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Link: Poverty Porn Isn’t Much Help in This $1.25 World

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Stumbled upon this article made by a guy named William Pesek of Bloomberg News. Well what can I say? The truth hurts and no matter how much we try to bend it, at the end of the day our situation still remains. No amount of sweet words can change it and believe me, not even the guy with a so-called “Genuine Heart” as one poster in my previous article said, can too.

Poverty Porn Isn’t Much Help in this 1.25$ World

Candidates in the Philippines are skilled at exploiting what development economists call poverty porn. They’re great at shanty-town photo opportunities and promising prosperity. A fresh sense of betrayal sets in as leaders return to the business of enriching their cronies or doing little.

Investors Beware

No one can say Aquino or Villar will fit this pattern. I strongly hope the Philippines’ next leader doesn’t. The track record is bad, though, and investors should be wary.

The big concern is competence. Aquino’s family name — he’s the son of beloved former leader Corazon Aquino — doesn’t ensure he’ll be a capable reformer. Villar says his rags-to- riches life story makes him the best candidate to right the economy. Estrada thinks he was unfairly ousted in 2001 and that he’s ready to save the day.

Why, it must be asked, is a nation with so much potential turning to a group of untested men to repair its long-neglected economy? That’s a question investors should be asking early and often as the Philippines heads into a potentially market-shaking election.

The truth hurts huh? Wait til you hear this

The results are one big worry; the process is another.

Filipinos are abuzz with conspiracy theories about the more than 80,000 automated machines that they’ll use to pick their next president. Will the election be stolen electronically?

National Paranoia?

In a recent interview, Aquino said that “if we have a correct counting of the votes I think we will be very victorious.” If not, and “the people’s will is frustrated,” he added, demonstrations could make recent protests in Thailand seem “mild” by comparison.

What a breathtaking comment. It seems as if the election favorite is saying that if he loses it will be because of fraud and the nation’s 100 million people should revolt. Such risks help explain why Standard & Poor’s rates the Philippines’s foreign-currency debt three levels below investment grade.

Read the entire article here, while I wait for the replies from the “Philippines is not Poor, we just need a leader with HEART” apologists

Have a good day everyone.

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Written by bassman500

May 4, 2010 at 2:37 PM

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