Argentinians took to the streets, banging on pots to tell the world that IMF policies are not working. Food riots in an industrialized country is scary and a sign of the times. This is an offical Globalization alert!(Read More)
Research Links:
* President Rua resigns amid rioting
* the IMF in Argentina
* PBS - Wide Angle - special documentary on Argentina - summer 2003
* View a photo essay on Argentina today. This is what a matured capitalist system looks like. It this where the runaway capitalism of the Market Economy is headed?
* Stiglitz, former Chief Economist of the World Bank commentary
* June 2002 - massive layoffs; 23 million in poverty
* Argentine President Quits After Deadly Riots
Sunday December 23 3:34 PM ET
Argentina's New Chief Stops IMF Payments
Argentina is important because it represents the first default on an IMF loan. The IMF says that the loan is still valid, they have to, they have no choice but to keep the banks in the rest of the world from defaulting and closing their doors. Argentina owes $147 billion dollars which is covered by banks in Toronto, New York to London. Thier payments have gone form $6.2 billion a quarter to $800 million. In March 2003 they paid only $79 million. Argentina has defaulted and no one can sound the alarm. No one wants to start a panic on the banks. To the debt traders, deficit spending and debt are natural resources for their trade and even for them it looks like business may be off.
The debt is spread over portfolios around the globe and by itslef the ship would still stay afloat but if other countries decide to follow suit then the calls on the debt will cascade around the world collapsing the house of cards that greedy capitalism built. How vulnerable are you? Do you know what your mutual fund is doing?
Argentina recieves this much atention because it was the poster child of the Free Market Economy. It came down like a house of cards. Now the politicians are afraid to be seen in public an dth epeople have planted the parks with Victory Gardens to feed themselves. From riches to food riots in two years - now that is quite a tumbling.
Note: The only men to use the phrase 'New World Order' in their description of the world is Bush Sr., Tony Blair, and Hitler used the phrase World Order. I believe they were all desrcibing a new capitalism, one that controls the world economically with a rigid class structure. Signs of a rigid economic structure are: less class mobility, fewer college students, fewer jobs, more bankruptcies, more cheating (white collar crime), increased debt, depression, and deflation.
