Argentinean Ministery of Economy: from Velociraptors to T-rexes

Gorojovsky Gorojovsky at
Sat Mar 3 06:36:06 MST 2001

En relación a [L-I] (Spanish) (Fwd) Secrecy in economic talks q,
el 3 Mar 01, a las 8:39, Gorojovsky dijo:

> Within three weeks we shall be on March 24th, the 25th anniversary of the 1976
> coup. This coup is still well and alive, which can be seen in the political
> economy of today's Argentina.
> Which, of course, will not prevent them from going ahead.

While the lines above were written, the Minister of Economy José Luis Machinea
was being replaced.

The possible substitutes are still more reactionary than him. The two names
that are resounding are López Murphy, so rancid a neoliberal that word is
passed that the Chicago Boys consider him a rightist (no kidding), and
Christian Colombo, a dubious parvenu whose only peculiarity is that he is a
personal boot licker of the USA. There is also strong word that the head of the
Central Bank will be replaced also, Pedro Pou giving place to --Domingo

The backcloth to all this, which must be interpreted as a further attack on the
interests of the Argentinean people and the Argentinean nation, is:

a) Machinea and his crew, fleeing by running ahead of the fires, tried to
convince our President De La Rúa (a reactionary nullity, if there has ever been
any in human history) that with the last loan offered by the IMF (which was
known here, and thoroughly advertised, as "financial shield") things would
begin to move ahead superbly, people would begin buying goods, investors would
gain confidence in us again, further loans to Argentina would be very cheap,
and negotiations with the creditors would be smooth as a billiard table.

This illusion lasted less than a summer. Economy fell back to the doldrums (if
it had ever left them), and credit to Argentina began to rise again. The
mystifiers in power tried to blame either the Turkish crisis, the laryngytis of
Dubya, or my aunt Rosa's kitten for the disaster. They failed, and their heads
fell down.

2. At the same time, a scandal, where the Citibank is deeply involved, shook
the confidence of the financial sector here. This scandal served to attack
Pedro Pou, an arch-rogue who commands the Central Bank from the times of Menem,
and could not manage to escape the revelations made in the Congress of the
United States on the ways he has been covering money launderers. In a situation
resembling that of the War of Jugurtha, issues essential for a Province of the
Empire are revealed in the Senate at Rome!

Pou's remotion is illegal, however, since the law protects him. He has been
elected (not by popular vote, but the law of the Central Bank gives its
President a term at office) and he announced that he would "wage battle".  His
situation, however, is untenable. So that, who is announced to replace this
roguish agent of the financial thieves? Domingo Cavallo, no less, the man who
is proposing outright dollarization! Cavallo has been the President of the
Central Bank, by the way, during the last military government.

So that, as it seems to happen always in Argentina, we are leaving summer and
entering fall in turmoil.

Turbulences ahead. Will keep you posted.

Néstor Miguel Gorojovsky
gorojovsky at

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