Website review: Web of Debt - Chapter 22
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•1 reviews since Jul 19, 2007
economics
•webofdebt.com/excerpts/chapter-22.php
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dukenstein rated 3 months ago- A quote from the "Tequila Trap" chapter: "The lure in the trap is the promise of massive dollar investment. At first, returns are spectacular. But as with every Ponzi scheme, the returns eventually collapse, leaving the people massively in debt to a foreign banking cartel that will become their new economic masters. The former Soviet states, the Tiger economies of Southeast Asia, and the Latin American banana republics all succumbed to these rapacious tactics. Local ineptitude and corrupt politicians are blamed, when the real culprits are international banking speculators armed with tsunami-sized walls of "credit" created on computer screens. Targeted countries are advised that to attract foreign investment, they must make their currencies freely convertible into dollars at prevailing or "floating" exchange rates, and they must keep adequate dollars in reserve for anyone who wants to change from one currency to another. After the trap is set, the speculators move in. Speculation has been known to bring down currencies and national economics in a single day."
