The Financial Collapse of 2001 and Beyond Message Board

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To: The Jack of Hearts who wrote (91380)	6/11/2012 6:37:28 PM
From: Maurice Winn	1 Recommendation Read Replies (1) of 100738

Russia loaned money to Saddam who built palaces and used the cash to suppress and murder. I don't see why you might think loans to governments should be repaid to foreigners who financed the repression. There is nothing virtuous about those loans or the recipient, nor should the victims repay the loans. That's an extreme example. The same principles apply to less barbaric governments which run democracies. Virtuous Victorian Values would be the borrower repaying loans made on a handshake, come Hell or high water. "I am borrowing on behalf of those people over there so I can have a great pension scheme" should prompt the creditor to ask whether those people over there have all agreed to repay the loans and have signed each personal guarantees. Saying "No, but many of them have and we think we can force the rest to pay up to repay the loans whether they want to or not" is not Virtuous Victorian Values in action. The whole idea of virtuous values seems very difficult for people to grasp. That goes a long way to explaining why there is such a financial and government mess around the world. I'm sure it can't be that hard. People could Google "virtue" and spend a day or two reading on the subject. Mqurice