Boomerang: Travels in the New Third World
If the lessons of Argentina's crisis lead to substantial revisions in the rules of global finance, the suffering of the Argentine people will not have been entirely in vain. Timidity and inaction by the international community, on the other hand, would add insult to the Argentines' injury. That, of course, is the least important of many good reason
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
the ability of portfolio investors to move money unfettered across national borders is a matter of controversy among economists, much more so than is the freedom of trade in goods. With regard to this aspect of global capitalism, the Argentine crisis underlines the need for major repair. It points inexorably to the conclusion that government effort
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
Bond transactions are not usually the stuff of great passion. But the megacanje, or megaswap, as this one would come to be known, ranks among the most infamous deals that Wall Street has ever peddled to a government—and with good reason: For CSFB and a half dozen other Wall Street firms, the megaswap would be a bonanza, earning them more than $90 m
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
The problems we face are structural. The old America is not coming back. Our financial system was taken hostage and looted by bankers, brokers, and speculators who told us that the old means of making capital by producing and manufacturing were outdated. They assured us money could be made out of money. They insisted that financial markets could be
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