December 17, 2008  Do not say we did not warn you. Do not say that we were not disgusted and have pointedly objected to the United States of America soothing Rafael Correa's adolescent temper tantrums and phony data reports, also called lies, to calm him down and like all good enablers and co-addicts, the dishonesty of the U.S. Department of State to fail to cease co funding and serving as a co addict to Correa's adolescent tirades has gotten the USA in to trouble as ridiculously incompetent and disastrously ruinous- a failed partner for any truth teller about the Andes. This is not good. Claiming to retain Ecuador as a partner by giving in to its adolescent demands, the USA has lost everything in Ecuador including its status as a truth teller and functional partner, being seen today as a co partner in economic crime and narcotics increasing foolishness and not for progress. But the USA deemed it best to be lazy and irresponsible and throw over all warning signs of the dictatorial little tyrant Rafael Correa to better enable his...what did they call it-? friendship and allied relationship with the USA. We remind that friendships and relationships with narcissistic manipulative persons are always and everywhere dishonest, are not functional relationships and are always about serving the manipulator and never functional reality. No one ever ever ever wins in these addicted to manipulation relationships. And there is no question that the U.S. Department of State by refusing to stand up for local truth tellers, by refusing to assist USA businesses whose assets were stolen in the billions of dollars, edging now closer to topping over $10 billion if one combines Occidental and the current bond market manipulations...add in the whopping almost $50 billion in combined phony law suits waged by Correa against Chevron Texaco and you see before you a nation which intends to self enrich by stealing from others and from phony law suits levied through the help of jiggered justice and overpaid lobbyists who are close friends to Barack Hussein Obama and have deep roots in spreading propaganda and rank lies. The USA had no business in supporting this disgusting cartel in Quito but it did and it does- pouring illegally tens and tens of millions last year alone in to boosting the fake reports that Correa is wonderful when he is not. Next year, as Ambassador Hodges aberrantly and embarrassingly soothes, should be a banner year under Obama for amassing more propaganda and support lies for Correa through the Soros group activists in Quito to protect their newly created narcostate through US AID's lies and mis spent millions. But as with all manipulative relationships, eventually we see what happens.
 
In this case, we know that Ecuador is now a failed state- a dishonest and manipulative nation, proud of its record to deceive and manipulate because that is what they are taught in their schools and homes. It is an ethic born across the faces that can be seen in every mirror across Ecuador. Or can be seen in the massive amounts of Ecuadoreans so easily seduced by Correa's lies that they abandon their own primordial need to live honest lives, running away, explaining that they are "too busy" with their holiday partying and their need to babysit more and more broken systems which call their attention....because their system was broken down to begin with, never being rooted in honesty or respect or functional structures but instead in the heady addiction to manipulating all of life under their increasing need to control and gain Something for Nothing.
 
You can run and hide. You can lie all you want. You can manipulate your family, your schools, your church and your work place with false ethics and fake, shallow irresponsible excuses for your empty honor. But you cannot escape the facts that your broken down life of manipulations is now exposed publicly and that Ecuador's addiction to living off of others must now end because the entire system of crime legalizing, to make the manipulators feel better, has placed Ecuador in the same failed category as Haiti, Zimbabwe and Lebanon. Ecuadoreans are losers because they refuse to stop manipulating themselves and their now failed nation state.

Indeed, Ecuadoreans have manipulated themselves in to failure where no one likes them, trusts them nor welcomes them because Ecuadoreans are all about manipulating everything they touch and have made no effort to restrain this madness. And it is madness. But Ecuadoreans cannot even bring themselves to know what the rest of the world knows: Correa is mad, sick, a narcissistic tyrant who has led this nation to genuine suicide when its own national budgets could have been tripled over the last two years but instead are depleted, empty/bankrupt because Correa stole your money to sell you on his pathetic socialist-Marxist narcostate under his regional cartel controls. And you did nothing except complain that it is not your fault and you were only doing what you do best: being manipulative and lazy. This has cost this land its entire sanity, as always happens when manipulative relationships are in play.

Integrity, respect and honor always are the first to go to protect the manipulator, for whom one is made to feel sorry for. STOP feeling sorry for your manipulator: they can grow up and be adults. Correa could grow up and be responsible but Ecuadoreans now protect his manipulations and revere his tawdry and dishonest ploys with their total beings. This is wrong. The co enablers are just as guilty as the primary actor. This is called being an "accomplice" or handmaiden to crime and dishonesty. You know what it looks like: it is you.
 
You enable Ecuadorean crime every time you pretend that you cannot do anything about Correa's cartel crime spree. You enable Ecuadorean crime every time you pretend that you do not need to be charitable because you pay your taxes and can distribute used goods to your employees or cheap gifts at Christmastime when in fact you ignore the rising tide of real poor. You assist in growing poverty- rank hard poverty- every time you refuse to stand up to Correa's lies which destroy Ecuador's economy and breaks all bonds of international norms, standards and trade. You alone are guilty as a handmaiden to Correa's crimes by pretending you are not smart enough to understand his essential crimes when in fact you have all the moral tools you will ever need called the TEN COMMANDMENTS, available to every single Ecuadorean from birth. Instead you raise your children from birth to believe that the TEN COMMANDMENTS belong to someone else and that they are so special and unique that they have a nascent right to ignore even the TEN COMMANDMENTS. You know this is so because, by doing nothing, you voted for a constitution that legalizes theft, bribery, narcotics and even a fake now state polytheism. You did this because you felt it best to be manipulative and support a fake legitimacy for Ecuador, assuming as you have been taught that you could get away with it. And Correa even told you to not even read his pathetic new constitution and like an utter fool, you agreed and never once studied what you voted for. Then again, the government of the United States of America never reviewed this constitution that they poured tens of millions of dollars in to supporting either, pretending that George Soros and his idiots are right that Ecuador is best run as a narco state and that the USA must break its own laws, including ignoring the TEN COMMANDMENTS and approve Ecuador's grand thefts, grand lies and political propaganda. There is a better way.
 
Because of your unquestioning support for Correa, you have self imprisoned yourself, your family and your businesses. This is what always happens to addicts and enablers of manipulative living: they are self imprisoned. The only antidote is honesty and honorable behaviors but these addicts consider that it is better to abandon honor and honesty rather than listen to yelling bouts by the childish, screaming, screeching demanding Rafael Correa. Nationwide enablers are soothed to yield, give in, abandon common sense and their own integrity to prevent these childish outbursts, giving the petty tyrant what he wants anyway. As we see with Correa, who is evil, he now tells us all that it is all Ecuadoreans who are responsible for this sorry state and in this he is right: Ecuadoreans give him their money so he does not have to do any work but steal some more, Ecuadoreans vote for this Correa without any fact checking- lazily believing his propaganda because it is easier than actually acting responsibly and Ecuadoreans pretend that honor and integrity matter nothing as long as the money keeps rolling in. The money will not keep rolling in. Your life as an addict to manipulative living has just ended but you are so addicted that you do not see this yet.
 
Nations cannot survive without credit or credibility. Correa has long preached phony Marxism- even in his so called economic studies in the USA which were not studies but political gaffes. Correa is a buffoon and an idiot but Ecuadoreans love to love their manipulator and enable his crimes which always will kill their spirit, their integrity and their honor by degrees and then by totality. There is no manipulating your way out of the prison you have built for yourself. It simply cannot be done. But you can stand up and call for honorable and honest living for once in the last 15 years. You can remove the tyranny of the manipulators but first you must recommit to your own honor which you long ago sold out to the manipulators. There is always hope.
 
Here is what we know today: BLOOMBERGS correctly reports: “If you can’t grow credit, you can’t grow your economy.” 
Correa's essential; dishonesty, contrary to the cheerful dishonest reports by the U.S. Department of State and every U.S. Democrat who praises Correa's dishonesty and narcozone end games, has just killed Ecuador's economy. It is that simple and you should be very upset at Correa....and your schools and your families and your media and yourself. But you are so busy manipulating every little silly detail around you that you have failed to understand the essentials here. No nation will have credit- a sustainable economy- without trust.
 
So while you are busy making excuses for your own untrustworthy behavior, always enabling the destabilizing efforts, know that you are on a failed mission which imprisons you in a nasty prison of your own making with no doors and no windows big enough for you.
 
This is the key point from today's BLOOMBERGS to remind that dollarization is the one and only stabilizer in Ecuador's chaotic, unstable childish world view, not that Ecuadoreans ever even deserved the use of the US dollar anyway and roundly failed to maximize its stabilizing presence, once again like all good manipulative families pretending that Ecuador was "entitled" to the US dollar and once gifted, that was all anyone had to do, which is not true. But here is the truth.: "Growth in Ecuador’s $44 billion economy will slow to 2.1 percent in 2009 from 5.9 percent this year, according to New York-based Merrill Lynch & Co. Steven Hanke, the professor of applied economics at Johns Hopkins University in Baltimore who advised Ecuador on its switch to the dollar in 2000, said Correa may have difficulty abandoning a policy that has popular support. `Dollarization provided an anchor of stability and kept interest rates and inflation low,' Hanke said. `The consequences of abandoning dollarization would be quite negative. He needs to convince the population that he’s right and they’re wrong.'  The last country to give up the dollar as its currency was Liberia in 1985, Hanke said."
 
And know this: no one- no one at all has worked harder to encourage Ecuador to apply dollarization to open up and grow its economy than Dr. Steve Hanke.

President Rafael Correa of Ecuador hates Hanke because Hanke is not an addict to manipulation. Hanke is not "Correa's economist" who is named Dr. Joe Stigletz, who also works for and with George Soros who sells the narcocartel states grand schemes.

Steve Hanke is the godfather of Ecuador's life line called dollarization. But Ecuadoreans are so addicted to manipulation, as instructed daily in their home lives, that they cannot even be honest about Steve Hanke whose help and support cost Ecuador not one penny. We read in local media almost daily from Ecuadorean "economists" who tell us all about dollarization and their work simply lifts Hanke's research, which not one Ecuadorean has ever performed credibly. But Ecuadoreans do not even give Hanke credit and this exhibits the self imprisoning debauchery. Rather, all Ecuadoreans should welcome an honest and open discussion about their economic plans for it is what will make or break this land in the coming months. Stop running away, stop hiding and stop pretending that your self imprisonment and soon complete bankruptcy is inevitable because you can still chose to welcome in the unmanipulative and discard the dishonest.

Joe Stiglitz is not going to help you. Congressman Jim McGovern is not going to help you in the US Congress. Barack Hussein Obama is not going to help you in the White House. You can help yourself by having and holding for once in a very very long time the truth. It is that simple. And then you must act to get out of your prison of your own making. The key to the door of your prison cell life is daily responsible honorable living- not addiction to manipulation. You alone can walk out of disgrace and bankruptcy but you had better hurry: Correa is selling you more manipulations constantly in order to force foolish Ecuadoreans to believe more of his lies and re elect his evil in perpetuity. The election is slated for April, unless Correa calls for marshal law which he is likely to do and Ecuadoreans will be soothed in to even more irresponsible non-response to his dictatorship feeling good about themselves that their home prisons are great and their hollow lives still do not need to reform.

And because Ecuadorean media is today incompetent to report the profound disgrace underway to Ecuador by its people and for its people and the attendant bankruptcy ensuing because Ecuadoreans refuse to be honest, here is today's entire BLOOMBERGS article:
   
Ecuador May Be Forced to Scrap Dollar After Defaulting on Debt

By Lester Pimentel and Matthew Walter
Dec. 17 (Bloomberg) -- Ecuador’s default on $3.9 billion of international bonds means it’s only a matter of time before the country drops the U.S. dollar as its currency, Goldman Sachs Group Inc. says.

Ecuador’s use of the dollar gives President Rafael Correa no outlet for providing credit to the economy as access to foreign financing dries up and revenue from sales of oil, the nation’s biggest export, tumbles. Correa, a critic of so-called dollarization, also may use the default as an excuse to abandon the policy, said Alberto Ramos, a Latin America economist with Goldman in New York.

“Fiscal pressures will increase at the same time that the economy starts to underperform,” Ramos said in an interview. “I would not make a bet that we will have dollarization in three to five years.”

Ecuador joined Panama and El Salvador in adopting the dollar in 2000 to help curb inflation after the sucre tumbled 73 percent against the dollar and the government defaulted on $6.5 billion of foreign debt. While the dollar policy has cut inflation to 9.1 percent from 91 percent in 2000, it provides the government less flexibility as the economy slows, said Albert Bernal, head of fixed-income research at Bulltick Securities Inc. in New York.

“Exiting dollarization is not a question of ‘if’ but ‘when,’” said Bernal, a former Bear Stearns Cos. analyst whose Miami-based firm specializes in Latin America. He predicts Correa will reinstitute a local currency within one to two years.

“If you can’t grow credit, you can’t grow your economy,” Bernal said. “This will lead them to exit dollarization.”
‘Anchor of Stability’

Growth in Ecuador’s $44 billion economy will slow to 2.1 percent in 2009 from 5.9 percent this year, according to New York-based Merrill Lynch & Co.

Steven Hanke, the professor of applied economics at Johns Hopkins University in Baltimore who advised Ecuador on its switch to the dollar in 2000, said Correa may have difficulty abandoning a policy that has popular support.

“Dollarization provided an anchor of stability and kept interest rates and inflation low,” Hanke said. “The consequences of abandoning dollarization would be quite negative. He needs to convince the population that he’s right and they’re wrong.”
The last country to give up the dollar as its currency was Liberia in 1985, Hanke said.

Correa, a 45-year-old economist who earned his Ph.D. at the University of Illinois at Urbana-Champaign, called the currency system “a complete failure” in an April 2007 speech in Guayaquil, Ecuador’s largest city.

‘Not a Fan’

Even though Ricardo Patino, Correa’s policy minister, said Dec. 15 that the default won’t bring an end to dollarization, Goldman Sachs’ Ramos said the government is unlikely to maintain the policy.

“We know that Correa is not a fan of dollarization,” Ramos said. “I don’t think he’ll go the extra mile to defend dollarization.”
Ecuador will seek to force a “big discount” on holders of its $3.9 billion of foreign bonds in a restructuring, Correa said Dec. 13. The day before, he said the government would skip a $30.6 million interest payment on one of the country’s three bonds because the debt is “illegitimate” and “illegal.”

An audit commission created by Correa found irregularities in the debt in a November report. All three securities trade at less than 25 cents on the dollar, indicating investors expect Ecuador to offer the smallest payout of any sovereign debt restructuring since World War II, said Arturo Porzecanski, an international finance professor at American University in Washington.

Inflate Oil Proceeds
The 2012 bonds fell 4 cents yesterday to 14 cents. The bonds traded at 31 cents on Dec. 11 and 97.5 cents three months earlier, according to JPMorgan Chase & Co. The $2.7 billion of bonds due 2030 are trading 22.73 cents while the $650 million of bonds maturing in 2015 are at 17 cents.

Correa may impose limits on capital flows and bank deposits to keep money in the country before changing the currency policy because giving up the dollar won’t be easy, said Eduardo Levy- Yeyati, head of emerging-market strategy at Barclays Capital Inc. in New York.

“You have to reintroduce a new currency for which there is no longer demand,” Levy-Yeyati said.

Such a change would enable Ecuador to weaken its exchange rate and increase revenue in local currency terms from sales of oil, which accounts for 60 percent of the nation’s exports. Oil has tumbled 70 percent from a record $147.27 on July 11.

“Correa’s only choice for growing the economy is the public sector,” said Bernal at Bulltick. “The lower the price of oil goes, the more the need for Correa to deliver on the fiscal front. Ecuadoreans will only live with Correa as long as they have expectations of growth.”
To contact the reporter on this story: Lester Pimentel in New York at lpimentel1@bloomberg.netMatthew Walter in Caracas at mwalter4@bloomberg.net
 
Pay attention here: Steve Hanke handed Ecuador a road map for economic prosperity, based on real time facts. This seminal presentation at Universidad San Francisco in October 2003 was boycotted by the U.S. Embassy because their team preferred the tender manipulative mercies of paying liars like Noam Chomsky and Joe Stiglitz to preach the Soros gospel or narcotized Marxism and that Embassy still is infused with this aberrant foolishness, telling anyone who will listen that everything is going to be all right because Obama will pour more money in to Ecuador and will protect Correa's right to steal from honest people and run a narcocartel. And they believe that Hillary Clinton's new Department of State will bless this fraud. For our part, we note the crime underway in this scam. Not that Hillary will ever stand up to Soros even though he has stabbed her in the back. But rather, the facts of Ecuador's crimes are so obvious now that no one can continue to lie and pour money down Correa's rat hole. Even Hillary and Obama cannot be forced in to this charade much longer because Ecuador just merged with Iran and has bankrupted itself while stealing from Americans. Neither Obama nor Hillary can be outed as defending treason against their own. And they will be if the Pelosi-Reid-Soros plans for Ecuador's debased Correa proceed as planned. Again, we pray that the USA's Tom Shannon calls Hodges in for instructions now. But Shannon has not yet seen fit to instruct on any dishonesty coming from the Andes these days, no doubt assuming he will be rewarded with a new post under his likely successor Chucky Schumer's own boy. Indeed, Hodges is blessing a failed narcostate which steals from the USA and she needs to cut this out. But Hodges is known to bless failed states as she blessed the Montesinos-Fujimori drug running scams and weapons air drops of rifles to the FARC in the jungles of Colombia. Hodges is a Peter Romero-George Soros girl. Ambassador Hodges lives inside a bubble while taking her instructions from her pro FARC U.S. Democratic party leaders in the U.S. Congress and her Soros-backed neo Marxist contractors. She does not take her instructions from U.S. law nor does she consider this necessary- she can manipulate the USA in the same pattern as her great hero Rafael Correa whom she dishonestly defends and promotes like the co addict that she is- always covering up for what he does and never once insisting on adult behaviors, supposedly to retool Correa and control his criminality. Hodges is now like all Ecuadorean "life partners" herself a dishonest co enabler and a hand maiden to crime. This disgrace can stop.
 
Hanke's road map in 2003 is as fresh today as it was then and still as relevant. Of course Correa made strong efforts to have Hanke's presentation stopped at San Francisco as he did what he does best, as he was trained from birth by his Mama: he screeched, he stamped his little feet, he threatened and he instructed his own students to avoid any truth teller such as Hanke. To be sure, the US Embassy in Quito agreed.  You can ask Universidad de San Francisco for a printout of this road map to success for Ecuador by Hanke. They have it in both Spanish and English. Or did.

We at ECrisis say it again: stop pretending that you are powerless and stand up for integrity in all that you do. You cannot manipulate this essential act which is probably why so many Ecuadoreans run away from this too, assuming that if one cannot manipulate something it is not worth their time. Stop manipulating your obligations and stop pretending that by lying you are serving your family and your community. And stop pretending that someone else will do this for you. No one but you can do this- no one.
 
And Correa's recent $30 million theft from bond holders? It is flying over Brazil right about now- Correa's new $30 million private jet which he does not need because he is not welcome anywhere anyway. He should stay put in his self imprisoned life inside his cartel-created casa. HOY tells the story of the bond default $30 million now flying overhead here: 



Correa's latest scam- his $30 million toy from stealing from you $30 million.

...CNN destacó que el presidente Rafael Correa estrenó un avión, el nuevo Legacy 600, comprado a la empresa brasileña Embraer por $30 millones. Para CNN, la noticia es curiosa porque se conoce en momentos en que la ministra de Finanzas, Elsa Viteri, anunció que el Ecuador no pagará el vencimiento                     
 
You have just been scammed. Your "partner" - the thing you defend and enable- has just scammed you as Correa scams all that he touches. And Correa counts on you to defend his crimes and his person. You do not have to but we know how "normal" such deviancy feels. You have been covering up these "partners" for years pretending that they are not as bad as all that.
Correa's new jet is not a presidential plane. It is his new get away car. And you just handed it to him and enabled Correa to commit more crimes.

-Pedro Camargo for ECrisis