by Adrian Salbuchi
23 February 2012
A depositor dressed as Death
displays a mock cross
for Bank Boston 27 March,
2002 during a protest in Buenos Aires
(AFP Photo / Ali Burafi)
Here in Argentina, when we watch the terrible
things that are happening today in Greece, we can only exclaim,
“Hey!! That’s exactly what happened in
Argentina in 2001 and 2002…!”
A decade ago, Argentina too went through a
systemic Sovereign Public Debt collapse resulting in social turmoil, worker
hardship, rioting and street fights with the police.
Some months before Argentina exploded, then-President Fernando de la Rúa -
forced to resign at the height of the 2001 crisis - had called back as
finance minister the notorious pro-banker,
Cavallo was the gruesome architect of Argentina’s political and economic
capitulation to the US and UK when he was President Carlos Menem’s foreign
minister and economy minister in the ’90s.
Menem and Cavallo are primarily responsible for
Argentina’s signing of a formal Treaty of Capitulation with the UK/US
after the 1982 Falklands War, opening up our economy to unrestricted
privatization, deregulation and grossly excessive US Dollar-indebtedness,
almost tripling our sovereign debt in a few short years (see
British Laughter in the Falklands).
The Plan? Prepare Argentina for planned weakening, bankster take-over and
collapse, so that a new weakening-takeover-collapse cycle could begin. In
2001, Cavallo was back to finish his work…
During that very hot summer in December 2001, true to its Latin temperament,
Argentina even had four (yes, 4!) presidents in just one week. One of them,
Adolfo Rodriguez Sáa who only lasted three days, at least did one thing
right, even if he did it the wrong way:
he declared Argentina’s default on
its sovereign debt.
All hell broke loose! The international bankers and
IMF did everything they
could to break Argentina’s back; global media pundits predicted all kinds of
Debt default meant Argentina would have to
weather the pain and agony alone, being cast out by the “international
'You’re not the boss
But no matter how bad it got, it would always be better to do that without
the bankers, without the IMF’s, European Central Bank’s, US Fed’s and US
Better to sort out your mess on your own, than
to have parasitic banker vultures carving out their pound of flesh from your
nation’s decaying social and economic body.
And how bad did it get in 2002?
40 per cent drop in GDP
30 per cent
50 per cent of the population fell below the poverty line
dramatic, almost overnight, devaluation against the US Dollar from 1 peso
per dollar to 4 pesos per dollar (then it tapered down to 3 pesos per
If you had a US dollar Bank account, the government forced you to
change it into pesos at the rate of 1.40 pesos per dollar.
What did Argentina’s government do wrong?
In the months leading to collapse it bowed to
all the bankers and IMF-mandated measures and “recipes”, which were actually
the very cause of collapse:
Argentina was loaned far more than it could pay
And the bankers knew it!
This was described in our December 19, 2011
Argentina: Tango Lessons.
Successive governments since then have continued to be functional to banker
interests by rolling over debt 30 to 40 years, aggregating huge interest and
in 2006 paying the full debt to the IMF - almost US$10 billion in full, cash
and in US dollars (sole entity given most-favored creditor status) getting
nothing in return.
Same vultures circling Greece
Today, Greece is confronted with a similarly tough decision.
Either it keeps its sovereignty, or it
capitulates to the “Vulture Troika”:
... - who work for the Bankers, not
Not surprisingly, today we find that Greece too
has a Trilateral Commission Rockefeller/Rothschild man at the helm:
Lucas Papademos who is doing the same things
Argentina did in 2001/2. Argentina not only suffered Cavallo, but
President De la Rúa himself was co-founder of the local Global Power
Masters lobby, CARI - Argentine International Relations Council - local
branch of the New York-based Council on Foreign Relations, networking
with the Trilateral Commission/Bilderberg mafia.
Greece today should do what Argentina did a
better to endure pain and hardship, and sort
out the mess made by your politicians in connivance with international
bankers on your own, wielding whatever shred of sovereignty you still
have left than allowing the Banker Vultures sitting in Frankfurt, New
York and London decide your future.
It’s the Neocolonial
Private Power Domination Model, stupid!
Or do you think it’s just bad luck, bad judgment and coincidence that
even the US and UK,
...always borrow too much from the bankers and
then “discover” that they cannot pay it back and that, symmetrically, the
Bank of America
...lend too much to countries and then
“discover” they cannot collect?
That is the very yellow-brick road that leads to the Emerald City of
“debt restructuring”, “debt refinancing”, and “sovereign debt bond
mega-swaps” that snowball sovereign debt, spreading it over 20, 40 or more
years into the future.
That guarantees unimaginably colossal interest
profits for the Mega-Bankers and for all those nice politicians, media
players, traders and brokers, without whom that would not be possible.
This is a Model. It must keep rolling and rolling and rolling… As this
Monster Machine steams forwards, it completely tramples on, overruns,
destroys, flattens and obliterates people, jobs, workers, health services,
pensions, education, national security and just about everything human on
Run by parasitic usurer technocrats, it does not
care what it destroys because it has no ethics; no Christian, Muslim or
Buddhist morals. It only worships a greedy golden idol of money, money and
This is 21st-century Money Power Slavery at its worst...
Three generations of Argentines saw hopes dashed and dreams thwarted by this
Monster Machine, suffering the hardship, woes and humiliations that come
when countries give up sovereignty.
Bring back the drach!
Just default on your “sovereign debt”! Just
revert to the drachma! Just say “No, thanks!” to the German bankers and
the Troika Vultures.
Just say “No!” to your Trilateral Commission
You will be setting a strong precedent for your
Like Spain, which is hurting so badly right now
for similar reasons. Like Italy, with its Trilateral Commission Prime
Minister Mario Monti (also Trilateral’s European Chairman!).
Greece, the Cradle of Democracy, can teach the world a lesson in True
Democracy by kicking these parasites out of their country, which will
hopefully trigger kicking them out of Europe and one day, kicking them out
of the global economy.
Because what Greece and Argentina and Italy and Spain suffer today is not
True Democracy, but rather a distorted bastard imitation that systematically
yields control to the Global Power Masters at the,
They run the whole “democracy show”, whereby all
countries end up having “the best democracy that money can buy”… which is no
democracy at all…
The Money Power juggernaut is steaming full speed towards us all. If Greece
falls, who’ll be next? Spain? Italy? Portugal? Argentina (yet again!!!)?
So what if Greece’s reverting to the drachma
marks the beginning of the end for the euro? Let Italy revert to the lira,
Spain to the peseta, Portugal to the escudo…! A National Currency is a key National
All governments should understand that you either govern for the people and
against the bankers; or you govern for the bankers and against the people.