Armstrong Economics Blog/Emerging Markets
Re-Posted Jun 3, 2020 by Martin Armstrong
In the Gulf, states are facing bankruptcy. Oman can hardly even pay his electricity bill. The IMF has been now lobbying to defer emerging-market debt for one year. We have been able to confirm from behind the curtain that more than 100 nations have asked the IMF for help. The sheer stupidity of this coronavirus lockdown is beyond belief. It seems no politician bothered to ask advice from anyone other than epidemiologists. Neil Ferguson may have resigned for bad judgment, but the politicians who failed to consult other fields including economics should resign. The lack of common sense amounts to the said fact that politicians have set off a Monetary Crisis cycle over the next two years, for they have seriously disrupted the entire world economy. These emerging markets will not be able to pay their debts any time soon, especially when European politicians are trying to convert the economy to a New Green Order.