What the Chamber of Commerce won't tell you about trade with the Castro regime.
Taken from CubaBrief
The United States since 2000 has not provided credits to the Castro regime and maintained a cash in advance trade arrangement for the purchase of agricultural and pharmaceutical products. This protects U.S. taxpayers from having to subsidize the Cuban dictatorship when it defaults on its financial obligations. Their European, Latin American and Asian counterparts cannot say the same to their respective taxpayers.
Under this cash in advance agreement American companies sold over $6.3 billion to the Castro regime and have gotten paid. Despite billions in debt forgiveness on its restructured debt less than five years ago by the Paris Club, the Cuban dictatorship in 2019 again defaulted on its payments, reported Reuters on February 11, 2020.
How did the Castro regime raise the money to purchase U.S. goods?
James Prevor, President and Editor in Chief of the publication Produce Business in the October 2002 article, Cuba Caution, reported that Cuba "had exhausted all its credit lines and, at best, was simply rotating the accounts. When the opportunity came to buy from the United States, Cuba simply abandoned all those suppliers who supported the country for 40 years and began buying from us."
The suppliers were not the ones impacted by Cuba's failure to pay its debts, the taxpayers of the suppliers' home countries were the one's left holding the bag. The dirty little secret is that profit is private but risk has been socialized in what amounts to a perversion of capitalism.
On November 1, 2013 the government of Mexico announced that it was ready to waive 70 percent of a debt worth nearly $500 million that Cuba owes it. The former president of Mexico Vicente Fox protested the move stating: “Let the Cubans get to work and generate their own money…They’re normally like chupacabras. The only thing they’re looking for is someone to give them money for free.”
In December 2015 it was announced that Spain would forgive $1.7 billion that the Castro regime owes it. In December of 2013, Russia and Cuba quietly signed an agreement to write off $29 billion of Cuba's debt to the former superpower. Western governments pursued Cuban maritime debts seizing Cuban vessels and negotiating payment through Canadian courts.
The 2015 debt restructuring accord between Cuba and the Paris Club, according to Reuters, "forgave $8.5 billion of $11.1 billion, representing debt Cuba defaulted on in 1986, plus charges."
The 19-member Paris Club owed money by Cuba is comprised of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Britain, Italy, Japan, the Netherlands, Spain, Sweden and Switzerland. Companies, with the exception of American companies, doing business with Cuba when they are not paid pass the costs off to their respective governments, who in turn pass the costs off to taxpayers.
This is something to consider when the Chamber of Commerce argues that U.S. laws should be changed and the United States should join the long line of governments seeking to collect from the Castro regime, a deadbeat dictatorship.
Lastly, it is important to note that the U.S. Census Bureau documented the collapse of trade in goods with Cuba under the Obama thaw and have actually improved during the Trump Administration, despite tightened sanctions.
 |
| Under the Trump Administration trade has increased with Cuba. |
The United States since 2000 has not provided credits to the Castro regime and maintained a cash in advance trade arrangement for the purchase of agricultural and pharmaceutical products. This protects U.S. taxpayers from having to subsidize the Cuban dictatorship when it defaults on its financial obligations. Their European, Latin American and Asian counterparts cannot say the same to their respective taxpayers.
Under this cash in advance agreement American companies sold over $6.3 billion to the Castro regime and have gotten paid. Despite billions in debt forgiveness on its restructured debt less than five years ago by the Paris Club, the Cuban dictatorship in 2019 again defaulted on its payments, reported Reuters on February 11, 2020.
How did the Castro regime raise the money to purchase U.S. goods?
James Prevor, President and Editor in Chief of the publication Produce Business in the October 2002 article, Cuba Caution, reported that Cuba "had exhausted all its credit lines and, at best, was simply rotating the accounts. When the opportunity came to buy from the United States, Cuba simply abandoned all those suppliers who supported the country for 40 years and began buying from us."
The suppliers were not the ones impacted by Cuba's failure to pay its debts, the taxpayers of the suppliers' home countries were the one's left holding the bag. The dirty little secret is that profit is private but risk has been socialized in what amounts to a perversion of capitalism.
On November 1, 2013 the government of Mexico announced that it was ready to waive 70 percent of a debt worth nearly $500 million that Cuba owes it. The former president of Mexico Vicente Fox protested the move stating: “Let the Cubans get to work and generate their own money…They’re normally like chupacabras. The only thing they’re looking for is someone to give them money for free.”
 |
| “Let the Cubans get to work and generate their own money…They’re normally like chupacabras." - President Vicente Fox |
The 2015 debt restructuring accord between Cuba and the Paris Club, according to Reuters, "forgave $8.5 billion of $11.1 billion, representing debt Cuba defaulted on in 1986, plus charges."
The 19-member Paris Club owed money by Cuba is comprised of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Britain, Italy, Japan, the Netherlands, Spain, Sweden and Switzerland. Companies, with the exception of American companies, doing business with Cuba when they are not paid pass the costs off to their respective governments, who in turn pass the costs off to taxpayers.
This is something to consider when the Chamber of Commerce argues that U.S. laws should be changed and the United States should join the long line of governments seeking to collect from the Castro regime, a deadbeat dictatorship.
Lastly, it is important to note that the U.S. Census Bureau documented the collapse of trade in goods with Cuba under the Obama thaw and have actually improved during the Trump Administration, despite tightened sanctions.
Posts
Look at the way my buddy Wesley Virgin's biography launches with this SHOCKING AND CONTROVERSIAL video.
ReplyDeleteYou see, Wesley was in the army-and shortly after leaving-he unveiled hidden, "SELF MIND CONTROL" tactics that the CIA and others used to get whatever they want.
THESE are the same SECRETS many famous people (especially those who "come out of nowhere") and top business people used to become rich and famous.
You probably know how you use only 10% of your brain.
Really, that's because most of your BRAINPOWER is UNTAPPED.
Maybe that conversation has even taken place INSIDE your very own head... as it did in my good friend Wesley Virgin's head around seven years ago, while driving an unlicensed, trash bucket of a vehicle with a suspended driver's license and $3 on his bank card.
"I'm absolutely fed up with living paycheck to paycheck! When will I finally make it?"
You've taken part in those types of conversations, ain't it right?
Your success story is waiting to start. All you need is to believe in YOURSELF.
Watch Wesley Virgin's Video Now!