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Let’s talk a bit about these supposedly broke governments that have been reaching insolvency, and in cases like Iceland in 2006 and Argentina in 2001, have declared bankruptcy. It seems to most, as it would to anyone not ideologically retarded, that for all the public “brokeness” going on, there is always enough money for a bailout for some big bosses. Indeed, there’s never a shortage of money (or credit; whatever you want to call it) when it comes to buying up some big boss’ bad debt, or fleecing the public purse to provide him (them) with a fat tax cut so they can “create jobs” (see: off shore, low wage).
Funnier still, there never seems to be a shortage to pay for militaries to go fight wars so the boss(es) can make (or defend) profits in somebody else’s country. Now, you might think the above quite “natural”, but down here in reality we call that a “massive subsidy.”
So, again, using their undeterred by the boss’s propaganda and threatening posture vision, it may be hard to for public sector workers to swallow making the necessary cuts to save the government budgets. It might for a bit of the old divide and rule strategy. You know the one: pit the overpaid, lazy public sector worker against the realistic, hardworking (generally non-union) worker, while the boss makes off with the big money.
Getting back to Iceland’s bankruptcy in 2008, we see that it could have been worse. Argentina had adopted neo-liberal out-of-control capitalism before they headed straight to a total economic collapse. Ecuador was swindled by the IMF to nationalized its electric utility, the electric rates shot through the roof, people had less to spend for essentials which both caused further poverty and suppressed the economy and on top of that the government no longer had the revenues so it eventually either had to cut services or raise taxes to offset this. In many developing countries, IMF and the World Bank swindled them to open their borders to subsidized US agricultural dumping which decimated their local production, making them highly dependant on food imports and on agro-industrial oligarchy (ADM, etc). Monsanto’s been polluting the world gene pool with patented crop genes. The name of the game is suppressing autonomy of local populations and making them dependant on oligarchies for vital ressources like water, energy, food, money.
Credit Suisse Declares the U.S. a Riskier Investment Than Indonesia
By Megan Carpentier 2/12/10 1:47 PM Washington Independent
Amid fears that Switzerland might come to an agreement with the United States on banking privacy and tax evasion disclosures, Credit Suisse issued a report identifying those countries it determined to have the highest risks of default on their sovereign debts. Number 16 on the list was the United States, based primarily on its 2009 budget deficits and government debt.
Countries ranked less likely to default include corruptocracy Kazakhstan, less-than-reform-minded Indonesia, the debt-ridden Philippines and violence-ridden Colombia. By comparison, U.S. Treasuries prices are up today despite a new issuance this week.
Handy sovereign risk table
Posted by Paul Murphy on Feb 10 16:48.
Looks like Credit Suisse has jonied the conspiracy trying to undermine Spain.
Here’s a ranking of countries by perceived risk, taking into account things like current account balances, public and private debt, and CDS spreads. It comes from a note on the impact of sovereign risk on European banks, published on Wednesday by Jagdeep Kalsi, which you will find in the usual place.
Somehow the CS man has managed to rank Spain above the likes of Latvia, Ireland, Ukraine, Romania and Turkey in terms of riskiness.
Countries ranked less likely to default include corruptocracy Kazakhstan, less-than-reform-minded Indonesia, the debt-ridden Philippines and violence-ridden Colombia. By comparison, U.S. Treasuries prices are up today despite a new issuance this week.
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This entry was posted on Saturday, February 13th, 2010 at 9:04 pm and is filed under North America. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Thank You for bringing up this List. It was expected next considering the onslaught of news for the last two years. First we had the Foreclosure of Houses, Then Banks Closed, naturally the closure of Countries will follow. Any one looking for a soluton ? Here is the Man: Ron Paul – Cut Spending, End the Income Tax, Bring the Troops Home! http://youtu.be/aFULB0Vv_YE?a
Dear Sirs,
I would like very much to know (1) how the final ranking was calculates and (2) if every indicator was given the same weight to.
Best Regards
Gertrudes Mendonça
Is there any country that is not going to be affected by this?
where is the best place to move to?
What are your thoughts on the following places?
Costa Rica?
Balize?
South America?
Tailand?
Hi,
Will Singapore also go bankrupt? Is it ethical to use a new world order currency? It sounds like people can’t face up to the consequences of the bad decisions they had made about the economy and are wishing for an escape. But life doesn’t work that way, does it?
What about countries like China, India, Switzerland, Saudi Arabia, South Africa, North Korea?
Is there any safe place in this World?
This does not tell the true picture of debt because the governments of some countries have a seperate set of books of the real debt being carried by the countries and believe me the real debt is far larger than what anyone could think.
Why don’t we parade those who caused this mess in front of the people and make them accountable and repay the money they stole….
We keep referring to these people in the abstract, but there are names and companies that are directly responsible who have plundered the public in their insatiable greed and are walking unaccused and unpunished who are still profiting from this situation. They should be stripped of all they own and run through the streets for the greedy criminals that they are then thrown in jail for what borders on treason and forgotten except to show as an an example.
There are thousands of them, politicians, banksters, corporations, all who had a hand in this massive scam but they should all be brought to justice.
It sounds “Robspiere” but I think it should be done, and it can be done all that is required is the will. What we should be careful of is that it does not come from populous or there will be complete anarchy. When the situation, as it will, destroys peoples lives, then it is likely.
A massive crime has been committed that has destabilised the worlds economy, it cannot go unpunished or we will soon see a repeat of it. The entire monetary and banking systems should be reformed as a result. This is the duty of our elected governments who have failed their people so far, many are in collusion. It is time to purge the entire system.
this is unfair, we democratically put them there and they politically ill-treat us.
this is bad.