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The South American Financial Crisis Of 2015
The South American Financial Crisis Of 2015
Most nations in South America are either already experiencing an economic recession or are right on the verge of one. In general, South American economies are very heavily dependent on exports, and right now they are being absolutely shredded by the twin blades of a commodity price collapse and a skyrocketing U.S. dollar. During the boom times in South America, governments and businesses loaded up on tremendous amounts of debt. Since much of that debt was denominated in U.S. dollars, South American borrowers are now finding that it takes much more of their own local currencies to service and pay back those debts. At the same time, there is much less demand for commodities being produced by South American nations in the international marketplace. As a result, South America is heading into a full-blown financial crisis which will cause years of pain for the entire continent.
If you know your financial history, then you know that we have seen this exact same scenario play out before in various parts of the world. The following comes from a recent CNN article…
The dollar’s gains should make history nerds shake in their boots. Its rally in the early 1980s helped trigger Latin America’s debt crisis. Fifteen years later, the greenback surged quickly again, causing Southeast Asian economies, such as Thailand, to collapse after a run on the banks ensued.
In particular, what is going on right now is so similar to what took place back in the early 1980s. At that time, Latin American governments were swimming in debt, the U.S. dollar was surging and commodity prices were falling. The conditions were perfect for a debt crisis in Latin America, and that is precisely what happened…
…click on the above link to read the rest of the article…
Washington Works To Overthrow Argentine Government
Washington Works To Overthrow Argentine Government
The Strategic Culture Foundation has published Mahdi Darius Nazemroaya’s report on the effort underway by Washington and Argentine intelligence agents to overthrow the reformist president of Argentina.
Washington cannot tolerate reformist governments in Central and South America. For example, Washington’s interferences in Honduras and overthrow of reformist governments are legendary. One of Obama’s first acts as President was to overthrow the government of Honduran president Manuel Zelaya. Zelaya was allied with reformist Venezuela president Hugo Chavez and, like Chavez, was portrayed as a dictator and a threat.
Currently Venezuela, Bolivia, Ecuador, and Argentina are on Washington’s list of governments to be overthrown.
For decades Washington has had what is euphemistically called “close relations” with the Honduran military. In Venezuela, Bolivia, and Ecuador, Washington is allied with the Spanish elite, which traditionally has prospered by permitting US business interests to loot the countries. In Argentina Washington is allied with the Argentine intelligence service, which is currently working with Washington and the oligarch class against the reformist president.
Washington squelches reforms in order to protect the looting ability of US business interests. As US Marine General Smedley Butler said of his service in Central America, “I served in all commissioned ranks from second lieutenant to Major General. And during that period I spent most of my time being a high-class muscle man for Big Business, for Wall Street and for the bankers. In short, I was a racketeer for capitalism.”
…click on the above link to read the rest of the article…
Argentina and UK Falklands spat spiced up by Russian jets — RT News
Argentina and UK Falklands spat spiced up by Russian jets — RT News.
The Falkland Islands – a UK overseas territory Argentina lays claim to – have been allegedly reviewing their defenses after news Russia may offer Argentina fighter jets. Moscow could swap them for beef and wheat, UK’s Daily Express says in its report.
The deal reportedly involves a lease/lend of twelve Sukhoi Su-24 all-weather attack aircraft, which NATO calls “Fencer A”. The jets will be able to do air patrols over the Falklands’ capital, Port Stanley. According to the tabloid, Ministry of Defense officials fear Buenos Aires will take delivery of the planes well before the 2020 deployment of the Navy’s 65,000-tonne aircraft carrier HMS Queen Elizabeth and its F-35B fighters, leaving a “real window of vulnerability.”
Up to 1,500 troops, backed by a naval warship that visits throughout the year, are permanently based on the Falklands, along with four RAF Typhoon jets, plus anti-aircraft and artillery batteries.
Argentine Economy Contracts First Time Since 2012 After Default – Bloomberg
Argentine Economy Contracts First Time Since 2012 After Default – Bloomberg.
Argentina’s economy contracted more than forecast in the third quarter after the South American nation defaulted on its debt for the second time in 13 years, forcing the government to crimp imports amid a shortage of dollars.
Gross domestic product shrank 0.8 percent from the year-earlier period, the national statistics agency reported today. The median estimate of nine economists surveyed by Bloomberg was for a decline of 0.6 percent, after growth stalled in the previous three months.
South America’s second-largest economy contracted for the first time since the second quarter of 2012 on the heels of a default July 30 after a battle with creditors prompted a U.S. judge to block the distribution of its debt payments. Seeking to preserve international reserves that fell to an eight-year low in April, the government increased limits on imports, making it harder for manufacturing industry to obtain inputs.
Argentina posted a current account deficit of $736 million in the quarter compared with a shortfall of $1.7 billion in the same quarter a year earlier. The national statistics institute also reported today that economic activity rose 0.1 percent in October from the year earlier, while industrial production shrank 2.1 percent in November.
