Wednesday, July 30, 2014

U.S. Supreme Court forces Argentina into Default

It turns out that the Supreme Court of the United States does not rule over the sovereign nation of Argentina.

A couple of weeks ago, the Supreme Court of the United States ruled that the nation of Argentina had to pay a huge amount to a small, privileged group of American vulture capitalists who bought defunct bonds for practically nothing.

This made it impossible for Argentina to arrive at a settlement with the vast majority of the other bondholders.

Two points:

1) There was no reason for the US Supreme Court to hear this case in the first place.  The court declines to hear cases all the time.  This was a big favor to a few political cronies.

2) Argentina is an actual sovereign nation.  I checked.  The Argentines don't work for us.  If the full power of the US Government is going to force Argentina to do something, I want them to get me an apartment in Recoleta, a table at a tango show, and a nice big steak with a bottle of Mendoza red.

Argentina's 2014 bond default was created by the United States government. That's a fact.

I wonder if the bigger picture here is what happens in world opinion.  Other nations must have noticed by now that the United States bullies its allies and steals from foreign criminal banks while protecting US criminal bankers.  Aren't these nations going to work to isolate the United States in order to curb this never-ending drive for world domination?

Just wondering.

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