U.S. Manufacturers Feeling Pain of Slowing Economy

Jose G. Perez jg_perez at SPAMbellsouth.net
Sat Dec 2 21:14:20 MST 2000


>>I may be accused of thinking that the globe turns around my navel, but I
have
the impression that we are heading, full speed, to a massive default by
Argentina which will trigger a new world crisis. In exchange for further
destruction of our health and retirement systems, and amidst a display of
blatant stupidity by the Executive(1), a protection net has been cast below
the
wuthering heights where the international speculators warily watch Argentine
bonds sink.  This net is called "financial shield", and in the end it is
simply
further foreign debt.

>>Now, this shield will not be the only one. It has averted the risk of
outright
dollarization of Arg. economy, but it has imposed a more serious debt and -
worse, much worse yet- has reinforced the grip of the IMF on our economy.<<

Juro por todos los santos y el che que no quisiera que fuera así. Pero eso
de "nuestra" ("our") economy es un decir, un viejo hábito que no se nos
quita por mas que la realidad muestre la equivocación que contiene combinar
las dos palabras.

Temo que el resfrío del norte será la pulmonía del sur. Pero albergo la
profunda esperanza que algún día la pulmonía del sur será el infarcto del
norte.

José

(Translation for those linguistically challenged: I swear by all the saints
and Che that I wish it were not so. But that bit about "our" economy is
nothing more than a saying, an old habit that refuses to die no matter how
much reality shows we are mistaken to combine the two words.

(I am afraid the North's sniffle will become the South's pneumonia. But I
believe some day the South's pneumonia will be the North's heart attack)
----- Original Message -----
From: "Nestor Miguel Gorojovsky" <Gorojovsky at arnet.com.ar>
To: <marxism at lists.panix.com>
Sent: Saturday, December 02, 2000 9:17 AM
Subject: Re: U.S. Manufacturers Feeling Pain of Slowing Economy


En relación a Re: U.S. Manufacturers Feeling Pain of Slowing Ec,
el 2 Dec 00, a las 8:33, Jose G. Perez dijo:

>
>
> >>NEW YORK, Dec 1 (Reuters) - U.S. manufacturers are bearing the brunt of
an
> economic slowdown they say may be throwing the world's largest economy
into a
> lower gear too quickly and may soon require a jump-start from a cut in
interest
> rates.

I may be accused of thinking that the globe turns around my navel, but I
have
the impression that we are heading, full speed, to a massive default by
Argentina which will trigger a new world crisis. In exchange for further
destruction of our health and retirement systems, and amidst a display of
blatant stupidity by the Executive(1), a protection net has been cast below
the
wuthering heights where the international speculators warily watch Argentine
bonds sink.  This net is called "financial shield", and in the end it is
simply
further foreign debt.

Now, this shield will not be the only one. It has averted the risk of
outright
dollarization of Arg. economy, but it has imposed a more serious debt and -
worse, much worse yet- has reinforced the grip of the IMF on our economy.
The
problem, however, is that it cannot last too long. So that new and new
packets
will be launched to "help" Argentina, up to the moment when the
international
usuriers run out of money.

Will they resort to inflation in the USA, then? And, if they do, what will
happen in the recessive environment depicted by Reuters? Any answers? Only
one
thing is for sure: Argentina will either default or die within not too long
a
time. In the 1890s, Argentinean default triggered what was known as the
Baring
Crisis. Shall we trigger the "Citibank Crisis" now (properly nicknamed
"Tango
crisis", of course, by the journalists on pay from Citibank)?

NOTES
(1)"We do not care if the Congress does not accept the laws we have sent to
them, we shall make them valid anyhow!", was the answer to the fact that the
Lower Chamber did not approve some of the most brutal slashes included in
our
2001 Budget due to pressures from the IMF.


Néstor Miguel Gorojovsky
gorojovsky at arnet.com.ar







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