Re: [Marxism] From RR fan to RR engineer: you are wrong

["rrubinelli" <rrubinelli@xxxxxxxxxxxxx>]

I think comrade Nestor makes way too much of this "maneuver," since, as
far as I can tell there is no reduction in the debt amounts owed, and to
be repaid.

Even the "Brady bond"  refloating scheme required the debt-holders to
accept face-value reductions, although not nearly to the degree that
would have been imposed in secondary markets if the "pre-refunding" of
the new amounts through the forced purchase of US Treasury bonds had not
been the lynch pin of the plan.

The point about Venezuela, and Argentina, and Brazil for that matter is
not that Argentina will play Cuba to Venezuela's  USSR, special periods
and all, but that the collapse in oil prices was a particular
convergence of intention, and market forced; of design, desire, and
overproduction that pulled the props out from under the fSU, and major
banks who had used petro-dollar recycling, and oil revenues to
collateralize their exposure to developing countries.  So..............

So when the price of oil collapses, when the reduction in real trade
between developed and developing countries goes from slower rates of
growth to actual negative rates of growth,  Brazil, Argentina, and
Venezuela will see their liquidity disappear, and sooner rather than
later.

I don't doubt for a second the hysteria, the despair, the outrage of the
banking sectors, the cattle sectors, the big and bigger bourgeoisie.
But what happens next is really what counts.  And what happens next is
dictated by markets, by capital, by the inexorable needs of capitalist
reproduction, by class struggle.

rr
----- Original Message -----
From: "Nestor Gorojovsky" <nestorgoro@xxxxxxxxxxxxxxx>
To: <marxism@xxxxxxxxxxxxxxxxxxx>
Sent: Sunday, December 18, 2005 3:06 PM
Subject: [Marxism] From RR fan to RR engineer: you are wrong



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