P. Edronkin

Argentina, the case for Neo-Communism? (XX).

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The fact that no real interests are paid over those bonds means a loss of U$ 70.000, and if the Argentinean economy does not improve, U$ 45.000 will have to be added to that count, bringing it to U$ 115.000.

Money comes and goes, and I have done much more since then. I even have company interests in the United States. I am not an outcast of the system, a recalcitrant reactionary or anything like that, and what I am telling you is not the produce of Kafka's mind. It happened.

Thus, trust me when I tell you that whether you are big or small, successful or not, a clerical worker or a millionaire, be very, very careful with your assumptions, especially about money, governments and financial institutions.

Just take the case of the banking system in Argentina, which is almost totally private and has been sold in recent years to foreign investors. It includes some serious names, such as the Canadian Scotiabank, the U.S Citibank, the Spanish Banco de Santander, and others. This is a fact: these banks or the banks that they own in Argentina - among others - did not pay back the money that people gave them.

For whatever reason, they failed. Now take other cases all around the world, like the BCCI, the BNL scandal, etc. and think again.

In fact, since in 1991 the Argentine government began privatising its companies and the local economy opened for globalisation, lovely word, like 'peace' and 'love' - which were used even by Crusaders attacking Jerusalem - local ownership of companies decreased from almost 100% to about 35%, so when we are talking about the Argentinean default, if the productive systems of the country are in the hands of foreign investors, we should speak about the failure of those investors.

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