REPORT #464 March 2002

Produced by the Belize Development Trust

by Ray Auxillou

It's a shame about Said Musa. He had so much potential, as my old schoolroom teacher used to say in Grade 8, on my report card.

But now he is leader of Caricom for this turn, there is some initiative and leadership he could show, if so inclined?

With the World Bank serving it's membership, the G8 countries and the USA to make the third world countries markets for their manufactured products, to keep them wealthy, as a recent film on LINK TV claimed in brochures to their members. One has to wonder about the control of the world economy?

The IMF we know are the bone breakers, the bully boys, for a mafia style loan shark operation, in which they maximize debt, to keep the payer of interest in servitude. They collect the vigorish on bad loans, so to speak and break countries that fail to pay.

All that said, it is a one sided stacked deck against third world countries. True, they do not have to borrow! But then, if most are like Belize with a bunch of country bumpkin, fourth rate provincials running the government, it is not hard to hoodwink them and use their pyschological tools of lending, to keep them in debt.

But the deck IS STACKED! In private life in G 8 countries and the USA, a person who gets suckered through weak instincts and sold more loans then he or she can afford, or maximizes more and more credit cards, can file for bankruptcy protection after selling off all his or her assets to pay the loan people. Once broke, you can file bankruptcy protection. Get all your loans cancelled by a court and loan debts cancelled forever more. The downside is that you cannot borrow for three years, or five years, depending on the bankruptcy laws in any particular G 8 country.

Where things differ in the International World Government rackets, is that there is no bankruptcy protection for countries that got themselves in over their heads in debt. Like Argentina and Belize, for example. But their should be.

What I don't understand, is why not? Why are third world country politicians so stupid, as not to protect themselves and find an exit strategy from overwhelming bad debt? Surely they can organize like the industrial countries do? At least the OPEC countries did as an example.

I believe, that any bank, or lender that continues to lend money to a bankrupt country, that is over it's head in debt, should lose that loan, like in any bankruptcy proceeding.

But, how to do that? Well for instance, we assume that the G 8, or the G 27, or the industrialized countries control the world and they by our passiveness, dictate to us, what we should and can do. Why be passive victims?

Now I would like to see Belize, through it's LAWYER Prime Minister, Said Musa, present a plan to CARICOM in the Caribbean, that may later be expanded to ALL Commonwealth countries, to establish a national bankruptcy court proceeding. Start with Caricom countries. Any country that has more than 20 % of GDP in outstanding external foreign currency loans, should be able to file with the CARICOM court for bankruptcy protection and get all those debts wiped out and start over. Our Prime Minister is a lawyer, let him figure out that one, and have Belize lead the Caribbean countries for once? Maybe realize his potential? There is no reason on Earth, that we have to be subservient as third world exploited countries. We are only slaves if we let ourselves be slaves. And notice to loan lenders should be served, that if you lend to a client nation, that the credit rating and the ability to pay, should be part of your requirement when judging the loan application. You the lender, have a shared responsibility in the creation of third world debt. The ability to force payment through vigorish and the IMF should be cancelled. We should alter the stacked deck.

Create a court Prime Minister Musa, in Caricom and set a procedure for Caricom countries to declare bankruptcy of external foreign debt, that becomes overwhelming. The deck should be on a fair playing field. With punishment both on the borrower and the lender. A shared responsibility!

Anybody, or any nation has the right to create a college, admission and graduation requirements, or a University, or a Caricom bankruptcy nation court, or a Central American bankruptcy court, or a Latin American bankruptcy court. Take control of your lives and organize third world countries! It is not impossible.

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