Colonization by Bankruptcy: The High-stakes Chess Match for Argentina
If Argentina were in a high-stakes chess match, the country’s actions this week would be the equivalent of flipping over all the pieces on the board.
– David Dayen, Fiscal Times, August 22, 2014
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.
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Spartan of Truth 
August 25, 2014 at 1:10 PM
I imagine all the nations with “emerging economies” are eyeing the maneuvers within the Argentina credit default.
The dominoes remain positioned to fall…
August 25, 2014 at 1:30 PM
People having had enough of this crap and simply moving ahead with something else, regardless of what the powers think. Argentina is hanging on for dear life.
Maybe the next step will be to kick the money masters out of the country and never again let them back in. John Perkin’s book Economic Hitman explains what happened in South America quite well.
The whole world now needs to stand up and kick these parasites out and never again go back to allowing centralized control.
Personally, I gave up on credit years ago, but I suffer for it. I’d rather starve to death, than live under those rules! I’m not labouring to enrich even one of them anymore. Not one! I suppose it would be different when you’re starring down the barrel of a gun…
August 25, 2014 at 9:40 PM
Recognizing the bully attitude of the elite money cartel I expect capital flows to be directed into the financial centers of London, NY, and others, until certain governments jump ship by legislating a sharp policy change.
With that defiance military intervention (WAR) would be expected to soon follow.
“You control the debt, you control everything.
[…] This is the very essence of the banking industry: To make us all slaves to debt.”
It is no longer a mystery why nations are preparing for WAR.
Remember: All Wars Are Bankers’ Wars
August 26, 2014 at 8:14 AM
Of course! The International is actually a great movie, it’s surprising that it isn’t more popular with the people. It outlines the way things work pretty well, everybody screwing everybody. If you take down the top dog, there is only another one that takes their place the very next day.