• WALL STREET AUCTION

    There are over 27 million people being trafficked into slavery today. www.freedomforall.org 4.4 million women and men are victims of sex traffickers in the US alone. The average age of a sex trafficking victim is 12 years old. Women, men, girls and boys in slavery today are often deceived by dishonest labor brokers promising a better life and salary, or pimps posing as a boyfriend. People often do not realize they have been trafficked until it's too late. The slave holders steal passports. The victims are not paid, and work under the threat of violence without the ability to walk away. The average cost of a slave in the 1800s was over $50,000 USD. Today, you can buy a slave for as little as $90 USD. Today, slavery is illegal everywhere, but happening all around us. Modern Day S...

    published: 21 Mar 2014
  • Wall Street Auction - a Human Trafficking PSA

    It's hard to imagine human flesh being auctioned right under our very noses, but this short film from the Freedom for All initiative puts the evil out in the open on Wall Street. It does, in fact, happen in the shadowy underworld occupied by human traffickers and you will see it in its most disgusting form in this mini-film. Ntropic dived in to edit the final footage into a compelling look at public reaction to the sins of human trafficking. 27 million people are trapped in various forms of labor trafficking and sexual exploitation. Take notice and help us fight back. For updates, please visit our Eastern Shore Human Trafficking Task Force at the URL below, and subscribe to our YouTube channel to build your awareness. http://eshttf.com

    published: 31 Mar 2014
  • Wall Street‘s $336 Billion Fraud – Auction Rate Securities The Insider Exclusive

    published: 19 Oct 2016
  • Watch high-speed trading in action

    Citadel Group, a high-frequency trading firm located in Chicago, trades more stocks each day than the floor of the NYSE.

    published: 05 Jul 2013
  • President Reagan's Private Collection Goes to Auction

    President Ronald Reagan and First Lady Nancy Reagan's personal collection goes to auction at Christie's in New York City on Wednesday, Sept. 21. WSJ's Tanya Rivero gets a preview. Photo/Video: Carly Marsh/The Wall Street Journal Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy More from the Wall Street Journal: Visit WSJ.com: http://www.wsj.com Follow WSJ on Facebook: http://www.facebook.com/wsjvideo Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJvideo Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/

    published: 19 Sep 2016
  • Watch Is Likely to Fetch $17 Million at Auction

    Sotheby’s expects to sell the Henry Graves Jr. Supercomplication, one of the most famous watches in the world, for at least $17 million in Geneva on Nov. 11. WSJ’s Michael Clerizo tells us why its worth so much. Photo: Sotheby’s Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy Visit the WSJ channel for more video: https://www.youtube.com/wsjdigitalnetwork More from the Wall Street Journal: Visit WSJ.com: http://online.wsj.com/home-page Follow WSJ on Facebook: http://www.facebook.com/wsjlive Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJLive Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/ Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal

    published: 10 Nov 2014
  • #OCCUPYWALLSTREET LABOR ACTION AT SOTHEBY'S ART AUCTION

    On the morning of September 22nd, 2001 activists involved in #OCCUPYWALLSTREET disrupted an art auction at Sotheby's Art Auctions on the Upper East Side. Last year Sotheby's made profits of $680 Million Dollars. Their CEO Bill Rupprecht awarded himself a 125% raise. At the same time Sotheby's has decided to use union busting tactics, demanding over 100 concessions to the IBT 814 Art Handlers Union Contract. #OCCUPYWALLSTREET supporters are appalled at the persistent attack on workers rights. We support the right of the workers to collectively bargain. Sotheby's wants all new hires to have no collective bargaining rights, no health benefits and no job security. After locking out their unionized work force, Sotheby's continues to operate using scabs and a non-union subcontractor. Sothe...

    published: 23 Sep 2011
  • What to Wear at an Art Auction

    You might be surprised to know, you don't have to be rich or famous to attend just about all the art auctions held at Christies Auction House. But if you're still nervous about feeling out of place, we got the inside scoop on what to wear, who sits where, and how to place YOUR paddle so you don't end up bidding on that Picasso! Kelsey Hubbard talks with Lydia Fenet, celebrity auctioneer at Christie's.

    published: 09 Mar 2012
  • World's Most Expensive Diamond Goes to Auction

    The world's most expensive diamond is on display in London, ahead for an auction next month where it's expected to sell for more than $60 million. (Photo: AP Images) Click here to subscribe to our channel: http://bit.ly/14Q81Xy Visit us on Facebook: http://www.facebook.com/wsjlive Follow us on Twitter: https://twitter.com/WSJLive Visit the Wall Street Journal: www.wsj.com

    published: 24 Oct 2013
  • Rare, Vintage NASA Photos Up for Auction

    Almost 700 rare, unseen and vintage NASA images will be auctioned in London on Thursday. From Buzz Aldrin’s first selfie in space to Ed White’s first U.S. space walk. Dipti Kapadia reports. Photo: Bloomsbury Auctions Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy Visit the WSJ channel for more video: https://www.youtube.com/wsjdigitalnetwork More from the Wall Street Journal: Visit WSJ.com: http://online.wsj.com/home-page Follow WSJ on Facebook: http://www.facebook.com/wsjlive Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJLive Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/ Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal

    published: 25 Feb 2015
  • Diamond Sells for Record $48.5 Million at Auction

    The diamond was purchased by Hong Kong tycoon Joseph Lau, according to his office, who renamed the 12.03 carat gem ‘Blue Moon of Josephine’ after his daughter.

    published: 12 Nov 2015
  • Mario Puzo's Godfather Archive Up for Auction

    The family of Mario Puzo has put the writer’s personal archive up for auction on Friday, including his papers from the famed ‘Godfather’ novels and movies. Mark Kelly looks at some of the treasures in the collection. Image: Everett Collection Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy More from the Wall Street Journal: Visit WSJ.com: http://www.wsj.com Follow WSJ on Facebook: http://www.facebook.com/wsjvideo Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJvideo Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/

    published: 18 Feb 2016
  • Michael Jordan's Compound Goes to Auction

    Michael Jordan is auctioning off his compound in a Chicago suburb that was last on the market for $21 million. Rosie O'Donnell pays $5 million for a Florida beachfront home. Lauren Schuker Blum has a peek inside this week's Private Properties. Click here to subscribe to our channel: http://bit.ly/14Q81Xy Visit us on Facebook: http://www.facebook.com/wsjlive Follow us on Twitter: https://twitter.com/WSJLive Visit the Wall Street Journal: www.wsj.com

    published: 17 Oct 2013
  • Old-Line Auction House Embraces Online Opportunity

    Christie's CEO Steven Murphy speaks with The Wall Street Journal's Wei Gu in Hong Kong about why he thinks the art industry's greatest opportunity lies online. Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy Visit the WSJ channel for more video: https://www.youtube.com/wsjdigitalnetwork More from the Wall Street Journal: Visit WSJ.com: http://online.wsj.com/home-page Follow WSJ on Facebook: http://www.facebook.com/wsjlive Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJLive Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/ Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal

    published: 28 Apr 2014
  • Airline Upgrades Now Up for Auction, No Longer Free

    WSJ's Scott McCartney joins Lunch Break With Tanya Rivero to discuss online auctions held by airlines to sell premium seats rather than giving them to loyal customers for free. Photo: Tim Bower for The Wall Street Journal Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy More from the Wall Street Journal: Visit WSJ.com: http://www.wsj.com Follow WSJ on Facebook: http://www.facebook.com/wsjvideo Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJvideo Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/

    published: 06 Jan 2016
  • Wall Street, the International Monetary Fund, and the Bankrupting of Argentina (2005)

    The Argentine economic crisis (1999--2002) was a major downturn in Argentina's economy. It began in 1999 with a decrease of real Gross Domestic Product (GDP). About the book: https://www.amazon.com/gp/product/1586483811/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1586483811&linkCode=as2&tag=tra0c7-20&linkId=73d88babc4c672301577f8683ded8a23 The crisis caused the fall of the government, default on the country's foreign debt, widespread unemployment, riots, the rise of alternative currencies and the end of the peso's fixed exchange rate to the US dollar. By 2002 GDP growth had returned, surprising economists and the business media. As of 2012, the default had not been completely resolved, although the government had repaid its IMF loans in full. Since the early 1990s, Argenti...

    published: 04 Aug 2013
WALL STREET AUCTION

WALL STREET AUCTION

  • Order:
  • Duration: 3:16
  • Updated: 21 Mar 2014
  • views: 39751
videos
There are over 27 million people being trafficked into slavery today. www.freedomforall.org 4.4 million women and men are victims of sex traffickers in the US alone. The average age of a sex trafficking victim is 12 years old. Women, men, girls and boys in slavery today are often deceived by dishonest labor brokers promising a better life and salary, or pimps posing as a boyfriend. People often do not realize they have been trafficked until it's too late. The slave holders steal passports. The victims are not paid, and work under the threat of violence without the ability to walk away. The average cost of a slave in the 1800s was over $50,000 USD. Today, you can buy a slave for as little as $90 USD. Today, slavery is illegal everywhere, but happening all around us. Modern Day Slavery is hidden in plain sight. Learn what you can do to end slavery in your communities. www.freedomforall.org Share this video with your social media communities. Help us #StopTheNightmare
https://wn.com/Wall_Street_Auction
Wall Street Auction - a Human Trafficking PSA

Wall Street Auction - a Human Trafficking PSA

  • Order:
  • Duration: 3:16
  • Updated: 31 Mar 2014
  • views: 2457
videos
It's hard to imagine human flesh being auctioned right under our very noses, but this short film from the Freedom for All initiative puts the evil out in the open on Wall Street. It does, in fact, happen in the shadowy underworld occupied by human traffickers and you will see it in its most disgusting form in this mini-film. Ntropic dived in to edit the final footage into a compelling look at public reaction to the sins of human trafficking. 27 million people are trapped in various forms of labor trafficking and sexual exploitation. Take notice and help us fight back. For updates, please visit our Eastern Shore Human Trafficking Task Force at the URL below, and subscribe to our YouTube channel to build your awareness. http://eshttf.com
https://wn.com/Wall_Street_Auction_A_Human_Trafficking_Psa
Wall Street‘s $336 Billion Fraud – Auction Rate Securities   The Insider Exclusive

Wall Street‘s $336 Billion Fraud – Auction Rate Securities The Insider Exclusive

  • Order:
  • Duration: 26:06
  • Updated: 19 Oct 2016
  • views: 26
videos
https://wn.com/Wall_Street‘S_336_Billion_Fraud_–_Auction_Rate_Securities_The_Insider_Exclusive
Watch high-speed trading in action

Watch high-speed trading in action

  • Order:
  • Duration: 2:51
  • Updated: 05 Jul 2013
  • views: 1064598
videos
Citadel Group, a high-frequency trading firm located in Chicago, trades more stocks each day than the floor of the NYSE.
https://wn.com/Watch_High_Speed_Trading_In_Action
President Reagan's Private Collection Goes to Auction

President Reagan's Private Collection Goes to Auction

  • Order:
  • Duration: 1:39
  • Updated: 19 Sep 2016
  • views: 374
videos
President Ronald Reagan and First Lady Nancy Reagan's personal collection goes to auction at Christie's in New York City on Wednesday, Sept. 21. WSJ's Tanya Rivero gets a preview. Photo/Video: Carly Marsh/The Wall Street Journal Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy More from the Wall Street Journal: Visit WSJ.com: http://www.wsj.com Follow WSJ on Facebook: http://www.facebook.com/wsjvideo Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJvideo Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/
https://wn.com/President_Reagan's_Private_Collection_Goes_To_Auction
Watch Is Likely to Fetch $17 Million at Auction

Watch Is Likely to Fetch $17 Million at Auction

  • Order:
  • Duration: 1:18
  • Updated: 10 Nov 2014
  • views: 5486
videos
Sotheby’s expects to sell the Henry Graves Jr. Supercomplication, one of the most famous watches in the world, for at least $17 million in Geneva on Nov. 11. WSJ’s Michael Clerizo tells us why its worth so much. Photo: Sotheby’s Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy Visit the WSJ channel for more video: https://www.youtube.com/wsjdigitalnetwork More from the Wall Street Journal: Visit WSJ.com: http://online.wsj.com/home-page Follow WSJ on Facebook: http://www.facebook.com/wsjlive Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJLive Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/ Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal
https://wn.com/Watch_Is_Likely_To_Fetch_17_Million_At_Auction
#OCCUPYWALLSTREET LABOR ACTION AT SOTHEBY'S ART AUCTION

#OCCUPYWALLSTREET LABOR ACTION AT SOTHEBY'S ART AUCTION

  • Order:
  • Duration: 2:33
  • Updated: 23 Sep 2011
  • views: 26646
videos
On the morning of September 22nd, 2001 activists involved in #OCCUPYWALLSTREET disrupted an art auction at Sotheby's Art Auctions on the Upper East Side. Last year Sotheby's made profits of $680 Million Dollars. Their CEO Bill Rupprecht awarded himself a 125% raise. At the same time Sotheby's has decided to use union busting tactics, demanding over 100 concessions to the IBT 814 Art Handlers Union Contract. #OCCUPYWALLSTREET supporters are appalled at the persistent attack on workers rights. We support the right of the workers to collectively bargain. Sotheby's wants all new hires to have no collective bargaining rights, no health benefits and no job security. After locking out their unionized work force, Sotheby's continues to operate using scabs and a non-union subcontractor. Sotheby's Art Auctions epitomize the disconnect of the extremely wealthy from the rest of us. Sotheby's Art Auctions are a sanctuary for the financial elite; where hedge fund managers & wealthy bankers bid millions of dollars for art objects; while the rest of us struggle to put food on the table because of their actions. These are the same financial elite who were bailed out in their moment of need and now refuse to pay their fair share in taxes. Many of these Hedge Fund Managers still pay a nominal tax rate compared with the average worker. That is our money! End the greed & expose the disconnect! #OCCUPYWALLSTREET supporters call on the 99% to raid the sanctuaries of the financial elite; to conduct non-violent civil disobedience in the country clubs, luxury shops, and private resorts where the Financial Elite gather; and to show that WE WILL NO LONGER TOLERATE BUSINESS AS USUAL. DON'T LET SOTHEBY'S AUCTION OFF GOOD MIDDLE CLASS JOBS TO THE LOWEST BIDDER! DON'T LET SOTHEBY'S AUCTION OFF THE AMERICAN DREAM! MAKE WALL STREET PAY! DOWN WITH SOTHEBY'S! DOWN WITH GREED! UP WITH THE PEOPLE! UP WITH THE UNIONS! #WEARECOMING Hugs and Kisses, #OCCUPYWALLSTREET Labor Group
https://wn.com/Occupywallstreet_Labor_Action_At_Sotheby'S_Art_Auction
What to Wear at an Art Auction

What to Wear at an Art Auction

  • Order:
  • Duration: 4:15
  • Updated: 09 Mar 2012
  • views: 2955
videos
You might be surprised to know, you don't have to be rich or famous to attend just about all the art auctions held at Christies Auction House. But if you're still nervous about feeling out of place, we got the inside scoop on what to wear, who sits where, and how to place YOUR paddle so you don't end up bidding on that Picasso! Kelsey Hubbard talks with Lydia Fenet, celebrity auctioneer at Christie's.
https://wn.com/What_To_Wear_At_An_Art_Auction
World's Most Expensive Diamond Goes to Auction

World's Most Expensive Diamond Goes to Auction

  • Order:
  • Duration: 0:43
  • Updated: 24 Oct 2013
  • views: 1400
videos
The world's most expensive diamond is on display in London, ahead for an auction next month where it's expected to sell for more than $60 million. (Photo: AP Images) Click here to subscribe to our channel: http://bit.ly/14Q81Xy Visit us on Facebook: http://www.facebook.com/wsjlive Follow us on Twitter: https://twitter.com/WSJLive Visit the Wall Street Journal: www.wsj.com
https://wn.com/World's_Most_Expensive_Diamond_Goes_To_Auction
Rare, Vintage NASA Photos Up for Auction

Rare, Vintage NASA Photos Up for Auction

  • Order:
  • Duration: 1:36
  • Updated: 25 Feb 2015
  • views: 1695
videos
Almost 700 rare, unseen and vintage NASA images will be auctioned in London on Thursday. From Buzz Aldrin’s first selfie in space to Ed White’s first U.S. space walk. Dipti Kapadia reports. Photo: Bloomsbury Auctions Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy Visit the WSJ channel for more video: https://www.youtube.com/wsjdigitalnetwork More from the Wall Street Journal: Visit WSJ.com: http://online.wsj.com/home-page Follow WSJ on Facebook: http://www.facebook.com/wsjlive Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJLive Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/ Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal
https://wn.com/Rare,_Vintage_Nasa_Photos_Up_For_Auction
Diamond Sells for Record $48.5 Million at Auction

Diamond Sells for Record $48.5 Million at Auction

  • Order:
  • Duration: 1:09
  • Updated: 12 Nov 2015
  • views: 1813
videos
The diamond was purchased by Hong Kong tycoon Joseph Lau, according to his office, who renamed the 12.03 carat gem ‘Blue Moon of Josephine’ after his daughter.
https://wn.com/Diamond_Sells_For_Record_48.5_Million_At_Auction
Mario Puzo's Godfather Archive Up for Auction

Mario Puzo's Godfather Archive Up for Auction

  • Order:
  • Duration: 3:10
  • Updated: 18 Feb 2016
  • views: 670
videos
The family of Mario Puzo has put the writer’s personal archive up for auction on Friday, including his papers from the famed ‘Godfather’ novels and movies. Mark Kelly looks at some of the treasures in the collection. Image: Everett Collection Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy More from the Wall Street Journal: Visit WSJ.com: http://www.wsj.com Follow WSJ on Facebook: http://www.facebook.com/wsjvideo Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJvideo Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/
https://wn.com/Mario_Puzo's_Godfather_Archive_Up_For_Auction
Michael Jordan's Compound Goes to Auction

Michael Jordan's Compound Goes to Auction

  • Order:
  • Duration: 3:16
  • Updated: 17 Oct 2013
  • views: 174584
videos
Michael Jordan is auctioning off his compound in a Chicago suburb that was last on the market for $21 million. Rosie O'Donnell pays $5 million for a Florida beachfront home. Lauren Schuker Blum has a peek inside this week's Private Properties. Click here to subscribe to our channel: http://bit.ly/14Q81Xy Visit us on Facebook: http://www.facebook.com/wsjlive Follow us on Twitter: https://twitter.com/WSJLive Visit the Wall Street Journal: www.wsj.com
https://wn.com/Michael_Jordan's_Compound_Goes_To_Auction
Old-Line Auction House Embraces Online Opportunity

Old-Line Auction House Embraces Online Opportunity

  • Order:
  • Duration: 2:59
  • Updated: 28 Apr 2014
  • views: 207
videos
Christie's CEO Steven Murphy speaks with The Wall Street Journal's Wei Gu in Hong Kong about why he thinks the art industry's greatest opportunity lies online. Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy Visit the WSJ channel for more video: https://www.youtube.com/wsjdigitalnetwork More from the Wall Street Journal: Visit WSJ.com: http://online.wsj.com/home-page Follow WSJ on Facebook: http://www.facebook.com/wsjlive Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJLive Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/ Follow WSJ on Tumblr: http://www.tumblr.com/tagged/wall-street-journal
https://wn.com/Old_Line_Auction_House_Embraces_Online_Opportunity
Airline Upgrades Now Up for Auction, No Longer Free

Airline Upgrades Now Up for Auction, No Longer Free

  • Order:
  • Duration: 3:57
  • Updated: 06 Jan 2016
  • views: 1317
videos
WSJ's Scott McCartney joins Lunch Break With Tanya Rivero to discuss online auctions held by airlines to sell premium seats rather than giving them to loyal customers for free. Photo: Tim Bower for The Wall Street Journal Subscribe to the WSJ channel here: http://bit.ly/14Q81Xy More from the Wall Street Journal: Visit WSJ.com: http://www.wsj.com Follow WSJ on Facebook: http://www.facebook.com/wsjvideo Follow WSJ on Google+: https://plus.google.com/+wsj/posts Follow WSJ on Twitter: https://twitter.com/WSJvideo Follow WSJ on Instagram: http://instagram.com/wsj Follow WSJ on Pinterest: http://www.pinterest.com/wsj/
https://wn.com/Airline_Upgrades_Now_Up_For_Auction,_No_Longer_Free
Wall Street, the International Monetary Fund, and the Bankrupting of Argentina (2005)

Wall Street, the International Monetary Fund, and the Bankrupting of Argentina (2005)

  • Order:
  • Duration: 1:13:13
  • Updated: 04 Aug 2013
  • views: 21649
videos
The Argentine economic crisis (1999--2002) was a major downturn in Argentina's economy. It began in 1999 with a decrease of real Gross Domestic Product (GDP). About the book: https://www.amazon.com/gp/product/1586483811/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1586483811&linkCode=as2&tag=tra0c7-20&linkId=73d88babc4c672301577f8683ded8a23 The crisis caused the fall of the government, default on the country's foreign debt, widespread unemployment, riots, the rise of alternative currencies and the end of the peso's fixed exchange rate to the US dollar. By 2002 GDP growth had returned, surprising economists and the business media. As of 2012, the default had not been completely resolved, although the government had repaid its IMF loans in full. Since the early 1990s, Argentina had relied on the IMF to provide the country with reliable access to credit and to guide its economic reforms. When the recession began, the national deficit widened to 2.5% of GDP in 1999 and its external debt surpassed 50% of GDP. Seeing these levels as excessive, the IMF advised the government to balance its budget by implementing austerity measures to sustain investor confidence. The De la Rúa administration implemented US$1.4 billion in cuts in its first weeks in office in late 1999. In June 2000, with unemployment at 14% and projections of 3.5% GDP growth for the year, austerity was furthered by US$938 million in spending cuts and US$2 billion in tax increases. Following vice president Carlos Álvarez' resignation in October 2000 over bribery suspicions in the Upper House, the crisis accelerated.[citation needed] GDP growth projections proved to be overly optimistic (instead of growing, real GDP shrank 0.8%), and lagging tax receipts prompted the government to freeze spending and cut retirement benefits again in November 2000. In early November, Standard & Poor's placed Argentina on a credit watch, and a treasury bill auction required paying 16% interest (up from 9% in July); this was the second highest rate of any country in South America at the time. Rising bond yields forced the country to turn to major international lenders, such as the IMF, World Bank and the U.S. Treasury, which would lend to the government at below-market rates, and to comply with the accompanying conditions. Several more rounds of belt-tightening followed. José Luis Machinea resigned as Minister of Economy in February 2001. He was replaced with Ricardo López Murphy, who lasted 8 days in the office before being replaced with Cavallo. In July 2001, Standard and Poor's cut the credit rating of the country to B--. In July 2001 the government instituted an unpopular across-the-board pay cut of up to 13% to all civil servants and an equivalent cut to government pension benefits—De la Rúa's seventh austerity round—triggering nationwide strikes, and, starting in August, it paid salaries of the highest-paid employees in I.O.U.s instead of money. This further depressed the weakened economy. The unemployment rate rose to 16.4% in August 2001 up from a 14.7% a month earlier, and it reached 20% by December. In October 2001, public discontent with the economic conditions was expressed in the nationwide election. President Fernando de la Rúa's alliance lost seats in both chambers of the Argentine National Congress, leaving it in the minority. Over 20% of voters chose to enter so-called "anger votes", returning blank or defaced ballots rather than indicate support of any candidate. The crisis intensified when, on 5 December 2001, the IMF refused to release a US$1.3 billion tranche of its loan, citing the failure of the Argentine government to reach previously agreed-upon budget deficit targets, and demanded further budget cuts, amounting to 10% of the federal budget. On 4 December, Argentine bond yields stood at 34% over U.S. treasury bonds, and, by 11 December, the spread jumped to 42%. By the end of November 2001, people began withdrawing large sums of dollars from their bank accounts, turning pesos into dollars and sending them abroad, causing a bank run. On 2 December 2001 the government enacted measures, informally known as the corralito, that effectively froze all bank accounts for twelve months, allowing for only minor sums of cash to be withdrawn, initially $250 a week. The freeze enraged many Argentines who took to the streets of important cities, especially Buenos Aires. They engaged in protests that became known as cacerolazo (banging pots and pans). These protests occurred especially in 2001 and 2002. At first the cacerolazos were simply noisy demonstrations, but soon they included property destruction, often directed at banks, foreign-owned privatized companies, and especially big American and European companies. http://en.wikipedia.org/wiki/Argentine_economic_crisis_%281999%E2%80%932002%29 Image by Emiism (Own work) [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
https://wn.com/Wall_Street,_The_International_Monetary_Fund,_And_The_Bankrupting_Of_Argentina_(2005)
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