POVERTY: Argentina's experience

When Argentinians watch the news today and see the terrible things that are happening in Greece, we cannot but say, “Hey!! This is EXACTLY like Argentina in December 2001 and beginning of 2002…!”. Then too, Argentina underwent its worst systemic banking, public debt and monetary collapse which led to social turmoil, mad violence, rioting, and social war. The turmoil was so bad, that it forced then president Fernando de la Rúa’s government to resign, especially because of his notorious pro-banker cartel economy minister, Domingo Cavallo, generating a political vacuum that led to Argentina having 5 (five!!) presidents in that terrible last week of December 2001.
What triggered social chaos in Argentina was the attempt by president De la Rúa to implement the grossly unjust austerity measures imposed by the IMF that required, as usual, utmost sacrifice from the people – more taxes, less social spending, “balanced budgets”, zero deficit spending, amongst other anti-social measures – which led to a fall of almost 40% in Argentina’s GDP.
Half of all Argentinians fell below the poverty line (most were never to make it back to the traditional Argentina middle class), private banks were allowed to legally retain everybody’s savings, US dollar deposits were arbitrarily changed into Pesos at whatever rate of exchange the government and bankers decided (the dollar was devalued 300% from one peso to the dollar, to 4 pesos the dollar in just weeks) and yet…. Not one bank fell!!! Indeed, since then they’re all back in “business as usual”, however the poor and impoverished are today totally out of business…
Throughout 25 years of successive caretaker governments in Argentina, the IMF-led Global Banking Cartel artificially generated a basically illegal – or at best, illegitimate – Sovereign Debt that grew so huge, that it ended up collapsing the entire financial and economic system. That was no coincidence. It was part of a highly complex model, engineered to control entire countries, through a cycle having sequential stages and identifiable parts that has one basic overriding goal: when the finance economy is fueled to run in an artificial “growth mode”, the bulk of all profits are privatized into the hands of their “friends”, managers and operators. However, when the whole scheme – like all Ponzi schemes - reaches its climax and total collapse is at hand, they revert the process and then socialize all losses. (See video “Global Financial Collapse”, Parts 1 and 2, below.)
That’s what Mr. Cavallo - a Rockefeller protégé - achieved, ensuring that the Argentine people bore all the losses, whilst the international banksters took all the profits. The mainstream media – both global and local – willingly obliged; The New York Times went so far as to suggest that the entire Patagonian region (i.e., the 5 southern provinces of Argentina accounting for 35% of Argentina’s territory and having immeasurable energy, mining, foodstuff, water resource wealth), should secede from the rest of the country as a way of “resolving our foreign debt woes…”
http://beforeitsnews.com/news/44/819/Argentina_to_Greece:_Default_and_Poverty_Ahead,_Our_Sympathies_to_You.html