Europeans and Americans should look to Argentina for economic solutions
Cueva de las Manos – over 10,000 years old is among the oldest evidence of indigenous culture in the Americas. Found in Patagonia Argentina – Wiki Commons
Cross Post from IfLizWereQueen
There are plenty of good solutions for the majority–just not solutions that please the 1% or the current majority of elected officials in the USA Congress. And we won’t have them either until we vote them ALL out. THEY ALL MUST GO!
Yesterday was the 10th anniversary of a good thing for the people of Argentina–a revolution. But I doubt many reminders of this event can be found in the mainstream media.
An interesting article written by Marcia Valente titled “Argentina Shows the World How to Beat the Economic Crisis” appeared yesterday in Upside Down World.
The article points out that what is happening in the European Union and the United States today is what happened ten years ago in Argentina. The historic protests of December 19-20, 2001 in Argentina left 40 people dead and many injured. These protests were the consequence of years of recession and public indebtedness that lead to economic collapse and skyrocketing unemployment and poverty to levels never seen before in Argentina.
The 2001-2002 crisis in particular was the result of the “adjustment” policies prescribed by IMF in the 1990s–the same policies that we see being imposed today on Europe. The mass protests that broke out after three years of recession in Argentina triggered the December 2001 resignation of centrist president Fernando de La Rua, half-way through his four year term. Over the following 10 days, four interim presidents were designated in rapid succession.
Today in the USA, 49.1 million Americans are at or below poverty level. Interesting, isn’t it? That is close to the estimated number of people in our nation who are without health insurance. Yet the solution for our centrist President is that these people purchase health insurance from Wall Street corporations. How insane and willfully blind is that for a solution? Could the Mad Hatter have done any worse?
How did Argentina Crawl Out of it?
Argentina defaulted on a large part of its foreign debt, to the consternation of financial operators at home and abroad. The president designated by Congress, Eduardo Duhalde, dismantled the “convertibility” regime that had pegged the peso to the dollar for nearly a decade.
Currency devaluation and debt restructuring, along with a highly successful treasury bond swap with large capital discounts and longer terms, paved the way for the recovery of the country from 2003, when president Néstor Kirchner took office for four years. The leader of the centre-left sector of the Justicialista (Peronist) Party, he died in October 2010.
Since that time the Argentine economy has grown steadily at between seven and 10 percent of GDP a year, except in 2009 when economic growth was only 0.9 percent, due to the impact of the global economic and financial crisis that broke out in 2008 in the United States.
According to economist, Gambina, the crisis in Argentina was resolved by “relaunching capitalism” in two stages: on the one hand, suspending payments on the debt, and on the other, devaluing the currency, which made exports more competitive.
According to Gambina, “. . .Europe ought to think of a way of reconstructing itself without the hegemony of Germany and France,” which according to Gambina are “leading the region into greater austerity and more suffering for growing sectors of the population.”
I could not agree more. The American people ought to think of a way to reconstruct themselves without the hegemony of the current members of Wall Street, BOTH houses of Congress AND the White House AND either one of the two parties.
¡¡Qué se vayan todos!! Follow the path of the Argentineans ! THEY ALL MUST GO.
In 2012, vote for people with solutions for the majority.
Vote for nonmillionaire, non-Wall Street investor, Independents.