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Argentina’s New President Pushes Back Against IMF Nation-Stripping

Zeroing in on the core of the fight, the incoming President said: “We have to produce once again, offer credit to reactivate production, give money to retirees so they can consume.”

Submitted by Matthew Ehret…

When Christina Fernandez de Kirschner was ousted from power in 2015, many thought that Argentina was lost to the international financiers which her late husband Nestor Kirschner (2003-2007) fought so valiantly against.

The Kirschners together made a powerful team, valiantly fending off the Wall Street/City of London “vulture funds” which act as anti-nation state weapons of the oligarchy, feeding off the carcasses of dead nations whose murder they orchestrate through speculation on malignant debt serviced by draconian austerity and privatisations- all the while preventing all investment into the real economy.

While other Latin American nations fell under this killer policy for decades, Argentina was one of the earliest to fight back in a serious manner beginning with Nestor’s application of the sovereign rights of a nation to abolish all un-payable debt- making him and his wife public enemies of the international financier oligarchy. Christina not only continued her husband’s struggle amid CIA/MI6-orchestrated slanders of “corruption” across Argentine media which mobilised desperate and uninformed masses to protest against her government, but also opened up the door to large scale infrastructure projects recognising in China the key to Latin America’s salvation. Under Christina, “a golden age of Argentine-Chinese relations” was promised under the  “Argentina-China Integral Strategic Alliance” with 20 joint projects signed including conditionality-free investments into energy, transport, agriculture and telecommunications. Unfortunately, with her ouster, the largest projects were cancelled including the Attucha II nuclear power plant as many industrialists, scientists and political allies of the Kirschners were run out of office and steered into prison on mock corruption trials during the Macri years.

Now that Wall Street-tool Mauricio Macri has fallen after 4 years of austerity imposed on the people, Christina Fernandez de Kirschner has returned to power as Vice President alongside her husband’s Cabinet Chief Alberto Fernandez who now serves as acting President. On November 26, President Fernandez announced that although he would honor those debts incurred by Macri, the policy of taking on more debt would stop immediately. President Fernandez said: “the first rule is to stop asking for money…. I won’t sign any deal we can’t comply with. Macri already did that…. If you have a problem because you are highly indebted, the solution isn’t to take on more debt. I have a problem and I’m going to ask for $11 billion in more debt? It’s like the guy who drank too much, and he’s a little bit drunk. The solution isn’t to keep on drinking; the solution is to stop.”

Zeroing in on the core of the fight, the incoming President said: “We have to produce once again, offer credit to reactivate production, give money to retirees so they can consume.” The right to claim sovereign control of productive credit for the purpose of improving standards of living and cognitive potential is a fact which the financial oligarchy has worked tirelessly for generations to destroy in its pursuit for “world government” and “anti-growth ecologism”. It is also this sordid unipolar intention which powerful nations like Russia, China and a growing array of states working with the Belt and Road Initiative have come to reject with an increasingly unified voice.

Alberto Fernandez and Christina Fernandez de Kirschner will be sworn into office on December 10, 2019, emboldening the nationalist feeling in other nations like Brazil whose former President Lula da Silva, now released from prison, is already mobilising a vast support base which threatens to de-throne IMF-puppet Jair Bolsonaro, and Chile’s fascist Pinochet legacy is finding itself rocked to the core by a population tired of being manipulated by international financiers.


Matthew Ehret is the founder of the Canadian Patriot Review, director of the Rising Tide Foundation, author of the book series The Untold History of Canada and can be reached at [email protected]

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The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.

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owlOlivia KrothM4A MMTJorge J NogueraVera Gottlieb Recent comment authors
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M4A MMT
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M4A MMT

IMF loans never go toward productive investment. The money ends up in the banking sector, for wealth-extractive purposes. Argentina can’t do without debt, though. The trick is to borrow in foreign currency as little as possible, and to start working more in its own currency.
It needs to enforce taxes in its own currency. If it fails to collect what is due, they will never get rid of inflation.

Vera Gottlieb
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Vera Gottlieb

Nestor Kirchner – now deceased former Argentinian president, once stated while talking about the IMF: “Why is it that every time we have our heads above water, you push us down again”. I call the IMF = Instant Misery Follows.

Jorge J Noguera
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About time SA is waking up to the truth about accepting foreign aid. What is not earned is never cherished. Like teens who have unlimited access to funds it’s too easy to over spend and politicians can be too easily tempted to take their “mordita” instead of using the funds for their country and people. Europe has been ruined and China rules their Asian turf so now the target is South America’s economies. It’s good that one country at least is ending its addiction to living on credit.

M4A MMT
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M4A MMT

So far it’s just a pledge, words. Pakistan’s Imran Khan also vowed not to take IMF loans. Then a little later, he did, justifying his flip-flop that the country’s financial situation had changed. Credit is debt. Spending is income. Every financial assets has a corresponding financial liability. The problem with these countries you mentioned is that they indebt themselves, both the state and the private sector, in foreign currency. That’s the financial aspect. The physical economic problem is that they’re super-dependent on imports to feed large sections of the population and to fuel their domestic industries.

Olivia Kroth
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I am glad that Argentina is on the right path, no IMF loans needed there.

owl
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owl

You are misinformed about what’s going on in Brazil. Lula is having a hard time “mobilising a vast support base”. And Bolsonaro is far from being an “IMF-puppet”. Brazil is a net external creditor, since its foreign reserves are bigger than his foreign debt. But the most strange thing in your comment is when you say that Lula is a nationalist that will free the country from the foreign financier oligarchy, since its the other way around. Lula is a communist with ties with the kinds of George Soros. And Bolsonaro made a populist revolution promising to take over the… Read more »

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