The US Returns To Latin America
By Vijay Prashad for the Hindu and Counterpunch. The financial crisis of 2007-08 dented China’s economy and saw the slow deterioration of commodity prices. It took a few years for the economic impact to strike Latin America with ferocity. A sharp tumble in oil prices in the summer of 2008 put the brakes on many of the social programmes that had become essential to the Bolivarian dynamic. It signalled the weakness in the experiment against Western domination.
President Barack Obama’s administration focussed intently on Latin America. Opportunity struck with the 2009 coup in Honduras against the Left-wing government of Manuel Zelaya. Mr. Obama recognised the new military-backed government. It opened the door to a more aggressive stance vis-à-vis Latin American states. The presidency of Peru’s Ollanta Humala (2011) and the second presidency of Chile’s Michelle Bachelet (2014) — both ostensibly of the Left — hastily drew in cabinet members vetted by the bankers and made their peace with the hegemony of the U.S. Chávez’s death in 2012 meant that the Bolivarians lost their most charismatic champion. The impact of the Honduran coup and Chávez’s death had made itself felt along the spine of Latin America. The U.S., it was being said, is back.