Cinco de Mayo and the Perils of Debt
I'm sure my fellow members know that today is not Mexican Independence Day, but rather commemorates a victory over French invaders in the Battle of Puebla on May 5, 1862. Ah, but do you know why the French invaded Mexico in the first place? I didn't, so I went looking for the answer and here's what I discovered:
In 1862, the French landed in Veracruz along with forces from Queen Isabella II of Spain and Queen Victoria of Great Britain. They had come to collect the debt owed to them by Mexico—debts that Mexican President Benito Juarez had officially suspended because the country was essentially bankrupt.
Countries that cannot pay their debts are reduced to fighting for their very survival -- a sobering lesson to bear in mind as you drink your Dos Equis and toast Mexico's narrow escape from the graveyard of nations.
Feliz Cinco de Mayo!
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May '10
Re: Cinco de Mayo and the Perils of Debt
I hope this gets moved to the Main Page so I can share it.
Aug '10
Re: Cinco de Mayo and the Perils of Debt
They should have stayed with France. Who is better off today, Mexico or France? It's been going downhill ever since Independencia.
Feb '11
Re: Cinco de Mayo and the Perils of Debt
Sigh, as a person of Mexican descent I have never understood this day being celebrated here in the US. My Mexican born and raised parents drew a blank when I asked them about this when I was in grade school. The way I see it, this "holiday" is a bone thrown to the Chicano Studies leftist professors (or as I call them the Professional Hispanics) that was co-opted by bar owners/liquor industry to provide another excuse for drunken revelry.
Sep '10
Re: Cinco de Mayo and the Perils of Debt
Kwanzaa + St. Patrick's Day = Cinco de Mayo?
Feb '11
Re: Cinco de Mayo and the Perils of Debt
Mark Belling Fan
Kwanzaa + St. Patrick's Day = Cinco de Mayo? · May 5 at 1:48pm
Sounds about right, lol
Oct '10
Re: Cinco de Mayo and the Perils of Debt
Rosie
Mark Belling Fan
Kwanzaa + St. Patrick's Day = Cinco de Mayo? · May 5 at 1:48pm
Sounds about right, lol · May 5 at 3:10pm
Same here. I'm of Hispanic descent and originally from South Texas, yet "Cinco de Mayo" was rarely celebrated where I lived.
Besides, celebrating a victory over France? That's like celebrating a victory over the Detroit Lions.
Aug '10
Re: Cinco de Mayo and the Perils of Debt
Mexico is readily dismissed. But Latin America-minus-Mexico is instructive, particularly with regard to gigantic debt. What ever happened to Brazil's debt, such a preoccupation in the 1980's? It was renegotiated. Debts always are. And somehow, Brazil, truly a dump in the 1980's - the stories I could tell you - has got richer. Will this happen to the U.S.? Depends on us. I don't think it depends on our creditors...even if they invade.