Supreme Court Places Bankers Over Sovereignty
by Bill White
The United States Supreme Court has reached a new level of hubris, ordering the sovereign nation of Argentina to pay in full defaulted bonds bought by Jewish hedge funds, demonstrating arrogance as it attempts to govern the world through judicial legislation.
How the court intends to enforce the ruling against Argentina, which is an independent nation not subject to U. S. law, is unclear.
In 2001, Argentina was forced to default on its debt, after its government chose to continue to provide services for its people rather than continue to pay extortionate interest to international bankers. Argentina then restructured most of its $100 billion dollars in debt, paying out $9.3 billion in new debt in exchange for $93 billion of the old.
Two Jewish-owned hedge funds, Aurelius Capital Management and Elliott Management Corporation, then bought the remaining $7 billion in debt for a few hundred million, and went to court demanding that Argentina pay the debts in full.
The result has been a twelve year court battle in the District Court of New York, the U.S. Second Circuit, and now the U.S. Supreme Court, with a series of judges’ rulings that U.S. law governs Argentina’s debt and that Argentina must treat all creditors “equally.” Ironically, this means that Argentina could satisfy U.S. law by defaulting “equally” on both its restructured as well as its unrestructured debt.
The ruling shows that the power in the United States and the Bretton Woods system entities such as the World Bank and the International Monetary Fund, exercise on behalf of private Jewish banking interests. Typically, when a nation like Argentina or Greece goes to deeply into debt the International Monetary fund or, in Europe, other international entities such as the European Union, step in and impose “austerity.” The goal of “austerity” is to make sure interest on the national debt is paid to international banks, while the nation’s people receive diminished services.
By pursuing Argentina in this manner, the international banking community is sending a message that they will always be paid, and that any nation which chooses to default and buck the banker’s power will be pursued by the banker’s attack dog, American “law.”
But despite these efforts, the Supreme Court ruling is likely unenforceable. An effort to seize an unnamed Argentinian Navy training vessel in Ghana last year to pay the bonds ended up in failure after a UN tribunal ordered the ship released.