Re: Fw: [stop-imf] Africa should not pay its debts - Jeffrey Sachs

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In a message dated 7/10/2004 12:27:28 PM Central Standard Time,   [EMAIL PROTECTED] writes: Sachs has always been basically a man of the left, and has been saying sensible things about sovereign default fo longer than anyone else I can remember (including me and Richard Portes).  Perhaps the whole Harvard Institute thing should be viewed by revisionist historians as a brief aberration in the career of a basically good bloke.   dd       Comment   There is some basic economic common sense involved in exchange and debt. As long as I owe the banks and financial institutions $50,000 and a house mortgage I have a problem . . . a debt problem.   When the banks allow me to run my debt up to $1,000,000 - and I am making ever humanly possible effort to attain this goal ... they have the problem. $50K . . . my problem . . .  $1m . . . the banks problem. And I have forbidden the wife from us ever discussing insurance to cover our debt.   Africa cannot pay its debt and the Russians are stopping payments here and there. Putin is burning the midnight oil . . . and the shift is going to hit the fan. What is taking place is the first wave of political assertions of the real social revolution. Sorry if it does not conform to the text in ones head.   Melvin P.