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The EU wants to keep Latvia et al in debt peonage and as dumping grounds for EU excess production, "neo-feudalism" at its best, says Hudson.
Hudson is apparently behind the recent Latvian threats to stick it to the Swedish banks by changing all mortgages to non-recourse, his further advice if the Swedes don't agree to that is to unilaterally decide to change all foreign currency (= EUR) loans to Latvian lats and then devalue.
This has yet to surface in Latvia, though haven't been paying all that much attention recently.
On the Edge with Max Keiser . . . and Michael Hudson
http://maxkeiser.com/2009/10/17/ote2...ichael-hudson/
Hudson is apparently behind the recent Latvian threats to stick it to the Swedish banks by changing all mortgages to non-recourse, his further advice if the Swedes don't agree to that is to unilaterally decide to change all foreign currency (= EUR) loans to Latvian lats and then devalue.
This has yet to surface in Latvia, though haven't been paying all that much attention recently.
On the Edge with Max Keiser . . . and Michael Hudson
http://maxkeiser.com/2009/10/17/ote2...ichael-hudson/