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A friend who works in Wall Street was livid upon learning about the U.S. House of Representatives’ move to tax the controversial AIG bonuses at 90 percent. My friend—who is from Latin America and does not work at AIG—said that it looks like the United States is turning into Argentina. He was referring to last year when, in the midst of the commodity boom, the Argentine government attempted to raise the tax rate on the additional profits to around 90 percent and to increase its access to resources it nationalized the private pension plans.
President Bush is going to Latin America, and that has inspired a round of commentary in the mainstream press. A New York Times editorial urges the President to focus on democracy, human rights and social justice, and applauds the recent doubling of U.S. aid to the region. Democracy and social justice and a dollop of aid (the current budget of $1.6 billion is barely 1 percent of spending by Latin governments on health and education) are good things.
Nancy Birdsall delivered the speech Beyond the Consensus of Washington: New Social Contract in Latin America in Lima, Peru on November 17, 2005 at a seminar hosted by the Group for the Analysis of Development