Social Genocide Page #3

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neglecting the Constitution

and a decision by the law courts.

Ten years later,

the debt reached

130 billion dollars.

People have a false idea

of the debt.

You get into debt,

then you say it's bad.

But indebtedness

is what enables credit.

Indebtedness is beneficial.

We are going to develop credit

for everyone...

Owing money is fine.

A good example

is what the North Americans

invented around 1898,

at the time they occupied Cuba.

Some Spanish banks

had granted loans

to the colonial government of Cuba.

The North Americans said:

If the Cuban people

didn't benefit from these loans,

there's no public debt.

In 1923,

a British bank,

the Royal Bank of Canada,

lent a petty tyrant of Costa Rica,

called Tinoco,

a sum that he used

for personal goals.

The Royal Bank of Canada

asked Costa Rica for repayment.

There was a lawsuit,

of which the arbitrator was

an ex-president of the United States,

President William Taft.

President Taft

ruled in the litigation, saying:

It's about a private debt,

not a public debt.

You can't have

a public debt without a "public",

with the public

as the beneficiary of the debt.

These operations

never benefited the public,

quite the contrary.

It's the person

who shops in a supermarket

and pays VA

who ends up paying

for the private debts

of big enterprises,

or of very rich people.

The problem of private debts,

that were illicitly nationalized

by Mr. Cavallo,

must absolutely be reexamined.

What is this theory?

It's the theory

of the Odious Debt.

A director of the IMF,

Karen Lissakers,

representing the United States,

said:

"If we applied

the theory of the Odious Debt,

"the Third World's debt

would no longer exist."

A CHRONICLE OF TREASON

Democracy was re-established

with the Radical Ral Alfonsn

and his social-democrat approach.

He promised

to defend human rights,

to fight poverty

and to show that in a democracy

"you get education, care, and food".

We have the huge responsibility

of guaranteeing democracy

and respect for human dignity

in Argentina.

As we've said,

this means that the State

cannot bow

to international financial groups,

or to privileged local groups...

But the State was bankrupt,

and had to make a choice.

Economy minister Grinspun,

suggested repudiating the debt

and favoring growth.

Alfonsn won't go along,

and yields to financial power.

The only solution

is a policy of austerity,

that will be very hard

and require great efforts

by everyone.

It's called,

my dear compatriots,

an economy of war.

We must all learn from it.

This drastic measure

is called "Plan Austral".

Once more,

huge public funds

are transferred to the banks

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