Russia and Indonesia have already defaulted way before the Iraq bombing. Russia in August, 1998, Indonesia in October 1997. Between oil prices and impeachment, I would pick the latter.
Henry
Daniel wrote:
> I wonder about Wall Street's role (and it seems to me that Wall Street is
> the dominant power in the Clinton Administration, by far). Yes, they want
> low inflation, which they supposedly have. But, isn't Wall Street much more
> worried that foreign debtors who are relying on oil and other commodity
> markets will default, as Russia is doing? Henry is no doubt correct that
> most of Russia's oil income goes to debt service. Isn't the fear of default
> the main concern on Wall Street? I mean, whatever they may think about the
> global strategic questions, they are people with big loans out, and they
> stand to lose a lot of money.
>
> Personally, I couldn't possibly be surprised to learn that the recent
> bombing (and Iraq policy in general) answers to the fear of further declines
> in the price of oil. I just don't know how to answer that multiple choice
> question. There should be more choices, such as what does my brain say, and
> what does my heart say. This morning I saw a scene from a Woody Allen movie.
> Some guy says to Woody: "What are ya? Yellow-bellied? A coward? Spineless?"
> Woody says, "Keep going. You're in the right column."
>
> Daniel