Word: debtors
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Dates: during 1970-1979
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...Duke of Deception. Memories of My Father. By Geoffrey Wolff. (Random House, $12.95): His Pa is no Father Christmas. Wolff's father, Duke, is a con artist, a chronic debtor, a wanderer with illusions of grandeur, and an irresponsible parent to boot. A man only a son could love. Wolff's compassion is inspiring, though you may find his object of affection is less than deserving...
Trade protectionism prevents developing nations from paying bloated debts to Western bankers. The Third World owed more than $258 billion to Western governments and banks by the end of 1977, according to the World Bank. Brazil alone, the second largest Third World debtor, owed $19.3 billion at the end of 1977. As John Maynard Keynes once apocryphally said, if you owe the bank 100 pounds sterling it's your problem, but if you owe the bank 100,000 pounds sterling, it's the bank's problem. Western policymakers cannot afford to neglect the needs of their bankers' debtors when formulating...
...lend out so many billions of dollars that the world is awash with them, and their value has been tumbling. Nobody knows how Turkey Zaire, Peru and many other impecunious countries will ever pay back their loans to Citibank, Chase or the rest of the big U.S. lenders. The debtor countries, pleading poverty, could indefinitely defer repayment. Then the Federal Reserve Board would have to cover those bad debts, meaning that the U.S. taxpayer would finance the bailout. Says Zombanakis: "We have created a system in which almost the entire debt of the world rests on the Federal Reserve...
Bankers are confident, however, that if they get in real trouble the Government will either rescue the debtor country through some international funding operation or bail out the banks directly. Yet even a successful rescue operation could send dangerous reverberations through the system...
Last week such access was restricted further when the high court reduced the authority of federal courts to interfere in some state court civil proceedings. Specifically at issue: under New York law, a creditor with an unpaid judgment can summon the debtor to testify about his assets. If the debtor fails to show up, he may be cited for contempt of court and ultimately sent to jail. A lower federal court held the New York procedure unconstitutional. The Supreme Court reversed the ruling, declaring that the debtor should have raised his constitutional claim in the state court. Expanding the doctrine...