The Crisis in Argentina
A Case of Innovative Dollar Imperialism
Argentina “is recovering.” It’s true that the population has been starving there for over two years now and will continue to do so to an extent never before seen in this — as the wantonly uncomprehending analysts report — “basically rich” country. Even today there isn’t a whole lot of production and trade taking place, not nearly as much as before the “major payments crisis” around the turn of year 2002. And the nation as a whole still hasn’t regained much international credit. However, the speculators are active once again. They are speculating within Argentina, on its stock exchange for example, which has apparently survived every economic catastrophe. They are speculating on Argentina, on its assets and government bonds that supposedly possess a bit of value again and could once again bring in some good money, even though the newly elected Kirchner administration has left much to be desired. Of course, the country must first of all fulfill a few conditions: the IMF and Argentina must agree to new loan guarantees and conditions; the country must newly resettle and service its national and international debts; some progress needs to be seen in the balancing of the national budget; in other words, the country must once again become ‘calculable’ and make a return to ‘normalcy’ in the eyes of the business world and according to its standards. The financial markets, in this sense totally unperturbed, are now handling the entire country as an object of their speculation that has become interesting again, a country in which the entire monetary system recently collapsed under their very direction.