MercoPress. South Atlantic News Agency
The Guardian: How Barack Obama could end the Argentina debt crisis
By Greg Palast (*) - US president need only inform a federal judge that vulture fund billionaire Paul Singer is interfering with the president's sole authority to conduct foreign policy. He hasn't. But why not? Read full article
Comments
Disclaimer & comment rulesWHYYYYYYYYYY.....
Aug 08th, 2014 - 09:07 am - Link - Report abuse 0Why won't Obama take Argentina's side? Waaaaaaaahhhhhh
Why doesn't the world care? Waaaaaaaaahhh
It isn't fair! *foot stamp
*Sob sob.
Gawd articles like this are pathetic. Argentina is learning an extremely valuable lesson and the multitude of crybaby articles that just cannot fathom this is funny as all fark because finally Argentina cannot escape its obligations.
I think the ultimate point is that Argentina has run out of friends and goodwill.
Aug 08th, 2014 - 09:16 am - Link - Report abuse 0Don't think even Obama will take much notice of The Guardian, a “newspaper” that has gone out of its way to assist a traitor undermine the USA's security.
Aug 08th, 2014 - 09:43 am - Link - Report abuse 0This is what he has missed out on:
Aug 08th, 2014 - 10:06 am - Link - Report abuse 0“Indeed, President George W Bush invoked this power against the very same hedge fund now threatening Argentina. Bush blocked Singer's seizure of Congo-Brazzaville's US property,”
It had an impact on US property. There isn't a US angle here so why would the state dep bother for a country that only recently boarded one of thier planes and violated their soveriegn authority. To call in a favour you have to have given something at an earlier date.
This author is a hack. Mixing apples with oranges to make a connection between Bush's actions and this situation. Obama has enough problems at home and does not need to involve himself with a banana republics self inflicted woes.
Aug 08th, 2014 - 11:24 am - Link - Report abuse 0Comrade Imbecile appears to be defending the crooked CFK and her political henchmen. Kudos to Mr Singer, may he fleece these Socialists.
Aug 08th, 2014 - 12:22 pm - Link - Report abuse 0Let's make no mistake. Greg Palast IS a vulture. Palast has been criticised more than once where he “conflates meetings, truths and half-truths, statements taken out of context to produce a toxic smear which would be actionable in the country he claims to work in.” Who's paying Mr Palast at the moment? Why has he made films for the BBC targeting “vulture funds”? Where does he get his information? Anyone remember Glenn Greenwald? Another dodgy Guardian journalist with a private agenda.
Aug 08th, 2014 - 12:49 pm - Link - Report abuse 0The lead-off paragraph is comedy at it's best.
Aug 08th, 2014 - 12:57 pm - Link - Report abuse 0And this person was born in the USA?
Unbelievable. Oh, wait a moment: it couldn't be he is being paid to say this, dcould it?
Not too smart is he. Still, he is as smart as the TMBOA and just as ugly.
Precious, it really is.
It is entertaining to observe Cretina K (and the rest of rotting roadkill) alternately berate and then implore various elements of the U.S. government.
Aug 08th, 2014 - 01:06 pm - Link - Report abuse 0How's this strategy working for you?
Can an invasion of the Falklands be far behind?
7 Conqueror
Aug 08th, 2014 - 01:06 pm - Link - Report abuse 0Conqueror quoting George Galloway to make his point - I've seen it all now.
Why Obama will not?
Aug 08th, 2014 - 01:28 pm - Link - Report abuse 0Even he with his shallow mind and short sight understands very well the possible consequences. If not an impeachment for him, then a sure loss for the Democrats next Nov. Interference in foreign policy? Where? What Hon Judge Griesa is doing is defending US corp. LEGAL rights. Period. Only an ignorant will compare the Congo case to Argentina. Except for the fact that these two head of states were/are corrupt and stupid. Are these funds cadaver eaters? Maybe. But this is not the issue here.
Ohh these lefties of The Guardian. Telling how the world should be run from their PC bubble in London..Its just anti Semitism that guides them lately.
Aug 08th, 2014 - 03:27 pm - Link - Report abuse 0In Argentina they would be considered sepoy paper.
There is a hearing today with Griesa that He called. Contempt of court for Arg.
Aug 08th, 2014 - 04:57 pm - Link - Report abuse 0Note to “the guardian”:
Aug 08th, 2014 - 05:19 pm - Link - Report abuse 0In order to threaten anyone, you have to show or have the means or weapons to carry out that threat. Otherwise it isn't a threat.
Singer has no means or weapons to carry any threats out. Which is why Argentina simply palavers on without any concern, and also why Obama has to do nothing. He knows Singer will get nowhere, at most he may get some Argentine assets “disclosed”, but he knows no nation in the world will allow their foreign policy to be dictated by a senile old Singer-pocketed judge in NY.
Like I have told everyone here weeks ago, no nation will allow their relations to Argentina to be disrupted by court actions by Singer all over the world to seize ARG property. That is a wet-dream of the anti-argie haters here, whose only means to parry this fact is by telling me “well you think the other countries of the world care about relations with Argentina, you are irrelevant”. Since even they know that is not factually correct, and even if it was that is not how the world operates.
Which is why Bush prevented Singer from stealing Congo's property, even though Congo probably matter even less for Bush, specially at the time. But if Bush had not interceded, Congo would truly have been destroyed since it is a country of 65 million with a GDP of 25 billion.
Obama has no reason to get involved and be accused of interfering with a US federal judge, since Argentina unlike Congo has many more means to fight back and even if it didn't the rest of the world would not play along with Griesa. And even if they did, ultimately Argentina will get through with only peripheral bruises.
@14 - Singer just used his ultimate weapon, he's sunk the Argentine economy. Anyone who denies this doesn't have a very damaging effort on Argentina's economy is out of their minds.
Aug 08th, 2014 - 06:30 pm - Link - Report abuse 0Singer now also has Argentina in the legal position that is what he has been seeking. This has zero to do with foreign policy and everything to do with economics. The foreign policy argument is simply another poor attempt to change the argument. As for Argentinian relations, most countries have no respect for the current Argentinian government nor do they have relations with Argentina.
Game, set and match to Singer - I don't agree with any of this but he's killed Argentina's economy and is now going to feast on the remains.
@10. How desperate are you?
Aug 08th, 2014 - 09:14 pm - Link - Report abuse 0@ 15 Xect
Aug 08th, 2014 - 09:44 pm - Link - Report abuse 0“I don't agree with any of this but he's killed Argentina's economy and is now going to feast on the remains”
You are wrong.
It wasn't Singer that killed the economy of TDC: it was Cyclops, TMBOA and all the other crooks.
They could have settled and avoided the default but she couldn't keep her big mouth shut and disabused Griesa and down the shitter they go.
GOOD.
@15
Aug 08th, 2014 - 10:46 pm - Link - Report abuse 0Problem is none of what you said is true. He didn't kill anything. Fields will still blossom in spring, any resources are still in the country, any factories are still there. Activity is still the same now as it was before the default. You can scream the sky is orange if you wish.
And last I checked Singer has not even one cent from Argentina.
18. Its only been a week, in a month or three you'll see the default beginning to strangle the economy.
Aug 08th, 2014 - 10:50 pm - Link - Report abuse 0Already business are complaining they have no credit to buy input items. Everyone is demanding cash in advance.
Once the BCRA float is gone then you'll notice
just give it a bit more time.
@18 - You're better than that Tobias.
Aug 08th, 2014 - 11:04 pm - Link - Report abuse 0I don't need to scream anything, I simply just need to look at the facts, rapidly dwindling financial reserve, increasing costs of lending, investors leaving the country in their droves with their money, locals trying to take their money out the currency and a economy in recession among many other things.
Sure the fields will still blossom but that's not going to pull you out of a recession now is it!
As I said earlier I don't agree with this even though it offends my western friends. Chris you are right this is largely down to a mismanaged economy and too much grandstanding but I still don't agree with the principle of all of this.
So you mean a credit crunch?
Aug 08th, 2014 - 11:05 pm - Link - Report abuse 0Usually credit crunches are sharp and sudden if they are going to be severe, especially in modern times. A month for a default to translate to credit at the street level? That is way too long. If there is a credit-freeze, the effect are almost immediate throughout the economy, that is why they are so devastating throughout history...
In your own country credit was shrinking well before Lehman Brothers, but when they failed it became a credit crunch and within DAYS the entire USA economy was collapsing. Same in Europe during their Euro-crisis. Same in Argentina when the corralito, the effects were almost immediate.
So if Singer had achieved this 10 days ago, most definitely by now the effects would be felt throughout and the economy would be at a standstill.
Yet it hasn't happened.
So no, Singer has no power. He may cause some credit retrenchment, but only because certain banks cannot lend to countries below a certain credit rating. So it is more bureaucratic than real economy.
He is a toothless tiger who for too long thought he could bully and extort everyone and anyone (even the USA and Europe), and now finally met a country that told him to stuff it.
This Wall St robber baron is trying to steal the bond holders money and my grandmother's. What a crook he is.
Aug 09th, 2014 - 06:53 am - Link - Report abuse 0Trying to argue Singer as having no power seems somewhat ridiculous since he's just forced your nation to default at a very serve cost. Facts would say he has massive power on that basis of what he's just done to Argentina.
Aug 09th, 2014 - 09:04 am - Link - Report abuse 0Also comparing the credit crunch to a default is not a valid comparison.
Argentina's economy was disastrous prior to the default and this default simply throws what is left of it under the bus. Claiming things will carry on just fine is optimistic at best.
However clearly he's now achieved one of his aims which is to achieve a strong legal position over your country which means recovering assets is now much, much easier.
Soon the lights will be going out tobi. Enjoy posting while you still can.
Aug 09th, 2014 - 07:36 pm - Link - Report abuse 0@23
Aug 09th, 2014 - 11:28 pm - Link - Report abuse 0Default is pretty insignificant for a country that already was pretty much independent and outside the enslaving world banking cabal.
And he is nowhere closer to recovering any assets, since that would involve years of legal proceedings in dozens of country. He will be dead before those are all concluded, and even then if in his favor. But as mentioned before, almost all countries on Earth will not allow their sovereign rights to pursue and steer bilateral relations to be co-opted by some nobody judge in some smelly US city. I mentioned that legal point months ago, that almost all countries can invoke clauses preventing judges from interfering in such executive purviews, everyone dismissed me.
Now that even Mercopress via The Guardian have made it clear such laws do exists, that is what is going to happen.
@25
Aug 10th, 2014 - 12:11 am - Link - Report abuse 0“Default is pretty insignificant for a country that already was pretty much independent and outside the enslaving world banking cabal.”
But running into the arms of Russia and China is going to help? Just wait and see what happens when you don't pay your debts to them! Where will Argentina go next?
“I mentioned that legal point months ago, that..”
But Alistair Nigel, you were not posting months ago. You are the new Chinese guy who adopted an English moniker, remember?
Bwahaha!
@23 makes some vey good points, you should not discount them so quickly.
@26
Aug 10th, 2014 - 12:17 am - Link - Report abuse 0I know you truly believe from your heart due to brainwashing that Russia and China are 100% evil and US/EU/UK are 100% saintly little angels full of pure benevolence. But sorry, that's just not reality.
Alistair you never answered me where you were born in China and what province you live in now....what? How about just telling me about the population control officer in your district and what incentives he is offering.....being the Chin you are?
Aug 10th, 2014 - 04:32 am - Link - Report abuse 0@27
Aug 10th, 2014 - 11:24 am - Link - Report abuse 0You haven't explained your comment “I mentioned that legal point months ago...”
Well. Go on. Explain it. You weren't here months ago. You could barely speak English one month ago (before you went to night school).
Try and keep up!
To my belief, if a nation chooses another state to issue debt, in this case new york, and willingly chooses to waive it's souverain rigths... Welll you then don't have to be surprised a judge will vote in favor of the bondholders. Also, why only argentina has got this problem? It show more about the inept state of argentina politics and negotiations then about obama.. Why should he care? The main focus seems to keep new york as a state where the rule of law is held high. Otherwise, which bondholder will want to invest under new york law? If , at the end, the situation would be : we are a country, you just a bondholder, we ,as a state, we do what we want, whatever the contracts. It would be just nonsens. You take money, you pay it back... Lesson nr one of a grown up,country
Aug 11th, 2014 - 10:39 pm - Link - Report abuse 0Commenting for this story is now closed.
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