Interesting Comments on Iraqi Debt

[Guest MikeSC]

It is my hope that Baker presents America's position to

Saddam's debtors this way: Much, perhaps an overwhelming

amount, of Iraq's debt falls under the category of "odious

debt" - debt contracted not for the needs and benefit of the

people but to strengthen and support a despotic regime.

Bankruptcy is a fundamental concept of capitalism that wipes

the contractual slate clean. There is a political analogy to

bankruptcy - today it's called "regime change" - in which the

country begins de novo. It occurred in Nazi Germany,

imperial Japan, Soviet Russia and Warsaw Pact Europe. It

has now occurred in Iraq. Tabula rasa: The slate has been

wiped clean; things begin de novo. Thus, rather than going to

France, Germany and Russia hat in hand asking for debt

"forgiveness," I hope Baker presents them with the stark

reality that a free and sovereign Iraq will be perfectly

justified in repudiating much, if not the overwhelming

majority, of the debt contracted by Saddam. Better for those

countries to step up to the plate on their own now than play

the role of Shylock later.

 

I actually think Kemp's approach is the best approach for this. Paint it like this and force them to either accept it --- or try and seek repayment and look REAL bad in the process.

-=Mike

[Guest JMA]

What's up with all the "interesting" threads lately, Mike? Not being a jerk, just asking.

[Guest MikeSC]

What's up with all the "interesting" threads lately, Mike? Not being a jerk, just asking.

Thought-Provoking rarely fits as a title here. Too long for the board, apparently.

-=Mike

[Guest JMA]

What's up with all the "interesting" threads lately, Mike? Not being a jerk, just asking.

Thought-Provoking rarely fits as a title here. Too long for the board, apparently.

-=Mike

Ah.