Social Genocide Page #2

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by the Argentinean people.

THIEVES, BANKERS, GOVERNMENTS

GIVE US BACK OUR DOLLARS

What did you say?

The police protects the thieves,

Mr. Solanas.

The world's turned upside-down.

Now people must

demonstrate peacefully

to defend their savings,

that were confiscated by the banks

with government complicity.

The State

should guarantee citizens' rights,

not steal them.

Thieves!

A dollar at a time,

I saved during

the 25 years I worked,

so I could live decently

when I retired,

not on a State pension.

Why don't the banks

treat us

like their foreign customers?

I chose private banks,

I didn't trust ours.

I already got swindled in 1989.

But I must be stupid.

What do they want? A bomb?

That's not my style,

that's why

I'm banging on my pan.

I used to cook with it

for my kids.

Every time I look at it,

I'll be reminded of those scoundrels,

but I'll know I fought

for my rights.

I'm the oldest newsvendor

in Avellaneda.

For 65 years I've sold newspapers.

All my savings

are in Citibank.

The manager of the agency

says they'll return them to me,

it's a lie!

Everything I saved by making

sacrifices is in their hands.

In fact, the foreign banks

owe money to the Argentineans.

In a way,

it's a reversed debt.

The parent companies must be

responsible for the deposits.

That was decided by law

in Argentina in 1971,

in the well-known Swift Deltec case,

which established that

parent companies were responsible

for the debts of their subsidiaries.

It's a swindle

to make the government responsible

for the debts of the banks.

What about our foreign debt?

In many ways,

that debt is illegitimate.

In a fundamental way:

It's illegitimate

to repay the banks

with 18 million people

poverty-stricken

and 9 million paupers.

There's a human priority.

Then the banks

charged usurious interest rates.

If they'd charged

normal interest rates,

the foreign debt

would have been paid off by 1988.

What was this swindle?

The parent companies

made loans to their subsidiaries,

so these were internal movements.

These loans

were assigned to the foreign debt,

when in fact

they were internal to the companies.

Dollars were bought here, and placed

in accounts in the United States.

With this deposit as collateral,

you got a loan

to purchase more dollars

and so on,

because of the difference

in interest rates.

It's what's known

as "bicycling" funds,

and many got rich on it.

The main beneficiaries

were the big conglomerates,

as usual.

At the end

of Alfonsn's presidency,

the foreign debt

was close to 54 billion dollars.

Menem let the creditors

determine what they were owed.

The Congress

never debated on the debt,

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