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)
-
Evidence for Continued Spraying of Corexit in Gulf http://openchannel.msnbc.msn.com/_news/2010/12/26/5717367-is-dispersant-still-being-spray...
-
I love the energy of big storms and strong currents of water. They make me feel ALIVE and EXHILERATED. But now a nagging fear eats my ...
-
I’ve been blogging on the unceasing rise in radiation levels reported by Tepco since July 2013. July 2013 was the big event, which s...
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.