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Ecuador Declares Foreign Debt Illegitimate

http://www.projectcensored.org/top-stories/articles/10-ecuad...

From the article:

"In the 1970s Ecuador fell victim to unscrupulous international lending, which encouraged borrowing at low interest rates. But in over thirty years the country’s debt rose from $1.174 billion in 1970, to over $14.250 billion in 2006, a twelve fold increase, due in large part to interest rates that rose at the discretion of US banks and Federal Reserve from six percent in 1979 to twenty-one percent in 1981."

------------------------snip---------------------

This is what we need to do here. Almost all of our debt both public and private is completely illegitimate. I don't know about you, but I am slave to no man.



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Our debt is illegitimate? It

Our debt is illegitimate? It is totally legitimate. We should be forced to pay this debt or have our country crumble.

Who elected our Congress?

Who has been and still is ignorant to the government's ways?

The citizens.

We deserve every last horror that comes our way because we elected and will continue to elect these traitors.

Columbus, Ohio

I know a Nigerian Prince that

I know a Nigerian Prince that would love to meet you.

"The United States can pay any debt it has because we can always print money to do that." — Alan Greenspan

What's his name? I've been

What's his name? I've been emailing one for some time now. Evidently, I've been named in a $10 million inheritance.

Columbus, Ohio

The President of Ecuador

has a Ph.D. in Economics from an Illinois university. He is one of the ONLY educated presidents in the South Americas. His mother is a United States citizen. He KNOWS what the International Monetary Fund did to his country. They assassinated a much loved president when he would not sign up for their loans. Correa knows the history and he is sick and tired of the U.S. and their banking thugs taking advantage of his country while he tries to lift them into the 21st century. He has guts to say he is not paying. Our banks don't pay their debts, they ask for bailouts. Our citizens don't pay their debts, they ask for bailouts. Why shouldn't Correa say "enough is enough, I am cleaning house and starting fresh?"
Ecuador is my second home and I support his decision.

Healthnut4freedom

The lip of truth shall be established forever: but a lying tongue is but for a moment...Lying lips are abomination to the LORD: but they that deal truly are His delight. Prov 12:19,22

John Perkin's book was an

John Perkin's book was an awakening for me. I realized that the banking cartel was doing exactly the same thing to America. Now we know who and what the enemy is.

"The United States can pay any debt it has because we can always print money to do that." — Alan Greenspan

Thanks for sharing. I'll say

Thanks for sharing. I'll say a prayer for him. I have a second home in Brazil and it scares me to think that their pres., Lula, was a former auto mechanic who aspires to be the pres. of the UN. When Obamao visited Brazil he said about Lula, "I love this guy". I about puked!

"It is difficult to free fools from the chains they revere".
--Voltaire

It's hard not to be a menace to society when half the population is happy on their knees. - unknown

That's sad

You know He "loves that guy" because the guy has no discernment. Too many of the presidents down there are uneducated completely. I celebrate the fact that more of the people are moving up in politics but they are easily manipulated or become crazed dictators. Correa is too heavy handed for me but he is better than most.
I love Ecuador so much and the people. I want to see it succeed.

Healthnut4freedom

The lip of truth shall be established forever: but a lying tongue is but for a moment...Lying lips are abomination to the LORD: but they that deal truly are His delight. Prov 12:19,22

meekandmild's picture

Have congress tell the FED

open books or nullify the Debt. Of Course opening the books will put lots of Fed people in Jail.

reedr3v's picture

If the people had nullified the debt, that

would have been a bigger story. This is just another government racking up debts irresponsibly and weaseling and asking the UN for more regulations.

Not True!

If you read or watched "Confessions of An Economic Hit Man" you would know these countries are set up to become debt slaves. It is either that or go down in a plane crash somewhere. You should do a little homework before you jump to conclusions about these things. The International Monetary Fund is set up to steal resources from 3rd World countries by forcing them to take loans at astronomical rates. Yes, they are FORCED or they are assassinated. There is nothing fair about this.

Healthnut4freedom

The lip of truth shall be established forever: but a lying tongue is but for a moment...Lying lips are abomination to the LORD: but they that deal truly are His delight. Prov 12:19,22

John Perkins discussed

John Perkins discussed Ecuador in his book, "Confessions of An Economic Hitman". You can read some of what he had to say about Ecuador here:

http://www.ecobooks.com/books/ecohitman.htm

You can listen to him being interviewed here:

http://www.youtube.com/watch?v=R6WstddMJZQ

WAR coming to Ecuador!

WAR coming to Ecuador!

"It is difficult to free fools from the chains they revere".
--Voltaire

It's hard not to be a menace to society when half the population is happy on their knees. - unknown

I thought they already did this, several times!

More likely an assassination. It's a lot cheaper.

New Hampshire and Ecuador.

Yup! Alciada

Yup! Alciada

"It is difficult to free fools from the chains they revere".
--Voltaire

It's hard not to be a menace to society when half the population is happy on their knees. - unknown

Pathetic and disgusting

Rich people taking advantage of poor, desperate countries and ripping them off. Like millionaires mugging homeless people and stealing their sleeping bags.

It says:

The default and buyback received widespread coverage in the business press, but aside from my article, IRC Americas was the only English-language outlet to dedicate in-depth analysis to the political and economic significance of the debt auditing commission, illegitimate debt and default. The Financial Times, undertaking a sober analysis of the long-term impact of Ecuador’s default, noted “Analysts fear that the government’s deliberate default on two bonds—almost a third of its foreign debt—could prompt other countries to follow suit as they seek to navigate the financial crisis.” Investors are worried about the precedent Ecuador is setting as the first country in decades to default while technically having the ability to pay.

Makes one wonder just who is controlling the media. I know most Americans don't know where or what Ecuador is, but this should have been a bigger story.

Amen

It is impossible to pay the debt off. And it isn't immoral to not pay it back, guess what the lender made just as dumb of decision as the borrower.

Go Equador.

Tim