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"Wayne" (2015-05-31)


I'd like to withdraw $100, please le tadalis Deleveraging, deleveraging, deleveraging! Does the world have any other option but to deleverage? When Soth Africa transitioned to a post-apartheid regime, the financial juggernauts of the ‘blue-eyed’ West, as Brazil’s President Lula did not hesitate to call those who had, by then, been re-baptised ‘banksters’, insisted that South Africa’s debt stock (foreign plus domestic) should not exceed 50% of GDP. The apartheid-era masters of SACOB (South African Chamber of Business) imposed on Mandela a ‘blue-eyed’ financial wizard as Minister of Finance, and made sure that his government rejected Lance Taylor’s structuralist model in favour of Jeffrey Sach’s “Wshington Consensus “model for planning the future policy orientation of South Africa. And, when the ‘blue eyed’ financial wizard was replaced as Minister of Finance by the ‘coloured’ Trevor Manuel, they engineered a huge capital flight that sent the Rand tailspinning from 6 to 14 to a US dollar within a week. Similar stories can be told about the rest of the BRICS plus Thailand, Turkey, South Korea, Argentina. Why should these emerging economies and those of the energy-resource rich Central and West Asian countries stimulate their economies to save a profligate West that continues with its mad military bravado and hubris? For far too long, the US and Europe had thought that ‘structural adjustment’ is only a witch’s potion meant only for half-wit ‘less-developed’ economies. Let them take the potion that they so ruthlessly imposed on others not so long ago or leave them to their debilitating fate. Asia, at least, can safely decouple from an unrepentant West.