can government go into debt they can't come out from?

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  1. chinweike profile image65
    chinweikeposted 8 years ago

    My country just got debt cancellation some years back and from the look of things, i think they are tending towards the same path that led to the previous debt trap and i wonder

    can my coutry go into debt that it cannot come out from?

    1. MikeNV profile image77
      MikeNVposted 8 years agoin reply to this

      The Whole Reason the IMF was created and loans money they know can never be repaid is to give their Corporate Backers access and ownership of your countries assets.

      You leaders know this and do not care because they do not suffer... they live high on the bribe money the IMF provides them.

      Central Banks create Debt so they can control and manipulate. The owners have all the money they need... it's about power and control.

      1. chinweike profile image65
        chinweikeposted 8 years agoin reply to this

        Bribe from IMF?

        This is the first time am hering this. WOW!

      2. profile image0
        temberowaposted 8 years agoin reply to this

        I can only sign up under this. It's not a question "can country...?", it's the question: "how much more manipulation can be involved in all procedure of lending money?"...

    2. KeithTax profile image71
      KeithTaxposted 8 years agoin reply to this

      Anyone or anything that borrows money can go bankrupt. All you can do is encourage fiscal responsiblitiy. But is someone or something is set upon destroying themselves financially, there is little you can do about it.

      1. chinweike profile image65
        chinweikeposted 8 years agoin reply to this

        I can feel you, self destruction is obviously dangerous

  2. Arthur Fontes profile image86
    Arthur Fontesposted 8 years ago

    No the IMF and the world bank will be happy to take your countries resources as payment.

    1. chinweike profile image65
      chinweikeposted 8 years agoin reply to this

      Really, but we were granted relief the other time

  3. Dame Scribe profile image60
    Dame Scribeposted 8 years ago

    Depends on what country, available resources and honesty of gov't I would think. hmm No expert but if taxes are collected that should help stay afloat tongue but not if leaders are helping themselves to the coffers. hmm

    1. chinweike profile image65
      chinweikeposted 8 years agoin reply to this

      the leaders are not even helping matters

      1. sooner than later profile image60
        sooner than laterposted 8 years agoin reply to this

        You're an american aren't you? haha, I see the irony.

        1. Arthur Fontes profile image86
          Arthur Fontesposted 8 years agoin reply to this

          Deleted

          1. chinweike profile image65
            chinweikeposted 8 years agoin reply to this

            why?

        2. chinweike profile image65
          chinweikeposted 8 years agoin reply to this

          Why do you think am from America?

          1. sooner than later profile image60
            sooner than laterposted 8 years agoin reply to this

            because thats where I am from and we have the same problem.

            1. chinweike profile image65
              chinweikeposted 8 years agoin reply to this

              We definitely don't have the same problem

              1. sooner than later profile image60
                sooner than laterposted 8 years agoin reply to this

                You are right. Yours is bad, ours will probably get worse. In your life you will see America be one of the poorest nations around.

              2. qwark profile image60
                qwarkposted 8 years agoin reply to this

                Chinweike:
                Did you read the "hub" I sent to arthur?
                If you didn't pls do.

                1. chinweike profile image65
                  chinweikeposted 8 years agoin reply to this

                  i did in-fact, i even commented on it too just like you did

                2. chinweike profile image65
                  chinweikeposted 8 years agoin reply to this

                  And that is what gets me more worried. But wait a minute, are you one of the few kabal of bankers? LOL!

                  1. qwark profile image60
                    qwarkposted 8 years agoin reply to this

                    chinweike:
                    Naw! Never fear! I'm just an American doing his best to survive and enjoy life..:-)

  4. Arthur Fontes profile image86
    Arthur Fontesposted 8 years ago

    What country are you from?

    1. chinweike profile image65
      chinweikeposted 8 years agoin reply to this

      from nigeria

      1. Arthur Fontes profile image86
        Arthur Fontesposted 8 years agoin reply to this

        I see. Your country should be able to pay their debts with the income from oil if that resource was not taken from you by the IMF and the world bank.

        In my opinion your country needs to get back to basic agriculture to provide food for their own people instead of buying it from international financiers.

        1. chinweike profile image65
          chinweikeposted 8 years agoin reply to this

          Exactly! And that is the point many minorities are trying to raise. We rely heavily on OIL that may some day dry up

          1. Arthur Fontes profile image86
            Arthur Fontesposted 8 years agoin reply to this

            The problem is probably and this I am not sure of your country is paying for food with oil.  Your people need to be able to grow and eat their own food.

  5. chinweike profile image65
    chinweikeposted 8 years ago

    they keep borrowing more money, mismanaging the ones available and are not one bit honest

  6. qwark profile image60
    qwarkposted 8 years ago

    Arthur:
    I am responding to your question in this manner:
    Pls click on this site: It is a "hub"  written by "coldwarbaby"
    http://hubpages.com/hub/Words-From-The- … Sufficient
    I have commented on it in the response section.

    1. chinweike profile image65
      chinweikeposted 8 years agoin reply to this

      this is an excerpt from the hub

      “If all the bank loans were paid up, no one would have a bank deposit, and there would not be a dollar of currency or coin in circulation. This is a staggering thought. We are completely dependent on the commercial banks for our money. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money"

      and here is what you commented
      "No doubt the "Cabal" you mention is real, healthy and functioning"

      If i understand you well, You are implying that the trend will continue?

      1. qwark profile image60
        qwarkposted 8 years agoin reply to this

        chinweike:
        ...absolutely!

  7. sooner than later profile image60
    sooner than laterposted 8 years ago

    just hope that your country prints masses of money to counter the debts. It is the easiest way out of a tight spot and it has no side effects. wink

    1. chinweike profile image65
      chinweikeposted 8 years agoin reply to this

      But it will have effect in the long-run. The money will somehow find it way back to the country and add to the already high inflationary rate

    2. Arthur Fontes profile image86
      Arthur Fontesposted 8 years agoin reply to this

      Mass amount of money=hyperinflation

      1. sooner than later profile image60
        sooner than laterposted 8 years agoin reply to this

        REALLY??? wink

        1. Arthur Fontes profile image86
          Arthur Fontesposted 8 years agoin reply to this

          LOL

  8. donotfear profile image88
    donotfearposted 8 years ago

    Sounds a bit like the U.S. right now....Ooops.

    1. chinweike profile image65
      chinweikeposted 8 years agoin reply to this

      How and Why?

  9. Misha profile image70
    Mishaposted 8 years ago

    Sure they can LOL

  10. efeguy profile image44
    efeguyposted 8 years ago

    I don't see any reason why will should be borrowing,if not because of the bad leaders will have.

    chinweike we are re branding,hope all this will stop and will look beyond OIL.And focus on other sectors.

    1. chinweike profile image65
      chinweikeposted 8 years agoin reply to this

      That is the spirit, we need to re-brand (not just on television) we need to go back to the drawing board. starting from the educational sector.

      We need to purge our fellow citizens of the idea the you can't make if you don't join the 'few kabal bankers'like qwark put it.

      God Bless naija

  11. chinweike profile image65
    chinweikeposted 8 years ago

    But do you think our dream country will be attainable during this our generation?

  12. vengab profile image62
    vengabposted 8 years ago

    it seems this is becoming the trend all over the world. Not just America or Nigeria

    1. chinweike profile image65
      chinweikeposted 8 years agoin reply to this

      Yes that is true and is painful

  13. Brett Winn profile image85
    Brett Winnposted 8 years ago

    Can, and quite probably, is. sad

    1. vengab profile image62
      vengabposted 8 years agoin reply to this

      That is a big problem then

  14. pmccray profile image79
    pmccrayposted 8 years ago

    Yes and we're not the only government. that's in debt  Our country is still owed money from WWII and other nations that have owed us for  assisting them out or in their scimmages dating centuries back. 

    See the media only hype to panic not to inform because panic sells.  Go on the internet and read some history on countries we've pulled out of debt the way our country is being helped now.

    1. chinweike profile image65
      chinweikeposted 8 years agoin reply to this

      Are you saying that the media never report good news?

    2. MrCartier profile image59
      MrCartierposted 8 years agoin reply to this

      Every country on the planet both owes money and is owned money, it is the balance of debt which matters. America does not yet owe more money than it is owed, but it wont be long; more than $1 trillion of debt can be attributed entirely to the war in Iraq and Afghanistan. You owe the money to China. Are you proposing that you claim back that $1 trillion from Iraq and Afghanistan despite the fact that neither of those countries asked America to occupy them? The biggest debt owed to America following WWII was from the UK, who have now entirely repaid that debt, to the point where America actually owes the UK almost $400bn. Personally I dont think that anybody owes you for Iraq, of Afghanistan, or Vietnam, or any other illegal wars which did not have world support. Take a leaf out of Russia's book, sit there and do nothing. They learnt from their time in Afghanistan, and it is no coincidence that they have less than $100bn worth of debt. That should scare Americans, and the British, the fact that the worlds largest nuclear power is sitting there completely self sufficient and with no debt. China own a massive amount of debt, they are now very powerful, Japan have no debt, but it really is Russia who everybody should be looking at as the next superpower. China relies too heavily on the US and European economy, so gains nothing through their weakened hand, but I suspect that it will be Russians buying the Maserati and Gucci products of the 21st century. A trip to Moscow pretty much confirms this visually.

  15. chinweike profile image65
    chinweikeposted 8 years ago

    But, why on earth will leaders be so wicked?

 
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