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5/5/10

Growth is a funny old thing


In Peru yesterday, President Twobreakfasts returned to one of his favourite populist drumbeats, that of "becoming first world". In a speech to Peru's private industry chamber of commerce (CONFIEP) he said that, "Peru will be a first world country" (i.e. industrialized nation), reaping the obvious round of applause and headlines this morning for his soundbite.

However, inquiring minds are wondering about the connection between The Twobreakfast Dream and recent statements made by the current lapdog Economy Minister, Mercedes Araoz (red type supplied by IKN):

"Peru’s government plans to expand the Andean country’s capital markets by developing a market for mortgage-backed securities and encouraging more companies to list stock and issue bonds, Finance Minister Mercedes Araoz said April 20."

Yes indeed, it seems that Peru wasn't satisfied with being a bit-part player and third party sufferer in the last round of financial mayhem brought on by excessive greed and pisspoor regulatory control; next time around it's looking to be slap bang in the middle of the disaster zone.

Development, eh........