----------------- HES POSTING ----------------- Chas wrote: "Argentina's government ran up a huge foreign debt, much of it denominated in dollars no less, as a means of financing its fiscal pump-priming and destroyed its economy as a result." Fiscal pump-priming? When Mr. Cavallo (Harvard tie) tried two weeks ago to put in motion a zero deficit policy ONCE MORE in Buenos Aires, following the IMF, in the rest of the country the governors were too busy printing quite a bunch of fancy money, even in the province of Buenos Aires (the patacon). When he (Cavallo) reminded the governors that the only legal currencies in Argentina were the peso and the US dollar, they showed him how mistaken he was. He is now unemployed, without the possibility of leaving the country. Ariel Viale ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]