Courts in New York City keep with their hyperactive pursuit of USA domination (or is that simply, New York Financial District domination?) The latest was a decision, now supported by the Supreme Court of the USA (SCOTUS), to torpedo Argentina.
So it’s not just against the French (DSK, BNP, etc.). All too independent Argentina, a country which has the insolence of not accepting Wall Street colonial status, is in the crosshairs. As Argentina does not have the military power of France, it has, with the rest of Latin America, been invited to submit abjectedly.
And obdurate Cuba shall be punished all the way to Paris (the BNP, Banque Nationale de Paris, story: why are sanctions against Cuba “legal” in International Law?).
Thirteen years ago, Argentina, pierced through and through by American banks and machinations, some engineered by Stanford-Harvard-Chicago trained traitors/economists, supported by generals encouraged by USA secret services, defaulted.
That was a shrewd move, economically. And fully morally justified. It was a question of the Argentinian People against exploiting vultures and conspirators.
Argentina, 13 years ago, refused to pay back its debt as planned when it had been contracted (by the traitors trained in USA plutocratic universities. A situation similar to what happened to Russia in the 1990s, when Harvard devils engineered there a self interested plutocracy in which Harvard had a stake!).
Ultimately, 93% of Argentinian creditors accepted settlements with the country, which were less onerous for the country. However, 7% of the creditors refused to bargain. They were typically the richest (allowing them to hold-out), and the worst (they enforced dictatorial conspiracies, a matter of obvious principle for them, vultures keen to make predation rule).
That brought the Appellate Court in New York to decide these Vulture Funds were right (I am sure they pay well, and money is always right, when there is enough of it). The Court, unbelievably, ordered Argentina to stop all payments on its debt. less it pays the hold-outs in this 13 year battle.
The main vulture fund is NML Capital Ltd, owned by billionaire Paul Singer’s Elliott Management Corp, and Mark Brodsky’s Aurelius Capital Management. They specialize in junk debt investing. They used their deep pockets to pursue a 13-year legal battle that’s now coming to a conclusion (or so they hope).
NML’s position is between 45 and 50 percent of the payout ordered by U.S. Judge Griesa, and amounts up to a billion, or so.
The good judge does not care that the 2002 default was highly successful for Argentina, and the master work of president Isabella Fernandez (photo above) and her husband (an economic university professor who was elected president at the urging of his Senator wife, above; unfortunately he died of a heart attack).
Perhaps the good judge knows no history, and does not give a hoot, and only loves caviar and songs, as served by Mr. Singer.
Another example of connection between American “justice”, vultures, and force. New York, the world central financial center, is used as a way to advance the interest of USA plutocrats, at the risk of paralyzing the world financial system.
Meanwhile several strange facts surfaced: the evaluation of Greece by the IMF a few years back, when Paul Krugman wanted to dismantle the European Union, were unduly pessimistic, the IMF itself recently admitted. Great. How many Greeks died because of this?
Remember when top American economists were howling for the end of the Euro? Not only the European currency did not collapse, but now the yield on Spanish long term bonds is lower than that of the USA.
Morality? The crisis that crusted in 2008 is far from over. It’s a war for world domination. It’s fought in American courtrooms (objective accomplices of their pet vultures, or, rather, vice versa), and it’s fought in the court of public opinion. To fight back, well, maybe, judge Bush. It’s not exactly a change of conversation.
If American judges condemn the president of Argentina for saving her country, and punish all of Argentina, maybe Europeans could help the unjustly struck, by condemning a few American master minds, for real international war crimes. With the wrath of real justice.
Oh, by the way, Argentinian bonds, thanks to their high yields, have made a lot of money for private investors. They returned +10% in 2012, while other bonds in the average lost 6%. The total market that the Courts of the USA are trying to torpedo total 100 billion dollars, the payments blocked as we speak are of half a billion. Thus, like Putin, Wall Street is ready to use maximum force to have its way.
Victims who don’t struck back become accomplices of their tormentors. Under President Cristina Fernandez, Argentina has superbly resisted. An example all the more edifying as she is from the supposedly “weaker” gender.