Are El Salvador's Sovereign Bonds The New Bitcoin?Chris MenahanInformationLiberation Jul. 24, 2023 |
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Capital is flooding into El Salvador thanks to President Nayib Bukele's hugely successful crackdown on gangs.
From Reuters, "Move over, bitcoin: El Salvador sovereign bonds not done rallying": NEW YORK, July 19 (Reuters) - Investors in El Salvador international bonds are relishing 60% returns this year alone as debt issued by the Central American country recovers from calls of doom and default, with some betting the rally is not quite over yet.There were tons of articles railing against Bukele for buying Bitcoin near record highs but very few are covering Bukele turning his nation's sovereign bonds into the new Bitcoin (or at least Bitcoin light).
The Economist whined on Sunday that Bukele was "gutting democracy and being applauded for it." From The Economist, "What the world's budding autocrats are learning from El Salvador": Since March last year, when Mr Bukele imposed a state of emergency, he has arrested more than 71,000 people, equivalent to 7% of male Salvadoreans aged 14-29. Anyone suspected of ties to a criminal gang can be thrown into a crowded jail—indefinitely. Little evidence is required: a suspicious tattoo or an anonymous accusation will suffice. Those detained will eventually have proper trials, the government insists, but so far they have had only cursory hearings, sometimes with hundreds of suspects appearing simultaneously before a judge. Mr Bukele glories in brutality, tweeting photos of suspects cuffed, half-naked and packed tighter than battery hens.Democracy is overrated. Follow InformationLiberation on Twitter, Facebook, Gab, Minds and Telegram. |