others being rewarded for stopping?
Click to expand...

Pretty much 'bingo'.
 
Originally posted by: sandorski
They have already paid close to 2x the original Loan. Forgive the Debt and let it go.
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Fuck that. Let's reposess the Galapagos islands...or the equator instead...😛
 
Originally posted by: Jhhnn
Yawn. The story of Ecuador is the same as many other developing nations- Banks loaned them lots of money, which the ruling elite siphoned off, put right back in the hands of international bankers, left the peasants holding the bag...

Might want to notice that it's happening in this country, too...
Click to expand...

Do the peasants pay taxes to service the debt? Or are they net gainers of the socialist society?
 
Debt as a basis of money is a form of slavery. It relies on the working class to create enough wealth to pay off the interest and principal while the banks sit on their fat asses having done no work besides creating the debt needed to be repaid and collecting interest. But for this to occur, you need a government to enforce it. Otherwise, no one would accept paper representing debt and future labour as something of value. People only will accept this paper if they know that others will take it.

The cycle will be broken eventually. This kind of racketeering never lasts forever. This is how empires fall. Remember guys, the problem aren't the banks. Its the banks playing by the rules of the government, which we allow to happen.

Being aware is the first step.
 
Originally posted by: JS80
Originally posted by: Jhhnn
Yawn. The story of Ecuador is the same as many other developing nations- Banks loaned them lots of money, which the ruling elite siphoned off, put right back in the hands of international bankers, left the peasants holding the bag...

Might want to notice that it's happening in this country, too...
Click to expand...

Do the peasants pay taxes to service the debt? Or are they net gainers of the socialist society?
Click to expand...

Ecuador is socialist?
 
Originally posted by: Jhhnn
Yawn. The story of Ecuador is the same as many other developing nations- Banks loaned them lots of money, which the ruling elite siphoned off, put right back in the hands of international bankers, left the peasants holding the bag...

Might want to notice that it's happening in this country, too...
Click to expand...

The guy who orchestrated this wrote a book about it a few years back IIRC. Confessions of an Economic Hit Man, John Perkins. They got the same World Bank screw job the rest of South America got. Kudos to them.
 
Originally posted by: SleepWalkerX
Debt as a basis of money is a form of slavery. It relies on the working class to create enough wealth to pay off the interest and principal while the banks sit on their fat asses having done no work besides creating the debt needed to be repaid and collecting interest. But for this to occur, you need a government to enforce it. Otherwise, no one would accept paper representing debt and future labour as something of value. People only will accept this paper if they know that others will take it.

The cycle will be broken eventually. This kind of racketeering never lasts forever. This is how empires fall. Remember guys, the problem aren't the banks. Its the banks playing by the rules of the government, which we allow to happen.

Being aware is the first step.
Click to expand...

Negative.
 
Originally posted by: winnar111
Originally posted by: venkman
invade.
Click to expand...
Click to expand...

This is why the right has no credibility when asking other Americans to fight their wars for them. Here they propose to use American soldiers as thug enforcers for the IMF loan sharks.
 
Originally posted by: SleepWalkerX
Debt as a basis of money is a form of slavery. It relies on the working class to create enough wealth to pay off the interest and principal while the banks sit on their fat asses having done no work besides creating the debt needed to be repaid and collecting interest. But for this to occur, you need a government to enforce it. Otherwise, no one would accept paper representing debt and future labour as something of value. People only will accept this paper if they know that others will take it.

The cycle will be broken eventually. This kind of racketeering never lasts forever. This is how empires fall. Remember guys, the problem aren't the banks. Its the banks playing by the rules of the government, which we allow to happen.

Being aware is the first step.
Click to expand...

:cookie: I've been pondering your opening statement all week, prior to you stating it.

Well said. It warms me to know that I am not alone in that line of thought.
 
Originally posted by: 3chordcharlie
Originally posted by: CycloWizard
They saw what happened when everyone in this country stopped payment on their loans: the government threw money at them. Why would they keep paying when they see others being rewarded for stopping?
Click to expand...

Pretty much 'bingo'.
Click to expand...

Yep, this happens with the World Bank all the time. Despots buy Rolls Royces and yachts for their whole family with the cash, then the destitute masses get stuck with the bill.

Besides, do we really need the money? Paulson is chucking hundreds of times that into a black hole and no one knows where it's going.

I'm really having a hard time mustering an ounce of care about this story.
 
Originally posted by: Dman877
Originally posted by: Jhhnn
Yawn. The story of Ecuador is the same as many other developing nations- Banks loaned them lots of money, which the ruling elite siphoned off, put right back in the hands of international bankers, left the peasants holding the bag...

Might want to notice that it's happening in this country, too...
Click to expand...

The guy who orchestrated this wrote a book about it a few years back IIRC. Confessions of an Economic Hit Man, John Perkins. They got the same World Bank screw job the rest of South America got. Kudos to them.
Click to expand...

+1

If you ever want any insight on our true foreign policy, take a gander at his book. Heck, you can prolly find a video on youtube if reading ain't your thing.
 
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