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Nigeria has oil too! I think many small debtor nations are starting to say, hell no, we won't pay either. It could turn into a tidal wave of defaults. If one small debtor can say no, others might take the opportunity to just.... default. Times are tough, do the default shuffle, everybody's doin it? $33 Billion is about 10% of Brazil. Watch the Oct elections in Brazil. Will da Silva default?
1 posted on 08/28/2002 1:20:09 AM PDT by BlackJack
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To: Cincinatus' Wife; backhoe; sarcasm; Clive; JanL
Here we go again !
2 posted on 08/28/2002 1:22:34 AM PDT by nopardons
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To: BlackJack
Maybe they could devise a new e-mail scam and use the proceeds to retire the debt.
3 posted on 08/28/2002 1:25:28 AM PDT by sarcasm
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To: BlackJack
I don't know what the government of Nigeria is like. How did they get into trouble?
4 posted on 08/28/2002 1:30:03 AM PDT by altair
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To: BlackJack
Why not default? Bono says its all our fault anyway.
5 posted on 08/28/2002 1:31:02 AM PDT by Straight Vermonter
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To: BlackJack
I can no longer pay my Citibank debt. I default. ooops.. I have no oil!
6 posted on 08/28/2002 1:31:34 AM PDT by operation clinton cleanup
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To: BlackJack
How about we merely repossess their nation. Britain and America get first choice. ;)

Regards, Ivan

7 posted on 08/28/2002 1:31:37 AM PDT by MadIvan
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To: BlackJack
Any outfit that lends Nigeria that kind of money deserves to be stiffed. Ehat a bunch of idiots. Nigeria while rich in oil has been having an internal struggle between Muslim and Christian factions for decades. So lets loan these less than civil fold the bank.
9 posted on 08/28/2002 1:34:57 AM PDT by Joe Boucher
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To: BlackJack
Argentina already has and you can bet your bottom dollar that Brazil will too. The ruling elites of course will not be harmed as their money is stashed away safely.

This is just another way for the internationalists to bring these countries into the fold.

There are hard times looming ahead and I suspect all of our troubles may turn out to be an orchestrated setup from the begining.

11 posted on 08/28/2002 1:44:03 AM PDT by Cacique
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To: BlackJack; nopardons
Nigerian president asked to resign - Troika member who joined S. Africa's Mbeki on Mugabe's fate***LAGOS, Nigeria - The Nigerian Parliament called for the resignation of President Olusegun Obasanjo for alleged misrule yesterday, deepening the political crisis in Africa's most populous country.***

Blocking a new axis of evil*** A new terrorist and nuclear weapons/ballistic missile threat may well come from an axis including Cuba's Fidel Castro, the Chavez regime in Venezuela and a newly elected radical president of Brazil, all with links to Iraq, Iran and China.

Visiting Iran last year. Mr. Castro said: "Iran and Cuba can bring America to its knees," while Chavez expressed his admiration for Saddam Hussein during a visit to Iraq. The new axis is still preventable, but if the pro-Castro candidate is elected president of Brazil, the results could include a radical regime in Brazil re-establishing its nuclear weapon and ballistic missile programs, developing close links to state sponsors of terrorism such as Cuba, Iraq and Iran, and participating in the destabilization of fragile neighboring democracies.

This could lead to 300 million people in six countries coming under the control of radical anti-U.S. regimes and the possibility that thousands of newly indoctrinated terrorists might try to attack the United States from Latin America. Yet, the administration in Washington seems to be paying little attention.***

Change of guard at Southern Command Army's Gen. James Hill takes charge*** Gen. James Hill took over on Tuesday as head of the U.S. Southern Command, leading the military fight against drug lords and terrorists in Latin America and the Caribbean. The Vietnam and Desert Storm veteran ''really is the perfect choice to lead the U.S. Southern Command,'' Joint Chiefs of Staff Gen. Richard Myers said. Hill, 56, has also served in the Pentagon and with a United Nations mission in Haiti. He left a post as commander of the Army's I Corps at Fort Lewis, Wash., to lead the Miami-based Southern Command.***

12 posted on 08/28/2002 1:54:45 AM PDT by Cincinatus' Wife
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To: BlackJack
Foreclose!
15 posted on 08/28/2002 2:15:10 AM PDT by MedicalMess
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To: BlackJack
Heck, D.C. lost 11 to 14 billion last year. Thats right! Totally gone. So, whats a billion anyways in todays economy?
19 posted on 08/28/2002 2:26:55 AM PDT by AndrewSmith
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To: BlackJack
Stone 'em!
20 posted on 08/28/2002 3:08:33 AM PDT by APBaer
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To: BlackJack
This is what is called "The Rule Of Law".Lets us all declare bankruptcy and start over.We can start from scratch with American Foreign Aid and we can work it out.
21 posted on 08/28/2002 3:28:47 AM PDT by gunnedah
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To: BlackJack
>>>Earlier this year, Nigeria parted company with the International Monetary Fund <<<

Ooopsey! Choose one:

a) Bite the hand that feeds you
b) Stiff the global loansharks
c) Go bankrupt

28 posted on 08/28/2002 6:00:09 AM PDT by fone
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To: BlackJack
No doubt Greenspan will rush him some of our hard earned money.
38 posted on 08/28/2002 6:52:25 AM PDT by OldFriend
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To: BlackJack
Why not invade? Isn't that the stock freeper answer these days?
44 posted on 08/28/2002 7:25:50 AM PDT by Austin Willard Wright
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To: BlackJack
Nigeria just defaulted on $33 Billion debt!

Could it be due to all those email giveaways of millions?
45 posted on 08/28/2002 7:26:11 AM PDT by aruanan
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To: BlackJack
Another typically corrupt and incompetent African government begins its swoon.

It's a source of never-ending amazement to me that the Western governments continue to pretend that these folks are capable of maintaining a civilized society.

The real reason for such pretense is, of course the intrinsic charm of the countries in question, which originally drove the colonization of the place. Nigeria's charm is measured mostly by the 55-gallon barrel. Other places feature a charming profusion of carats or troy ounces, or quaint cottage industries based on refractory metals.

Sure, you'll find the occasional (and invariably Western-educated) able statesman. You might even find a group of them, who might be able to maintain a government for a few years. Kenya seems to demonstrate that it's possible to maintain a relatively stable, if authoritarian, government. There have been only two post-colonial presidents in the past 40 years: Jomo Kenyatta, and Daniel Arap Moi, whose longevity in office is due almost entirely to their success in suppressing internal opposition. (It doesn't hurt, either, that Kenya had the most gradual and thorough de-colonization experience.)

There are many, many honest, decent, hard-working people in Africa. But for the most part Africans do not have any political tradition based on rule of law. They're still steeped in their ancient tribal customs, and as has been demonstrated with awful and bloody regularity, those tribal ties still bind very tightly.

The problem is that we want their stuff, and the only way to get it is to prop up governments of people with whom we can deal -- however many bribes it takes, and however many people they oppress.

46 posted on 08/28/2002 7:52:28 AM PDT by r9etb
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To: BlackJack
Jeez, and I was hounded and threatened with jail for owing California a $50 tax bill.
48 posted on 08/28/2002 9:06:34 AM PDT by rockfish59
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To: BlackJack
and the stock markets continue to tumble...
50 posted on 08/28/2002 9:23:58 AM PDT by Bill Davis FR
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