A Worldwide Interdisciplinary Network
Monday, October 27 was a bad day for the world's stock exchanges. The Mexican response was significant and provided one more example of Televisa's role as simply a mouthpiece for government propaganda. It devoted all of the ECO newscast that night to the crisis in the various financial capitals, ending with a soothing speech by Secretary of the Treasury Guillermo Ortiz saying all would be well. It was obvious that Mexicans fear that the crash of the peso three years ago will be repeated, without the certainty that the U.S. and financial agencies will bail it out again. Moreover, a large percentage of the Mexican population believe that neoliberalism and financial manipulators are to blame. The governor of Mexico City, Cuauhtemoc Cardenas, and like-minded Mexicans assert this in various ways. If there were another peso crisis, the government of President Zedillo would probably fall--a grim prospect for the United States.
Ronald Hilton, 10-28-97