Caputo takes the gold to London, takes in IDB loans and sells what’s left – Política Obrera

La Bancaria reported movements in the Central Bank on August 5 that would indicate that the third transport of gold from reserves went to London to be looted to obtain loans (repo).

The measure is remarkable for several reasons. First, because Caputo has not yet received an answer regarding the repos he requested from the Basel bank last month, offering the gold transferred in July as collateral. In other words, he is doing an irresponsible and costly action – the transfer of gold reserves – without having received the contract. As a result of this delay in the response, and because he wants to pay the matured dollars to the IMF immediately, this week he asked for another loan from Banco Santander which – with the increase in country risk – if it comes to fruition, he will have bonds for an amount that complicates it.

In addition, Caputo was able to pay off the IMF this week through the misappropriation of funds, that is, the reallocation of the IDB loan that had a special allocation in social programs for USD 660 million.

Secondly, it is surprising that this third load is happening at the same time, due to the crisis in Japan, in the world there is a rush towards less volatile assets such as gold and the devaluation of the others – stocks, bonds, Latin American currencies.

The price of gold has increased at an average of 8% per year since 1999. Most central banks, rather than selling or selling the gold, are hoarding it as a safe haven when not only that volatility is increasing but also high inflation and a slow decline. of the dollar. As a result of the reduction in its metal reserves with the United Kingdom between 1999 and 2002, and with Spain in 2008, both countries lost billions of dollars. They already learned, even more by taking into account the brewing of a great war.

Thirdly, the irresponsibility of the move is remarkable, as it not only puts gold at risk by being used as collateral for a loan it has no means of paying back​​​​ back, but with the fact that he is abroad he is in danger of being caught. The old people in this sense are new.

The United Kingdom has still – as of 2019 – seized nearly $2 billion in gold deposits from Venezuela, stored in the Bank of England, with the argument that Nicolás Maduro would not be the legitimate President, but instead of Juan Guaidó , even after Venezuela’s main opposition parties voted to oust Guaidó in 2023.

The European Union has seized all assets of Russian origin abroad as an excuse to attack Ukraine, and the height of the embargo movement was when the United Kingdom imposed the anti-terror law in India Iceland to issue its accounts after the crisis of 2008. , in which the government of Iceland made unpaid debts of its private banks that multiplied several times the GDP.

The fact that Argentina has sanctions and proceedings against it in several courts in the United States and the United Kingdom puts any assets of the Argentine State abroad at particular risk of seizure, beyond the risks that the repo itself means because it is short term. a loan given to a country that does not have dollars on hand for the next few months.

These precedents show that the legal insecurity of capitalism is not a mere deviation of libertides, but is a pervasive contradiction that removes the unfettered protection of private property from its foundations. bourgeois axioms.

The play shows the despair of Caputo who no longer has a life preserver and in his drowning strokes he sinks everything in his path. Not only does it endanger the reserves, but it has just destroyed the confidence that the bourgeoisie could have had by showing its desperation. he and the desperate trap in which he finds himself.

The government that made non-intervention of the State one of its workhorses, burning reserves to subsidize a low dollar at the same time that it not only expands in the stocks – an artificial price setting by the State – but now he is boasting. to maintain it and he is grateful for it with the evidence that without it he would not have withstood the blows of the Japanese crisis. And this despite the cries of the bourgeoisie and the IMF to abolish it.

But the reserves that he burns in the parallel dollar markets are those that he does not have and that he wants to feed with the loans that no one wants to give in the face of evidence that he will not have a way are paid. because it would default on payments now.

The subsidized dollar on the one hand guarantees capital flight but also tries to shore up inflation as rates rise, pushing it up despite a devastating recession that is raising poverty levels to historical levels.

This is combined with the fall in the price of soybeans, the fall in the international price of oil which makes investments increasingly unlikely, and the depression of neighboring countries which are falling. from the national industry.

The government accepts the ambiguous possibility that Trump will win the elections and wants to intercede for an IMF loan for Argentina, but it is also going ahead with an auction where his property to deposit money and burn them. The powers given to him by the DNU allow him to sell without claiming military land and planned railway beaches. ATE even warned of the intention to convert Fabricaciones Militares into a public limited company.

In this context, the gold bullet could mean an attempt to sell the metal unannounced, just like Menem did but without as much secrecy or mediation during his government, in which privatization and sale of assets in support of conversion.

In this second version, neither the farce nor the dollars would be enough for Milei to achieve dollarization, they will hardly serve him to continue buying meaningless time, fuel because he fuels the “largest default in history” by the IMF, bondholders, imports. , energy generators…