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Ecuador Refuses to Pay Back Debts to Western Imperial Banksters

By Mike Adams, December 12, 2008 | Key concepts: Ecuador, Correa and National debt

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One of the ways Western nations invade and plunder third-world nations is to loan them more money than they can possibly afford to pay back, then string them along in a never-ending system of debt while Western corporations invade and take over the national economy. It's the same scam that banks use to control the People in the United States: Loan them more money than they can afford to pay back and then turn the people into lifelong wage slaves that pay the banks compounded interest.

Today, Ecuador's President Correa declared Ecuador's foreign bond debt "illegal" and said he wouldn't pay it. A December 15th interest payment of $30.6 million will simply not be paid.

Western finance experts are crying foul, of course, and they're accusing Correa of "defaulting" on his nation's debt. In the aftermath of all this, Western corporations will simply refuse to invest in Ecuador for many years.

And that's the whole point of Correa's strategy, most likely. Ecuador doesn't want to turn into a McCitiBankStarBucksWalMartBigPharma cesspool of debt like the one that's been created in the United States. Correa wants Ecuador to have its own financial independence, and to do that, it needs to break ties with the exploitive western imperialist "banksters" who invade nations and destroy their finances as a matter of habit. Read the book Confessions of an Economic Hit Man by John Perkins if you don't believe me.

As Perkins writes, "Economic hit men (EHMs) are highly paid professionals who cheat countries around the globe out of trillions of dollars."

From the Amazon.com description (http://www.amazon.com/Confessions-E...):

Perkins writes that his economic projections cooked the books Enron-style to convince foreign governments to accept billions of dollars of loans from the World Bank and other institutions to build dams, airports, electric grids, and other infrastructure he knew they couldn't afford. The loans were given on condition that construction and engineering contracts went to U.S. companies. Often, the money would simply be transferred from one bank account in Washington, D.C., to another one in New York or San Francisco. The deals were smoothed over with bribes for foreign officials, but it was the taxpayers in the foreign countries who had to pay back the loans. When their governments couldn't do so, as was often the case, the U.S. or its henchmen at the World Bank or International Monetary Fund would step in and essentially place the country in trusteeship, dictating everything from its spending budget to security agreements and even its United Nations votes. It was, Perkins writes, a clever way for the U.S. to expand its "empire" at the expense of Third World citizens.

What Ecuador has now done is to declare its freedom from Western economic imperialism. Now, Ecuador may have an independent economic future and it may not have to follow Western nations into financial demise.

Besides, for U.S. investors to point the finger at Ecuador and cry "default" is ridiculous. The country only owes about $10 billion to investors. That's a drop in the bucket compared to the nearly $8 trillion the U.S. has already created in new debt just to bail out its own rich banksters. And that new debt was just created in the last 90 days!

The real global debt fraud is being committed by the United States of America -- a country that has no intention whatsoever to pay back the debt it owes foreign debtors. It is roughly $10 trillion in the hole, and a huge portion of that is owed to countries like China and Japan that have already figured out they'll never see a dime of that debt repaid. The U.S., in fact, will eventually be forced to declare the greatest debt default in the history of the world.

I find it amazing that investors keep buying U.S. debt, even while the Federal Reserve currency printing machine is running 24/7, burying the future of the nation in an avalanche of worthless currency. Ecuador was smart to disconnect from the debt exploitation of the Western world. It may be the one thing that saves it from economic ruin in the coming years. And if Ecuador's default makes U.S. corporations reluctant to open for business in Ecuador, then that's all the better for the country.

I've spent a lot of time in Ecuador, and I see the younger generation buying Coke and Pepsi, eating more junk food and fast food, and I see a wave of obesity, diabetes and cancer coming on strong in that country. The influence of the West is deadly to any developing nation, and it's not just the fast food: It's also the economic exploitation led by Economic Hit Men who pressured former Ecuadorian Presidents into signing illegal debt agreements that Correa is right to dismiss as illegal.

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Ecuador Refuses to Pay Back Debts to Western Imperial Banksters

From Bloomberg.com: Ecuadorean President Rafael Correa halted payment on foreign bonds he calls “illegal” and “illegitimate,” putting the South American country in default for a second time in a decade.... more

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