QUOTE (azaz @ Jul 24 2009, 02:15 AM)
...And they are right to say that one package is enough to pay Philippine debt. As to where the other packages are, I hope even just one Filipino find one package and cash it for the Philippines, pay the Philippine debt and make him/her a national hero.
By the way, based on Issner's computation, a 3500 MT package may now be worth $105 Billion. That is more than enough to pay our national debt...There is some speculation that DUBAI,
which now has something like 25% of all the high-lift
(construction) cranes in the World working within its
borders, might have cashed in ONE such ABL
package; and even ONE such package would be
enough to pay off the entire national debt of the
Philippines—in gold, not paper.
http://www.larouchepub.com/eiw/public/2005...0-63_22_int.pdfTABLE 1
The Philippines Has Paid Its Debts!
(Figures rounded off)
External Debt Debt $ Value of
Debt Service Exchange Service Debt Service
(Millions $) (Millions $) Rate (Pesos) at 1997 Rate
1997 26.4
1998 $46,146 $5,095 38.7 19,7176 $7,469
1999 50,997 6,627 40.3 26,7068 10,116
2000 51,206 6,072 50.0 30,3600 11,500
2001 51,900 6,564 51.4 33,7389 12,780
2002 53,645 7,445 53.1 39,5329 14,975
2003 57,395 7,967 55.6 44,2965 16,779
2004 54,846 7,221 56.4 40,7265 15,427
Totals $46,991 $89,046
Using the devalued peso values: $46 billion owed minus $47 billion paid = $55 billion still owed
Using the 1997 exchange rate value: $46 billion owed minus $89 billion paid = $55 billion still owed
Source: Central Bank of the Philippines.
The Debt Crisis
Table 1 shows how “Bankers’ Arithme-
tic” has looted the Philippines, especially
since the so-called “Asian currency crisis” of
1997-98, when global speculators under-
mined the currency values of nations across
Asia. Since that time, there have been essen-
tially zero Western fifinancial flflows into the
Philippines, except to refinance debt, at ever
higher interest rates. Thus, as shown, the Phil-
ippines owed $46 billion in 1998, paid almost
$49 billion in debt service between 1998 and
2004, and yet, despite no net real foreign in-
vestment, ended up owing nearly $55 billion.
That is, $46−$47=$55; that’s Bankers’ Arith-
metic!
On top of that, the debt itself has essen-
tially doubled, in terms of the national cur-
rency, because of the devaluation of the peso
bymore than half, from26.4 pesos to the dollar
in 1997, to 56.4 in 2004 (the peso was 4 to the
dollar in 1971!). In otherwords, the $46 billion
in external debt owed in 1998 cost twice as
much to repay today, in terms of the local
currency, the peso, because the currency
was reduced in value by half against the
dollar. The peso valuation of that debt ser-
vice is a more accurate measure of the ac-
tual labor power and national product
which must be expended by the Philippine
economy to meet that debt service.
Thus, if we take into consideration the
impact of this speculative, forced devalua-
tion of the peso, and calculate the peso
equivalent of each year’s debt service pay-
ments in dollars, and then translate that
peso value back into dollars at the 1997
exchange rate, we get a true measure of
how much was extracted from the Philip-
pine economy to pay the debt service. As
shown in Table 1, the actual worth of the
debt payments between 1998 and 2004 were about $89 billion, nearly twice the amount that the nation
was given credit for. This makes the Bankers’ Arithmetic
even more absurd: $46−$89=$55.
Despite various accounting schemes aimed at hiding the
fact, it is estimated by several sources that two-thirds ormore
of the nation’s national revenue is being eaten up by debt
service. A group opposing Arroyo led by three bishops, re-
ported in May that 88% of tax revenues in 2003 went to debt
service. With a sovereign credit rating at “junk” status, that
is, below investment grade, the government must borrow at
exorbitant rates on the international markets, further aggra-
vating the crisis. At least $4 billion in new borrowing is
planned for this year, all for debt service.
---end of quote---
Hope they will stop what Larouche termed as "genocidal policies" of IMF on third world countries like the Philippines and stop imposing slave economy blueprint for the Philippines. From 2nd only to Japan, RP has fallen and now ready to be flushed down the drain. Their policies created a diaspora of Filipinos, as many OFWS were raped, maltreated, unjustly paid etc. On the localfront, Filipinos need to work two or more jobs in order to survive and be paid "slave labor wages". Many are dying because of hunger and for not given free medical treatments in Public Hospitals(unlike during the time of Marcos) which are even in danger of being privatized or have already been privatized. Many MNC's continue to plunder our natural resources like in mining and in Natural Gas. Our territories have been diminished by the Baseline bill and diminished even more with their support of separatist movements in the south. Our flagship national industries like steel is/are dead after being privatized. Electricity prices and cost of medicine are spiralling.
quoting from...
http://larouchepub.com/other/2007/3449lar_fdr_seasia.html :
The physical and social dissolution of the Philippines is palpable to any visitor. Nearly every young person has some personal horror story which has afflicted his or her life in the past few years. Graduates with degrees in economics or engineering at leading universities are forced to take jobs at colonial "call centers," servicing consumers in the United States on a midnight shift, as their talents are wasted, despite the desperate needs of the nation. Their fathers are being sent to the Mideast or elsewhere as "overseas workers" in order to earn foreign exchange with which to pay the (illegitimate) foreign debt, leaving broken families behind. One youth's father was misdiagnosed at the public hospital for over a year—only to discover too late that he had a brain tumor—because he could not afford to see one of the few doctors on call. Thousands of doctors and nurses have been sent out of the country by the Overseas Filipino Workers program, leaving the hospitals understaffed, or even forced to close. Barefoot children line every traffic stop, pleading for a peso for food, when they belong in school.
One week before the Billington trip, a story flashed across the national press about an 11-year-old who hung herself, leaving a diary explaining that her parents could no longer afford to feed her and her siblings, so she decided to help her siblings by committing suicide. Virtually the same day, Philippine President Gloria Macapagal Arroyo announced that the nation's economic ills have been largely solved, because the debt was being paid on time, through regressive taxes and the export of their people as virtual commodities.
---end of quote---
LOL
