Global Capital, Empire and Argentina

[Bradford DeLong]

>In Empire, Negri and Hardt posit that there is no
>outside to Empire...we are all embedded in the nexus
>of global capital and there is no longer an escape
>route through a struggle known as "national
>liberation".
>
>Now we have seen a heroic revolt in Argentina this
>week, but one has to wonder how even the best
>intentioned group that came to power could free the
>country from the clamps of the IMF and World Bank.  Is
>it possible or impossible...and what are the political
>implications of this?  I would like to hear from
>everyone but am especially interested in the
>economists perspectives.
>
>Thomas

It's not the IMF or the World Bank that has raised Argentina's 
government debt/GDP ratio from 30% in 1994 to 54% today. It's not the 
IMF that continues to announce, daily, that Argentina must maintain 
its currency board and maintain its parity with the dollar, thus 
overvaluing its currency and strangling its own exports.

I have yet to find anyone who can explain to me just how Argentina's 
situation would be improved if the IMF and the World Bank were to 
vanish tonight...

Brad DeLong