Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Latin America Banks on Independence

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Editorials & Other Articles Donate to DU
 
Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-22-08 10:08 AM
Original message
Latin America Banks on Independence
News > January 22, 2008
Latin America Banks on Independence
The new Bank of the South shatters neoliberal economics
By Mark Engler

In the closing weeks of 2007, a region in revolt against the economics of corporate globalization issued its most unified declaration of independence to date.

On Dec. 9, standing before the flags of their countries, the presidents of Argentina, Bolivia, Brazil, Ecuador, Paraguay and Venezuela, along with a representative from Uruguay, gathered in Buenos Aires and signed the founding charter of the Banco del Sur, or the Bank of the South.

The Bank of the South will allow participating governments to use a percentage of their collective currency reserves to strengthen Latin America’s economy and promote cooperative development. It plans to begin lending as early as 2008 with around $7 billion in capital.

By itself, the bank represents a serious challenge to U.S.-dominated institutions, such as the International Monetary Fund (IMF), the World Bank and the Inter-American Development Bank (IDB). As part of a larger trend, it signals a major break from the policies of “free trade” neoliberalism that dominated in the region throughout the ’80s and ’90s.

More:
http://www.inthesetimes.com/article/3497/latin_america_banks_on_independence/
Printer Friendly | Permalink |  | Top
Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-22-08 10:10 AM
Response to Original message
1. Paraguay? Sell the Hacienda and Rancho, W!
Chavez wins another battle in the Bush wars.
Printer Friendly | Permalink |  | Top
 
Peace Patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-22-08 04:02 PM
Response to Reply #1
4. Here's the deal with Paraguay...
I have not been able to find confirmation of the rumored Bush Cartel purchase of hundreds of thousands of acres over a major aquifer in Paraguay, near a U.S. military air base. But what has happened in Paraguay since then is that the beloved "bishop of the poor," the hugely popular Fernando Lugo, has decided to run for president, and will likely win, with the voters tossing out the current, corrupt center/right government (the Colorado Party, which has links to the dreadful 30-year Stroessner dictatorship, from the mid-1950s thru the Reagan era). The Vatican has tried all kinds of threats against Lugo (an "anointed" priest and bishop) to prevent him from running. He has defied them. If the election is more or less honest, he will most likely win (--although he's got some problems with in-fighting on the left, and I wouldn't be at all surprised to find Rumsfeld's fingers all over that; the Bushites are good at stirring up those kinds of endemic conflicts).

So the current government feels a lot of heat - both from the vast swath of leftist governments that now surround Paraguay (Brazil, Argentina, Bolivia, Uruguay - a leftist country on every border), who strongly oppose the Bush Junta, and internally, from Paraguay's vast poor population, who see what is happening in these other countries - schools, medical care for the poor; workers' rights; local development, etc. - and don't see why Paraguay doesn't join the revolution. Paraguay is extremely poor, and desperately needs social-justice oriented development money.

The center/right government showed some smarts in joining the Bank of the South. (I'm wondering right now if Lugo suggested or promoted it - his overriding concern is the poverty in Paraguay, he has devoted his whole life to this matter, and he has said things like, "Paraguay is neither left, nor right, nor center. Paraguay is POOR!") I hope that there are sufficient controls being established for Bank of the South funds, to prevent corruption and ripoffs, by the corrupt ruling powers, as has happened with World Bank/IMF funds. I presume that the Bank of the South will be smarter about this, since their main thrust is social justice, not enriching the rich.

It may therefore be that the Bolivarians have lured the current government a bit over to the left, and away from the Bush Junta, by the prospect of development money without onerous World Bank/IMF strings. Paraguay doesn't have much by way of resources, infrastructure, and services, to sell off to first world investors, anyway. As Lugo says, they are POOR. And inequality is rampant. 10% of the population owns over 40% of the nation's income and nearly 70% of the land. 50% of the population is dirt poor. The main exports are soybeans and beef, and Paraguay exports hydroelectric power. And there isn't must else. One plus of Paraguayan society (if wikipedia is to be believed) is much more intermarriage between Europeans and the Guarani Indians, creating a mixed race country (60% mestizos), in which 80% of the population speaks the indigenous language (a very high percentage, comparatively), as well as Spanish. The implication is that racism is less of a factor than in some South American countries. I don't know if the Paraguayan indigenous are the poorest people in Paraguay, but it very likely so - it's true everywhere else. (I'm growing rather suspicious of this wikipedia description - as to its rosiness.)

Anyway - would Bush criminals find a haven there, and be able to use it as a launching pad for their oil war plots against Venezuela, Bolivia, Ecuador and others? Not likely, if Lugo is elected. Possible, with the Colorado Party, although their membership in the Bank of the South would be imperiled by harboring Bushite coup plotters. Another possibility, the Colorado Party, by joining the Bank of the South, could become a spy and a disruptor, with the Bushites paying off the rich elite to do that. Hard to say. Paraguay joining the Bank of the South gave me pause, when it first occurred. At first I thought it was all to the good. Now I'm not so sure. And I hope to God the OAS and others will be overseeing their election.
Printer Friendly | Permalink |  | Top
 
Peace Patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-22-08 04:48 PM
Response to Reply #4
5. An interesting source on Paraguay...
See the end of this long article for the discussion of Paraguay. The article seems written from the point of view of war profiteers and what the best war profiteering opportunities might be in South America. As such, it is instructive. It tries to sound "objective" - ya know, the way military guys and the CIA try to sound "objective," (or used to), hard-ass sounding assessment that includes social justice and true democracy desires of the poor as a grudging issue they have to consider because of its "security" implications. Har-har. But they're really FOR max U.S. "security" (war profiteering) development in the region. As I said, instructive. Oh, and it contains the info (which I didn't know) of heavy World Bank/IMF involvement in Paraguay, and that Duarte (Colorado Party) is the Bushites' guy.

Sorry about the long url. Couldn't get it any other way. (Insert "http://" at the beginning. Replace the spaces I inserted after "international-" and "doc+".)

209.85.173.104/search?q=cache:j7PmEwfEcMgJ:www.international-
relations.com/WbLatinAmerica/WBLA-Lec10-2006.doc+
Colorado+Party+Stoessner&hl=en&ct=clnk&cd=3&gl=us&client=firefox-a
Printer Friendly | Permalink |  | Top
 
Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-22-08 05:07 PM
Response to Reply #4
6. Thank You for the Info!
Edited on Tue Jan-22-08 05:08 PM by Demeter
Yo Hablo Espanol. South America is looking better and better.

By those criteria, the USA is poor, too. But our biggest poverty is in people of willpower, determination, and mental strength, who want to change things. Without people, change is impossible.
Printer Friendly | Permalink |  | Top
 
Peace Patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-22-08 02:55 PM
Response to Original message
2. Brilliant article! Must read! Thanks for posting, Judi Lynn!
Printer Friendly | Permalink |  | Top
 
Lydia Leftcoast Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-22-08 03:16 PM
Response to Original message
3. Good news
Imagine thinking that Latin American countries understand their own situation better than Uncle Sam does.
Printer Friendly | Permalink |  | Top
 
Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-22-08 06:03 PM
Response to Original message
7. This is the best news ever for Latin America! K&R!
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu May 16th 2024, 04:21 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Editorials & Other Articles Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC