Argentina, where economic growth is a bad thing

Only with Argentina, whom investors and the business community (and press) clearly haven't forgiven for defaulting in 2001, can rising GDP forecasts be reported as a bad thing. Bloomberg reported yesterday that RBS raised their estimate of Argentina's GDP growth this year from 4.4% to 7%. Amazing you might say, that would put Argentina at the top of the hemisphere, and be a seriously nice way to rebound out of the world recession, but wait. According to RBS:

“This ‘full throttle’ growth strategy is likely to exacerbate current distortions in the economy,” RBS economist Boris Segura wrote in a report today from Stamford, Connecticut. This would leave “a heavy legacy to the next administration,” Segura said.

You know, if the US undertook a serious stimulus and our GDP forecast went up that much, this would probably be straight from a set of Republican talking points. I can see it now, "This 'full throttle' government spending is only going to drive the nation further into debt. Mr. Obama is going to leave this country in ruins for whoever our next President will be."In fact, I bet they've already said that.

Just a reminder that when reading the mainstream media's coverage of Latin America, it reads more like FOX News' coverage of Obama than what passes for good journalism on domestic issues.

Full Text of Obama's Letter to Lula on Iran Nuclear Deal

In case you somehow managed to miss the background here; Brazil and Turkey reached a deal with Iran on a nuclear swap, declared victory, only to have the US criticize both the deal and the effort. Then followed a barrage of articles from supposed experts saying how Lula has tarnished his legacy and is coddling dictators. So, understandably pissed, Brazil leaked excerpts of a letter Obama had sent to Lula weeks before the deal that suggested all the major accomplishments of the Brazil/Turkey deal (widely ignored in the US press). But what was really in this mysterious letter? Well, here it is, click it to get a larger view, or click here to view original. Bottom line: Brazil wins and the US needs a towel to get the egg out their eyes.





(h/t to Toma Rosa Bueno who posted a link to a facsimile copy of the original letter in the comments section of Robert Naiman's Huff Post smackdown of Friedman that maladjusted linked to yesterday)

Obama speaks with Pepe "national reconciliation" Lobo

Why am I not surprised. Today Obama spoke for the first time with all around asshole Pepe "national reconciliation" Lobo. You see, although Obama is concerned about those recent "suspicious" murders of journalists (you know, the ones Lobo and his supporters couldn't possibly be involved with), he's nevertheless pleased with Lobo's great job promoting national reconciliation and all that democracy stuff. From the whitehouse press statement, via politico:

"The President commended President Lobo for his leadership in his first months in office in promoting national reconciliation and restoring democratic and constitutional order in Honduras. The President took particular note of the Truth Commission agreed to as part of the Tegucigalpa-San Jose Accord and championed by President Lobo that is set to begin its work in the coming days.

President Obama expressed his concern with the human rights situation in Honduras, particularly the recent suspicious killings of a number of journalists and civic activists. The President welcomed President Lobo’s plan to fully and transparently investigate these cases as well as his commitment to improve the overall human rights situation."