Confidence in Ecuador Stands at Zero
September 18, 2008 ECrisis takes a jaundiced eye toward fools who lie about the essentials of a nation and refuse to state the facts. We hold them every bit as responsible as used car dealers who lie about a used car which has no engine while hawking its operability. Caveat emptor is the new replacement for these UNASUR member nations- no rules, no standards, no norms, no truth telling- just propaganda and make believe law and order. But as we see in Ecuador, at some point all the lies and all the paid propaganda does not work as confidence is shattered. To date, no one- no one legitimate that is, has any confidence in Correa's communism for Ecuador nor on his self proclaimed total control over all aspects of Ecuador's finances, its future and its capacity to move ahead....all because Correa is incompetent, dishonest and manipulative. Anyone who actually believes what Correa spews is a fool, never mind that the US Department of State parrots Correa's propaganda and lies for reasons inexplicable to us. The 9-17-08 Bloomberg's article noted, "Latin American Leaders Seek to Bolster Confidence ....President Cristina Fernandez de Kirchner said the economy was `holding fast' while the U.S. is `collapsing like a bubble.'...Latin American stock markets this week saw their sharpest sell-off since Brazil devalued its currency in January, 1999..."
We are not sure why Sra Kirchner, always cocktail party ready, likes to pretend that her family leadership is not a scofflaw/dead beat gang and leads her corrupt nation to enjoy her propaganda- and badly misinformed at that- to spew that the USA is collapsing. Like her legal analysis, her economic analysis is even worse. We cannot imagine what new lies she will concoct on Monday as she rings the Opening Bell at NASDAQ on Wall Street.
Restoring confidence in Latin markets requires more than just ringing bells, wearing Kirchner cocktail party clothing, more than meeting with Chavez and FARC agents in the jungle, more than Argentina's current drug legalization regulations, more than taking illegal millions from Chavez's extortion gangs for campaign monies, and certainly more than lying to the American public, even as George Soros is one of the largest property owners in Argentina and now Uruguay and Brazil.
As for Ecuador, Rafael Correa- who is not and has never been an economist but was always a political actor who enjoyed blaming economists and all others around him while eschewing Marxism, has a very long way to go to make Ecuador look respectable, his hyperactive flurry of lobbying detailed and dispatched minions notwithstanding.
And while Correa is busily merging Ecuador with Hugo Chavez's Russo-Iranian cartel, the facts are that Ecuador cannot afford Rafael Correa's wild eyed financial schemes, which are mostly re runs of Cuba's provincial governments as a pass off while insuring that totalitarian powers over all are....his alone inside Carondelet Palace. Ecuadoreans still foolishly look for a new Messiah...to save them from themselves, to save them from having to do anything meaningful with their lives or their spirit while approving communism to insure that no Ecuadorean ever has to be an adult or has to be responsible for anything while living off of someone else's money and even handing out fake new state religions to make them feel normal about their dishonesty when nothing is normal about the fraud that is Correa.
To accomplish all this, Correa has handed over all profits, proceeds and even the military and security to outsourcing deals....with the jointly run Chavez Russo-Iranian cartels. Ecuador has ceased to exist. There will be no comfort- no comfort at all, which also means confidence in the future- under this regime plan.
Here are some unassailable facts from today's WALL STREET JOURNAL, "Other emerging markets have been hit hard in recent weeks, particularly the natural resource-driven economies. But Russia's is the worst performing market in the world this year. The decline from the all-time high in May wiped out $680 billion in value; Russia's entire GDP was just $1,286 billion as of last year. On Tuesday, the main ruble-denominated index was off 11.2%, the steepest fall since the 1998 ruble crisis. It plummeted yesterday as well, before regulators stopped trading for good at midday. Each of the past three days, the Russian central bank injected over $10 billion into the money market, and also moved to prop up the ruble. The Kremlin yesterday lent the country's three largest banks $44.9 billion. Thanks to the oil and gas windfall of the past few years, Russia has built up a $573 billion reserve war chest that can tide the financial system over for a while and avoid a rerun of the 1998 crisis. Not forever, especially if oil prices continue their fall. Russia's economy is hugely dependent on natural resources. In good times, the Kremlin pocketed the billions and didn't worry about pushing economic reforms. The outside investment needed to diversify was discouraged by the Kremlin's backsliding on the rule of law. Now the drop in crude prices is squeezing the country's blue chips and the Kremlin's coffers, even though on the current budget the Russian state will break even with oil at $70 a barrel or above."
Russia, like the Chavez-Correa-Ahmadinejad triad, is lost in its own corruption....because it wants no part of rule of law. Russia, like Venezuela, Bolivia and Ecuador, has a monolithic economy based on oil and gas plus drug and weapons running. This they tell us is to help the poor. The poor are not helped at all this way. Chavez and Correa legally banish truth telling, called neo-liberalism and legalize all that should never be legitimized. In desperation, Chavez and Correa simply hire more paid propagandists and lobbyists to lie a lot to this world...to help the poor. The poor are never helped under communism.
Indeed, the USA recently lied a lot about helping "its poor" with massive scams to offer homes to folks who could never afford the mortgages to begin with. This of course was a cover to expand a "service" that served no one and nothing- called derivatives swaps. Latin America's preferred diplomat, as Jorge Insulza of the OAS calls him, knows a lot about paperless products called derivatives swaps- bets that matters will stabilize or not. But the JOURNAL goes on today to note, "Among its many products, AIG offered insurance on derivatives built on other derivatives built on mortgages. It priced those according to computer models that no one person could have generated, not even the quantitative magicians who programmed them. And when default rates and home prices moved in ways that no model had predicted, the whole pricing structure was thrown out of whack. The value of the underlying assets -- homes and mortgages -- declined, sometimes 10%, sometimes 20%, rarely more. That is a hit to the system, but on its own should never have led to the implosion of Wall Street. What has leveled Wall Street is that the value of the derivatives has declined to zero in some cases, at least according to what these companies are reporting."
What has leveled Wall Street is that the Soros style of bank runs....derivatives now valued at zero...has laid them low even as Soros's own Barack Hussein Obama is lecturing the USA that George Soros and Obama's paid employee Paul Volker has yet another rescue plan...for the fools who were stupid enough to fall for the Soros derivatives Ponzi scheme to begin with, also called the US Democratic congress and voters today. But Soros today also runs most of the USA's so called NGO actors in the Andes while becoming a full partner in PetroBras and busily buying up commercial and farm producing holdings in Uruguay, Argentina and Brazil. His philanthropy, as he calls it, is to establish his presence which usually leads to his buy ins. What we are not sure about yet is why Soros and his minions still want us all to pretend that criminal cartels in the new narcostates of Bolivia, Ecuador and Venezuela- sitting on top of gas, oil and drugs- are better served under his plan of opacity and criminality rather than....more functioning rule of law, which Soros's own employees have banished from the Andes almost single handedly while telling us all for years....that this has not been helping the poor.
We remind: these schlubbs sold derivatives mischief for years supposedly to help the poor in the USA. This was called philanthropy. Greed never helps the poor.
Indeed, Soros's rackets help nothing but himself and his one world new communist alliances.
While never honest and always self enriching, Brazil's Lula saw Brazil's markets reach their lowest levels in a year this week. Never one to be a friend to the USA- and always willing to stab the USA in the back and strengthen his business alliance with Soros and Chavez, it is noted that "Brazilian President Luiz Inacio Lula da Silva took the sell- off in stride. When asked about the crisis yesterday by reporters he joked: `What crisis? Go ask Bush.' '' This is not taking any crisis in stride but dishonestly blaming President Bush for matters not in his hands.
More importantly. Lula is sending his military hardware and surveillance to Bolivia. This paramilitary style help and sales are supposedly at Morales's request because Chavez's military is far too obvious and could see Chavez appropriately booted from the OAS and the UN, as he should be anyway. Morales's own military refuses to work side by side with Chavez's ham fisted booted thugs anyway. But Lula at the UNASUR confab urged that Chavez be turned away and that he instead would do the protection sales to Morales...to insure that PetroBras still got its gas from Bolivia and that those pesky pro democracy actors were monitored and militarily checked to help insure that Morales will have and hold his Chavez-written communist constitution.
Latin America's governments today are nothing but protection rackets and extortionists for criminal cartels hiding behind helping the poor under communism and drug running while fleecing the hemisphere. Ridiculously, solidarity to these communist cretins is often more hollow than not. The AFP reports, "Nicaraguan President Daniel Ortega has said he will not go to a Central American summit this month to be attended by US President George W Bush out of solidarity with Bolivia, which is embroiled in a diplomatic row with the US." We are not sure what that means. Is Ortega man enough to rip up the benefits of CAFTA or is he just willing to play games and manipulate a lot? Why do Latins want elected leaders who are lying, manipulative adolescents? Do they not get enough of this at home?
-Pedro Camargo for ECrisis
We are not sure why Sra Kirchner, always cocktail party ready, likes to pretend that her family leadership is not a scofflaw/dead beat gang and leads her corrupt nation to enjoy her propaganda- and badly misinformed at that- to spew that the USA is collapsing. Like her legal analysis, her economic analysis is even worse. We cannot imagine what new lies she will concoct on Monday as she rings the Opening Bell at NASDAQ on Wall Street.
Restoring confidence in Latin markets requires more than just ringing bells, wearing Kirchner cocktail party clothing, more than meeting with Chavez and FARC agents in the jungle, more than Argentina's current drug legalization regulations, more than taking illegal millions from Chavez's extortion gangs for campaign monies, and certainly more than lying to the American public, even as George Soros is one of the largest property owners in Argentina and now Uruguay and Brazil.
As for Ecuador, Rafael Correa- who is not and has never been an economist but was always a political actor who enjoyed blaming economists and all others around him while eschewing Marxism, has a very long way to go to make Ecuador look respectable, his hyperactive flurry of lobbying detailed and dispatched minions notwithstanding.
And while Correa is busily merging Ecuador with Hugo Chavez's Russo-Iranian cartel, the facts are that Ecuador cannot afford Rafael Correa's wild eyed financial schemes, which are mostly re runs of Cuba's provincial governments as a pass off while insuring that totalitarian powers over all are....his alone inside Carondelet Palace. Ecuadoreans still foolishly look for a new Messiah...to save them from themselves, to save them from having to do anything meaningful with their lives or their spirit while approving communism to insure that no Ecuadorean ever has to be an adult or has to be responsible for anything while living off of someone else's money and even handing out fake new state religions to make them feel normal about their dishonesty when nothing is normal about the fraud that is Correa.
To accomplish all this, Correa has handed over all profits, proceeds and even the military and security to outsourcing deals....with the jointly run Chavez Russo-Iranian cartels. Ecuador has ceased to exist. There will be no comfort- no comfort at all, which also means confidence in the future- under this regime plan.
Here are some unassailable facts from today's WALL STREET JOURNAL, "Other emerging markets have been hit hard in recent weeks, particularly the natural resource-driven economies. But Russia's is the worst performing market in the world this year. The decline from the all-time high in May wiped out $680 billion in value; Russia's entire GDP was just $1,286 billion as of last year. On Tuesday, the main ruble-denominated index was off 11.2%, the steepest fall since the 1998 ruble crisis. It plummeted yesterday as well, before regulators stopped trading for good at midday. Each of the past three days, the Russian central bank injected over $10 billion into the money market, and also moved to prop up the ruble. The Kremlin yesterday lent the country's three largest banks $44.9 billion. Thanks to the oil and gas windfall of the past few years, Russia has built up a $573 billion reserve war chest that can tide the financial system over for a while and avoid a rerun of the 1998 crisis. Not forever, especially if oil prices continue their fall. Russia's economy is hugely dependent on natural resources. In good times, the Kremlin pocketed the billions and didn't worry about pushing economic reforms. The outside investment needed to diversify was discouraged by the Kremlin's backsliding on the rule of law. Now the drop in crude prices is squeezing the country's blue chips and the Kremlin's coffers, even though on the current budget the Russian state will break even with oil at $70 a barrel or above."
Russia, like the Chavez-Correa-Ahmadinejad triad, is lost in its own corruption....because it wants no part of rule of law. Russia, like Venezuela, Bolivia and Ecuador, has a monolithic economy based on oil and gas plus drug and weapons running. This they tell us is to help the poor. The poor are not helped at all this way. Chavez and Correa legally banish truth telling, called neo-liberalism and legalize all that should never be legitimized. In desperation, Chavez and Correa simply hire more paid propagandists and lobbyists to lie a lot to this world...to help the poor. The poor are never helped under communism.
Indeed, the USA recently lied a lot about helping "its poor" with massive scams to offer homes to folks who could never afford the mortgages to begin with. This of course was a cover to expand a "service" that served no one and nothing- called derivatives swaps. Latin America's preferred diplomat, as Jorge Insulza of the OAS calls him, knows a lot about paperless products called derivatives swaps- bets that matters will stabilize or not. But the JOURNAL goes on today to note, "Among its many products, AIG offered insurance on derivatives built on other derivatives built on mortgages. It priced those according to computer models that no one person could have generated, not even the quantitative magicians who programmed them. And when default rates and home prices moved in ways that no model had predicted, the whole pricing structure was thrown out of whack. The value of the underlying assets -- homes and mortgages -- declined, sometimes 10%, sometimes 20%, rarely more. That is a hit to the system, but on its own should never have led to the implosion of Wall Street. What has leveled Wall Street is that the value of the derivatives has declined to zero in some cases, at least according to what these companies are reporting."
What has leveled Wall Street is that the Soros style of bank runs....derivatives now valued at zero...has laid them low even as Soros's own Barack Hussein Obama is lecturing the USA that George Soros and Obama's paid employee Paul Volker has yet another rescue plan...for the fools who were stupid enough to fall for the Soros derivatives Ponzi scheme to begin with, also called the US Democratic congress and voters today. But Soros today also runs most of the USA's so called NGO actors in the Andes while becoming a full partner in PetroBras and busily buying up commercial and farm producing holdings in Uruguay, Argentina and Brazil. His philanthropy, as he calls it, is to establish his presence which usually leads to his buy ins. What we are not sure about yet is why Soros and his minions still want us all to pretend that criminal cartels in the new narcostates of Bolivia, Ecuador and Venezuela- sitting on top of gas, oil and drugs- are better served under his plan of opacity and criminality rather than....more functioning rule of law, which Soros's own employees have banished from the Andes almost single handedly while telling us all for years....that this has not been helping the poor.
We remind: these schlubbs sold derivatives mischief for years supposedly to help the poor in the USA. This was called philanthropy. Greed never helps the poor.
Indeed, Soros's rackets help nothing but himself and his one world new communist alliances.
While never honest and always self enriching, Brazil's Lula saw Brazil's markets reach their lowest levels in a year this week. Never one to be a friend to the USA- and always willing to stab the USA in the back and strengthen his business alliance with Soros and Chavez, it is noted that "Brazilian President Luiz Inacio Lula da Silva took the sell- off in stride. When asked about the crisis yesterday by reporters he joked: `What crisis? Go ask Bush.' '' This is not taking any crisis in stride but dishonestly blaming President Bush for matters not in his hands.
More importantly. Lula is sending his military hardware and surveillance to Bolivia. This paramilitary style help and sales are supposedly at Morales's request because Chavez's military is far too obvious and could see Chavez appropriately booted from the OAS and the UN, as he should be anyway. Morales's own military refuses to work side by side with Chavez's ham fisted booted thugs anyway. But Lula at the UNASUR confab urged that Chavez be turned away and that he instead would do the protection sales to Morales...to insure that PetroBras still got its gas from Bolivia and that those pesky pro democracy actors were monitored and militarily checked to help insure that Morales will have and hold his Chavez-written communist constitution.
Latin America's governments today are nothing but protection rackets and extortionists for criminal cartels hiding behind helping the poor under communism and drug running while fleecing the hemisphere. Ridiculously, solidarity to these communist cretins is often more hollow than not. The AFP reports, "Nicaraguan President Daniel Ortega has said he will not go to a Central American summit this month to be attended by US President George W Bush out of solidarity with Bolivia, which is embroiled in a diplomatic row with the US." We are not sure what that means. Is Ortega man enough to rip up the benefits of CAFTA or is he just willing to play games and manipulate a lot? Why do Latins want elected leaders who are lying, manipulative adolescents? Do they not get enough of this at home?
-Pedro Camargo for ECrisis
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