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High court rules that financiers are more sovereign than Argentina
Although the corporate press has attempted to reduce Argentina’s debt to a simple morality tale of a debtor being obligated to pay back its creditors, the picture becomes much clearer once we understand the odious nature of Argentina’s debt.
The victory handed to speculators by the United States Supreme Court over Argentina provides a lesson in where power actually lies. It is not in a government building.
Two June 16 decisions by the U.S. Supreme Court elevates the “right” of hedge-fund speculators to massive windfall profits above all other human considerations. That ruling is consistent with rulings handed down by the secret tribunals used to arbitrate disputes between corporations and national governments that arise under “free trade” agreements that elevate “investors’ rights” above environmental and labor laws.
Simply put, the U.S. legal system not only declares U.S. law applies around the world, but that it will be applied to benefit the most aggressively greedy. Conveniently “forgotten” is that Argentina fell into deep debt when the fascist military dictatorship of 1976 to 1983 bought weaponry used against internal opposition and that investment banks reaped huge profits by re-financing this odious debt in ways that put the country in deeper debt.