Argentina refuses to go down without a fight.
LIBOR (London Interbank Offered Rate) rigging scandal still has skeletons in the closet.
The banksters may be sailing into the headwinds of the global Typhoon against their financial terror and fraudulent system.
If so, then this is merely a gust of wind before the severe storms and floods.
Remember: Fractional reserve banking is a elaborate-state-protected Ponzi scheme which can only function as long as most people don’t try to get at their money.
Debt is the Money of Slaves. ~Ron
An Argentinian consumer finance group has sued Dutch Rabobank over LIBOR
8 Aug 2014 forbes.com
This shows that the price-fixing scandal is far from over and could open the door to other claims for the Dutch cooperative bank, which has a good capitalisation, and other parties in the LIBOR scandal.
Dutch newspaper De Telegraaf said that the Consumidores Financieros (CF) organisation has lodged a case with the Buenos Aires court. The paper said Rabo confirmed the lawsuit but had no comment.
The claim is for some $2 billion to $5 billion, based on the damage investors have suffered on a $17.5 billion Argentine state bond which had a LIBOR-related interest rate. With Argentina in default, investors are desperate to find compensation for losses.
Last year Rabobank was fined some $1 billion by US and European regulators for its role in manipulating the key London Interbank Offered Rate and its Euribor cousin.
Read More: forbes.com
Now this raises some interesting questions and implications, for it implies first of all that a series of Argentine sovereign securities were issued in such a way as to be tied to the LIBOR rate, which in turn was fraudulently fixed. And this in turn raises the issue of how many series of Argentine sovereign securities were so issued and tied to that rate. More interestingly, the LIBOR scandal raises the prospect of deliberate “rate fixing” on an even wider scale, which might tie several nations’ sovereign securities to the practice of interest rate fixing and manipulation.
For Argentina, this might indeed prove to be the international out it is seeking, a way out of the IMF-Western hedge fund financial domination of that country, and into the [BRICS] bloc, which President Kirchner has expressed an interest in pursuing. –Joseph Farrell
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Reblogged this on Spartan of Truth.
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The mouse that roared. No one volunteers to be raped.
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Argentina has the Tiger by the tail…
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Here is what comes to mind:
Remember John Perkins’ CONFESSIONS OF A ECONOMIC HITMAN.
Once You’re In Our Dollar System, You Can’t “Just Leave” It.
Because Banksters’ goons have guns to your head with a military fleet off-shore and flying overhead.
And then there is this:
Colonization by Bankruptcy: The High-stakes Chess Match for Argentina
http://www.globalresearch.ca/colonization-by-bankruptcy-the-high-stakes-chess-match-for-argentina/5397548
Dr. Joseph P. Farrell shares a interesting review of the developing Argentina Crisis:
http://gizadeathstar.com/2014/09/argentina-crossroads-corporate-sovereignty-national-sovereignty/
In that context, there’s a thought-provoking article by Ellen Brown over at Global Research that is worth considering, even though one might have issues with some of her own positions:
There’s several things to notice in her analysis, but I want to draw your attention to these paragraphs:
“Global financiers and interlocking megacorporations are increasingly supplanting governments on the international stage. An international bankruptcy court would be one more institution making that takeover legally binding and enforceable. Governments can say no to the strong-arm tactics of the global bankers’ collection agency, the IMF. An international bankruptcy court would allow creditors to force a nation into bankruptcy, where territories could be involuntarily sold off in the same way that assets of bankrupt corporations are.
“For Argentina, says Salbuchi, the likely prize is its very rich Patagonia region, long a favorite settlement target for ex-pats. When Argentina suffered a massive default in 2001, the global press, including Time and The New York Times, went so far as to propose that Patagonia be ceded from the country as a defaulted debt payment mechanism.
“The New York Times article followed one published in the Buenos Aires financial newspaper El Cronista Comercial called “Debt for Territory,” which described a proposal by a US consultant to then-president Eduardo Duhalde for swapping public debt for government land. It said:
[T]he idea would be to transform our public debt default into direct equity investment in which creditors can become land owners where they can develop industrial, agricultural and real estate projects. . . . There could be surprising candidates for this idea: during the Alfonsin Administration, the Japanese studied an investment master plan in Argentine land in order to promote emigration. The proposal was also considered in Israel.
Salbuchi notes that ceding Patagonia from Argentina was first suggested in 1896 by Theodor Herzl, founder of the Zionist movement, as a second settlement for that movement.”(Italicized emphasis added)
For those of you who have been following Catherine Austin Fitt’s analysis, this squares perfectly with it: liabilities are being moved into the “legacy systems”, i.e., national sovereignties, and equity is being moved into private and corporate hands, all via the mechanism of expanding credit to governments, hooking them on the debt heroin, and when they cannot repay, forcing that government into a kind of national bankruptcy in which hard assets of that government are sold off and “privatized.” One can imagine a Patagonia under the rule of, say, Goldman Swag or JP Bilk. For sure, there would be massive development of infrastructure, manufacturing, and plenty of jobs. What there would not be is any recognition of hard won individual rights.
You’ll note something else too: Argentina was targeted because of the policies of – here it comes – Juan Domingo Peron:
“Salbuchi traces Argentina’s debt crisis back to 1955, when President Juan Domingo Perón was ousted in a very bloody US/UK/mega-bank-sponsored military coup:
“Perón was hated for his insistence on not indebting Argentina with the mega-bankers: in 1946 he rejected joining the International Monetary Fund (IMF); in 1953 he fully paid off all of Argentina’s sovereign debt. So, once the mega-bankers got rid of him in 1956, they shoved Argentina into the IMF and created the “Paris Club” to engineer decades-worth of sovereign debt for vanquished Argentina, something they’ve been doing until today.”
Thus, in this long historical context, President Fernandez’s recent actions are entirely understandable, as is Argentina’s move to make its own central bank and not a bank in New York responsible for service on its outstanding sovereign debt according to the 2005 agreement:
“Argentina is playing hardball with the vulture funds, which have been trying to force it into an involuntary bankruptcy. The vultures are demanding what amounts to a 600% return on bonds bought for pennies on the dollar, defeating a 2005 settlement in which 92% of creditors agreed to accept a 70% haircut on their bonds. A US court has backed the vulture funds; but last week, Argentina sidestepped its jurisdiction by transferring the trustee for payment from Bank of New York Mellon to its own central bank. That play, if approved by the Argentine Congress, will allow the country to continue making payments under its 2005 settlement, avoiding default on the majority of its bonds.”
But this does not solve Argentina’s long term monetary problem. The real question now for that country is how to maintain its national sovereignty against some very powerful corporate and banking players. After all, the West/USA can always send in the “payment enforcers” in the guise of some trumped up event. But there’s the rub… the playbook is old, it’s well-known, and it hasn’t been working too well lately, and if current trends continue, if Iceland wasn’t invaded, it’s not likely most of South America will be either. But in the meantime, Argentina still faces some powerful opposition.
And for that, Argentina will need new friends and allies… And they can be found.
… Watch for Mr. Putin and Mr. Xi to be hosting President Fernandez in Beijing and Moscow, and for the Russian and Chinese leaders to be enjoying the the delights of Buenos Aires and a nice formal dinner at the Casa Rosada in the near future.
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Great links. Thanks for sharing.
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Laurence Kotlikoff- SIPC Running a Ponzi Scheme
Sep 7, 2014
Economics professor Laurence Kotlikoff is sounding the alarm for massive and ongoing Wall Street fraud.
When there is fraud, your brokerage insurance is nearly worthless.
Dr. Kotlikoff says, “Every day, we are reading about a big bank being fined billions of dollars.
Recently, Bank of America had a $16 billion fine the bank had to pay for selling fraudulent securities.
They know they are selling you snake oil and they are getting away with it, and nobody is going to jail.
I call Wall Street, at this point, Fraud Street, and one of the biggest rackets is the SIPC (Securities Investor Protection Corporation) brokerage account insurance–it’s not really insurance.
A fraud occurs and Wall Street, through SIPC, says we owe you nothing, and they sue you to get paid back.
That’s what we call an insurance scam. Wall Street, through SIPC, has been running a massive insurance scam…
In many ways, you could say SIPC is running its own Ponzi scheme.”
Kotlikoff.net
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Did you see this about China doing a currency swap with Argentina?
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Sorry forgot the link: http://rt.com/business/185880-argentina-1bn-yuan-swap/
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Thank you for pointing to that report!
No, I had not seen it and would like to see details of that Argentina-China agreement.
Very interesting…
I was away from the news for most of today, and here is a related discussion:
Sep 11, 2014
Joseph talks about developing news in Germany, Japan, China, Argentina, and briefly, Spain…
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Wow, Argentina!
She, Pres. Cristina Kirschner, called out the U.S./money cartel/financial Terrorists!
Excerpt:
…police warned her about supposed plots against her by Islamic State activists.
“So, if something happens to me, don’t look to the Mideast, look north” to the US, Kirchner said at Government House.
Just hours after the U.S. embassy here warned its citizens to take extra safety precautions in Argentina, an aggravated Kirchner said “when you see what has been coming out of diplomatic offices, they had better not come in here and try to sell some tall tale about IS trying to track me down so they can kill me.”
http://www.globalresearch.ca/argentinas-debt-default-us-plotting-to-oust-kill-me-says-argentina-president-cristina-kirschner/5405758?utm_source=rss&utm_medium=rss&utm_campaign=argentinas-debt-default-us-plotting-to-oust-kill-me-says-argentina-president-cristina-kirschner
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“US Plotting to Oust, Kill Me”, says Argentina President Cristina Kirschner
http://www.globalresearch.ca/argentinas-debt-default-us-plotting-to-oust-kill-me-says-argentina-president-cristina-kirschner/5405758?utm_source=rss&utm_medium=rss&utm_campaign=argentinas-debt-default-us-plotting-to-oust-kill-me-says-argentina-president-cristina-kirschner
Domestic business interests “are trying to bring down the government, with international (US) help,” she said.
Kirchner said that on her recent visit to fellow Argentine Pope Francis – whose help she has sought in Argentina’s ongoing debt default row – police warned her about supposed plots against her by Islamic State activists.
“So, if something happens to me, don’t look to the Mideast, look north” to the US, Kirchner said at Government House.
Just hours after the US embassy here warned its citizens to take extra safety precautions in Argentina, an aggravated Kirchner said “when you see what has been coming out of diplomatic offices, they had better not come in here and try to sell some tall tale about IS trying to track me down so they can kill me.”
The president said local soybean producers unhappy with prices, other exporters and car company executives, all were involved since they would benefit from a devaluation of the peso, which is being pushed lower by her government’s selective default. “Exporters who have lost money have Argentina in a vice.. so do the car company executives who tell consumers they have no inventory when they do …. What they are all waiting for is a devaluation.”
Argentina exited recession with 0.9% economic growth in the second quarter, national statistics institute INDEC said yesterday, a rare bit of good news amid the country’s new debt default.
But with inflation estimated at more than 30% and the value of the peso tumbling, Latin America’s third-largest economy is still mired in a slowdown after averaging 7.8% annual growth from 2003 to 2011.
Argentina is still struggling with the aftermath of a default on nearly $100bn in debt in 2001, with the two hedge funds it labels vultures battling the country in US courts.
But it has been blocked by US federal judge Thomas Griesa, who has ordered the country to first repay two hedge funds demanding the full $1.3bn face value of their bonds.
Griesa ruled on Monday that Argentina was in contempt of court after it passed a law allowing the government to repay creditors in Buenos Aires or Paris – skirting the New York judge’s freeze on the bank accounts it previously used to service its debt.
Argentina has been locked out of international financial markets since its 2001 default. More than 92% of its creditors agreed to take losses of up to 70% on the face value of their bonds in 2005 and 2010 to get the struggling country’s debt repayments back on track.
But the two hedge funds, US billionaire Paul Singer’s NML Capital and US-based Aurelius Capital Management, which had bought up defaulted Argentine bonds for pennies on the dollar, refused to accept the write-down and took the country to court.
The strategy, which stands to make them profits of up to 1,600%, has earned them the label “vulture funds” from Buenos Aires. Blocked from paying its restructured debt, Argentina missed a $539mn interest payment and entered default again on July 30. It is now trying to buy time until the end of the year, the expiration date for a clause in the restructuring deals that entitles all bondholders to equal treatment.
Argentina is meanwhile lobbying to create a UN convention to prevent a minority of bondholders from scuppering struggling countries’ debt restructuring plans.
A resolution to negotiate such a framework passed the United Nations General Assembly earlier this month.
Economic analysts are forecasting the economy will shrink two percent this year, though the government is forecasting a return to economic growth of 2.8% in 2015. The end of the boom has revived the ghost of Argentina’s 2001 economic crisis, when it defaulted on $100 billion in debt and deadly riots erupted. That violence, in which at least 26 people were killed, led to the resignation of president Fernando de la Rua, who was replaced by Adolfo Rodriguez Saa. He resigned a week after taking office amid more unrest.
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