Author: Alberto Vizcarra Ozuna
Figure Gerardo Fernandez Noronahas hardly earned the image of a person who offers not only to support what is called Fourth transformation, but its deepening; But when it comes to confronting the financial sector and the bankers holding Mexico’s debt (who receive the lion’s share of the federal government budget), it sets limits to their radicalism and ultimately recognizes them “great voters” in next year’s elections.
What was unexpected was that Noronha, who at all times and circumstances had given power to the people, forgot about this when he was put in charge of protecting the bankers and FOBAPROA in the recent debate on the spending budget fiscal year 2024. Noronha’s rhetoric in this regard is simple: we are and were against the bank bailout in the mid-nineties, but we will continue to pay for it because if we don’t, we may lose the presidential election.
And in a closed discussion of budget expenditures last week, namely on November 8, the deputy coordinator Bench PRIcommitted “blasphemy” by proposing, as part of the reserves package submitted for approval, to stop paying FOBAPROA in the next financial year and thereby release 50 billion pesos will be allocated to save Acapulco and surrounding areas devastated Hurricane Otis. Deputy in dispute Ruben Moreira, assured that “the bankers do not deserve the 50 billion pesos they receive from FOBAPROA payments, since they earn it from the commissions they charge their clients in Mexico.” And then he documented: “Banking in Mexico had a profit of more than 200 billion pesos until the third quarter of this year.”
Gerardo Fernandez Norona
MP Noronha, who never fails to demonstrate his tribune skills, defended the bankers who have benefited from increasing deregulation since 1982 and warned that “the budget debate is not technical, but political.” And then comes the construction of sophistry: blame the PRI and PAN for turning private debt into public debt“And now they want us to solve this problem and start fighting the international financial system so that they can say that we are irresponsible, that we do not encourage foreign investment and that we do not care about the domestic financial system…”
That same day, in his daily afternoon speech, Noronha returns to this topic and admits that if they start adjusting the banking sector in the context of the upcoming electoral process, they will lose the election. A recognition that is still significant. In a dispute for power, the parties can accuse each other of anything, as long as they do not direct questions against the financial corporations to which Noronha reports. gives them the opportunity to lose or win elections.
The irony is that in order to avoid “fighting the international financial system”, PRIANRussia, in the mid-nineties, allowed the conversion of private bank debt into public debt. And under this garlito, the current government continues to bleed the budget in accordance with the payment of the debt, which the more it is paid, the more it grows.
Noronha says the president Lopez Obrador, from the very beginning of his reign, stated that it was “very painful to pay FOBAPROA”, but he had to do it. The gesture is reminiscent of the former president Miguel de la Madrid, when he unveiled his brutal austerity package, saying “it was painful but necessary.” The current government notes blame and capitulation of previous governments with the banking sectorwhich is true, but then he admits that he became a sinner because of the delusion that they did not create the structure of sin.
President Andrés Manuel López Obrador
When these questions are called into question, it is implied that the supposed deepening The so-called Fourth Transformation is limited by the boundaries determined by the international financial system.. The same distinctions were recognized by governments that succeeded the presidency Jose Lopez Portillo; a president who, faced with a debt crisis largely caused by the speculative evils of the international financial system, had the courage to declare a debt moratorium, restore sovereignty over Bank of Mexicoestablish exchange controls to prevent capital flight and propose in October 1982 at the plenary meeting UN General Assemblycreating a new international economic order that would establish “a link between financing and the development of countries.”
A word of caution if we observe the current emergence of groupings of nations in search of new financial architecture, which removes the burden of all colonialism to understand the development of developing countries in the Global South. It is this feeling that guides BRICSwhich in its initial creation united Brazil, Russia, China, India and South Africa, but will be joined by six more countries from Latin America, Africa and the Arab world next January.
Representative Noronha’s rhetorical maneuvers regarding the debt crisis are no different from those of President López Obrador, who on the same days described Moreira’s proposal is irresponsible, stating that failure to pay interest to FOBAPROA would lead to an economic and financial crisis. The current government’s message borders on schizophrenia: we came to power fighting everything we now have to continue to impose to avoid an economic and financial crisis. They threaten hell like we’re in heaven.
José López Portillo’s decision to adopt the above-mentioned regulatory measures was made with the knowledge that it would be difficult for a future government to support them, but for him – as is obvious in the long run – The most important thing was to set a precedent for the powers that the Mexican state has to protect national interests and sovereignty.. Before he died, a journalist asked him what would need to be done for Mexico to make decisions like the ones he made. Lopez Portillo’s response was as succinct as it was precise: “Eggs, my friend, a lot of eggs.” And this is what is needed now. There is a lot of posturing, a lot of slogans, a lot of symbolic action and a lot of kakayaki, but the ingredient that former President Lopez Portillo pointed out is missing.
Former Mexican President José López Portillo
Ciudad Obregón, Sonora, accessed November 15, 2023.
Source: Aristegui Noticias
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
