As the deadline of June 30th came and went, Argentina attempted to make $832USD million in payments to restructured hedge funds, but was forced to take the money back by Judge Thomas Griesa who ordered the original debt ruling back in June.1 The New York Courts demanded BNY Mellon give back the $539 million it received from Argentina, deeming the payment in violation of the equal payment clause. Griesa decided that Argentina must make payments to both the restructured hedge funds and the holdouts or service neither.
News and Politics
The US-Cuba embargo, installed in the early 1960s, has been in place for over 50 years. Its ultimate goal of destroying Fidel Castro’s reign has not been accomplished, and its motivation, fear of a worldwide expansion of communism and a Soviet-aided Cuban military attack on the US have diminished. As Castro passes, the major source of US/Cuban political obstruction will, too. In terms of the US ending the embargo, we can ask ourselves, what are we waiting for?
As the one year anniversary of the Democrat-dominated Senate passing a comprehensive immigration bill commenced this week, President Obama announced his willingness to pursue unilateral action toward addressing the steadily rising influx of Central American children crossing the southern border sans guardians.1 He has declared the issue a “humanitarian crisis.” Nearly 52,000 unaccompanied minors, most of them girls under the age of 13, have crossed the Rio Grande since October, a number over double the usual annual statistic.2 The law that currently stands
“If there is any great lesson we Americans need to learn, George Kennan once famously wrote, with regard to the methodology of foreign policy, it is that we must be gardeners and not mechanics in our approach to world affairs.” He was aiming at the practice and mental habits of the American diplomatic and national security establishment; however, the statement also indirectly reflected Kennan’s skepticism about the possibilities of the type of knowledge proposed from some sections of academia as a solid basis for the engineering approach.
It comes as no surprise that protests, political satire, and two story tall graffiti murals still litter the streets of Brazil after months of unrest when you try to conceptualize the sheer amount of disregard for worker and fan safety, the complete neglect of public opinion, or staggering amount of money the Brazilian government has spent to host the 2014 FIFA World Cup.
Argentina was struck with two blows of overwhelmingly bad news on Monday when the US Supreme Court refused to hear Republic of Argentina v. NML Capital, Ltd., then ruled against the South American country, allowing US hedge funds to subpoena Argentinean banks for the locations of public assets worldwide. In 2012, a lower federal court presided over by US Judge Thomas Griesa decided Argentina must pay back its debts in full to several “holdout” hedge funds by the bond service deadline on June 30th.