In its almost 4 years, this
blog has presented the theme of development and its financing; In those
days of 2016, with all the optimism about Peruvian growth, the increase in
foreign investments, the fruition of the old public investment projects, and
the inclusion of Peru in the Chinese development initiative of A Strip, a
Route.
After all this time, the reality
was far below the expectations.
I. The bio-oceanic railway
corridor project with Chinese funding was rejected by a jailed PPK president;
II. The Lava Jato case, with
Brazil's Odebrecht, had the effect of a bomb on infrastructure projects, some
of which were delayed, and others were canceled.
III. Foreign investment slowed
down, due to social violence (Tia María), world recession and the commercial
war between our two main partners, China and the US,
IV. Public investment plummeted
at historic levels;
However, the regional potential
remains, even in the midst of geopolitical destabilization.
The recipe to finance our
development remains the one we proposed in 2016: the original North American
model of the first secretary of the Treasury, Alexander Hamilton (1757 - 1804),
masterfully expressed in his institutional work, the First National Bank of the
United States, and its Reports: on the National
Bank, Public
Credit and On
the Subject of Manufactures.
But, to answer any objection to
anachronism, we must refer to the current proposal (2014) for the United
States, formulated by the late economist Lyndon. LaRouche, the Four Fundamental Laws
consisting of:
(1) the immediate re-enactment of
the Glass Steagall Act
of Franklin D. Roosevelt (Separation of commercial banking from investment
banking).
(2) The return to a precise and
meticulously defined National
Banking system (public control of monetary issue).
(3) The purpose of the use of a
Federal Credit System is to generate patterns of high productivity in the
improvement of employment, with the complementary intention of increasing
economic-physical productivity and people's living standards (Public financing
of physical infrastructure)
(4) "Adopt an 'emergency
program' oriented by fusion (nuclear)" (long-range scientific program).
In our country, these measures
would have an optimal result, with the care that their application requires
given their very weak institutionality and their dependence on foreign
investment. For example, Peru is traumatized by the great hyperinflation of
1987-90 regarding the public (Executive) control of the monetary issue.
But also for traumas there is
treatment. Meanwhile, the constitutional changes of the case and the
performance of a true Development Finance Corporation are enough, not the tiny
COFIDE that we know today, which "lent" it to Odebrecht.
All the life the State in the
developing countries asked the people to borrow, as in the case of Treasury
Bonds. And that money always funded the big projects.
It is a complete fallacy to say
that we cannot do it. The infrastructure, financed nationally and with
government-to-government agreements, as China offers, is the guarantee of the
well-being of our children.
2.3.20
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