[R-P] (En inglés) La palabra de los asesinos económicos: Dornbusch

[Gorojovsky]

Disculpen que mande esto en inglés (por allí alguien tiene el tiempo para 
traducirlo, Pablo M quizás?). Pero es fundamental.

En la actual coyuntura argentina, lo que debemos admitir, me parece, es que al 
menos desde su propia subjetividad Duhalde está dispuesto a cerrar el camino 
para siempre al partido dolarizador (de allí su alusión a Menem -que provocó la 
retirada del nunca bien reputeado funcionario del Proceso Eduardo Menem- en el 
discurso ante el recinto parlamentario en pleno).

Este es un inmenso paso adelante. Por supuesto, luego podemos decir que la 
política de Remes-Duhalde no hace sino poner en peligro lo adquirido por esa 
decisión, etc., etc. Es cierto. Pero que la batalla contra los dolarizadores 
está en marcha, es verdad. Para los incrédulos, vaya esta importante nota 
redactada por Rudi Dornbusch y un cipayo vernáculo, un tal Caballero, que 
trabaja en el MIT.

Este texto realmente excepcional lo hemos obtenido gracias al amigo (y miembro 
de esta lista) Mário José da Lima, con lo cual R-P se va transformando en una 
especie de Mercosur de las ideas revolucionarias...

Mário me retransmitió un mensaje de la lista norteamericana PEN-L, sigla que 
significa "lista de la red de economistas progresistas". En general, es una 
lista bastante pobre, pero a veces llegan joyas como esto que remite un miembro 
de PEN-L, que firma Alan sus atónitas líneas de introducción.

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Dear PEN-L-ers,

I thought I had head it all, but this one is just unbelievable. Check
out Dornbusch and Caballero's solution for Argentina, including giving
up sovereignty on financial issues!!!!!!!

One has to admire their honesty, I guess. This is what the IMF has
been doing for decades, though D&C (interesting parallels could be
drawn here) take it a step further and formalize the undemocratic,
imperialistic intentions behind it all.

Luckily, this is extensively covered in today's left of center daily.
I hope next time Dornbusch (or the IMF) set foot on Argentine
territory they are met as they deserve to be met.

Alan

The URL is: http://www.mit.edu/~rudi/media/PDFs/APLANFORARGENTINA.pdf


02/27/2002 Argentina: A Rescue Plan That Works 
Ricardo Caballero and Rudi Dornbusch 
Massachusetts Institute of Technology 

Argentina is waiting for the next bailout, a shipment from the IMF that helps 
resolving the myriad unresolved issues in economics, politics and the social 
area. Of course, everybody knows that this is not the answer.

The truth is that Argentina is bankrupt. Bankrupt economically, politically and 
socially. Its institutions are dysfunctional, its government disreputable, its 
social cohesion collapsed. Having fallen that deep, it comes as no surprise 
that reconstruction rather than quick-fix financial support has to be the 
answer. Argentina is like the European economies in the early 1920s, not a 
country with a liquidity issue that needs a tough year and is back on its feet 
like say Korea, Mexico or Brazil.
It is time to get radical. Any plausible reconstruction program must
be built around three points:

• The recognition that this will be an effort of a decade, not of a
few years. Argentina's productive economy, its credit and its institutions have 
been destroyed. Both its physical and moral capital will have to be
built up and that takes a very long time.

• Because Argentine polity has become overburdened, it must
temporarily surrender its sovereignty on all financial issues.
Financial soundness is the key area where a beach head of stability
must be created to even start thinking about sound public finance,
saving and investment.

• The rest of the world should provide financial support to Argentina.
But it must do it only upon Argentina's acceptance of radical reform
and foreign hands-on control and supervision of fiscal spending, money
printing and tax administration.

Any external loan is to bridge the gap between immediate fiscal needs
and the day, a year or two down the road, where radical reform creates
sustainable finance.

Argentina today is bankrupt and slipping further. On the current
course of events, money printing will cover up unresolved claims only
so long. Far from resolving the open issues, financial and public
chaos will further destroy the bases for a reconstruction. A wasteful
distributional battle is taking place between workers and the wealthy,
those who are trapped by the bank closure and those who have their
money in Miami, between provinces and Buenos Aires, between unions and businesses, between foreign investors or creditors and a nation that
wants to shed obligations in a vain effort to maintain some normalcy.
Argentina is being cannibalized by this strife. Further IMF money
without a deeply intrusive change of the rules of the game won't
prevent self-destruction. 


Néstor Miguel Gorojovsky
gorojovsky en arnet.com.ar

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Compañeros del exercito de los Andes. 

...La guerra se la tenemos de hacer del modo que podamos: 
sino tenemos dinero, carne y un pedazo de tabaco no nos 
tiene de faltar: cuando se acaben los vestuarios, nos 
vestiremos con la bayetilla que nos trabajen nuestras mugeres, 
y sino andaremos en pelota como nuestros paisanos los indios: 
seamos libres, y lo demás no importa nada...

Jose de San Martín, 27 de julio de 1819.

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