At the same time that U.S. courts are limiting the ability of foreign citizens to sue American corporations for their malfeasance abroad, they are facilitating U.S. banking companies to collect debts from poor developing world nations, as Saskia Sassen explores. Elliott Associates essentially goes after poor nations and their debt, taking a no holds barred approach to collect that debt with no concern for long term economic growth in those countries, the poverty it creates, or international relations. Essentially, Elliott Associates is capitalism at its purest and least acceptable, a system that exists only for shareholders and to hell with the rest of the world. Obviously, this should be stopped and Elliott Associates’ assets expropriated and returned to the nations it has devoured.
Given all this, it makes sense that Argentina would just default on its debt. Good move.
Okay, that’s not entirely fair. After all, it’s been 13 years since the last time it did. That’s not bad for Argentina, which has now defaulted eight times in its 200-year history. But this latest one was certainly its strangest. Argentina didn’t default because it couldn’t pay its bondholders. It defaulted because a New York judge wouldn’t let it pay its bondholders—not unless it also paid the hedge funds that were holding out for a better deal on its old defaulted debt.
That’s where Elliott Associates comes in. I hope the company never receives a peso.