Countries paying back loans

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

I heard something interesting on the radio. When a dictatorship falls or is overthrown, should the country still have to pay back loans that the dictator took out from other countries?

A first reaction is to say yes, because the country borrowed the money, they should pay it back.

But if you think about it, dictators usually don't spend that money on the people's well-being. They usually buy weapons and spend it on themselves while their people starve. So why should the new government, hopefully a gov't of the people, have to pay it back?

However, if they don't pay it back, the lending countries can demand it, and possibly end up imposing sanctions or refusing to recognize the new government, or even invading.

But, it the UN makes a ruling that all debts are canceled, then the people won't have to suffer because of their jackass ex-dictator's greed, and the country can start with a clean slate. If lending countries know that this default may happen, perhaps they won't lend money to dictators because it would be too risky.

Thoughs? Should Iraq have to pay back what Saddam owes other countries?

I'm thinking "no."

Nor*Cal · Ladies Man Joined: 12 Jan 2003 Posts: 9479 City: Sac

Well they found 600 million dollars the other day will that help?

pooser · Wakeboarder.com Freak Joined: 13 Jan 2003 Posts: 4738

i agree. lol. im lost. how much money does Iraq owe us. I dont know how worried the US is about getting the money back. think how much is loaned out to like third world countries and stuff i dont think they ever expect to get that back they do it just to get a tax deduction Laughing

Mister C · Posted: Apr 24, 2003 9:41 pm Post subject:

Sometimes I wonder why the government wastes the money like that in the first place. I mean, if we "know" that iraq has these illegal weapons because of our spying abilities, then we should know that the money we're dumping into that country is not being used in the way it was specified to be used. Also, that 600 million dollars probably came from us somewhere down the line, so i think we have a right to keep it.

criminally_minded · Posted: Apr 25, 2003 12:40 am Post subject:

Should you/we/anyone be lending money to dictators in the first place?

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

I didn't mean just our government. I mean any government who lends money to dicataors. I think that when the government changes, the loans should be cancelled, since the people really didn't borrow the money, and it wasn't really used to benefit them. So why should they have to pay it back?

Of course noboby should be lending dictators money. But it happens pretty often, according to the comentators on NPR.

I don't think Iraq should have to pay anybody back, since Saddam borrowed the money, and misused it. Why should the Iraqi's have to pay back money they never borrowed?

OttoNP · Addict Joined: 13 Jan 2003 Posts: 848 City: MI

I think something in the middle could be done...sell off all Saddam's stuff and use that money and then maybe give away some oil or discount it to make up the debt.

Nick
________
Medical cannabis

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

Ok.

How about the idea in general, not just pertaining to Iraq? I think it would be a good idea to set the precedent that loans taken out by deposed dictators won't be paid back by the new government. It might keep countries from lending money to governments like Saddams.

Leggester · Posted: Apr 25, 2003 5:20 am Post subject:

Why don't you see how much they already owe us, among other countries that owe us money.

You wonder why they hate us?

France, Germany, Saudi States... ...

Seth Martin · Moderator Joined: 12 Jan 2003 Posts: 891 City: Orlando

Viking - I don't think the US Gov gives out money "just to get a tax deduction". Who does the US Gov pay taxes to?

RKG · Criminal Joined: 15 Jan 2003 Posts: 94 City: Nashville

I say France and Germany shoudl forgive their portion of the debt. If Iraq owes the US or UK, they should be able to recoup some of their costs....

Just a random thought....being funny

wakeriderof87 · Posted: Apr 26, 2003 6:33 am Post subject:

i think france and germany should pay us, b/c were the ones who spent all the money on the war, while they sat around and were bein pussys

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

I don't know if Iraq owes the US money. Somebody who is not at work check this in the net.

If they do owe us money, I say they shouldn't have to pay it back. Saddam borrowed it, not the people who suffered under him. Plus, don't we want them to be able to support themselves and be a stable country?

We shouldn't have been lending someone like Saddam money anyway. (if we did. Again, I don't know if they owe us anything.)

But one thing that keeps people like Saddam powerful is the ability to borrow money from other countries. If these loans can be canceled after a regime change, then other countries wouldn't be as willing to lend the cash, and thus a regime like Saddam's wouldn't be able to get so much cash.

wakeriderof87 · Posted: Apr 26, 2003 12:05 pm Post subject:

yea, we gave them alot of money back in the 80's, we helped out our buddy sadam back when he was first coming to power

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

We gave him weapons and money to fight Iran. I don't know if we are going to try to collect on this. We shouldn't.