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What it means to have an "Economic Street Fighter" as President...

No, I'm not talking about Obama this time...but if the shoe fits...

 

I'm talking about a man who lived in the Jungles of Ecuador helping poor indigenous people cope with the challenges brought on by the encroachment of "modern" civilization, a Doctor of Economics from the University of Illinois, and a pretty darn good athlete--all this adds up to the "kick ass" President of Ecuador, Rafael Correa...

Now, President Correa made a big splash in the economic community when he stated last year , that Ecuador would default on some of its foreign debt--lots of dire consequences were predicted for Ecuador, if they didn't pay up...no more loans, high interest rates, body odor, and all the rest--guess what?  It didn't happen that way...Lots of countries showed up to make loans to Ecuador...and, when Correa said that he would actually pay 35 cents on the dollar for these defaulted bonds, he got an astounding 91% participation rate...read about it here:

http://www.bloomberg.com/apps/news?pid=20601086&sid=a7K7WDVXozwE

These debts are not the normal debts contracted for by a poor country to make ends meet (Not like the $1,000,000,000,000 borrowed by the USA from China, for example), these debts are said to be "illegal"...

 

Now "illegal" is in the eyes of the beholder, that's for sure...but take a little look at the review and sample of "Confessions of an Economic Hit Man", and some rebuttal...just to give yourselves a little eyeopener--most of the people who attempt to rebut the statements made in this book, just say that "you can not prove that the NSA and the CIA were behind it"--not that it didn't happen...

 Please take a minute to read the synopsis of the book:

http://en.wikipedia.org/wiki/Confessions_of_an_Economic_Hit_Man

Or, better yet, order it from Amazon.com...

 

The proof is in the pudding, however--how else to you explain an astounding 91 percent participation rate on a 35 cents on the dollar payback?  Those people holding that debt knew something about how those loans were procured and structured--guilty conscience?--maybe...

 

I took this shot of the President when he visited our town on the Coast--that day he was riding his bike and asking a lot of locals just what the government ought to be doing, and especially what it could do for them?

 

 

I wrote this entry today, because I think President Correa is doing something right, in that President Obama is now making overtures of friendship (first time in 8 years), and the US State Department has taken down their disgusting "scare" page on Ecuador...good news all around.

The people of Ecuador love the US, and especially the American people--so it is time to have both countries join together for their common good.

 

 

Posted on Fri, June 12, 2009 at 08:29AM by Registered CommenterBob & Roxanne | CommentsPost a Comment

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