Archive for July 2014
We’ve been hearing about an Argentina default for some months. It looks like the default may be here before the weekend, according to Reuters:
“The country’s economy minister, Axel Kicillof, speaking at a news conference at the Argentine consulate in New York, repeatedly referred to the holdout hedge funds as “vultures” after two days of talks failed to produce an agreement.
“Unfortunately, no agreement was reached and the Republic ofArgentina will imminently be in default,” Daniel Pollack, the court-appointed mediator in the case, said in a statement on Wednesday evening.”
Argentina’s default matters for several reasons:
1) Argentina has the 4th largest GDP in Latin America after Brazil, Mexico and Colombia. This is not a small country;
2) Argentina’s political class borders on immaturity and silliness. Calling the foreign creditors “vultures” may get some applause locally but won’t encourage anyone else to invest in the country;
3) The Argentina economy is already in trouble; and,
4) The default could impact smaller countries with debt problems.
Hopefully, Argentina can figure out someway of avoiding default. However, I’m not optimistic, primarily because Argentina is not run by serious people.
A new poll confirms what I’ve been hearing from Hispanics in Texas about the kids on the border crisis. It turns out that Hispanics are not crazy about porous borders either, according to a new poll from Economist/YouGov:
“Only 22% want to give the children amnesty.
A full 64% want the children deported.
Of that 64%, 28% want them deported immediately; 36% want them deported unless their home country is deemed unsafe.
That puts Hispanics almost perfectly in line with the rest of country.”
This is not really surprising at all. It certainly puts to rest the idea that Hispanics want open borders.
It’s one thing to favor immigration reform, and I do support a modest path to legalization for some people who are here. I do not support a path to citizenship.
It’s quite another thing to watch your nation’s border breached by kids or anyone else. It does not help that these kids will have to be housed, fed and schooled at the expense of over taxed taxpayers.
Hispanics are no different than other Americans.
They want laws respected and their country’s border protected.