he toppling o f Ferdinand Marcos and Baby Doc Duvalier has focused attention on the wealth that Third World oligarchs have plundered and stashed abroad. The collapse o f oil has left countries like Mexico and Venezuela begging fo r relief from their debts. These two stories—capital flight and international debt—are part o f the same story. In some cases, the wealthiest classes o f poor countries have actually sent more money out o f their countries than foreign borrowing has brought in—and often i t ’s the same money. American banks have promoted, and profited from, both sides o f the transaction. Sometimes the money never even leaves the United States. The entire cycle is completed with a few bookkeeping entries in New York. Clinton St. Quarterly
RkJQdWJsaXNoZXIy NTc4NTAz