February 02, 2007

U.S. Treasurer wants Mexico to become even more reliant on remittances

U.S. Treasurer Anna Escobedo Cabral [1] is yet another George Bush gift to our country:

[She] said Wednesday that remittances are a driving force of Mexico's economic growth and that the country should encourage migrants' families to invest their money.

Speaking at the Mexico City Bankers Club, Cabral said Mexico's financial sector should do more to bring remittance money into formal financial channels by making credit, insurance and mortgage products easily available...

Cabral said the public and private sectors could do more to help Mexicans "build their assets and invest their money wisely," which would spur business, jobs and economic growth...

On the one hand, it's a very good idea to spur economic growth in Mexico. However, she's also trying to entrench a reliance on remittances by suggesting bringing them into "formal financial channels". Once those Mexican financial interests get their take of those channels, they aren't going to willingly give them up, and they would take steps to ensure that the money keeps flowing. That will result in them taking steps to ensure that the "migration" to the U.S. keeps flowing.

Whatever his motivation or other issues, U.S. Ambassador to Mexico Tony Garza (husband of the richest woman in Mexico and yet another George Bush gift to the U.S.) had the right idea when he said that "Reliance on remittances from the U.S. is not a viable economic policy."

Note also that the U.S. Federal Reserve is completely corrupt and wants to profit from illegal activity by taking a bite of the remittances market.

[1] Her bio (ustreas.gov/organization/bios/cabral-e.html) makes it clear that she's a "Professional Hispanic". Her position before Treasurer was Director of the Smithsonian Institution's Center for Latino Initiatives. Before then she was the President and CEO of the Hispanic Association on Corporate Responsibility. She served in a role apparently not directly related to her race between 93 and 99 as Deputy Staff Director for the United States Senate Judiciary Committee. But, at the same time she served as Executive Staff Director of the U.S. Senate Republican Conference Task Force on Hispanic Affairs.

Posted to Immigration2007a at February 2, 2007 01:40 AM

Comments

Speaking of Democrats and racialists, have you seen this article of the debacle created by the Congressional Hispanic Caucus? Seems it's more about who gets the money than "civil rights."

As for Sanchez and Baca, talk in Tinseltown is they are shopping a new sitcom called "Jeffe and the Ho" around town! (kidding)

Posted by: Pat at February 3, 2007 10:47 AM

They might want to reconsider that economic policy for another reason as well. It seems that Mexican postal workers have sticky fingers. Isn't stealing U.S. mail a federal offense?

Posted by: coffee at February 3, 2007 05:36 PM