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PostPosted: Mon Jul 18, 2011 1:26 pm 
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Joined: Sun Sep 12, 2010 2:49 pm
Posts: 596
The consequences of defaults on external loans are all 100% non-negative, IMO. And IMO, those who oppose defaults on external loans should be dismissed as agents of external lenders. The best positive consequence of defaulting on external loans is that no one will lend us in future. Good riddance. But defaulting on external loans needs a non-corrupt leadership which we dont have. So first we should focus on getting a non-corrupt leadership so that we can default. Aside : We should not default in internal debt.
The mechanism of how 128-bit experts prevail over 2-bit commons is as follows

1. Elitemen bribe some PhDs to write essays on why Govt should take over bank debt
2. Elitemen pay mediamen to project these PhDs as "experts" and "concerned"
3. Elitemen pay social activists for rent to create hue and cry against unemployment
4. Elitemen pay PhDs to opine that bank failure will increase unemployment
5. Elitemen pay mediamen to write that "common people want banks to be saved"
6. Elitemen pay Ministers to make Govt take over banks' debt
7. Ministers claim that Govt took banks' debt as per people's wish

The last step comes for free. No payment is given for that.

====

This is the mess all over world. We should ignore the mess all over world, and focus only on mess in India.


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