The ‘milked’ Republic

National
Mexico supports to the transnational banking
The ‘milked’ Republic
By: Carlos Damián June 10, 2012
The causes of the devaluation of the peso
Mexico. - The concentrated attention in the multimillionaire “one milks” that it practices the transnational banking in Mexico, ‘La Jornada’ has located the it despoil in its exact dimension three decades after that last report of activities of Jose Lopez Portillo (JLP) in your federal administration , (they already plundered us; it doesn't plunder us again", JLP said). But the results of the figures in these days are superior exaggeratedly that to the one denounced in that time by the former president JLP. This Mexican republic has been permanently milked by the great capital so much national as foreigner, with the government's permission and of the Congress.

Some weeks ago the directive of the only Mexican bank that stays as such from the reprivatization of Carlos Salinas of 1991-92 denounced that “the foreign banks with activities in Mexico are milking to the country; the fact that these foreign signatures pay to their shareholders dividends in proportion three times more that the banks of national capital, it has meant a reduction in the financing offer to the Mexican economy. The branches of foreign banks in Mexico pay their shareholders an equivalent dividend, on the average, to 70% of the earnings that obtain here, although in some case the dividend is equal to 130 percent of the earnings."

The spoliation of the country
The above-mentioned implies that the years between 2003 and 2011 “the money left” the country approximately 20 thousand million dollars for such a concept. This way, “the internal savings are used for recapitalization to the foreign banks depriving Mexico of resources". Revising the lines above-mentioned; it is scare that only a part of the looting that practices the economic elite of the country, and it milks it is not limited the one practiced by the transnational ones financial. ‘La Jornada’ documents us: "the sum of the deposits sent to banks of the exterior more the investments carried out by Mexicans outside of the country from the current government's beginning reach 71 thousand 443 million dollars, quantity so for comparative effects, almost duplicates the balance of the net federal government's foreign debt in December of 2006 that, according to data of the Ministry of Treasury (SHCP, in Spanish), it was of 39 thousand 806 million dollars.

“In the course of the two federal administrations in charge of the PAN that was made of the Presidency of the Republic in December of 2000, the one mount either of resources that have been transferred the foreigner, to be paid in bank current accounts or to sum up direct investments, that is to say, in productive goods, it overcomes the 100 thousand million dollars, practically double the balance of the net federal government's foreign debt that, when concluding 2000, it was located in 51 thousand 190 million dollars". Between January of 2001 and March of 2012, “Mexican citizens have transferred resources to be deposited in bank current accounts of the exterior by 37 thousand 614.83 million dollars”. Other 65 thousand 10.82 million dollars have been correspondents to the foreigners for the acquisition of active productive, it established the modernized information this Friday for the Central Bank when giving to know the result of the scale of payments in the first trimester of 2012.

The export of Mexican capitals
To eyes seen this it milks of the national capital and foreigners for it remove us the sheet to the Mexican peso and to support to the American dollar is not surprise and it was predicted two months ago by Alfredo Jalife-Rahme “great part” of the reservations “they will serve like cover of the financial holes of The States (United States of America) and Spain, beginning the speculative attacks against the peso, and the reservations won't serve as anything”. There are already antecedents of this with all the devaluations. The States, prints dollars, but its real reservations of the country are not in dollars, but in gold. In the 20 days the Asians and the oil countries which have diversified them in gold, silver and other foreign currencies are with more reservations. The same The States has 75 percent of its total reservations (367 thousand 536 million dollars) in gold.

If we compare the previous figures in front of the rickety 0.26 percent of gold of Mexico, neither The States trusts its dollar. According to the World Bank (WB), The States possesses 488 thousand 929 million dollars constituted by gold, special rights of order (SDR) and yours reserves in dollars.

They disappear the big reservations of Mexico
With the documented balance that we mention in previous lines it is clear that with Felipe Calderon in the “Los Pinos” official residence the export of capitals reached a historical, biggest level that the one denounced that first of September of 1982 by JLP, looting that didn't cause only in that year the explosion of the crisis, but the bank expropriation and the setting-up of the exchange control.

For contextualize all this, compare you the balance of the Calderon’s administration and of the double administration of PAN in Los Pinos residence, with the one denounced by JLP in their sixth and last government report. The “exporters of capitals” are the barons that openly “they support” the government of the change and they exhort “to strengthen the right state, to impel the development of the country, to increase the internal investment and to increase the employment generation", but that in private “they milk” to the internal economy to invest in third nations, the famous Mexican oligarchy. Mexico stays in this context like the horn of the abundance, but with big udders. (La Jornada, economia, p. 27, May 28, 2012)