Re: Too soft, too open, too democratic?

[pdavidso <pdavidso@xxxxxxx>]

>===== Original Message From Gary Santos <evs@xxxxxxxxxxxx> =====
>Stranger than fiction. . .
>
 On Saturday September
>20th, the IMF officially agreed to roll over a large loan to Argentina
>without asking much of the government in return.



Not surprising -- because as Keynes noted when a man owes his banker 5 pounds
itds the man's problem, but when he owes the banker 500 pounds its the
banker's problem.  Agentina is the 500 pound debtor in the analogy.

by lending Argentina enough fuunds to service its debt to the IMF for the next
three years, the IMF (banker) converted a (bookkeeping) capital loss, into an
annual income earned!!  So what's so surprising???

Paul

Paul Davidson
Editor, Journal of Post Keynesian Economics
University of Tennessee
SMC 503
Knoxville, Tennessee 37996-0550
office phone #;(865)974-4221; office fax# (865)974-1686 or (865)974-4601
home phone and fax # (865)692-0802
email pdavidson@xxxxxxx
http://econ.bus.utk.edu/davidsonextra/Davidson.html