http://maxkeiser.com/
Max Keiser, whose work I admire, interviews Michael Hudson (who I also admire) about the debt peonage system being directed at Latvia. Hudson is helping Latvia resist this debt peonage.
The IMF is demanding that Latvia cut social spending, hospitals, etc in order to "service" the nation's debt.
This debt was accumulated as individuals in Latvia purchased homes using foreign currency. Hungary has the same problem. Individuals in former USSR nations were encouraged to take out loans from western European banks. When nations such as Hungary and Latvia experienced currency collapses due to the financial crisis (hot money outflows helped crash their currencies), it became impossible for Latvians and Hungarians to repay mortgages denominated in foreign currencies.
Forcing individuals in nations such as Latvia and Hungary to cannabilize their nations in order to pay back debt inflated by the financial crisis is absolutely disgusting.
Subscribe to:
Post Comments (Atom)
-
As many of my readers point out in their comments, Hurricane Florence endangers aging nuclear power plants in the Carolinas. Below find ...
-
The weekend edition of the Wall Street Journal reports that PG&E suffered a massive loss of control of the utility's databases, le...
-
Remember the US embassy staff who suffered sustained brain damage while in Cuba? Cuba denied involvement. Here is an account of what hap...
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.