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» babble   » current events   » national news   » Interesting article about Argentina, Latin America, and Uncle Sam.

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Author Topic: Interesting article about Argentina, Latin America, and Uncle Sam.
Victor Von Mediaboy
Babbler # 554

posted 04 January 2002 05:37 PM      Profile for Victor Von Mediaboy   Author's Homepage        Edit/Delete Post  Reply With Quote
From: A thread has merit only if I post to it. So sayeth VVMB! | Registered: May 2001  |  IP: Logged
Babbler # 664

posted 05 January 2002 10:04 AM      Profile for Boinker   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Interesting article.

I think the new president did the right thing in suspending debt repayment until the economy was revamped. I don't see why the World bank could not either forgive these debts or stretch them out over a century. To me it seems contradictory for those who seek to build a market economy would in the end be restrained by the demands of there own agent - capital. But hey that is what is wrong with "Capitalism" in the first place isn't it?

From: The Junction | Registered: May 2001  |  IP: Logged
Babbler # 625

posted 05 January 2002 12:11 PM      Profile for meades     Send New Private Message      Edit/Delete Post  Reply With Quote 
Argentina epitomizes the
problems that plague Latin
America: inequality, populism
and corruption.

Corruption and inequality I can understand- but is populism really a problem?

By looking at the article, I'd say that patronage is the problem- not the nationalized railways, or subsidies themselves.

In return for this modern-day Marshall plan, it is
requiring an overhaul of the administrative structures of
government in those countries, to ensure wise use of
development funds.

Not quite- they're forcing neo-liberalism on these countries and tieing EU membership to massive privitization.

The problem isn't public ownership- it's patronage.

They were also a bit unclear when it came to a few specifics in Argentina politics- the National Movement for Justice is better known as simply the Justicalist Party. Plus, when they mention Fernando De La Rua, they neglected to mention that he was in the UCR- Argentina's main centrist party.

[ January 05, 2002: Message edited by: meades ]

From: Sault Ste. Marie | Registered: May 2001  |  IP: Logged
Babbler # 1685

posted 05 January 2002 10:32 PM      Profile for Twilight-Cedar        Edit/Delete Post  Reply With Quote 
Argentina started doing down the tubes during the reign of Juan Peron and his dominatrix, Eva. This amazing duo exemplified populist politics gone bad -- handouts to cronies, protection (payoffs) to inefficient industries. Foreign investment was effectively tossed out.

Argentinians (more specifically, Buenos Aires residents) have a huge sense of entitlement. There is a saying -- I've kind of forgotten exactly how it goes, but it says a Buenos Airean has the tailoring of an Englishman, the manners of a Frenchman, the amour of an Italian, ... and so on, and so on. This is a country that permitted ELECTIVE cosmetic surgery for all who asked, when the economy was going down the tubes. It's no mystery why they've hit the wall, recently.

From: Gabriola Island | Registered: Oct 2001  |  IP: Logged
jeff house
Babbler # 518

posted 06 January 2002 08:16 PM      Profile for jeff house     Send New Private Message      Edit/Delete Post  Reply With Quote 
Argentina is a country whose affairs have been of interest to me for some years. It is common for the right in Argentina (and I include the various military dictatorships) to blame Peron for everything which happened subsequently.

If one looks at Argentina's national debt however, indebtedness for arms purchases by those same dictatorships far overshadows anything Peron may have done.

The single most important factor in Argentina's decline has been the entry of its once-greatest
trading partner, Britain, into the European Common market. Europe protects its farmers from competition, and Argentina had massively exported beef and other agricultural prodicts to Britain for decades.

A second significant factor was the decision to fix the exchange rate at one austral to one dollar. This decision was taken at the advice of the IMF, but resulted in an even greater decline in exports as competitors such as Brazil did devalue.

Finally, it is important to recognize that the Argentine debt is smaller, as a per centage of GNP
than that of many European Economic Community members. The decision not to extend further credit to Argentina was not an automatic one.

From: toronto | Registered: May 2001  |  IP: Logged
Dennis J.
Babbler # 563

posted 07 January 2002 12:18 PM      Profile for Dennis J.   Author's Homepage        Edit/Delete Post  Reply With Quote 
What I'd like to see is some more disclosure in our own banking laws. If Canadian Investors knew the extent of their banks' exposure to non-performing third-world debt we could make a far more informed decision about where to invest our hard-earned Canadian Pesos.

There should be a big sticker, (like the CDIC guarantee), on the the front door of every bank in Canada that clearly shows the bank's exposure.

When this exposure exceeds one percent of it's demand deposits, the CDIC should de-certify it as a guaranteed financial institution. This would certainly limit the bank's penchant for foolish investments, and protect the Canadian Banking System as a whole.

The time to prop up third-world dictatorships with with our kids' college money is over...

[ January 07, 2002: Message edited by: Dennis J. ]

From: Regina, Saskatchewan, CANADA | Registered: May 2001  |  IP: Logged
Babbler # 1957

posted 07 January 2002 04:32 PM      Profile for peripatetic        Edit/Delete Post  Reply With Quote 
Argentina's problem is that it pegged to the wrong currency. If the peso had been linked to the loonie rather than the overpriced US dollar, Argentina would have remained internationally competitive.

Canada should take the lead in establishing a coalition of weak currencies to rival the US dollar and euro. Ottawa never saw an international organization it didn't want to join, and the prestige of having the Looniebloc Central Bank in Ottawa along with the opportunities for patronage appointments would ensure backing from the Chretien government. Furthermore, it would give Canadian politicians and bureaucrats a great excuse for junkets to warmer climes during the long Canadian winter.

Another benefit would be to end the call for a Canadian dollar pegged to the US dollar.

From: hogtown-on-don | Registered: Dec 2001  |  IP: Logged

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