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AFJP - Balance of 14 years (Note 3)


The scam century. Conclusion and proposals
by Mario Cafiero and Llorens Javier

The above figures absolutely guarantee the conclusion is anticipated in the title. The massive embezzlement to the treasury, the huge hoax made to contributors, and the lacerating fraud that is performed to future retirees, makes the adventure of the administrators created by Menem and Cavallo behest of the IMF and World Bank in scam of the century.

In this sense, the maintenance of a mixed system, with a purported private pillar and another state, it was a compromise, or to save an obstacle constitutional. Was how to disguise the extremely harmful effects of that scam.

Just as the repeal of the laws of obedience and end point, and labor flexibility (Banelco law), the law of abrogation of the administrators not only a matter of great convenience, but a moral imperative, since creation of them should never available, and its cancellation had to be prepared for a long time.

other hand it is also clear that the government's plan is politically unbalanced. Not only for his improvisation, which is evidence of very poor intellectual level of the message accompanying the bill. But that in light of the unconstitutional Decree 897/07, which delegates the management of the Funds to the second line of the Executive Branch obviously can not blithely that huge mass transfer of securities to a government that has failed to account for the funds of Santa Cruz. Neither of the Skanska case bribes. Or suspicions about the bullet train. Or the affair of the passing of Resolution 125, which in practice operates the exclusive benefit of the export of grain, for at least a couple of billions of dollars.

And unless a government that has nourished the trusts ANSES surplus, a vile instrument of predation of parental contractor. That vision and patience throughout the world, manages the bidding enormous public surcharges, and have their accounts swollen bill trout, which are the accounting of the consideration paid huge bribes.

is not at all to choose between financial homeland (the Pension Funds and banks) and the home contractor (Jaime and De Vido) who want to get their hands on these funds to continue to "politics and business." This is not a choice between a mob and another. Since the first was actually deadly for Argentina's economy, and the second is a pillar of mob corruption, undermines the state itself.

not the situation allows calculations or petty electoral tactics if the government will have or will have no "box" enfrentar las próximas elecciones. Y en tal caso tratar de impedírselo de cualquiera manera, a riesgo incluso de permitir la continuidad del inmoral y ruinoso sistema de las AFJP.

No se trata en manera alguna que un estafador despoje a otro estafador, o de neutralizar por conveniencia táctica esa sustitución de estafadores y estafas. Por contrario, totalmente alejada de estas especulación subsidiaras, la reparación del gravísimo e inadmisible “error criminal” –remedando los dichos de Macri— de creación de las AFJP, debe ser especialmente cuidadosa y eficaz; dado que el cese de una enorme estafa, no autoriza en manera alguna a cometer o comenzar con otras.

Es la oportunidad to realize full reparation. Which is to fully comply with the Constitution in that pension funds should be "managed by stakeholders with state ownership." And to reverse harmful policies such as the flattening of the pyramid of the pension benefits, also seeking a genuine movement of them, in addition to canceling the pension debt recognized by judicial decisions.

is time also to maintain the individual accounts of pension contributions to prevent abuses to the solidarity system. Who has served for live forever "solidarity begins at home", made huge and early retirement with minimal contributions by retirement schemes "special."

is also the time to stop the theft of revenue sharing to the provinces. And as the Constitution mandates enact the new tax-sharing regime. A new tax regime should be discussed within a new system of social benefits from the provinces, where they should be prioritized childhood and adolescence. The National State, the individual provinces and municipalities must agree on a Comprehensive Plan for the Protection of Children and Adolescents, and will not have to discuss whether to lower the age of accountability.

increase pensions in the whole pyramid and a comprehensive plan of social protection, are also measures that can mitigate the effects of a global economic crisis, whose death throes are coming to our country.

is also time to end the fiction of the debt. And writing off debt with FJP State in exchange for a commitment from the state to resolve any deficits in future, as all serious countries in the world.

Finally it is time to retrace other harmful decisions that were made referring to retirees. As the Law 24,145, enacted shortly before the 24,241, entitled "Privatization YPF. Funding for the Social Security System. " And now there is about a specific and unusual opportunity.

There is a public price of action accepted by Repsol YPF, which bought the group Eskenazi, with large financial facilities. And there will be funds to cover the purchasing of all of the shares, the portfolio will recover from the AFJPs, which can convert. Therefore, with proper pre-audit, it would be financially able to renationalise YPF, as an essential first chapter of the re-nationalization of strategic resources of our country. Be reversed and genuine interest in the country, the operation of "Trojan horse" displayed by REPSOL, selling minority shares to the group Eskenazi "expert on regulated markets, to operate as a lobbyist for the interests of Repsol, whose consequences are now in the permanent price increase internal fuels.

It's time for acts of greatness and unity for the sake of the country. It's time to think about the next generations, not the next election.

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AFJP - Balance of 14 years (Note 2)


(click to enlarge)

The core of the fraud of the administrators
by Mario Cafiero and Llorens Javier

Encouraging selfishness as the antithesis of the solidarity system, quarterly AFJPs make them reach their contributors have summarized the share of senior Update your funds. We also advertise on their high yields, currently showing on the record, through UNION AFJPs, cumulatively they reach 14% annual nominal and real annual rate of 7%.

What is not clear to their members-and here lies the fraud, is that these returns are calculated, not on the contributions made by the member, but on the net AFJP finally credited to your account, after having kept commissions, insurance, etc.

If one takes into account the contributions actually carried out, not borrowers, and the combined price index, the results change dramatically, becoming earnings losses, as seen in Table 1 .

it is noted that the nominal yield is halved, going from 12 to 6%. But at the time the real yield, which is the determinant becomes negative 5% a year, with a loss of -27% on contributions made, obtaining similar results in U.S. (-5%, -29%).

calculation even worse if one takes into account the financial effort made by the contributor, who by reason of the de-funding of the creation ANSES Private Pension Funds in the year 1995, he was recharged three points of VAT, from 18 to 21%. Like most workers consume their wages in full, this means that instead of providing a theoretical 11% of their salary actually spent to provide 14% of it. Considering the existence of these 'total contributions "by the insured, the loss (as noted at the beginning) climbs to -45% of the funds, with a negative return of -9% per annum, yielding a similar number in the equivalent U.S. dollars (-46%, -9%).

balance reveals the character of a partner with the lion's share with the AFJPs to their members. Commissions AFJPs on the net proceeds credited to the members, arrived at 14 years of the enormity of no less that 46% of these, like a demented gabela contributions imposed on employees. The

TABLE 2 can visually see the final results in pesos and indexed pesos which have led to the adventure of Desadministradoras Pension Fund.

The supposed freedom of choice that would legitimize the scam

lucid minds that are supposed to argue that the regime of the administrators should continue, that would have been freely chosen by their intended beneficiaries. However, these were first forced into the corral of the AFJP. And then they were given the option to leave it. Or do it later. Logically, the majority chose to leave were those who were closer to retirement, not being an issue for others within their sphere of interest in those moments, with the option to opt out even later.

This disclaimer of opinion, had they been made after joining the force, it has been taken as a kind of democratic ratification of the administrators. Something like saying that all those who abstain from voting on the government, have voted for him because they have not stopped winning.

But this absurd logic of a sophist itself is not the worst. The most serious is that the vast majority of contributors to Pension Funds, entirely unaware of the nature of the regime of the administrators. Which in its 14 years of its existence seem to be particularly concerned that the same is not known in all its dimensions. The free choice is a conscious awareness of what is decided. If this does not exist, there is no free choice, but deception and fraud.

The evil nature of the pseudo-retirement of the administrators

The system of the administrators stated:

• The income required of the employee (this is the only thing that has changed now.)

• Contributions defined by the same (11 % Of salary). • Accreditation net

indefinite, by subtracting fees and insurance to be collected free by the AFJP (this has been corrected now with a "solidarity" to deal with disability and death of the contributor, of dubious management) .

• Benefits indefinite, with all the financial risks and existence by the member, who must also pay for life insurance and disability insurance.

• Finally, obtaining a pseudo-retirement, retirement or a trout, with the scheduled withdrawal of their savings, and until they are exhausted, and after "kaput." Taking Charge in the meantime the retired financial risks, existence, and the consequent payment of monthly fees. If you live more than what the tables say longevity (80 years male, 82 years female) run out of pseudo-retirement of the administrators. If AFJP funds down, low retirement. If AFJP funds evaporate, runs out of retirement

• Alternatively the member is left with the hiring of an insurance annuity, holed in this way to the affiliate AFPJ a related insurance company, where insured must bear the cost of financial risk premium to exist, thus decreasing even more their pitiful retirement. So

AFJPs are in any way retirement. Are just a forced savings system, with all the risks by the contributor in the future to buy a pension. And criminals are left entirely open in the law and outside the supervision specified, the two ends of the business.

entries in the business: the commissions to be set free, and life insurance contracts supervised by the Superintendencia de Seguros. In

out of business: to collect monthly fees for the retirement program, the insurance or annuity supervised by the Superintendencia de Seguros.
The essence of the administrators: a formidable business finance and insurance

AFJP The essence of financial business is a formidable zero risk, and a huge insurance business. Financial, in order to synergistically enhance the power and financial affairs of the big banks, by exercising the parallel control of a huge flow of money, sweet and soft, no risk for him to transfer all risks to the affiliate. And a huge insurance business, where the member is holed obligations in the related insurance companies, being responsible for all risk premiums.

is a perverse form part of the administrators to circumvent and split the risk. Instead of a "private retirement" is a forced savings by employee, that bears all the risk taken by the administrator. Then comes a return on savings shares, simulating retirement. That is not so, because the retiree is assured, neither the amount nor the existence of there for the rest of his life, and their family members entitled to pension.

If the newly retired wishes to avoid this uncertainty about the duration and consistency of its assets, after running with the risks and losses incurred during 30 to 45 years, have to hire a pension insurance for life, or income lifetime, which again should bear the cost or risk premium. Those who even after 2001 they were tried pesified, despite being contracted in dollars.

is particularly repugnant to the capitalist system, whose right to the income is presumably based on the remuneration of the resources used, and the assumption of risk which have been ordered AFJP absolutely not to make any payment of funds that holds .

And do not assume any financial risk, to collect their huge fees in full in advance, to opt out entirely in practice the development of funds other than a symbolic guarantee fund, and to endorse the risks of existence to a policy insurance contract with a related company, whose prize is entirely raw by the affiliate.

24,241 law that created the AFJP, another disgrace of the Congress of the Nation
In the annals of the degradation of the National Congress, marked by laws such as the Due Obedience and final point, Cavallo superpowers, labor flexibility The intangibility of deposits, the zero deficit law should also include the 24,241 who created the Pension Funds.

The "Title III funded scheme" of that law is only a glossary of terms establishing a comprehensive legal framework for that, all over him, the preying AFJP aspiring to retire someday, which were obligatorily trapped in it. The spirit of it is absolute freedom in the jungle, in the purest style of social Darwinism, or wild financial capitalism, the results today have worldwide.

is notable that the crucial aspects of the law, were not regulated by the executive branch, but, as expressly provided by law, were charged with the Superintendencia de AFJPs. The review body also became the regulatory body of the substance of the law, by Resolution and "Instructions" full of abstruse mathematics and differential calculations, whose understanding is only available to actuaries, mathematicians or experts.

formulas Resolution 125 of the former minister Lousteau, are strokes of first grade next to these hieroglyphics. This is the engineering of deception underlying the law. Who knows where hidden factor, coma, ratio or subtrahend is the intricacies that legalizes AFJP excessive profits. The same applies to the closed insurance business by the Superintendency of Insurance. Already said the superintendent of insurance was then the former chief of staff Alberto Fernandez. An example is attached at Annex the current resolution regulating the art 102 of the Act, based on the pseudo-retirement of programmed withdrawals.

The text of the law is full of traps. For example provides the commission for accreditation of contributions is calculated "on the tax base that gave rise to." Example 3.3% on wages. That actually is 3,3 / 11 of the contribution made by the member. That is nothing less that 30% of the amount contributed, which have been submitted and to society, would be disqualified from entering the system.
The little information that exists about the true extent of the law, evidence estafatorio his mind, which is a ruse or deception to deprive eligible people. The ruse was so effective that few seem to have realized the deception. Despite their authors, Domingo Cavallo, Horacio Liendo, Walter Schultess, Felipe Murolo, perpetrated later in 2001 other enormous crimes, for which at present must be held accountable before the law.

So while members remain passive in the AFJP as compared with fleeces taxpayers, are honest and progressive legislators now hold positions, which in practice conducive to the continuation of this absurd law.

The underfunding of the provinces as a result of the administrators

AFJP The regime not only caused a chronic deficit and the national state debt, but also the financial crisis moved the provincial States. From covenants, simple laws, DNUs, simple decrees, etc., the National replaced own resources from the Social Security System, who took over for co-participation resources to the provinces. Replaced

personal contributions were diverted to the AFJPs, and employer contributions were reduced or eliminated, with resources that were stolen in the estate tax co-participation with the provinces. This situation led to the primary distribution established by the Federal Revenue Sharing Act is amended 23,548 Nr continuously and become a real radio units from successive precoparticipación processes while maintaining the legitimate distribution coefficients, but generating a progressive reduction mass partner.

The amounts transferred by the provinces in the period 1993/2004 amounted to 74 billion of pesos, equivalent to 58 billion dollars at current exchange rate. Only in 2007 was estimated at 20 billion pesos in the provinces resigned partnership to fund social security. As an example, the province of Buenos Aires in 2007 gave the sum of 4.4 billion pesos, equivalent to its current and pressing deficit.

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AFJP - Balance of 14 years (Note 1) Payment


The scam
century by Mario Cafiero and Llorens Javier

This report makes a preliminary assessment of the 14 years since the creation of the administrators. These days they say many controversial words about it, but generally accompanied by a few numbers. But on economic issues, the most eloquent arguments given numbers.

What honest and tell us aggregate numbers?

• That in the fourteen years of existence of the administrators, from 1994 to 2008, diverting money that would correspond to ANSES, including their financial burden by 170 billion pesos, equivalent to 89 billion dollars.

• That the Retirement and Pension Funds (FJP) accumulated to last June were 99 billion pesos, but given that government securities has overvalued the real value of these funds was 84 billion. So that in particular the dissolution of the administrators, ANSES only recover less than half of the money that he stole.

• The financial effort made by the contributors, adjusted for the combined price index (CER + Wholesale Price) - climbed in June to 158 billion pesos. This amount includes the 3-point increase in VAT, ready in 1995 to refinance the ANSES, before the de-funding of the body caused by the creation of the administrators.

· Regarding Fund 84 billion pesos, which is to rescue, this represents for contributors a loss of -46% effort, with a negative return of no less than -9% annually. If the figure is expressed in dollars, 27 billion dollars from the Fund, against U.S. $ 51 billion incurred by the contributors (computed in the same way), account for such a loss of -46% in dollars, with a negative rate of -9% annually.

• If you do a projection from historical results, future retirees men of the administrators, charged by the retirement of the administrators of between 13% and 18% of their last having, as they have paid contributions for 30 or 45. Far from 82% mobile aspiring law. In For women, to retire at 60 years, the results are even more painful. Charge between 8% and 11% of their last having, as they have made contributions for 30 or 45 years.

• These figures disastrous as the historical background, do not improve much if half projected an optimistic scenario, assuming correct the worst excesses in the Pension Funds incurred, the full view of governments. The numbers say that retired men would retreat to charge between 18% and 27% of their last having, as they made 30 or 45 years. And women will go to receive between 12% and 16% for the same range of years.

• Maintenance means those optimistic assumptions, the funds of the administrators would have to achieve a sustained yield over 30 to 45 years of 12% and 8% respectively, with no hard currency inflation, to retired men can achieve a 82% withdrawal of its last credit. And for his part in the case of retired women, the yield would rise to 15 and 10% per annum for the same purpose.

Greed is good says AFJP UNION

Obviously the latter is impossible. From a financial utopia. As the bubble of subprime mortgages that has just exploded on Wall Street. And sexist, for gender discrimination involved. These rates would only be feasible to obtain with speculative investments in junk bonds, they are expressly forbidden to interim funding, which prioritizes safety over performance.

also can not be sustained on a continuing basis over time, and would represent a speculative gymnastics over 30 to 45, own not a pension fund, but a vulture fund. Jumping frantically from one investment to another with constant profit taking, with a high risk of default. A continuing financial raffle, assuming not only the risk of not getting any profit, but to bear heavy losses.

However, this is the "new" output given by the camera that brings together the AFJP, UNION AFJPs, without noticing the moral and conceptual rave that this represents, if it focuses on systemic issues. "If we all steal, not everyone will be richer," said Keynes. And of course in this raffle zero-sum financial market, some funds of retirees and others will win ... shorn. Leaving

definitely the solidarity system, the selfish funded system would become so anti-solidarity system, under the motto "greed is good", although this just failed spectacularly on Wall Street.

commissions are also very good ... for AFJP

respect to the fees charged by AFJPs, its amount since 1994 amounts to 19 billion of pesos, equivalent to 37 billion pesos at today's value, and 31.5% of revenue. Measured in dollars that we AFJP pocketed 12 billion dollars for this concept, in its 14 year existence. This represents almost half of the existing fund to date in dollar terms, u $ s 27 billion. This ratio of almost one for AFJP, against two for retirees, shows the scale of the fraud perpetrated by the Pension Funds.

To justify this abuse say AFJP an important part of the commission was for payment of disability and death of members. They do not tell the AFJP insurance companies they hire are exclusively linked to business groups.

is devastating to the report of the Planning Unit, Regulatory and Communication SAFJP February 2001: "All AFJP hired the group insurance to disability and death related companies." And the same goes for annuity insurance to obtain retirement.

Apart from funds from the latter, the AFJP diverted them to their death and disability insurance in an amount close to 20 billion pesos current value. It is unfortunate that during the long years of the regime of the administrators and over the years that Alberto Fernandez is the holder of the Superintendent of Insurance and then Chief of Staff, did not do anything to stop this negotiation.

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reserves (but BCRA) Letter to Martin Redrado


by Mario Cafiero, Ricardo Monner Sans and Francisco Llorens

N. of A. The National Budget 2009 for the government of Cristina Fernández to Congress reveals a firm decision to resort to the Central Bank's reserves to pay debt maturities over the next year, allocating 24.618 million - almost 11% of the total budget, to comply with international creditors (both Paris Club and the bondholders). To the extent that this budget provides in Article 72, amend the charter of the Central Bank to use more reserves in the "honor" of debt, eliminating the cap on loan advances.

Thus, it would allow the Government to pay any debt reserves is expressed in foreign currency. The letter reproduced below was sent to the owner of the Budget and Finance Committee of the Chamber of Deputies, warning its members, as the words of one author, Mario Cafiero, "" about the enormity that are about to commit, which under Article 29 of our Constitution, typify the crime of 'infamous traitors to the Motherland ", leaving the Fortunately for the Argentines at the mercy of the government or third parties. Especially in the context of the current international financial crisis sweeping the world. "

Cafiero also adds that" reach into Central Bank reserves, is the same as putting your hand into the pocket of all Argentines, since women under current legislation, are those that uphold the value of our currency. Therefore in the future probably will put hand in his pocket and not notice that we lack pesos, but if we notice as in 2002, that with those weights can only buy so much less. So we can say without exaggeration that defend the Central Bank's reserves, is to defend the dignity of our wages, our wages, our pensions, and the honest earnings of our businesses. "

Buenos Aires, October 7 , 2008

Chairman of the Budget and Finance Committee
Don Gustavo Angel Marconato

Subject: Warning very serious implications of Article 72 of the Budget Bill 2009, with the scope provided for in art. 29 of the CN.
ago
this: formal letter sent to Pte 10/03/1908 BCRA and presentation held on 23.9.2008 to the Bicameral Commission Act 26,122.

In our consideration:

We are writing to you and through you to the other Members of that Committee members to warn of the enormous, speaking plainly, evil thing that this commission is about to commit, especially in the current crisis International Finance with the approval of Article 72 of the draft 2009 budget submitted by the Executive. The

art. 72, it could be called as the anthem external debt as it seeks nothing less than change the Central Bank Charter, for the purpose of using its international reserves to "honor" the payment of external debt.

that Article 72 is approved it would far exceed the superpowers of Cavallo, which claimed in 2001 to pay the debt with the guarantee of taxes, a claim that rejected him in extremis Congress. Today again try to impose that debt will be paid with blood, sweat and tears of the Argentines, who now provision has been added to the common wealth of the Argentines, as they lay hold to support essential social good that is our currency.
Similarly
year 2001, which took hold international reserves of the banks and Central Bank now seeks to dip into the reserves of the BCRA. The story of 2001 as we all ended. Much of the foreign creditors in anticipation of the planned Argentine default, fell off his debts, and in return the Argentine financial system came packed with foreign debt securities. And consequently the emptying of the BCRA and our financial system, brought down catastrophically our economy and our society. Now again we could arrive at a similar situation, in which the emptying of the BCRA and its subsequent inability to regulate currency, would lead in turn to the emptying of the Argentine financial system, with all the economic and social consequences that would entail. We arrived at this

vulnerable BCRA inter alia as a result of the defection of the Congress complete its legislative work on substantive issues, to delegate this to the Decrees of Necessity and Urgency of the Executive Branch and to allow illegal patches legislation introduced in the background, through hidden items in the budget law.

Thus the laws have been transformed into a normative chaos, away from the systemic system should, thus facilitating any disaster and adventure. Logically, if the service or the powerful foreign interests and against the national interest.

In this particular case, the question began with the DNU 401/2002, which was issued in early 2002 during the crisis, by President Duhalde. With it enabled the Central Bank to issue debt, authority that had been expressly prohibited in 1992, having been the architect BCRA essential fraudulent debt burdens us today.

From there, that allowed the BCRA DNU buy stocks look leverage through the issuance of bills and notes galore (Lebac and Nobac), they even concealed by repo transactions. It should be noted that the current international financial crisis is precisely a crisis of leverage, which is reached by the proliferation of "new instruments" as Lebac and Nobac and passes. Instruments and reserves seem to create anything, also can be destroyed quickly if the suspicion is rife as at present, in the same way that a house of cards collapses.

The next twist was the DNU 1599-1505, issued in late 2005 by President Kirchner, who allowed the cash payment to the IMF. Despite this body have been the main co-responsible for the debacle of Argentina `76 onwards, and the crisis terminal del año 2001. Con dicho DNU se subvirtió el sentido de la Carta Orgánica del BCRA, al establecer inusitadamente que las “reservas de libre disponibilidad” no son las que cubren la base monetaria, sino las que exceden esta. Se eliminó así absurdamente el concepto de reservas netas, que redundantemente, como lo dice cualquier manual de economía o contabilidad, son las verdaderas reservas. De esta manera se dispuso que esas seudo reservas de libre disponibilidad, pudieran aplicarse al pago de las obligaciones con los organismos financieros internacionales.

A continuación en el año en curso, con el decreto 1.394 y el DNU 1.472 se dispuso el pago cash al Club de París, partiendo de erradas digresiones respect the international status of the Club of Paris, and by implementing confusing exceptions to the Central Bank Charter in relation to the amount of advances that may give the Treasury. The payment to the Paris Club is an unlawful action and absurd. It is unlawful for the origin of the debt from the bloody military dictatorship, which promptly rejected by Congress (Law Nr 23854). It is absurd in light of the current international financial crisis that moves the world.

algid More details on this issue are outlined in the attachments that accompany the present, consisting of a copy of the formal letter sent on October 3 ultimo. Mr. President of the BCRA - (See previous note on this blog) -, and a copy of the presentation made on September 23 ultimo. before the Joint Standing Committee on Legislative Procedure Act 26,122.

This succession from falling today reached its culmination with Article 72 of the budget bill, with which it would, without any limitation as to the pseudo "free availability of reserves, the payment to international financial institutions and any other foreign currency denominated debt. Metaphorically in this way (as did Cavallo in 2001, allowing the Central Bank reserves and the banks could be integrated with government bonds) is is conducting a gap to the Treasury of the Central Bank through which external creditors may bear the reserves backing our currency and the soundness of the BCRA accounts, leaving it as empty as in 2001.

is hardly necessary to point out that the constitutional provision of Art. 29 around a subject like this, would place those who are the protagonists in the category of infamous traitors to the Fatherland. Beyond the absolute weak judiciary, we do not believe that the Argentine people in a position to support this with impunity a new fraud similar or equal to 2001.

In this regard we express to Mr. President and Mr. Legislators are much more positive alternatives to genuine interests of the country, in order that Argentina can meet the financial crossroads where it is today. This crossroads is a result of bad debt arrangement was made in 2005, in which Congress again delegated its powers the executive branch more direct. Errors and omissions of the past, are the causes of the financial difficulties of the present. And the current errors are the causes of the financial difficulties of the future. That may appear remarkably increased in the light of the financial crisis sweeping the world. It is personal and nondelegable responsibility of Mr. Legislators, which will not happen.

If your interest is we are able to personally present such alternatives.
greet you attn.

Molested In Japan Train

BCRA Mr President - Mr. Martin Redrado BCRA
Rte.: Mario Cafiero - Ricardo Monner Sans

Subject: issue mendacious and misleading information relating to the solvency and liquidity of the BCRA, and payment to the Paris Club.

In my consideration:

We went to you and through you to the other directors of BCRA in the belief that you are spreading misleading information relating to the safety and soundness of the institution. We also warn that this behavior "deceitful and disvaliosa-deserved for an urgent judicial inquiry, in the absence of a proper correction immediately.

We refer specifically to the statements made by you on 9/26/1908, which were amplified by the media, whose text is available on the website of the Central Bank. In them you said that "current levels of liquidity, about 40% of deposits, are historically high. This ratio is robust compared to, say, with the levels maintained during the period 1991-2001 (23.4% on average and up to 29.2%). In this way tries to show a strength and soundness by the Central Bank, which is unfortunately far from reality.

In fact, a simple observation of the information provided by this institution in the aforementioned website - "Monetary and Financial Outlook (monthly series)" - shows that these figures may be correct historically, but no compassion for anything with that are now occurring. The liquidity ratio of total deposits "around 40%" as you expressed, was reached last April, before the conflict with the field. But in July dropped to 35% and in August had fallen to 27% if the Central Bank had complied with the Paris Club payment ordered by the Executive. In this regard it should be noted that in October 2001, just before the collapse of convertibility and installation of the yard, this indicator was 33%.

But the criticism we make to you is, both on the amounts reported, as the quality of the information provided. You know very well that refer only to deposits, regardless of the money held by the public, is technically incorrect. It was obviously to use a cosmetic trick to exploit the phenomenon of society desbancarización Argentina that occurred as a result of the yard. It is your full knowledge that after that big scam, which had the architect indispensable to the institution that you are running, by the mistrust generated by the depositor significantly reduced the Argentine banking multiplier or proportion of deposits in relation to the currency in public hands. This happened nine times on the eve of the "yard", a little more than three times today.

Looking at the index called "M3" (the sum of the two) in relation to indicators of liquidity are even more unfavorable. The ratio in July was 28%. And in August have fallen to 21% if it had been paid to the Paris Club. While on the eve of the collapse of convertibility in October 2001, this indicator was 30%. So in all cases the current indicators are worse than the previous the collapse of convertibility.

The issue does not end there. If instead of statistical data are taken from accounting data contained in the liabilities on the balance of BCRA (Securities issued by Central Bank, Operations Term Liabilities and Other Liabilities) these indicators worsen dramatically. Liquidity in relation to deposits declined from 31% in April, to 20% in July. And in August it would have reached 11% if it had made payment to the Paris Club. In turn, the M3 liquidity ratio fell from 25% in April to 16% in July. And in August it would have fallen to 9% if it had finalized the payment to the IMF.

However, unfortunately, the question not end there, as these indicators are developed based on gross international reserves, not the net international reserves (defined by net international reserves to gross international reserves minus debt BCRA international). Taking into account these, the numbers worsen even more, approaching zero. Far from 40% of you falsely boasts to the public. So the numbers drawn by the BCRA, they have nothing to envy liars INDEC numbers.

Without analyzing the quality and consistency of investment to international reserves, which offer serious doubts and objections, nor to consider that half of them has been leveraged by a contraction dangerous to very short-term domestic debt, it is clear that the existence of "historically high levels of reserves" as you claim, is false. It is unfortunate that you repeat the chant that was told the Argentines in early 2001, to meet the end of that year without a weight or miserable dollar in his pocket.

Beyond the technical, critical and realistic analysis of the balances of the Central Bank indicates that minimum prudential reasons, especially in the current circumstances in the world is plagued by an unusual "financial tsunami" International unpredictable consequences BCRA is absolutely unable to make cash payments to the Paris Club ordered by the Executive.

is also verifiable cash payment to the IMF in early 2006, and seriously impair the liquidity and solvency indicators of that institution, had effects that impacted heavily on the rise in interest rates and hence on inflation. Like today, then there alternative ways to avoid both the cash payment, including the supervision of the IMF, based precisely on the responsibility of the IMF in Argentina absurd debacle of the last quarter century, an issue that has even opened a case in court Argentina . Very different would the present state of our economy and society, whether these resources or part of reparations had been overturned in our country, rather vain if any spilled outside.

Consequently, in our capacity as Argentine citizens deeply interested in public affairs, and forks, like millions of Argentines, the currency issued by the public bank:

-warning to you to cease his deception to public opinion about the true strength and ability to pay of the Central Bank. Behavior very similar to that deployed this institution during 2001, the couple is perpetrating a vicious dissection of the Argentine financial system in Argentine savers fraud.

"Summoned to you and through you to the directors of that bank, to fully comply with its core mission stated in the Charter" to preserve the value of the currency, "which despite being very poorly distributed, is a good essential social and public money in our economy. Preserve is a verb that goes far beyond saving. Is to shield our currency in advance of damage or probable or imminent danger, such as those currently hovering.

"Consequently we urge you to oppose the cash payment to the Paris Club of illegally ordained by decrees 1,394 and 1,472, to pay ruinously affect the sustainability of the BCRA, as it is not the Paris Club a" body international finance "and the project involves no" urgent need "to justify the issuance of these decrees bypassing Congress Olympian.

In light of moral demerit of that debt, because it is an illegitimate debt substantially from the bloody dictatorship, which was rejected by Congress, and in light of his lack of opportunity, in the context of financial events are shaking the world would become effective the payment of an act of desadministración ruinous inexplicable and unacceptable, worthy of inclusion in the "History of Human Stupidity" by Tabori, or the "Universal History of Infamy" by Borges.
Attached
by certified mail piece presentation made to the Joint Standing Committee on Legislative Procedure Law 26,122 on the DNU 1.472/08, which contains an analysis referred to the actual state of that institution.

For reasons of force majeure has not been able to accompany this CD with his signature Francisco Javier Llorens who has allowed this information.

Praganent Women Take Part Gruhav Pravesh

must be reversed the energy debacle


By Raul Quiroga

Companies appropriated all that potential energy we had in the early '90s, are showing signs of retreat. Surely, because of the limited useful life is seen in the most deposits of Argentina,

There are exceptions, they still have a reserve spot important. The cases of Cerro Dragon, in Chubut / Santa Cruz (petroleum), and Loma La Lata, Neuquén (gas), where the corruption long before government extended maturities and for over 25 years of concession contracts. But it is the few remaining active sites.

happens that the oil companies to whom we gave cipayaje ground for exploitation, have resulted in a permanent depletion of the reservoirs. And they did it as fast as it allowed the porous rocks where gold is deposited desired black.

Repsol is currently devoting all its profits to invest in Libya and some Middle East countries. Petrobras, for its part, is this backdate to invest in their own country, Brazil.

Corporations squandered our resources, assisted by a perverse system of wealth transfer, which currently allows them to obtain oil at a cost of U $ S 10 a barrel and then we buy a U $ S 45. On the other hand, are exported to international securities and unrestricted, despite the increasing shortage that our country has.

Since the privatization of YPF, the private companies were 4800 million barrels of oil from our fields, now amounting to more than 470 billion dollars. With gas, the looting is equivalent.

Despite this wealth extracted from our deposits, Argentines are much poorer, and the depleted oil reserves. The oil situation is more critical in a few years. Has already begun to manifest in the lack of provision of service stations and rising prices.

In 2007 there was a total of 37 million m3 (233 million barrels) of crude oil and more than 50 billion m3 of gas for domestic consumption.

We wonder: what will happen when we have to import that much oil seasonally values \u200b\u200bthat are in the order of U $ S 120 a barrel? Even without providing any growth, would mean about 28 billion dollars for oil ($ 120 per barrel) and at least 13 billion dollars for gas ($ 7 million BTU). Or is something like 41 billion dollars per year.

Not to mention the manufactured products are well above the prices that cost us so much today pay stations.

depletion of our sites, our distilleries with over 30 years without technological upgrading or no investment in the search for new deposits make the energy landscape is bleak

Like the safeguarding of water and food sovereignty, to discover hydrocarbon reserves must be defended from the violence of the corporations and the complicity of officials. And they must be defended by popular activism.

Because the foolishness of leadership on energy is really serious, should be the popular sectors to take the lead. With the single banner of national sovereignty and open letters over the ideological and closed, which only serve to hide the high degree of economic dependence in which we are sinking.

Because we are at the limit and the future begins tomorrow. Argentina
An independent, impetuous and American projection is possible. The choice is ours.

Belly Punching Fetish Free Clips

The Paris Club and the Central Bank (Note 3)


By Mario Cafiero, Ricardo Monner Sans and Francisco Javier Llorens

The issuance of debt by the Central Bank with non-neutral monetary effects

An important spring of monetary policy is the responsibility and / or ability to borrow from the Central Bank. Following the phenomenon of rampant fraudulent debt of the decade of I80, this power had been expressly denied to BCRA CO Law 24,144 of 1992. But in early 2002 she was revived by NUD 401/02 issued by former President Duhalde. By art. 1 of the DNU was amended Article 18 of the CO of the BCRA, adding subsection i) that allows the Central Bank "to issue securities or bonds and certificates of participation in the securities held."

The cumulative amount of over 2,500 auctions of letters (LEBAC and NOBAC) who made the placing BCRA debt from that date until the present, reaches the astronomical figure of more than 273,000 million pesos, well above the Central Bank Assets , and its stock at 31 August current 67.228 million pesos. Excluding this amount the amount of bills issued for the operative Central Bank repos. Thus
good
part of the current international reserve currency, no less than 47% of them has been learned the hard way, through a hot debt letters. Very short-term, as its average maturity, counting involved in repo transactions to 1 and 7 days, comes less than six months.

A practical purposes we can say that these reserves have been acquired through a rolled her checking to date, renewed indefinitely at maturity, which in turn from the payment to the IMF in early 2006, produced a sustained rise in interest rates. For both the BCRA, as for productive activity, having doubled the fees for the first, and quadrupled for the second, in the case of leading companies. With consequent inflationary effects will not see reflected today in the INDEC statistics.

This continual renewal of checks, a frenetic two days a week, coupled with rising internal and external uncertainty, has made the renewal thereof has been increasingly difficult, reflected this first, in increasing interest rate. After the appearance of six-month loans in dollars roads through parallel operations in the future market changes (ROFEX), in which the Central Bank agrees to deliver dollars in March next year to $ 3.14. And later in the substantial increase of repo transactions, whereby the Central Bank is taking hot money by placing letters on 1 and 7 days. It is known that when a debtor starts to flip checks to these terms, is because it is in a very compromised situation, almost terminal. Thus

payment to the IMF has been far from "a neutral monetary effect" as required by the CO of BCRA, as amended by the DNU 1599-1505. On the contrary, its monetary effect has been wicked, to promote the simultaneous rise in interest rates and inflation, two central springs on the health of any economy.

The payment to the IMF and the supposed reserves of "freely available"

The aforementioned DNU 1599-1505 issued by former President Nestor Kirchner, with whom it was possible to pay the IMF, introduced a substantial change from the reserve concept of "free availability." Art. 4 of the Convertibility Law No. 23,928 required that "free reserves" were equivalent to 100% of the monetary base.

Obviously this concept of "freely available" can be understood as the reserves of the BCRA minus debt, given that the reserves are guard or custody is one thing, to serve a timely manner, or in case of unforeseen and need. However

DNU 1599 reversed that concept happily. With him was modified art. 4 of Convertibility Law No. 23,928, eliminating the concept of "open availability." But the term reappeared in Article 5 with a completely different definition. Through modification by the DNU 1599, it specified that "free reserves" are those that exceed the monetary base, of course without taking any account of debts and obligations of BCRA, which previously had to be counted as Prior to the calculation in relation to the monetary base.

improvisation this change is noted in Article 60 of the Central Bank Charter, which sets "in a twenty percent (20%) the limit on stocks free availability maintained as a common garment may consist of government securities valued at market prices "without having to do with the authorization of Congress.

So for the remnants of the convertibility law as amended by the DNU 1599-1505, the" reserves free availability "are one thing. And for the CO BCRA another.

This is the perverse core of the issue, namely to consider the" availability of reserves, without taking any account of debts and obligations of BCRA . both currencies, and in weights that can be reversed in demand for foreign exchange in a free market exchange and only where the value of Argentina's currency is the main reference U.S. dollar price. Finally

DNU 1599 also amended § 6 of the Convertibility Law No. 23,928, providing that if a "neutral monetary effect" reserves "freely available" can be used to pay the international financial institutions. In this way was enabled to pay not only the IMF, something beyond what it was for the BCRA moral in itself, being a debt of this, but also the World Bank and IDB.

was formed and the Kirchner government in the largest and best paying external debt in Argentina's history, with total disregard of the social collapse that external debt was generated; and that payment of that debt had deepened and sustained. To paraphrase his own words that employers often blurt "watching what I say, but what I do," the former president Kirchner and his successor in the broadest sense, seem to say "do not watch what I say, but what I pay."

The payment to the Paris Club and its manifest illegality

In its first attempt to pay the Paris Club, trying to avoid both the intervention of Parliament and the signing of a NUD, President Cristina Kirchner was dispatched to Decree 1394-1308. In it, unlawfully and madness equated the informal club, with an "international financial institution." This error, or rather horror, shows clearly the quality of the decisions taken by the Argentine government in the marriage bed, as if it were a monarchy. Far behind

have been to Argentina concepts such as Economic and Social Council or the National Security Council, in vogue in other modern countries in the world.

This decree led to the question from different sectors and even the signatories of this we carried out a criminal complaint against those involved in the decree for abuse of authority (Federal Court Cause 12,672 Issue Issue 5).

belies its election promises and his legislative career, President Cristina Kirchner was forced then to sign his first NUD, the no. 1.472/08, in which Article 16 ratified payment to the Club, not to retract the decree whore 1394. And the couple decided that the purpose of that payment limitations remain ineffective assistance set by the Treasury Section 19 of the Charter of the BCRA, Law 24,144, should give the Treasury the BCRA a negotiable at book value . That is more debt on the Treasury in a mendacious debt reduction policy, which in turn the Central Bank will move to the banks. And these customers, whether by action, or omission, the caulking even more credit.

exchange and external debt is domestic debt through the festival the LEBAC, NOBAC, Treasury Bills and substitutes, regardless of this conspires against domestic credit for production, and even for the provinces and municipalities that currently lack it entirely.

But this decree is seen at once a serious misrepresentation. The alleged necessity and urgency for the issuance of the decree, is justified in the alleged urgent need for budget adjustments, not to stop the march of the country. But this issue has nothing to do with the payment to the Paris Club. This confusion of issues is evident as a camouflage which attempts to present such payment without further discussion in Congress, not to jump the hare on the real situation that is the BCRA.

regard Lorenzino Financial Secretary stated publicly that the new payments could begin realizing in December, and therefore there was enough time for the case normally pass by Congress, if any democratic will to do so. But obviously the economy of the Kirchner government, including dictatorships, not be solved with more democracy, but with decisions increasingly concentrated in fewer and influential officials, refugees increasingly in their offices. An enabling environment for the lobby, the compromise, and even influence peddling.

In this regard the announcement of the cash payment Paris Club after the meeting of the Council of Americas in Buenos Aires, and the announcement of the reopening of the exchange, made public at the meeting of the Council of Foreign Relations in New York, seems a clear example. In the near future in some other meetings of other senior U.S. and British organizations, surely the announcement of the payment of the debts of the ICSID, and / or vulture funds benefited from the judgments of U.S. judge Griesa. Finally

with art. 72 of the draft budget for 2009, will culminate this degenerative process to take by assault the Central Bank reserves, with total respect desaprensión possible and increasingly likely consequences. Under this article seeks to amend Section 20 of the BCRA CO, providing that the calculation of the limitations of the assistance to the Treasury, should not be taken into account for payments to international financial institutions or "the payment of obligations foreign currency. "

So now is not whether the Paris Club or not an international financial organization, but only if you are due in pesos or foreign currency. Obviously preparing the Argentines to pay debts, not just the Holds out, but also the ICSID rulings in favor of privatized, and the American judge Griesa for vulture funds, which will surely join the frontally reject exchange that is to be reopened.

The question of merit

A final aspect to consider is the substantive issue regarding the debt with the Paris Club, which was entirely collapsed in the past and bloody dictatorship. In terms of the approval or rejection of governance for the period of de facto, the National Congress, far from silent, expressly stated its disapproval through the enactment of the law 23.854/90 in rejecting investment accounts for the years 1976 to 1983 inclusive.

mean that Congress never legitimized these commitments, but by contrast refused. From the legal point of view the debt with the Paris Club is an "odious debt." That is not only illegal, but morally it should be rejected, having been contracted by those who should not, and having been used against those who must cope.

Another antecedent of singular importance for the purposes of analysis of the invalidity of the debt contracted during the dictatorship it is the case in the Criminal and Correctional Court N ° 2, File No. 14,467, titled "OLMOS, Alexander s / Complaint." In these proceedings the magistrate speaker, Dr. Jorge Ballestero, in July 2000 identified in its resolution the existence of at least four hundred seventy-seven external debt-related offenses that occurred during the military government. In the case

Olmos has tried illegal then as well, the debt is fraudulent. Nearly 20% of all the debt owed by the dictatorship of external funding was obtained from the Paris Club. In the beginning of the government of President Alfonsin, who had campaigned to differentiate between legitimate and illegitimate debt "is created in a Body Central Bank of Auditors of the external debt, to proceed to cancel the debt records were fraudulent.

An emblematic case was the recognition of the debt he had contracted the Dutch company COGASCO, verified that it had swollen to nearly 50% of its foreign debt. But members of the Club of Paris-all staunch defenders of alleged human rights "demanded the first democratic government to acknowledge and pay the entire debt of the dictatorship.

Central Bank officials who ruled the recognition of that debt dirty with the Paris Club were among others: Carlos Melconian, Marcelo Daniel Marx and Kiguel. This is in the case Olmos and was cloned and transcribed in Annex DEBT and WASH, the minority opinion of the Commission of Inquiry Washing the Chamber of Deputies of the Nation (2001).

One focus of the current government's position in defending human rights, and thus stride slow progress has been made in the prosecution of those responsible for state terrorism. But nothing has been done in research of those who were the beneficiaries of the dictatorship's economic plan, and participants were required for such crimes. One of the conclusions that can reach the cause Olmos, is the obvious and necessary complicity of international lending institutions, private banks, and transnational corporations, who know the situation in the country, also chose to contract with the military regime in the absence of Republican control, allowing consolidate a political-economic unopposed as possible to the framework of a massive violation of human rights.

In this special connection between crimes against humanity and described the process of borrowing, are specific consequences. Already in 1927 Alexander N. Sack odious debt defined as a despotic regime that engages, not to their needs and the needs of the state but to strengthen and repress the population that fights against it. The same author added that the debts owed and debts were not debts of state but regime, and therefore fell with him.

We can say that if that action against rights violations human, would also be in a similar way those actions that tend to identify and repair the damage of indebtedness provided him with sustenance. Based on this foundation, one of the authors of this paper, Mario Cafiero, opened case No. 2215/06 before the Supreme Court's Office, but to date, despite the time, has resulted in a judge accept its jurisdiction.

As with the issue of human rights violation was in pain and effort necessary to search for the truth and punish those responsible for crimes against humanity, with the unwarranted external debt contracted by the same dictatorship corresponds act similar Thus, on the understanding that both events were part of a common matrix, whose harmful effects persist to this day. Pay cash to the IMF and Paris Club is the most striking demonstration of the lack of conviction and commitment of this government with true Memory, Truth and Justice. Conclusion



The lessons of the past taught that future crises are rooted in that risks are not aware of this. The reason for this is to warn about it. And above all to warn about the precarious and delicate situation that is the Central Bank as a result of these sudden, thoughtless and authoritarian cash payments of debt prepared by the executive branch to Congress overpowering.

But all is not lost. As an alternative to the unreflective and arrogant decision, there are other possibilities. Perhaps not so glamorous compared to the adulation coming from abroad, and by their lackeys Argentines, but much more effective in Argentine interests.

Letter Of Ending Tenancy Agreement

The Paris Club and the Central Bank (Note 2)


(Click to enlarge)

By Mario Cafiero, Ricardo Monner Sans and Francisco Javier Llorens

current BCRA Summary statement

The table above-Summary of Assets and Liabilities BCRA to August 31, 2008, as referring to their ability to exercise control and currency regulation, in order to preserve the value of the currency highlights the very delicate situation that is even before payment has been made to the Paris Club.

aggravated In framework of internal and external uncertainties, in the context of Argentina idiosyncrasies marked by the existence of the currency, to seek refuge in the dollar or other foreign currencies as a way of hoarding.
accounting techniques are not a dark science. His concepts and criteria are simple. Every transaction should be accounted for twice, to know the assets and liabilities of a company, institution or person. And analysis of the nature of these assets and liabilities give us a very important detail: to know that some of these assets and liabilities are circulating which are fixed.

The difference between current assets and current liabilities is known as working capital (FM), which is lacking or inadequate if unfortunately coincides with the initials of the IMF, of sad memory for our country. There must be a specialist accountant to realize that the more leeway to tell a company or institution will be much better prepared to overcome difficulties. Even a "perfect storm" as they often provide the complexities of modern finance. If you have any questions about these concepts, not need to consult the former head of the IMF and Central Bank Mario Blejer, but can go online to http://es.wikipedia.org/wiki/Fondo_de_maniobra

FM Basically what would current assets if a given time would be taken to repay all short-term debt (current liabilities) that has accumulated the company or institution, therefore the higher the FM of a company less likely you are to fall into insolvency. If the FM is negative, the current liabilities greater than current assets, in this case is urgent to increase current assets to repay short term debts. In most of the cases a negative FM is an indicator of future financial problems or budding.

The picture, unfortunately, FM tells us that the Central Bank would be negative in no less than $ 90,000 million, or $ s 30,000 million. It also shows the enormous ex-position, which has the BCRA as a lender of the Treasury, whereas in any province in Argentina long ago would have resulted in the failure of the provincial bank. Another

layout of the problem under the canon of the convertibility law, without this means sharing at all its precepts, is to address the monetary base of $ 99,090 million, with actual net reserves or dispose of $ s 7.136 million, the exchange rate should rise to nearly $ 14 per dollar.
Obviously this forecast
becomes even more unfavorable, if instead of the Monetary Base, take the broad monetary base, which includes deposits in other currencies ($ 110,000 million), or M2 ($ 161,000 million), or M3 ($ 296,000). This would indicate that the Central Bank would be really impossible now face a run on currencies and / or serious bank, the currency had fallen far better indicators than these. How

resulted in this situation?

To answer this question we must go back to that after the fall of the convertibility of the currency in late 2001, there was no means a profound rethinking of monetary policy instruments.

The change in the monetary policy of the currency board of Central Bank intervention in the foreign exchange market to buy foreign currency (for the purpose of holding a high exchange rate and promote exports) and the policy of "sterilization" of those Currency with the issuance of debt by the BCRA, was collected by patching in the legislation, introduced in time to the emergency, laws passed in a hurry to wander through without any study and reflection, and Decrees of Necessity and Urgency (or rather folly and Emergency Decrees).

Remnants of the old law of convertibility No. 23,928 and the Charter (CO) Central Bank No. 24,144, coexist with emergency legislation and DNUs, causing serious cracks, gaps and contradictions in the legislation governing the operation of the BCRA.

Parallel to this was conducted under a bad debt in default, without any intervention by Congress. The original proposal for Dubai, which could have been a reasonable solution to the problem, was successively relaxed and denatured, to the point that even kept the name until the end.
Thus it was a hybrid solution, or State, nor friendly to the market, although the sustainability plan the proposal made by Minister Lavagna, was based around stupidly in the market to refinance debt maturities. For this reason remained unresolved one-fourth of the debt, which multiplied the couple outside the claims for settlement, it became apparent that Argentina was blocked financially as a result of errors committed during the renegotiation own.

The next step in the error list, was the cash payment to the IMF and World Bank payments, instead of being reprimanded to these institutions for the disastrous outcome of their policies that Argentina was forced to comply under the debt pressure fraudulent inherited from the dictatorship that our nation became the only developing country in the world, bringing it to the catastrophe of 2001.

That counterclaim would have allowed at least start a lengthy repayment of debts owed to these agencies, and implement parallel currency squandered those payments, a genuine reconstruction of society from its very foundations Argentina, with special emphasis on children and youth.

This position would also have allowed to deny outright the IMF surveillance, in order to raise the fees very long payment to the Paris Club. Would have avoided the trap so that Argentina is self-enclosed result of cash payments to the IMF, the cash paid, or if you want to share, go before the IMF.

turn cash payment to both the IMF and Paris Club, it frontally contradict the state of emergency and need to justify his statement that Argentina's default, the courts of different countries who extended their jurisdiction. Including ICSID, under the World Bank, which nevertheless did not challenge, but on the contrary during the current government expressly submitted to its jurisdiction.

However, the state of emergency and necessity, although it is not easy to see from Puerto Madero, subsists throughout our country. It can be seen in every beggar, street child, cartonero or career that crosses our path, and the youth of our lower class, which no education and with 40% unemployment, sinking into drugs, crime , and marginalization, which affects the security of the entire population. Thus the state of emergency and need is also reflected in each offense that support our citizens as victims in this kind of creeping low intensity civil war, which we inherited as a result of the intervention in our economy from the IMF and World Bank .

the same way that satisfaction of a creditor by the current government increases the demands of the next raid on an error, a lie, or a failure by the current government, it also leads to the next, this being the situation where we are today.

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The Paris Club and the Central Bank (Note 1) Honor


On September 23, 2008, the authors of this letter sent to the Chairman of the Joint Standing Committee on Legislative Procedure of the National Congress, Diana Conti, a letter requesting the rejection of Ordinance necessity and urgency (DNU) 1472-1408, by which the Executive has cash payment to the Paris Club, making use of the reserves of the Central Bank of Argentina (BCRA).

By Mario Cafiero, Ricardo Monner Sans and Francisco Javier Llorens

International Reserves (IRIN) of the Central Bank according to the State Summary of Assets and Liabilities at September 7, 2008, are $ 142,625 million, or u $ s 47,090 million. At first glance, it seems that only a small fraction would be using reserves to meet external debt commitment by the State.

simplistic or naive This impression is supported and reinforced by opinions of knowledgeable experts or "gurus" of the "city." And also by the mass media, both specialized and mass. Repeating the conduct displayed in 2001, during which deceived community and the public regarding the solvency of the Central Bank, the financial system, and the Treasury, until the outbreak of the worst crisis in our history. We were happily into the so-called first world, and suddenly we are in the worst of all worlds.

catastrophic Beginning that year, commending the famous "shield" and the huge reserves of Central Bank and Financial System, which liquid climbed almost $ s 40 billion. And at the end of the year, there was no one available currency or the Central Bank or other banks, whose reserves had been papered with debt securities and the Treasury, which is why it was introduced playard that wiped out the circulation of the street.

Today again so unscrupulous and accomplice is installed in the community and the public the idea that we have a surplus in foreign exchange reserves of the BCRA. And therefore it is appropriate, necessary and convenient to use to normalize our relationship with international financial markets.

But if done with common sense analysis of the balance of BCRA, stripped of unnecessary technicalities and misleading, it shows that international reserves (IRIN) with which they are currently insufficient to meet the commitments already made, and those reasonable and necessary today is provisioned, in a context of growing financial and economic difficulties and external distrust.

Therefore the Central Bank will be unable to fulfill its primary function in accordance with current legislation, is to preserve the value of the currency. Unable to perform their duties is the product of delicate financial assets and current Central Bank, which after the 2001 crisis was exacerbated by the cash payment made to the IMF, and now will be greatly exacerbated by the drain of foreign exchange cash for the payment Paris Club.

we have the consolation that is not the first time the Argentines have we all been deceived. Still resonates in our memory that the `80," the dollar loses that bet, "or you" I spoke with my heart and I answered with the pocket. " Or the "one to one" of the 90s and the great "strength of the banking system with Basel prudential Plus", which however did not prevent bank reserves and the currency will evaporate in 2001, as having been smoke.

Despite the elapsed time, in our Federal Justice delinquent open cases still exist in relation to the latter, known as the "mega-swap", the "yard", etc.. Hopefully there judicial courage to carry them out. The Argentines can say maybe we were the forerunners of a long list of scams and deceptions that have not finished, and that otherwise have spread globally today shaking their first world citizens who see their savings jeopardized.

is therefore not surprising that the risk engineering expert Nassim Nicholas Taleb, author of one of the best seller of the moment recommend: "The basis of my thinking is that you should never trust the predictions of economists and Bankers: always err, lie, you dazzle with colored stones. And academic economists are the worst. " He also asserts: "It is simply that if one knows that they do not know, will make much better decisions. Furthermore, doing nothing is far superior to do something stupid. "

And this seems to be the situation in relation to 1472 DNU treated in this bicameral commission.

The subtext in the balance of BCRA

According to information we present, we are able to expand in detail, the result of a joint investigation with Javier Llorens, we can say that Parliament is actually selling pebbles are colors.

summarized in this sense we can say that

• Showing the brilliance of gross reserves, but nothing is said of the external debt and internal letters and passes liabilities owed to accumulate them.

• Fewer still talks about the difficult situation that has to BCRA debt renewal letters that would be doing now with operations in U.S. roadways in the future, thus giving back the hedges BCRA, a sad memory for Argentina , having given rise to the fraudulent debt that is overwhelming.

• Hides BCRA debt and repo transactions, being freed in practice letters within one to seven days, with a horizon no worse than the worst moments of 2002.

• Worse, it would be unduly bulking Active BCRA in computing the letters in it's own Central Bank, to recover as consideration for repo transactions (1), thus would distort the equity of the BCRA. The rules for this particular form of operation and began posting his own lyrics to the Communication A 4143 issued in May 2004, when President of the BCRA was the former executive with JP Morgan, Alfonso Prat Gay. It is noted that the former President of this institution is not responsible for the approval of the Central Bank balance sheets for 2002 and 2003 by external auditors, which covered the emptying of the BCRA and the financial system in 2001.

• Despite the above, the Heritage BCRA's net shows a substantial fall of around 40% in the last six months. Increased from $ 33,960 million at March 31 last, at $ 20,310 million on 31 August. Parallel Treasury debt to the Bank increased by $ 12,600 million, from $ 96,087 to $ 108,692, climbing to 5.4 times the net worth of BCRA, the highest ratio in the last four years.

• Also during 2006 and part of 2007, the Treasury would put debt for at least five billion dollars, taking triangulated currency reserves of the BCRA, through banks Deutsche Bank, JP Morgan, Citibank and other , which in turn would have been deposited Central Bank reserves. It is no coincidence that the same banks now appear to lead the operation to reopen the debt exchange, providing a bridge loan, which will surely come slyly Central Bank reserves. We show

makeup BCRA numbers, but even more blatant inconsistencies that lies INDEC indicators. With the added here is a game a few points more or less than inflation, but real and effective availability of foreign currency that are backing the money supply circulating in the country, and gives life to our economy.

We note that, if Parliament endorses the decision of PEN, would be put in the hands of a small group of banks, "the lives and fortunes of the Argentine" with the legal and political responsibilities that entails. This is not preaching the constitutional provision about a topic like this would put those who are the protagonists in the category of infamous traitors to their country, but our conviction that beyond the weakness of the judiciary of the nation-will, if appropriate, refer the matter to the relevant court decision. We do not believe that the Argentine people in a position to support this new fraud with impunity.

If paid to the Paris Club, a handful of large foreign banks and speculators may-down or raising the thumb to the renewal of its receivables in repos, Lebacs and Nobacs-control monetary policy and the sustainability of the BCRA. We will have lost in this area and few degrees of sovereignty which have until now.

worth recalling in this connection the concepts expressed by Pius XI century ago in his encyclical "Quadragesimo year," referring to the restoration of social order in accordance with the law of the Gospel: "106. Absolute power and despotic domination is exercised by those who have their hands on the money, control the finances and lord it over the claim, and therefore given the blood of the economy holding in his hands it would seem, the soul of it, so that nobody can not even breathe against their will. "


(1) If a company issues a letter or note typical of 1,000 pesos and delivers as collateral for a loan of cash, no way I could post that letter or note in its assets, arguing that it will recover when due. However, the BCRA without any reasonable explanation posted to its active points (Lebacs) delivered own repo transactions.

Ladies Siting On Stomech On Men

Monument to John Paul II

The monument to John Paul II will be located next to the Cathedral on the southwest corner, directly opposite the magnolia tree in the Storehouse, which was the statue of Martinez Montanes, the work of the teacher and sculptor Juan Manuel Miñarro. The bronze monument, which has materialized pro Platform monument to John Paul II, will be financed by public subscription. It seeks to open on November 5th, the day that marks the 25th anniversary of the first papal visit to Seville and the beatification of Sister Á ngela Cross, otherwise it would open for the beatification of Juan Paul II.Aunque its location must be approved, Francisco Valdes, representative promoters, said both the Platform and the Cardinal felt that his site "is that and no other." The monument will represent the Pope dressed in pontifical vestments which led to the beatification of Sister Angela. Have a height of 2.25 meters. The base of 1.80, will be of limestone from the quarry in Cabra. Miñarro said the pope will lead the staff in one hand and the other will apostolic attitude bidder delivery. He noted that this monument, "something intimate and close resemblance to that of Sor Ángela de Antonio Gaviria, has to be a reference devotional Seville." On location, Miñarro said the monument is compatible con el magnolio y comentó que el árbol está provocando importantes daños a la estructura de la piedra en la Catedral, y que parte del muro está enmohecido por su culpa.

Yo diría, con todos mis respetos, que no creo que sea muy razonable mandar a talar el magnolio del Alfolí para levantar un monumento. A quien sea y al que sea. Lo diga quien lo diga. Y lo haya hecho quien lo haya hecho. Y ese magnolio, como en su día lo fue el maravilloso ficus de Hacienda que tan mal final tuvo, tiene ganado su sitio y su emplazamiento en el patrimonio sentimental de la ciudad. Ni el magnolio es el enemigo de la estatua ni el propio espíritu del papa polaco aconseja a solution as demanding as targeted.
For all this I order that this platform to do wood of a tree, from here, I refuse to look down.
we must be the first to defend its position, care, health and verticality. We believe that this tree is a symbol of the city as needed, in this new avenue of green and shade. That tree is for Sevilla untouchable. much as the statue with love and respect to the memory of Pope he wants to raise. The question is: why make them incompatible? What is gained in fighting when you throw them so both can complement well as at the time formed a single whole the magnolia tree and the monument to Martinez Montanes?

is true that the proposed project reaches four meters. Colossal dimensions to an extraordinary man. But between these dimensions and lighter ones include a world of possibilities. To which, of course, attention must be for Sevilla not waste your magnolia not be unfair to a pope that marked his visit the Roman spirit of this city. Can I downgrade the pedestal? Sure. And do not resent the monument. Pope in Seville that was always at ground level, not just kissing her when she arrived. But down from its mighty pedestal Seville to approach on foot. And so we see in Seville, in this statue us even closer.

Griha Pravesh Date 2010

By Manolo Giménez

The announcement of President Cristina Fernandez on the cancellation of the debt with the Paris Club, set up a too obvious sign of submission of the Argentine government to the requirements of financial capital and transnational corporations.

It should be recalled that one day before the protest livestock manifest, in March, the French ambassador Frédéric Baleine du Laurens severely warned that failure to reach an agreement on this debt, there may be obstacles for soft loans for our country. For example, specify-that is required for the first tranche of essential bullet train.

With some minor tenderness and hardness that the Gaul, Tom Shannon, assistant secretary of state for Western Hemisphere Affairs of the United States, assured him in person to one's Cristina that his government would support Argentina to the members of the Club.

It is about 6,700 million dollars, to be paid using part of free reserves (the concept under discussion, by the way) of the Central Bank. "The announcement transcript and reaffirms once again the willingness to pay Argentina's international commitments," argued the president.

did not need such a demonstration, because since 2003 have been paid more than 165 billion pesos in that capacity. In other words, the Kirchner is the best "worshiper" debt that has been in Argentina, the international financial prey.

An odious debt ratings

seems annoying, but it is not. It's called "odious debt" that is contracted by the state without any benefit to his people and, therefore, the latter may repudiate legally. Such a figure of international law is what allows that, currently, the American protectorate in Iraq debt unknown claiming some countries of the European Community.

The pre-1983 Argentina's debt is odious than most. So presumably, according to a World Bank study that part of it was for "expenses military "criminal regime introduced in 1976.

An unlawful debt

The April 4, 1982 Alejandro Olmos made the initial presentation to justice in Argentina. Eighteen years later, on July 13, 2000, Judge Jorge Ballestero, by the Federal Court of First Instance in Civil and Correctional No. 2 of the Federal Capital, issued a decision in the case 14 467, giving the reason to Olmos complaints, thus confirming the illegitimacy and fraudulent foreign debt in the reported period (1976 to 1983).

In the same ruling "unprecedented in the world, establishing responsibility officials who contracted and the responsibility of international organizations, who approved such illegal and fraudulent loans.

The judge referred it to Congress, based on Article 75 of the Constitution which gives the legislative branch decisions on external borrowing.

Use of this failure of justice Argentina by the legislators would be a legitimate exercise of sovereignty, which would allow our country to dispense with international tribunals, like the dreaded ICSID is not nothing but a World Bank unit .

However, despite arguments that warrant at least an investigation what is being paid, not heard so far no parliamentary voice or other in this direction.

A Moveable Feast

Yes, however, several voices were heard approving of the president genuflection.

president of Fiat Argentina, Cristiano Ratazzi, said that "Argentina turns to enter the world." Clarin, which, apparently, a few weeks ago has regained credibility of "national and popular field - said something similar in the column of July Blank. Meanwhile, the Civic Coalition, radicalism and PRO were objections only "timely manner" to the statement.
Francisco de Narváez, however, strongly supported. And Vice President Julio Cobos confirmed the limits of their acotadísima rebellion.

It goes without saying, I suppose, what is the opinion of the courtiers and sycophants in the style of Luis D'Elia, and Juan Carlos Kunkel Cabandié.

What comes

Presumably such a measure is not adopted, only to have a high speed train.

In the four years remaining to the management of Cristina Fernandez, the Argentine government must pay, in debt, more than fifty billion dollars.
Simultaneously, the balance business has begun to show signs of deterioration, which makes it imperative the management of new loans with the IDB, the World Bank and Paris Club himself, to face a difficult scenario with impending electoral agenda.

But with public funds, other thirsty throats. This measure may be reinagure festival financial recovery in Argentina's economy, from the reopening of foreign credit and raising the default. Since, as held Cobos, "the effective cancellation of debt will allow the reentry of Argentina to international financial markets."

Marsans protocols with the debt Airlines and the episode in question, among some others, seem to indicate that Kirchner has begun to separate from the "populist gestures" (concocted in the recipe of Ernesto Laclau), its early years, to take a net shift to the call economic orthodoxy.

Is not it time to start building a truly national project?