The idea that a US court holds the authority to adjudicate a case between the Argentinian government and US financial institutions, and thereby cause the collapse of the Argentinian economy, is ludicrous, particularly since US courts today are widely recognized the most corrupt in US history, particularly in matters pertaining to banking! Over the past decade, the State of Israel has been moving along similar paths, but in contrast with towering figures such as Stiglitz and Krugman, the Israeli intelligentsia fails to sound the alarm...
Argentinian economic collapse of 2001-02.
OccupyTLV, June 29 - In 2001, Argentina showed "a decline without parallel". The economic collapse of Argentina wiped out the middle class and raised the level of poverty to 57.5%. Millions in Argentina were thrown into unemployment, poverty and hunger. That, after being Latin America's star in the 1990s [i]
The collapse of the Argentinian economy puzzled many....
But others offered explanations: In his book "Globalization and Its Discontent", none other than Nobel prize winner Joseph Stiglitz raised the suspicion that the collapse of the Argentinian economy was the handiwork of Stanley Fischer (today No 2 at the Federal Reserve), in his capacity as a senior officer of the International Monetary Fund (IMF). Stiglitz raised the concern that Fischer engaged in treachery at the service of US agencies. [ii]
Others state it more clearly: Central to the collapse was the implementation of neo-liberal policies which enabled the swindle of billions of dollars by foreign banks and corporations.
And now, we may see the same spectacle again...
A ruling by a US judge in the US court in Manhattan, in favor of a US hedge fund, is likely to cause the collapse of the Argentinian economy again. [iii]
The idea that a US court has the authority to adjudicate in a case between the Argentinian government and US financial institutions is ludicrous.
Corruption of the courts in the United States is central to the current socio-economic crisis
Corruption of the state and federal courts in the United States has long been recognized as a central cause of the current socio-economic crisis. Suffice is to read the opinion of another Nobel prize winner, Paul Krugman, regarding the role of the corrupt US justice system in the socio-economic crisis, engulfing the US since 2008: " ... a system in which only the little people have to obey the law, while the rich, and bankers especially, can cheat and defraud without consequences." [iv]
And legal experts are more specific - attributing the corruption of the courts to fraud of unprecedented scale in the filing of corrupt banking and judicial records. In a special report by Reuters, Raymond Brescia, a visiting professor at Yale Law School, opines, "...it's difficult to find a fraud of this size on the U.S. court system in U.S. history... where you have literally tens of thousands of fraudulent documents filed in tens of thousands of cases." [v]