Argentina Thumbs Its Nose @ US Courts, Vulture Funds and White House

112
Wed, Sep 4, 2013 - 9:53am

Cristina Kirchner, Argentines' President

BRIEF SUMMARY

Argentina has yet another financial debacle on its hands as it has refused to pay up ransom to the vulture funds that bought up its New York issued bonds at discount prices and it's continued refusal to play ball with the western financial elite. In my opinion, this is the most significant financial story being played out in the western hemisphere and the US media as usual is not telling the full story. The same external forces that assisted in creating Argentina's hyperinflation in the early 80's wouldn't blink an eye to do the same.

After Argentina's 2001 collapse, Argentina sold the bonds as a way to stay out of the claws of the western Anglo run IMF. However, a US Court of appeals has sided with the vulture funds and Argentina must pay-up. The IMF and the Obimity administration have rescinded their offer to write a briefing on Argentina's behalf for the case that will go to the Supreme Court.

Argentina has no intention of paying the vulture funds and has offered the funds a bond swap from New York issued bonds to Argentina issued bonds with the same terms. The court has threatened to hold any bank liable that pays interest to other bond holders until Argentina pays the full amount owed to the Vulture funds. The NYTIMES points out that the case could seriously damage New York as a world financial system. The courts can rule against the debtor country but cannot force a sovereign entity to make a settlement. And foreign entities can now issue worthless bonds through New York that neither the courts or the IMF have the authority to enforce short of war.

The vulture funds have tried to seize Argentina property without too much success when they petitioned a Ghana court to seize an Argentinean military ship which was later released. Argentina's refusal to pay will have major consequences on it's future ability to have debt restructuring.

The story that seems to escape the western media including the NYT and WSJ is the informal bilateral trade agreement between Argentina and China, to be denominated in Yuan and payable in it.

Argentina is giving the finger to western oligarchs and they are not looking for dollar bailouts or to payout large sums to vulture funds because it looks like China has it's back especially as more and more China investment moves into Argentina to support Argentina's shale and gas deposits. With this backing, the western elite might find it difficult to collect on old debts especially by stealing another countries military ships.

CHINA TO THE RESCUE

https://en.mercopress.com/2013/05/13/china-to-the-rescue-of-argentina-with-a-10-billion-dollars-equivalent-swap?utm_source=newsletter&utm_medium=email&utm_campaign=daily

THE BIGGER PICTURE

Argentina political history is a whose who of snake oil salesman who have mastered the art of political pandering to an uninformed underclass. Like the King float in the Mardi Gras parade, the Argentinean elite throw worthless trinkets to an excited crowd. The parade watchers fight with one another to catch the worthless doubloons and beads only to realize later, that they were scampering for worthless goods.

A couple of years ago, I was interested in purchasing some products from a business man in Argentina. He told me that my first purchase included a mandatory first time tax for foreigners as the price of doing business in Argentina. I made a short snide comment about governments, which went unanswered, and I sent him the cash. Later, I was exploring the possibility of importing a large shipment of his goods. I explained to him that my continued business was dependent on the fate of the US economy and I asked him if he was aware of the global financial challenges the US and world markets were facing. He replied, "I survived the Argentinean inflation and subsequent collapse. At this point, the only thing that would get me concerned is if a meteor was going to strike the earth." When I asked him if he was investing in the precious metals he informed me that Argentinean citizens are not allowed to own gold or silver.

By now the average Argentinean realizes he has been had after years of government corruption, capital controls, pillaging of their retirement accounts, nationalization of large private holdings and having their currency routinely defaulted. Capital flight has been a problem for the Argentinean government as it's citizens try to preserve their wealth by buying US real estate and trying to prevent the rise of a black market exchange of peso's for US dollars and peso's. Argentina's capital controls have banned the US dollar and the ownership of precious metals. Money changers operate in small alley's where concerned citizens can exchange peso's for the US dollar for a generous fee.

.

Since the election of Juan Peron in 1946, Argentines have experienced an ongoing wave of serious financial crisis's. Once again, Argentineans must be uttering that famous laurel and hardy line, 'What a fine mess you've gotten us into this time Ollie." Argentina has once again has found themselves in an international showdown between the western elite run IMF, the US government and vulture capitalist including billionaire Paul Singer. The outcome of the case could have significant consequences to the US and global markets yet realized.

For those of you unfamiliar with the Argentina's here is a very brief flashback on how a country who once sported a gold standard where it's hard peso weight almost two grams of pure gold got themselves into this international pickle. Argentina has gone back and forth between military and constitutional governments. The Peron's were a populist government who promised it's citizens everything short of the kitchen sink. Similar to FDR, they implemented a wide array of social programs through heavy taxation and deficit spending. However, the real monetary crisis began in 1972 well after the Peron's were out of office when the rate of inflation increased 700% from what it was in 1943! The peso, once one of the world’s strongest currencies, had been significantly depreciated.

In the 1980's Argentina experienced hyperinflationary episode where the peso shot up over 5000% which was proceeded by a very complex set of events that is wonderfully detailed in a paper by Carlos Escude and Argentine Economics Professor.

"From Captive to Failed State"

"https://dl.tufts.edu/bookreader/tufts:UP149.001.00061.00007#page/3/mode/1up

This is not light reading and is a serious investigation into the events that led to Argentina's default which included an "intentional" devaluation of the peso by "dropping the peso's dollar peg a fraction of it's previous value" and "according to insiders, with the intent of creating economic chaos"

In 2001 Argentina would make the history books by defaulting on its $155 billion public debt, the largest such default by any country in history. Days after the default structural adjustments were put in place and savings accounts were frozen. The government declared bank holidays depositors faced restrictions on how much they can withdraw from current accounts and dollar savings had been turned into devalued pesos. The country saw massive unemployment, social unrest as protestors turned their anger on politicians beating them up and abused on the street and banks were boarded up with wood and steel plates to protect them from mob attacks.

The hyperinflationary event began a long battle between Argentina and the IMF. At first Argentina, accepted loans from the IMF essentially taking away Argentina's financial sovereignty and make it essentially a slave state of the IMF. The peso was again pegged to the dollar with a 1 to 1 ratio and eventually the peg included the euro, and Argentina no longer had the sovereign right to print it's own money unless each peso was backed by the US dollar or the Euro. The government's key austerity bill is passed. A zero deficit law was enacted and state salaries were slashed and pensions were pillaged.

Eventually, Argentina could not pay back the loans to it's creditors in part due to the rising interest rates fo the petrodollar loans that they were given. The austerity measures meant that Argentina could not compete in international markets. Argentina simply got up from the table, stopped paying it's bond holders and walked away from it's debts. At this point, the Argentinean government did something ingenious, it took what little financial resources it had and began stimulating real GDP. The economy started growing and the currency became stable again. Argentina was eventually able to pay back it's 9 billion dollars in debt to the IMF and they began restructuring it's debt. However, to do this Argentina had to start issuing more peso's. At first, they were keeping the peso stable by buying US dollar reserves to back the peso. Both the US dollar reserves and the increased GDP was enough to stimulate growth. But the problem was that they started printing peso's exceeding their dollar reserves and GDP.

ENTER VULTURE CAPITALISTS.

To stay out of the claws of the IMF, Argentina began selling it's bargaining it's financial soul to what is known as Vulture Funds aka The Gordon Gekko's of the world. Vulture funds buy debt at a discounted price to a secondary market thereby putting Argentina in an untenable position where the vultures are able to blackmail the sovereign nation.

In 2006, Nestor Kirchner, the then President of Argentina ,wanted to pay off the IMF debt by having Argentina's Central bank by using their dollar reserves without printing unbacked peso's. However, this didn't sit well with the Vulture capitalists and they basically blackmailed the Argentinean government and said if you do so, they will attack the countries bonds by creating speculation against the Peso. Argentina was forced to begin issuing public debt printing and issue $11 billion to prevent a total devaluation of their currency at the hands of the Vulture funds.

One such vulture is Paul Singer and his hedge fund mob at Elliott Associates. Singer, Republican parties number 1 contributor in the Romney election, has a history of picking injured companies for a song and a dance. He then turned his efforts to countries on the brink of financial collapse buying up a countries debt at a significant discount, such as he did in the Congo and Peru. He then essentially holds the national hostage and demands humongous sums of money to not decimate their national treasuries.

His prizes include $400 million dollars form the Congo for debt he picked up for $10 million and $58 million pillaging the national treasury of Peru from former exiled President Alberto Fujimoi. It is said that Singer seized's Fujimori's get away plane until he payed up.

Last week, a U.S. appeals court ruled that Argentina must paying up it's debts to Singer to a tune of $1.3 billion. Kirchner made an offer of a debt-swapping plan of reissuing new bonds out Argentina in place of bonds that were issued of out New York with the same terms as a way to bypass the US judicial system. Singer and his bantido's are not having it as the US appeals court upheld a ruling that Argentina is in violation of it's debt contracts and must pay the face value plus interest. However their is a temporary stay on the ruling as the case has now been taken to the Supreme Court.

Enter stage left, the IMF and the Obama administration which both had initially agreed to support Argentina against the hedge funds by writing a briefing. However, the last minute both the IMF and the Obama administration rescinded their offer citing it would set a bad international precedent.

Now the case is slated to be heard in the US Supreme Court as we continue to watch what offers the Chinese will offer the Argentineans. We know one thing, if China is going to rise to the top, it needs to continue it's foreign affairs blitz by making itself invaluable to emerging countries that want to get out of the grasp of the western banking elite. And Argentina has demonstrated it won't play ball and have it's economic future dictated by US courts, the O' administration or the IMF.

About the Author

Green Lantern

  112 Comments

ancientmoney
Sep 4, 2013 - 4:00pm
zman
Sep 4, 2013 - 4:05pm

GDX up .56% today, not bad.

GDX up .56% today, not bad.

ancientmoney
Sep 4, 2013 - 4:40pm
ag1969
Sep 4, 2013 - 4:43pm

Am I the only one who has noticed?

That GL is trying to pass off Judge Jeanine as the President of Argentina?

Bollocks
Sep 4, 2013 - 4:59pm

hip.o.crit part 2...

Listen from 8.10 on -until you've had enough.

Vietnam War Hearing: John Kerry Testimony - Vietnam Veterans Against the War (1971)

edit: hang in there for at least 6mins (15 is best though), as he get his anti-war message across.

Bugzy
Sep 4, 2013 - 5:02pm

John Kerry and his bunch

We can strike Syria because we do not think they have the ability to retaliate; our ships are safely out of range of their missiles and Russia suggests that Syria is not that important to them, so we do not expect them to act.

and such.......

Whole thing disgusts me.

Man... I don't think I can listen to this anymore - some dude just spoke up that the minorities in Syria whant Assad out so that a democracy can be formed and protect them,,,therefore we need to go to war........

Like there is protection now in Libya and Iraq and Afghanistan!!! Man... this is what these folks trot out to the masses...worse, they KNOW that most are swallowing this shit and nodding vigorously.

Oh man... if we (the USA) do not go to war, the world will see us as weak and the USA will be more likely to be attacked in the future. Excuse me, I need to vomit.

So It Goes
Sep 4, 2013 - 5:05pm

My note to Senator Boxer

According to Zero Hedge:

https://www.zerohedge.com/news/2013-09-04/these-are-7-democratic-and-3-republican-senators-who-want-start-syrian-war

representative - Barbara Boxer - just voted for war. I know I am wasting my time, but I sent her this note.

"Senator Boxer, Your vote to allow military attacks in Syria does not represent the interests of the United States. With your vote the US and the world will possibly go to war. We may now have WW III. You undermine our Constitution. This is lip service - a farce of congressional approval needed to declare war - a fig leaf with no debate. The UN Security Council says no. Even NATO says no. The chemical weapon use in Syria is a false flag that the whole world sees. Did you vote for war just to appease the Saudis' and Turks' interests? Do you seriously think the world will be a better place by removing the current Syrian regime and replacing it with who knows what? Is it all about a gas pipeline through Syria that will defeat the Gazprom threatening energy monopoly? You now join Lyndon Johnson as a warmonger. Your vote ruins the credibility of the US as a democratic leader and beacon of hope. You do not represent me. The whole world is now informed and watching and you are responsible. You will now be held accountable for all the destruction that will now ensue. Shame on you." OK, at least I said my peace. We can only protect ourselves now as best we can from a crazy government out of control. So much for my strategy of keeping a low profile. Peace to all and keep stacking. So it goes.
Bugzy
Sep 4, 2013 - 5:29pm

Bollocks

Only 1971 - there was still evidence of intellect and reason. Amazing to juxtapose what transpired today with John Kerry and the goons and what happened with John Kerry in that video in 1971: 42 years.

Everyone needs to watch both and just sit and ponder the difference. Look at what we have become. Orwell was a genius.

Good find Bollocks.

See this:

https://www.youtube.com/watch?feature=player_embedded&v=CvNDkrm0FeQ

Then go back to 1971 via Bollocks' post: Wow!

Bollocks
Sep 4, 2013 - 5:40pm

Bugzy

Yes, he certainly seemed honest in his message in 1971. And in his honesty, he appears really quite vulnerable.

A perfect recipe - primed and ready to be raped and used by the devil.

tyberious
Sep 4, 2013 - 5:49pm

My Civic Duty

I called each and every one, yes all 10, of my Washington State Congress Critters!

Their assistants indicated that A) most hadn't made a decision, B) 90% of the constituents that have called are against this crap and C) they were happy to hear from me on this issue.

No where left to turn!

ag1969
Sep 4, 2013 - 5:51pm

Tyberious

I am reposting this from the latest podcast thread:

I took the time today to call every member of the New Hampshire Congressional Delegation that I do not support yet another illegal and unconstitutional war, to remind them all that they swore an oath to uphold the Constitution, and to let them know how crazy it is that we support in Syria the very group that they told us blew up the world trade center.

I have come to find out that Ann Mclane Kuster, who proudly represents NH's 2nd congressional district, is having a live conference call this evening at 6:30 PM EST to discuss the Syrian Conflict.

The number to call is 855-756-7520 and then it will prompt you for a PIN # which is 22515 followed by the pound sign.

I will be there and this is a chance for a bunch of Turdites to flood a member of congress with those pesky principles we espouse, namely truth and reason. Hope to see you there and I will certainly be back here to discuss the call when it ends. I hope you will too.

argent rampant
Sep 4, 2013 - 5:55pm

Thanks, Ancient Money for posting this.

This is how things work in the current Whitehouse:

_____________________________________

Obama had been convinced by his national security adviser Susan Rice, UN ambassador Samantha Power, and deputy national security adviser Ben Rhodes, all «Responsibility to Protect» advocates, that he could trump congressional approval for his attack by claiming that humanitarian operations do not require approval under the War Powers Resolution or Article I, Section 8 of the U.S. Constitution.

Rhodes, who lacks any military experience, as is also the case with Rice and Power, is in his position because of his family ties. Rhodes’s brother, David Rhodes, formerly an executive with Fox News, is the president of CBS News.In addition, the brother of Obama’s special adviser, Dr. Elizabeth Sherwood-Randall, is Ben Sherwood, President of ABC News.

Power is married to Obama’s former «information czar» Cass Sunstein, who developed methods to combat information unfriendly to the president through campaigns of «cognitive dissonance».Many of Washington’s insiders went to bed Friday night firmly convinced that Obama would give the final order to attack Syria sometime during the early Saturday morning hours of August 30. However, the Chairman of the Joint Chiefs of Staff, General Martin Dempsey, made a hurried trip to the White House during the early morning hours of Saturday to make one last final plea to hold off on any attack.

Dempsey told Obama that the president’s military plan would not work. «If you do this, the plan will fail and you’ll get in deeper. And without congressional approval, you’ll be screwed,» Dempsey told Obama.

Maximillion
Sep 4, 2013 - 6:09pm

Suckers??

Great post which brings to question are we being taken for a ride here?

Did anyone else notice how the news relating to the test missile firing yesterday news came a full 10 mins after the event (pop and drop in PM prices), complete with Russia declaring it had recorded a launch,followed by Israel saying it hadn't seen one, followed by the news of a joint US/Israel test! Who in their right mind would attempt to draw a gun and fire a blank when their opponent was supposedly prepared and aiming theirs already?

Since then it's been a downtrend in PM prices, combined with the visit of OB to Sweden, which conveniently would provide a mid way meeting point for Assad to discuss his resignation, and an easy hop for Putin to discuss his cut of the gas revenues from the deal. Mope is to distract the sheeple into thinking TPTB actually give a toss. Just my opinion

Bugzy
Sep 4, 2013 - 6:09pm

Bollocks

Not just though: There is a difference in intellect. There is no way that what was trotted out today could have been presented in 1971 and even expected to have it taken seriously: They would be a laughing stock.

It is the change in everything that has watered down the minds which now allows such obvious bullshit to be spouted on a GLOBAL stage without embarrassment. To go to war with an innocent sovereign for crying out loud. Complete and utter madness.

There needs to be change. I find this whole thing surreal. Am I on the Trueman show? This is some reality TV show in which I am pecking at my computer, actually getting worked up over this and it is really being beamed to millions for their entertainment? This is not real, it simply cannot be! Where is the end of this film set, I want out.

Dyna mo hum
Sep 4, 2013 - 6:40pm
Bollocks
Sep 4, 2013 - 6:44pm

Bugzy

Yes, I agree, the 'presentation' has changed completely. It has lost all content of truth.

In Kerry's presentation at today's hearing (that you posted the link up to) he's reading from a script - checking it constantly. He's been told what to say. All truth has been sucked out of the message - so it's as dead as a dodo - but will appear to the layman, the majority, as really meaning something.

In 1971 he was speaking from his own experience. Now he's speaking from a script. As are nearly all of those in congress and in governments all across the world.

Of course it's not real. It's a "no direct-experience" show. All are playing to the agenda, which is "Take as much as you can for yourself, lie as much as necessary to get it. What the hell - take it all!".

TPTB are pure greed. Pure evil.

Yes, our minds have been watered down, bit by bit over many years, through the media crap that they put out - so the majority accept this BS as true.

Not me anymore though, or many, many Turdites here, I see .

Mr. Fix
Sep 4, 2013 - 6:45pm

I would like to amend some previous thoughts,

Some of what I have said in the past might have been considered offensive to the Obama supporters out there.

And I realize I was singling him out, and I will concede that my focus was far too narrow minded.

Here's your new update:

The entire United States government is now making decisions that are carefully crafted to have the worst possible outcome for the United States.

My apologies if I offended any of you.

Bugzy
Sep 4, 2013 - 6:48pm

XTY

The mind boggles at the potential tangled web this could actually be, and loyalties to whom? Actually more intriguing the more I think about it. Need break but intended to read on this further.

incestuous relationships and mistaken identities could make for great Shakespeare.


Sep 4, 2013 - 7:00pm

It is my belief that the US needs Argentina to win this case

but does not want to appear to be supporting them. The US has a very vested interest in supporting a decision that protects a sovereign nation from a creditor, call them vultures to sway the argument, sure. How about zombies? Co-opted language should really be a bit more subtle. to my mind.

Devastating implications for debt crisis management

The US court ruling might have severe consequences for the functionality of the international financial architecture. A recent paper on sovereign debt restructuring by International Monetary Fund (IMF) experts said that the impacts are already being felt. The IMF finds that “litigation against Argentina could have pervasive implications for future sovereign debt restructurings by increasing leverage of holdout creditors … the ongoing Argentina litigation has exacerbated the collective action problem”. The US court decision would undermine future debt restructuring as it gives new leverage to holdout creditors suing for full payment. In consequence, “holdouts will multiply and creditors who are otherwise inclined to agree to a restructuring may be less likely to do so due to inter-creditor equity concerns”.

Jubilee USA reports that the IMF’s Managing Director Christine Lagarde planned to file an amicus brief to the US Supreme Court in support of Argentina, but she was stopped from doing so by intervention from the US Treasury. The USA is the IMF’s largest shareholder and is endowed with a de facto veto right over its decisions. European governments such as France supported Argentina in this case. German courts had previously declined to accept vulture fund claims.

https://cadtm.org/Vulture-funds-US-court-ruling-on
ancientmoney
Sep 4, 2013 - 7:05pm

Maybe the PTB see war as their only hope . . .

The world is closing in around them. QE and debt-growth is no longer working. ZIRP has been in force for years, yet unemployment grows worse. There are ever more Free-Shit Army ranks. Now, even interest rates are rearing their ugly, rising rates.

China has fashioned, with much of the rest of the world, a new means of trade, to the exclusion of the previously almighty dollar. The dollar and USTs are no longer required to carry out international trades.

The U.S.'s Geithner made deals with China in 2010 and 2012--we give you western gold if you don't sell USTs. Done.

Now, China has bulked up on that gold, and there is little left as per comex and GLD stocks. No reason for China to hold back on selling USTs.

PTB of course know this. So, start wars. At tleast a chance to galvanize a still-sleeping public (for the most part) to be nationalistic, and take the suffering that must come as the western bankers lose control. The bankers want it to appear the threat and problems arrive from Russia, Syria, China--not from them. War is their preferred solution, I fear.

sierra skier
Sep 4, 2013 - 7:10pm

For years I have contacted my

For years I have contacted my Senators and Representative, Barbara, Dianne and Nancy on a regular basis on issues that push my buttons,,, firearms, illegal aliens and other issues to no avail. These politicians keep getting reelected by the folks who are receiving their 'fair share' from the government troughs and will listen to no form of reason.

Everything our leaders and bankers are and have been doing are to the detriment of our countries future and they appear to be doing so on purpose and willfully. I believe the best we can do is to be prepared to take care of our families, friends and loved ones until our world goes through the changes that appear to be apparent and near.

Bollocks
Sep 4, 2013 - 7:21pm

This is bloomin' good...

I really like this guy. He's dead honest and he really gives a shit. It's 18mins long, but if you have the time do have a listen to his story and see how it unfolds - it's spoken completely from his own experience.

It's more than just the title suggests. I'm reminded of something I once heard which is so true: "Only Fear Dies".

https://www.youtube.com/watch?v=AQET0Lcw3q0&feature=youtu.be&a

Bugzy
Sep 4, 2013 - 7:28pm

Ancient

I am afraid it does look like that.

It matters not how stupid or false or what deniable lies spew forth. They feel they need to act and act now or they risk losing their privileged lives.

They have ran out of saner options and this now looks like desperation.

How can they talk of liberation of Syria in the contrived abortion of Iraq, and Libya et al. Insanity of spoilt privileged ass holes with bloody big guns.

Dark times ahead (maybe I should have gone for the deluxe Rambo urban warfare option with 100% double stitched cotton headband?)

Bollocks
Sep 4, 2013 - 7:32pm

Nooo Mr Fix, you're wrong :)

"The entire United States government is now making decisions that are carefully crafted to have the worst possible outcome for the United States."

"Carefully"?

"for the United States"?

Allow me to re-word that for you, if I may:

The entire United States government is now making decisions that are crafted to have the worst possible outcome for everyone on Earth.

Sorted.

jonoso
Sep 4, 2013 - 7:33pm

bunch of fucking idiots on this site

turd please monitor these dorks

lakedweller2
Sep 4, 2013 - 7:38pm

Monitoring

Nobody on this site needs monitoring until some people go to jail in New York and Washington and wherever Cheney and Hank Paulson live...and Geithner and Summers and ... too many to mention

Can't act until you identify the problem. Our leadership can not act on themselves and that is the glitch.

BagOfGold
Sep 4, 2013 - 7:39pm
Dyna mo hum
Sep 4, 2013 - 7:40pm

Mr. Fix and Bollocks

Offensive posts.... shame on you

Down Range Mr. Fix
Sep 4, 2013 - 7:50pm

Mr. Fix

"Some of what I have said in the past might have been considered offensive to the Obama supporters out there."

"Frankly, my dear, I don't give a damn"

GWTW

Dawg

BagOfGold jonoso
Sep 4, 2013 - 7:55pm

jonoso...

You say..."bunch of fucking idiots on this site...turd please monitor these dorks"...

I do hope that you are including yourself...in this category...as you could end up being " the great leader"!!!...

Bag Of Gold

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