L'argent / Isaac Isitan/ Docu 2003

The speaker witnesses the economic collapse of Argentina and Turkey, noting how countries rich in resources are on the brink of bankruptcy. An inquiry is launched to understand the hidden face of money, highlighting the paradox where rich countries face financial crises similar to poorer ones.

Turkey's economic situation is discussed, focusing on its transition from self-sufficiency to dependency on imports due to structural adjustment programs. Initiated by the IMF and World Bank, these programs prioritized debt repayment over economic stability, leading to decreased agricultural production and increased imports, which mirrors the economic challenges faced by countries like Argentina and Brazil.

The devastating effects of international financial aid programs on Turkey's economy are highlighted. These programs imposed harsh austerity measures to ensure debt repayment, resulting in systemic impoverishment caused by budget cuts in essential services such as education, healthcare, and housing.

An overview of Argentina's financial crisis is provided, detailing how banks, facing massive withdrawals due to declining public confidence, restricted access to deposits. The Argentine government intervened to prevent further bank failures, but this led to a severe liquidity crisis and massive capital flight, exacerbating the country's recession.

The Argentine government's measures to control the crisis, such as the corralito, inadvertently led to the withdrawal of $20 billion from the country. The banks refused to bring back foreign deposits, heightening the economic strain. America's and Europe's influence through international monetary bodies is also emphasized, showcasing their control and the inequality in global financial governance.

The narrative shifts to Turkey's financial instability, highlighting the collapse of numerous banks due to unscrupulous financial practices. This was fueled by speculative attacks triggered by fixed exchange rates, leading to massive capital outflows and necessitating emergency economic measures including extreme interest rates to stabilize the situation.

A discussion on dollarization in Argentina reveals its detrimental impact on economic sovereignty. The reliance on the U.S. dollar makes it difficult for the government to control its monetary policy without incurring debt, reflecting similar struggles faced by other economies heavily reliant on foreign currency.

The film presents a critical perspective on the international monetary system, arguing that it favors powerful nations like the U.S. and Europe, where institutions like the IMF impose policies that benefit them at the expense of weaker economies. It underscores the systemic imbalance and calls into question the justice of such a global financial structure.

Alternative monetary systems emerge as communities in Argentina and the U.S. create local currencies to preserve economic autonomy and resilience. These systems serve as a counterbalance to the centralized banking system, highlighting the potential for local solutions to mitigate the impact of broader financial crises.

The role of local currencies in fostering regional self-sufficiency and economic security is further examined, with examples of their successful implementation provided. It is suggested that these could inspire national monetary policies, promoting trade and cooperation without relying on dominant global currencies like the dollar and euro.