The Argentine miracle

Sat, 25 Jan 2003 17:36:21 -0600

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Argentina, which I follow rather closely, has not collapsed because of
political corruption. Of course that was widespread and shameful. And =
it's
and easy target because the difficult causes are profoundly ingrained in
Argentine culture. This is not to say  the international lending system =
that
so willingly allowed Argentina to accumulate mountainous debts is =
blameless.
But more deeply the problem was in Argentine culture which viewed itself =
as
the Europe of Latin America. Their artificially fat life style was =
sustained
by increasing debt. No politician there dared attack the extravagance. =
So
extravagance was viewed as an Argentine birthright. Sound familiar? =
Finally
the sand castle collapsed.

The reason to study Argentina is it's parallel to the US where we fund a
mountain of debt with borrowing by selling our Treasury Bonds. As I've
written before the safe world standard was the Dollar. Go to the =
Mongolian
step and in the herders yurt under the mattress would be Dollars - not
Marks, Yen, Pounds or anything else. The widespread availability of the =
Euro
is changing all that.
The Dollar is now down to 92 cents against the Euro.

At some point the American artificially fat lifestyle will also
collapse...and with it social security funds and all the rest. When will
this comes about  - 5 years - 10 years ?  Who can predict? But it will
happen.

The Bush Administration's economic policies which are fiscally insane =
are
building the same mountainous debt compounded by wasteful military =
spending,
and redirecting money into the hands of the moneyed class. Sounds like
Argentina.

But who in America is giving up their ranch houses and SUV's? At this =
moment
I only use about 20% efficient light bulbs and during every cold snap =
heat
radiates from my huge sliding glass doors. My relatives in Belgium would =
be
appalled at the waste in my single inhabitant dwelling....and I'm much
better than most.

I see no politician outside of  Nader mentioning our extravagance. And =
when
the collapse comes it will be a stretch to blame it on Bush who is the
symptom rather than the problem.

Nightbyrd

----- Original Message -----
From: "Robert Simmons" <telebob@SBCGLOBAL.NET>
To: <GHETTO2@LISTSERV.WHATHELPS.COM>
Sent: Saturday, January 25, 2003 2:00 PM
Subject: Argentinazo needed in USA

Out of the ordinary

In late 2001, the people of Argentina took to the
streets, driven to despair by the economic chaos into
which their leaders had dragged them. Among them was
Gustavo Benedetto, a 23-year-old killed on his first
ever protest. Naomi Klein reports on the events that
triggered a momentous new kind of politics, born of
years of military dictatorship and corrupt rule.

Argentina and the IMF

ETC..

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<DIV><FONT face=3DArial size=3D2><FONT face=3D"Times New Roman" =
size=3D3>Argentina,=20
which I follow rather closely, has not collapsed because of<BR>political =

corruption. Of course that was widespread and shameful. And it's and =
easy=20
target because the difficult causes are profoundly ingrained =
in Argentine=20
culture. This is not to say&nbsp; the international lending system =
that so=20
willingly allowed Argentina to accumulate mountainous debts is =
blameless. But=20
more deeply the problem was in Argentine culture which viewed itself =
as the=20
Europe of Latin America. Their artificially fat life style was =
sustained by=20
increasing debt. No politician there dared attack the extravagance.=20
So extravagance was viewed as an Argentine birthright. Sound =
familiar?=20
Finally the sand castle collapsed. The reason to study =
Argentina is=20
it's parallel to the US where we fund a mountain of debt with =
borrowing by=20
selling our Treasury Bonds. As I've written before the safe world =
standard=20
was the Dollar. Go to the Mongolian step and in the herders yurt =
under the=20
mattress would be Dollars - not Marks, Yen, Pounds or anything else. =
The=20
widespread availability of the Euro is changing all that. The =
Dollar is=20
now down to 92 cents against the Euro. At some point the American =

artificially fat lifestyle will also<BR>collapse...and with it social =
security=20
funds and all the rest. When will<BR>this comes about&nbsp; - 5 years - =
10 years=20
?&nbsp; Who can predict? But it will<BR>happen.<BR><BR>The Bush =
Administration's=20
economic policies which are fiscally insane are<BR>building the same =
mountainous=20
debt compounded by wasteful military spending,<BR>and redirecting money =
into the=20
hands of the moneyed class. Sounds like<BR>Argentina.<BR><BR>But who in =
America=20
is giving up their ranch houses and SUV's? At this moment<BR>I only use =
about=20
20% efficient light bulbs and during every cold snap heat<BR>radiates =
from my=20
huge sliding glass doors. My relatives in Belgium would be<BR>appalled =
at the=20
waste in my single inhabitant dwelling....and I'm much<BR>better than=20
most.<BR><BR>I see no politician outside of&nbsp; Nader mentioning our=20
extravagance. And when<BR>the collapse comes it will be a stretch to =
blame it on=20
Bush who is the<BR>symptom rather than the=20
problem.<BR><BR>Nightbyrd<BR><BR><BR>----- Original Message =
-----<BR>From:=20
"Robert Simmons" &lt;</FONT><A =
href=3D"mailto:telebob@SBCGLOBAL.NET"><FONT=20
face=3D"Times New Roman" size=3D3>telebob@SBCGLOBAL.NET</FONT></A><FONT=20
face=3D"Times New Roman" size=3D3>&gt;<BR>To: &lt;</FONT><A=20
href=3D"mailto:GHETTO2@LISTSERV.WHATHELPS.COM"><FONT face=3D"Times New =
Roman"=20
size=3D3>GHETTO2@LISTSERV.WHATHELPS.COM</FONT></A><FONT face=3D"Times =
New Roman"=20
size=3D3>&gt;<BR>Sent: Saturday, January 25, 2003 2:00 PM<BR>Subject: =
Argentinazo=20
needed in USA<BR><BR><BR>Out of the ordinary<BR><BR>In late 2001, the =
people of=20
Argentina took to the<BR>streets, driven to despair by the economic =
chaos=20
into<BR>which their leaders had dragged them. Among them was<BR>Gustavo=20
Benedetto, a 23-year-old killed on his first<BR>ever protest. Naomi =
Klein=20
reports on the events that<BR>triggered a momentous new kind of =
politics, born=20
of<BR>years of military dictatorship and corrupt rule.<BR><BR>Argentina =
and the=20
IMF<BR><BR>ETC..</FONT><BR></FONT></DIV></BODY></HTML>

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