He calls it "state capitalism," not economic fascism, but it is the same thing.
“Argentina has moved away from market oriented policies with imports substitution protectionist measures; national control over natural resources; a more predominant role for state companies and banks and discouraging foreign investments and the influx of capital” said NYU professor Nouriel Roubini, who was especially invited to the annual convention of the Argentine Chamber of Construction in Buenos Aires.
“These policies have a negative impact for investors and consumers’ confidence, which on the long run has its influence on growth”.
Roubini warned that Argentina is heading towards “a State capitalism” which could make the country “more vulnerable to domestic and external shocks”
“a State capitalism”
ReplyDeletePre-emptive ass-covering for when yet another socialist experiment fails.
Chile is doing the same thing.
ReplyDeleteHowever, I don't know the relevance of 'fascism'.
If anything, the fascists (real fascists, let's stop using it as a cuss-word) were copying the policies of the liberal democratic governments that preceded them.
It's not that Progressivism is 'fascist', it's that Fascism was influenced by progressivism.
Fascism was a specific interwar ideology. Using the term 'fascist' for everything the government does that you don't like is just buying into the Liberal-Commie agenda setting where we excoriate people for nonsense like 'authoritarianism'.
Doug Casey keeps promoting his private retreat in Argentina in spite of all the turmoil...
ReplyDeleteWhat better way for a greedy and desperate government to raise a few extra pesos than to shake down some rich gringos? If they refuse to pay up, then they seize their property.
yeah, frankly I think Doug has explaining to do there.
DeleteDuring his speech at Libertopia 2012 Doug explains how the protection comes from the provinces. But he wouldn't store gold in an Argentine bank vault:
Delete- http://www.youtube.com/watch?v=ryD5lqRM-Tw
Argentina, ARGT, is the country leading world stocks, VT, lower, particularly on the trade lower in its banks.
ReplyDeleteNext is Russia, RSX, ERUS, on its exposure to Steel, SLX.
Next is Brazil, EWZ, BRF, on the trade lower in Brazil Financials, BRAF, particularly its banks.
Then Canada Small Caps, CNDA, on the trade lower in mining shares.
Then Egypt, EGPt, on the rise to power of its dictator.
Then the Nasdaq 100, QTEC, on the trade lower in technology, particularly Cloud Computing, SKYY.
Then the Russell 2000, IWM, on the trade lower in regional banks, KRE.
Of note Mortgage REITS, REM, have fallen sharply on the trade lower in Mortgage Backed Bonds, MBB; this is another indicator of the failure of neoliberal finance.