consequence so were many businesses; unemployment soared, as did inflation when the Argentine Peso was devalued. Though all this happened only a few years ago it was when deregulation and neoliberalism were still the economic mantras. The thought of the government nationalising the banks even as a last ditch measure to save the Argentine economy was inconceivable. The economic crisis of 2001-2 though affected the wealthiest Argentines the least. It has been estimated that anything up to $ 100 billion is currently held by Argentine companies and citizens Despite limited economic growth since 2001-2 the current global financial crisis Argentina itself.
11 They do not solve the crisis of low profitability, which has fuelled the growth of large pools of liquid money capital that can be transformed into risky borrowing. Nor do they address the massive income inequality which has meant that such borrowing has become structurally necessary to maintain household demand. The unbalanced nature of the world economy remains, with huge trade deficits co-existing with massive surpluses. And the ecological constraints underlying the inflation which preceded the current slump are still there, suppressed only temporarily. When such issues become apparent, the conflicts which arise will not be ones which can be handled by Keynesianism. It is necessary critically to appropriate what is valuable in Keynes' ideas, but also to move the debate on from those ideas to discussing the much richer and deeper analysis provided by Marx. has stalled the Argentine economy and it is entering a new recession. In November the Argentine legislature nationalised the nation's private pension funds. With about $30 billion in assets the funds were the largest investors in Argentina's capital markets. This nationalisation has been paraded as a progressive measure to secure the future pensions of Argentine workers. The true reason behind the nationalisation may be a lot different. Argentina faces the real possibility that in the near future it will be forced to default again on government bonds raised since Therefore raiding the pension funds to pay the government debt may be the real reason for nationalisation. That means the Argentine working class will be forced to pay for the crisis in the long term through a reduction in their pensions. In addition the Argentine government is now starting to offer tax incentives to those who repatriate funds invested abroad back into the country. Whether this does succeed in attracting funds back into Argentina remains to be seen. The point though for those Argentines who have money abroad in safe havens' is that in the current global crisis such havens may ultimately turn out to be no safer than