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Influence Abroad American Vulture Funds Feed on Argentina Debt Crisis

World  (tags: Argentina, USA, hedge funds, vulture capitalist, repayment, economics )

- 1117 days ago -
It is difficult for ordinary people to link the actions of hedge funds to their everyday lives but in the case of Argentina the decision by vulture funds to hold out for a better repayment deal crippled Argentinas economy affecting nearly everyone.


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Past Member (0)
Wednesday June 1, 2016, 7:58 pm
Noted. Thanks for the post Dandelion. My personal thoughts are that this crippling of their economy is rippling through all nations, with the assist of the 1%, as it is part of the global plan for a creation of 10 "new" economic systems. To allow for that transition, the rest of the recipe includes the toppling of all governments in order to create one "World Government"---and the ongoing genocide of most of the masses, from middleclass on down.

This ensures total control over those remaining, by the self-designated "Chosen Few". It also betters their chances of survival and if needs be, future evacuation. Meanwhile, we have been and are being purposely distracted by "The Trump Follies" and "The Ruse 2016 Elections".

Mesmerized and inured to injustice, the crowd hangs suspended and resents being "interrupted". Do not irritate the masses, as they are experiencing amusement, amazement, growing anger and intolerance, frustration and lack of control. Do not mar their dazed mindset with critical news of literally Earth-shattering events and warnings. Do not try to shake them awake with overt solid evidence that their Constitutional rights and liberties are legally being removed from their system, with bills swiftly being enacted (proving that government can pass laws extremely rapidly when they wish to). Do not disturb "We The People" with alerts that they are being manipulated and having their attentions diverted, so that they will be easily incited into mob rule action, as they are having their tolerance buttons pushed, to prime them for a need to release their pent-up discontent and impatience with the system and with each other.

If the masses can be incited to fight, riot amongst themselves, then they will not be able to unite in an effort to remove the corruptors from their government and other powerful positions. The masses may not notice that they're already very controlled, have no honoring by their government of their legal, moral, Constitutional rights, including that of a fair and free election.

But, do not "freak out"!! "The Chosen" have been thoughtful enough to prepare for the dark day when "We The People" comprehend their situation. There are clinics being established, where souls may commit themselves for aid in their final "peaceful transition". You may purchase a "gentle killing" and not have to go through future suffering or experiences of uncomfortableness when pesky unpleasant thoughts recur.

This entire program is being presented to you, as a parting gift from "The Chosen Few", as they want to be sure that you will be thinking kindly of them as you depart, just in case the "crazy" rumor is true---of souls living on eternally, thus there being a possibility of our meeting again, somewhere in time.

Darren Woolsey (218)
Wednesday June 1, 2016, 11:09 pm
Excellent article, Dandelion.
Have shared over the world wide web to spread awareness.

In Vulture Funds, you have the worst aspect of Corporate Capitalism. The extreme of exploitation on paper, and hedge funds who operate behind the scenes virtually unregulated are the lords of the exploitative roulette table.

Arild Warud (174)
Thursday June 2, 2016, 5:38 am
" Several funds held out on a debt settlement agreement that most investors approved and eventually took the country to court in the United States to force full repayment. In some countries, it is difficult for ordinary people to link the actions of hedge funds to their everyday lives, but in the case of Argentina, the decision by vulture funds to hold out for a better repayment deal crippled Argentina’s economy, affecting nearly every Argentine’s life in some way. The country's president seized on that populist anger over decades of financial struggles and used the term “buitres” — Spanish for vultures — to fan the flames of resentment toward the United States.

After first declining to speak specifically about the legal case about repayment, which was still playing out in the American court system, President Obama said to the press:"

"To some degree, this is viewed as high finance, and so ordinary people say why does this matter. But if you're talking about foreign investment, if you're talking about trade, if you're talking about all the things that ultimately matter to ordinary people because they produce jobs and they produce economic development and provide more revenue in order to reinvest in education, or science and technology, that requires the kind of financial stability that is so important."

This is sickening,thanks for posting Sheryl.


Sheryl G (359)
Thursday June 2, 2016, 6:29 am
Before the vulture funds went after Argentina for repayment, the practice had received little attention until that point, as it had primarily been used in developing countries like Zambia and the Congo.5 Many of those countries were governed by dictators and drew less attention on the global stage.

Sheryl G (359)
Thursday June 2, 2016, 6:48 am
One of the great things about America, Obama reportedly told the crowd, is that “we engage in a lot of self-criticism.”

While that certainly is true, American wealth and political power has sometimes played an oversized role in influencing the economics of sovereign nations. By destabilizing entire nations, it is not the politicians in power — the individuals who made the deals — who suffer the consequences.

It is the average citizens who don’t have a job, or can’t afford food or a home due to the financial turmoil. In the case of dictatorships, the people also have no way to influence their government to make better decisions. So, while the United States continues to engage in “self-criticism,” the world waits to see if any of that will be directed at defining a better system to handle defaults by sovereign nations.

Animae C (509)
Thursday June 2, 2016, 8:13 am
Thanx Dandelion

Darren Woolsey (218)
Friday June 3, 2016, 2:07 am
Reshared over social media to spread awareness.

SuSanne P (193)
Friday June 3, 2016, 8:03 am
In the case of Argentina, problems started decades before under what a United Nations investigator called “questionable circumstances,” referring to the brutal military dictatorship in charge which started racking up millions of dollars in loans.10 This time period of terrorism between 1974 to 1983, following Juan Peron’s death, is often referred to as “the Dirty War”; it was a time when the military dictatorship was hunting down, kidnapping and killing opponents and dissidents believed to be aligned with socialism.11 Thousands of Argentines “disappeared” and some were put on “death flights” — where they were put on a flight, then dropped from an airplane into the Atlantic Ocean to their death.12"""

"""Despite these known human-rights abuses, some international banks continued to lend money to the """Argentine government. Some believe that propped up the military dictatorship, enabling the regime to stay in power by giving them access to money to fight a war against its own people that lead to more than 30,000 Argentinians “disappearing.” Many Argentinians still blame the United States for not speaking out against the human rights atrocities of this regime. Argentine activists have demanded answers to the United States involvement in this period of Argentine history.'''

To quote Janice Banks: """My personal thoughts are that this crippling of their economy is rippling through all nations, with the assist of the 1%, as it is part of the global plan for a creation of 10 "new" economic systems. To allow for that transition, the rest of the recipe includes the toppling of all governments in order to create one "World Government"---and the ongoing genocide of most of the masses, from middle class on down."""

Janet B (0)
Friday June 3, 2016, 8:25 am

Roberto MARINI (88)
Friday June 3, 2016, 9:21 am
Thank y

. (0)
Friday June 3, 2016, 9:51 am
TYFS Dandelion. Although the article has some mismatches in terms of the story, not worth the correction regard. Argentina has paid several times its external debt. Yet Argentina is still tied to this illegal debt, which began in 1873, when Argentina was positioned as 6 economies. From there, everything has been downhill. foreign interventionism, political, economic and social. Argentina has paid the foreign debt both that there is a possible number to quantify. Not reach 0 to graph. In the last 12 years Argentina has paid more than $ 300,000 billion. And when it was decided to stop this drain of which live US and UK, among others, 93% of creditors accepted the agreement. Pual Singer was one of those who did not agree. He obtubo bonds cents deafult by an amount close to 60 million. He tried to collect more than 1600% and Judge Thomas Griesa, federal Judge in the District Court in the United States Southern District of New York, addressed a whole country with crazy as a sentence. Proving to be judge and jury. And again, the Argentina has had to borrow again in more than $ 15,000 billon.

Mandi T (367)
Friday June 3, 2016, 12:54 pm
Thx Sheryl

Sheryl G (359)
Friday June 3, 2016, 12:56 pm
Then we wonder why so many people live in poverty while a few are rich beyond measure - I don't. 1873 how many generations must continue to pay? That is what happens when there is a debt economy, never can one get out from under it.

Birgit W (160)
Friday June 3, 2016, 1:06 pm
Darren and Arild say it all. Thanks Dandelion

Lois Jordan (63)
Friday June 3, 2016, 1:54 pm
Noted. Thanks for posting, Dandelion.
Many excellent comments above; and I specifically loved Janice's comment. I definitely agree. Vulture funds need to be completely eliminated; they are a horrible scourge. They have ripped apart companies here in the U.S. as well, causing many to be permanently unemployed.

Darren Woolsey (218)
Friday June 3, 2016, 2:37 pm
Reshared over social media to spread awareness

Darren Woolsey (218)
Friday June 3, 2016, 2:38 pm
Reshared over social media to spread awareness

Lenore K (0)
Friday June 3, 2016, 3:21 pm

Roger G (148)
Friday June 3, 2016, 4:07 pm
noted, thanks

Judy C (91)
Friday June 3, 2016, 7:04 pm
Thanks for posting this, Dandelion. It is a clear, understandable explanation of the outrageous practices that these hedge funds are allowed to get by with. This is just the kind of thing that needs to come to an end, and I wonder if that is even posssible. Their power is very deeply entrenched.

A good start would be for any of us who are informed, and care about the issue, to keep a close eye on the cronies of such people as Singer and Elliott Management who are politicians in the U.S.. The article shows us the Washington connections in the following three paragraphs.

Meanwhile, lobbying around the issue of Argentina shows distinctly how influence within the U.S. as well as campaign contributions can influence global affairs. Singer’s group Elliott Management has lobbied at the local and federal level to create a more favorable environment for court cases like the one it filed. In June 2012, the hedge fund supported legislation in the New York state Senate and Assembly which would “allow the fund to pursue post-court judgment.” Elliott’s group is reportedly the primary funder a lobbying group called “American Task Force Argentina” representing the interests of holdout investors.

On a website dedicated to the conflict, the Embassy of Argentina lists $6.5 million in lobbying expenditures made by American groups for legislation to make Argentina pay back $3 billion owed to U.S. holders of Argentine debt. In addition, the Argentine government made a list of politicians to whom Singer and Elliott Management had given money to support. Those include: Rep. Scott Garrett, R-N.J., who sponsored the Judgement Evading Foreign States Act (JEFSA) and held congressional hearings on the matter; former Rep. Michael Grimm, R-N.Y., who co-sponsored the bill; as well as Sens. Marco Rubio, R-Fla., Tom Cotton, R-Ark., Mark Kirk, R-Ill., and Roger Wicker, R-Miss. — all of whom, according to Argentina, also “signed letter against Argentina.” (Senators Kirsten Gillibrand (D-NY) and Robert Menendez (D-NJ) also signed that letter.)

Singer also backed Rubio’s run for president. According to the International Business Times, Rubio sponsored an amendment to “direct American officials at international financial institutions like the World Bank to deny development loans to Argentina until that country’s government 'makes substantial progress' in repaying creditors like Elliott Management.”

Kudos to Maxine Waters for trying to pass legislation to limit the abuses of these funds, such as so-called "post-court judgment". The scoundrels known as American Task Force Argentina did a bang-up job of undermining that legislation.

We definitely need some international legal reform to stop this outrageous exploitation of the common people by a relative few greedy and ruthless elites. The IMF is theoretically supposed to help prevent abusive lending like we see here, but obviously they have been totally falling down on that job.

Sheryl G (359)
Friday June 3, 2016, 7:18 pm
I'm glad Marco Rubio didn't make the cut in the primaries and I am hopeful that Alan Grayson is going to knock him off his perch in the Senate. If he does we'll have two decent Senators in this State. And yes, Maxine Waters is another gem who doesn't receive enough attention in a good way.

These Greedy Heartless Ones have had a field day for themselves and it needs to be reigned in all over.

. (0)
Saturday June 4, 2016, 10:55 am
Noted & posted

Darren Woolsey (218)
Sunday June 5, 2016, 2:08 am
Reshared over social media to spread awareness

Maryann S (112)
Sunday June 5, 2016, 8:01 pm
Great article! Noted & shared. Thanks Dandelion.
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