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The Shots Heard Round the World: Argentina's Radical Banking Reforms


World  (tags: Argentina, banking, economics, ethics, finance reform, freedoms, government, human rights, politics )

Kit
- 737 days ago - truth-out.org
The reforms, adopted in March, may be the first shots fired in a quiet revolution in monetary policy. If successful, they could threaten to overturn 25 years of conservative central bank policies that have long been considered best practice by the IMF->



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Comments

Val R. (228)
Sunday July 22, 2012, 6:20 pm
Let's see if anyone continues in their footsteps - Argentina always was one to be different - remember Evita....
 

Terrie Williams (761)
Monday July 23, 2012, 3:56 am
I hope it works and more countires wake up and follow them.
 

Past Member (0)
Monday July 23, 2012, 12:47 pm
I'm not so sure that giving banksters more power is the solution.
 

Aletta Kraan (146)
Monday July 23, 2012, 1:18 pm
Noted , hope it works !
 

Gene Jacobson (247)
Monday July 23, 2012, 1:45 pm
"The changes break a host of taboos in the dominant school of monetarism in neoclassical economics and conservative policy circles -- a bold effort to show that central banks can play more proactive roles by providing credit to promote productive investment and job creation, and doing so with an eye to ensuring greater socioeconomic equality."

The three reforms listed are not only reasonable, they are prudent. Better to trust the central bank which has its goal job creation and greater socioeconomic equality than the bankers of the world who have as their ONLY goal, their own enrichment, planet and people be damned. It is good that this level of reform originates from outside the "major" economies because they are so stagnant and corrupt that I don't think this level of inovation COULD originate in any of them. They are all on a strikingly different and wrong, path. If this succeeds, and I believe it will, we will have a model for global reform that will be hard to resist because the people of the world are in accord with the ideas behind these reforms. Allowing the rich to get richer at the expense of everyone else is killing the global economy and moving the planet towards uninhabitabilty. There will be those, in power, who will deny the success should it come, but the people of the world will see it and demand it and force it eventually, to the benefit of us all. I applaud the forward thinking of President Cristina Fernandez de Kirchner and wish her, and all of us, the very best in this bold endeavor.

 

. (0)
Monday July 23, 2012, 2:10 pm
Whilst part of me supports this idea I am mindful of the growing number of scandals that have seen the idea that a bank is a place that we can trust undermined. The world economy seems to be pretty much stuck in a rut, quite what is required to get it moving again will not be, I strongly suspect, a singular change but a general change of attitude which I suggest must include the very weatlhiest people in the world being willing to start playing their part.
 

Linda Delap (0)
Monday July 23, 2012, 5:04 pm
if it works that grate but i have to agree with Robert O. i don't trust the banks we have to keep an eye on them fingers crossed
 

Mary Donnelly (47)
Monday July 23, 2012, 5:08 pm
Thanks Kit..
 

Penelope P. (222)
Monday July 23, 2012, 6:43 pm
Interesting
It assumes of course that increased production and economic expansion are to be aimed at-Global Warming may well be being put on the backburner here too
 

Judy C. (106)
Monday July 23, 2012, 10:35 pm
I had to chuckle when I read the last part of this passage:

If the deficit is used to increase public investment in infrastructure, human capital, technology, and R&D -- measures that will ultimately increase the economy's future productivity (and more than pay for themselves with higher taxes over the long run) -- such deficit spending should be OK. Yet critics of this approach worry the government will squander the expenditures on unproductive investments or wasteful consumption, only adding to the debt burden.

Yeah, we know that the big bad government will be spending like drunken sailors on such things as infrastructure, education, and medical care. Look out for the irresponsible consumption of the poor, who have the nerve to want a decent standard of living, and food on their families' tables. The poor little bankers and CEO's have been paragons of thrift!
 

Devon Leonard (54)
Monday July 23, 2012, 10:41 pm
This is something I don't know a lot about. Thank you for sharing this. Economics is not my strong point!
 

Renata B. (134)
Tuesday July 24, 2012, 1:40 am
Hope it works.
 

Jennifer C. (172)
Wednesday July 25, 2012, 10:05 pm
Thanks for the update.
 

ParsifalOFFLINE S. (116)
Sunday August 5, 2012, 12:02 am

Kit, please check if Charles O. made (a) comment in your news forum here

Charles O.
http://www.care2.com/news/member/463386149

Too many of his recent comments have left to nirvana of bits and bytes:
http://www.care2.com/news/member/463386149?sort=noted

Thanks Kit - Parsifal

 
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