[aaus-list] So goeth Iceland--So goeth Ukraine?

[stephen velychenko]

The financial war against Iceland

May 13, 2009 16:07 | by Professor Michael Hudson

Being defeated by debt is as deadly as outright military warfare.

http://www.spectrezine.org/global/Hudson.htm


"And indeed, the United States and Britain are net debtors on balance.
But when it comes to their stance vis-à-vis Iceland, they are
demanding that it impoverish its citizens by paying debts in ways that
these nations themselves would never follow. They know that it lacks
the money to pay, but they are quite willing to take payment in the
form of foreclosure on the nation's natural resources, land and
housing, and a mortgage on the next few centuries of its
future....What creditor nations and their international financial
institutions are promoting is not capitalism as traditionally
understood. Instead of helping industrialize the countries to which
they extended credit so as to make them viable and self-reliant with
new means of paying for their imports - and indeed, paying the debts
taken on to rebuild their productive capacity - European planners
oversaw the dismantling of manufacturing."




-- 
Stephen Velychenko
CERES Associate;
Research Fellow,Chair of Ukrainian Studies;
Munk Center
University of Toronto
Devonshire Place
Toronto M5S 3K7