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The Argentine Model for the American Kleptocracy

May 24, 2010

In 2001 and 2002, Argentina went through a similar problem that Greece is facing today. Once again, the "solution" from the IMF is essentially the same--let the little people bail out the banks,and let the police protect the bankers from the people. When we look at the model that was imposed in Argentina, we can see the thinking of the IMF and its plan for any country that goes bankrupt.

Understanding this plan helps us to make decisions today, seeing that America is heading toward the same cliff that Argentina fell over, and the one Greece could yet fall over, as soon as the bailout money can no longer be sustained.

When Argentinians watch the news today and see the terrible things that are happening in Greece, we cannot but say, “Hey!! This is EXACTLY like Argentina in December 2001 and beginning of 2002…!”.   Then too, Argentina underwent its worst systemic banking, public debt and monetary collapse which led to social turmoil, mad violence, rioting, and social war.  The turmoil was so bad, that it forced then president Fernando de la Rúa’s government to resign, especially because of his notorious pro-banker cartel economy minister, Domingo Cavallo, generating a political vacuum that led to Argentina having 5 (five!!) presidents in that terrible last week of December 2001.

What triggered social chaos in Argentina was the attempt by president De la Rúa to implement the grossly unjust austerity measures imposed by the IMF that required, as usual, utmost sacrifice from the people – more taxes, less social spending, “balanced budgets”, zero deficit spending, amongst other anti-social measures – which led to a fall of almost 40% in Argentina’s GDP.

Half of all Argentinians fell below the poverty line (most were never to make it back to the traditional Argentina middle class), private banks were allowed to legally retain everybody’s savingsUS dollar deposits were arbitrarily changed into Pesos at whatever rate of exchange the government and bankers decided (the dollar was devalued 300% from one peso to the dollar, to 4 pesos the dollar in just weeks) and yet…. Not one bank fell ! ! !    Indeed, since then they’re all back in “business as usual”, however the poor and impoverished are today totally out of business…


Note that the banker-controlled government of Argentina did not hesitate to steal the people's savings deposits to save the banks. And what they did not steal outright, they stole by means of arbitrary money-changing exchange rates. Apparently, many people thought they could save their assets by denominating their bank accounts in dollars, instead of pesos. That did not stop the theft from occurring, because a bank account is ultimately controlled by the banks and the government that enforces the will of the bankers.

It is likely that the only ones who came through this time without loss were those who had taken their money out of the bank and bought gold or silver or something else that would retain its value in such a crisis. Even so, if they had kept their gold or silver in a safety deposit box, they may have found that it was confiscated by the government--same as their bank accounts.

They sure make it difficult to save for retirement. You can't even have a safe retirement fund, because that too can always be confiscated for the sake of "economic emergency."

Even having gold or silver in one's possession is ultimately no guarantee, although it is certainly far safer than having a bank account. Back in 1933, the government confiscated gold at a low price and than devaluied the dollar (raised the price of gold) by about 35%. The government turned a pretty good profit by doing this--at the expense of the people. In spite of denials, there is no guarantee that the present government will refrain from the same tactic, justifying it on the grounds of "economic emergency."

Is it any wonder that so many people have Swiss bank accounts? They find the Swiss more trustworthy than their own government.

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Category: News Commentary

Dr. Stephen Jones

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