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Wednesday, July 2, 2014

A Case Study In Sovereignty: Argentina & the Bankruptcy of the Financier Oligarchy

Argentine President Cristina Fernández Kirchner, G77 Summit, Bolivia

"In this kind of anarcho-capitalism, where a small group of financiers runs the rest of humanity, a group known as ‘vulture funds,’ obtained debt instruments at absurdly low prices—if the value was 100, they paid 5 pesos, or perhaps less—financiers who don’t even pay taxes because their official headquarters are in tax havens, and which only represent 1 or 2% of Argentina’s total debt." "And yet this small group of vulture funds is endangering not only Argentina—because if it were only Argentina it might not matter much to the world, a country lost at the bottom of the South American continent wouldn't matter much to them. But in reality what is at stake is the international financial system, and the international economic system more than the financial system. . . . [This is] financial capitalism and the appearance of what is called financial derivatives, which began to generate, or at least make the world believe that they were generating, money without going through the cycle of the production of goods and services, which is impossible and obviously generate astronomically high profits, but also the existence of fictitious money."

The Story

On June 16, the U.S. Supreme Court issued a decision written by the cretinous Justice Antonin Scalia, which sided with the bloodiest of vulture funds, NML Capital and Aurelius Capital Management, in their effort to use American courts to gain discovery of all Argentine financial movements worldwide, in order to seize that country's assets in payment for defaulted bonds. The Supreme Court simultaneously upheld a lower court ruling by Federal Judge Thomas Griesa that Argentina had to immediately pay $1.5 billion to NML Capital and other "holdouts" against Argentina's 2005 sovereign debt restructuring, and that Argentine assets anywhere in the world could be seized to execute that payment—including the $900 million that Argentina must pay on June 30 to its other creditors who renegotiated in good faith.

FEATURE: Will Argentina Be First To Bolt from Bankrupt System?

Argentina has repeatedly warned that such a ruling could lead to an overall default on their debt. In point of fact, the ruling threatens to bring down the entire trans-Atlantic financial system in an orgy of predatory looting of nations, their populations, and their resources—precisely the deadly "bail-in" policy loudly trumpeted by the British Empire as their "final solution" to the bankruptcy that is sinking their system.