by On YouTube the right are having a field day over Venezuela, but Argentina, which is fully neoliberal, is a capitalist nightmare.Jack Rasmus says Obama helped to get Macri, the current President, elected because he promised to pay the full amount demand by Paul Singer and his hedgefund. The Macri government went to the IMF to get a loan and then paid Paul Singer the maximum amount he demanded. After that the Macri government went to New York to borrow more borrow more money but it was never spent on the Argentinean economy as the IMF demanded austerity.The Argentinean economy has never performed well and inflation went to over 70%, now 54%. It's a capitalist disaster, but the media concentrates on Venezuela, whose economy has always been under attack from the US and the Venezuelan elite.On
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Jack Rasmus says Obama helped to get Macri, the current President, elected because he promised to pay the full amount demand by Paul Singer and his hedgefund. The Macri government went to the IMF to get a loan and then paid Paul Singer the maximum amount he demanded. After that the Macri government went to New York to borrow more borrow more money but it was never spent on the Argentinean economy as the IMF demanded austerity.
The Argentinean economy has never performed well and inflation went to over 70%, now 54%. It's a capitalist disaster, but the media concentrates on Venezuela, whose economy has always been under attack from the US and the Venezuelan elite.
On August 12, 2019, financial markets in Argentina crashed. The stock market contracted 38% in just one day. The currency, the Peso, fell 20% after falling as low as 30% and recovered to 20% only when Argentina’s central bank raised its interest rate to 75%. Watch next for bond prices, both government and corporate, and especially dollarized bonds which Argentina has loaded up on in recent years, to freefall as well.
Global Research
Jack Rasmus - Argentina & the Next Global Financial Crisis