cj#436> re: Philippine assets & debts

1996-01-23

Richard Moore

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Date: Tue, 23 Jan 1996
Sender: •••@••.••• (John Lowry)
Subject: Re: cj#434> re: developing countries & blame

> ...
>Soon after Marcos was tossed out on his ear, the new Philippine
>gov't made noises about only paying back that portion of their
>international debts that could be traced as having actually been
>spent on developmental work.  The rest, presumably pocketed by
>Marcos and company, would not be considered a valid debt.
>
>I never heard any more about this.  Has this interesting idea
>popped up again anywhere else ?
>
>/fred
>
>

Not exactly, but, at about the same time, a Swiss court ruled that money on
deposit in Marcos' name actually belonged to the government of the
Phillipines -- and that was a new rule in the world at the time.

Also, up here in northern California, our Democratic Congressman (who got
tossed in the last election) proposed swaping S&L liability for title to
some old-growth redwood forest here.

Anyway, in the immortal words of some economist whose name I can't remember
right now, "debt is a handy substitute for the whips and chains of the
slavemaster," so I don't expect it will be reduced much so long as we
continue to recognize "money."

jl

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 Posted by Richard K. Moore (•••@••.•••) Wexford, Ireland
 •••@••.•••  | Cyberlib=http://www.internet-eireann.ie/cyberlib
    Materials may be reposted in their entirety for non-commercial use.
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