As the dispute over the repayment of lingering debt by Argentina continues to drag on, U.S. vulture funds are seeking to cash in on huge profits from debt they purchased at bargain prices when the South American nation suffered a financial crisis in 2002.
Of course the United States has its own debt problems and this comparison is addressed by Dennis Small, the Ibero-American editor of the Executive Intelligence Review.
Instead of investors holding the United States hostage as is the case with Argentina, Small says it is actually the U.S. government itself. “They’re holding citizens of the United States hostage and saying they have to pay the debt in the form of, for example Obamacare, which is a de facto illumination of real health care for the population.
“It’s happening in the form of wiping out pension funds in Detroit for workers. It comes in the form of massive unemployment, especially for black and Hispanic youth in our inner cities.”
He adds: “What there is money for is to pay the debt to the banks. And that’s what’s happened with the whole bailout and bail in process. So in the United States, as well, it’s the citizens of the United States who are paying the price for bailing out the banks.”
Watch the full interview for more of Small’s views on the current status of the vulture fund situation affecting Argentina.
Comments