In his modest way the king of talk radio, Rush Limbaugh is apparently often head to say about himself, "Having more fun that a human being should be allowed to have." If so, there are now two people in that happy position as President Trump is clearly channeling his airways admirer. It's almost too easy: slowly, exquisitely, driving the political left and the media completely insane, Trump barely has to work at it. They rise to his continual baiting like a starving trout to a perfectly presented fly. After a while it gets boring, but as St. Augustine might have put it, "but not quite yet."
Problem is he plays this game in places where perhaps he shouldn't although it seems that when it comes to countries like Mexico he can't seem to stop himself.
The Sec of State and the dir. Of homeland Security traveled south this week to explain the position of the United States vis a vis our southern neighbor. As anticipated, the Mexican government reacted, in public at least with fury. Ok, point made, very funny, ha ha except that the Mexicans are so paranoid in regard to the United States that giving them any excuse to do smoething really, really silly is not wise as they probably will. And there is a Presidential election in 22 months, which certainly raises the stakes for signs of machismo all across the board. But the Donald keeps pushing his wall and the dream that Mexico is going to pay for it. And Mexico keeps screaming that they will not and persists in vague promises that the Gringos will feel the wrath of Mexico while the internal politics become more and more radicalized with the now very real possibility that the left, which was as dead as MexicoPancho Villa's horse, might actually win the damn thing. It will not because the one thing the Mexicans have not forgotten is how to fix elections but why even take the risk? Far better if Donald starts building the wall, Mexico just ignores it like a grown up nation and everybody starts talking about things that matter like NAFTA and oh by the way, does anybody think it's time to start talking about the integration of the North American continent's three great nations in efforts that could benefit 500 million people who have more in common than perhaps anyone realizes. The perfect opportunity lies before us are we wise enough to seize the initiative? God knows that with the experience of the Euros we should know how to get something like this right.
Just a thought.
Showing posts with label Mexico. Show all posts
Showing posts with label Mexico. Show all posts
Friday, February 24, 2017
Wednesday, October 26, 2016
THE SOVEREIGN'S BALL
Seems as though the hottest thing around these days is sovereign debt or at least the easiest to sell. I neglected to mention yesterday that Austria had successfully completed an offering of five billion Euros in two tranches, one of 3 billion for eight years priced to yield -.091% and a 2 billion tranche for 70 years at 1.53%. What's that you ask? SEVENTY Years!? Yep, you read it right, seventy (70) years.
Now I suppose that there are a lot of good reasons to lock ones self into a 70 year obligation at 1.53% when every central bank in the world is telling you they want inflation above 2.00% but I can't think of many. A pension fund perhaps wants the certainty of liquidity in the future but what else? Insurance Companies? Yeah, maybe. But demand was supposed to be over 7 billion which means that there must be a hell of a lot of pension funds and Insurers with the same financial profile, so I guess there was real investor demand. Oh well, it's Austria...waltzes and schlage and the continued belief among a substantial body of the Volk that Beethoven was Austrian and Hitler was German. Lovely bunch. Then again, I wonder if anyone even considers the fact that in 70 years (or less) there may not be a Euro? Guys buying this stuff don't...it's not going to be their problem. And there is always a secondary market, right?
But not to be outdone Mexico waltzes into Europe today and peddles 1.9 billion of Euros in eight year and 15 year tranches at 1.49 and 2.27 per cent respectively. No problema, senor. Way over subscribed.
I suppose to the yield-starved, this looks like a heck of a deal. To Mexico it must look fantastic. Kudos all around. Other than 40-odd thousand Narco killings a year what's the worry? For 15 years, Mexico will be more or less Mexico and 15 years at 2.19%? Sure beats Bunds. And of course there is always a secondary market. Good planning, good results. Just like the Cubbies. Oh, they lost 6-0 last night.
Now I suppose that there are a lot of good reasons to lock ones self into a 70 year obligation at 1.53% when every central bank in the world is telling you they want inflation above 2.00% but I can't think of many. A pension fund perhaps wants the certainty of liquidity in the future but what else? Insurance Companies? Yeah, maybe. But demand was supposed to be over 7 billion which means that there must be a hell of a lot of pension funds and Insurers with the same financial profile, so I guess there was real investor demand. Oh well, it's Austria...waltzes and schlage and the continued belief among a substantial body of the Volk that Beethoven was Austrian and Hitler was German. Lovely bunch. Then again, I wonder if anyone even considers the fact that in 70 years (or less) there may not be a Euro? Guys buying this stuff don't...it's not going to be their problem. And there is always a secondary market, right?
But not to be outdone Mexico waltzes into Europe today and peddles 1.9 billion of Euros in eight year and 15 year tranches at 1.49 and 2.27 per cent respectively. No problema, senor. Way over subscribed.
I suppose to the yield-starved, this looks like a heck of a deal. To Mexico it must look fantastic. Kudos all around. Other than 40-odd thousand Narco killings a year what's the worry? For 15 years, Mexico will be more or less Mexico and 15 years at 2.19%? Sure beats Bunds. And of course there is always a secondary market. Good planning, good results. Just like the Cubbies. Oh, they lost 6-0 last night.
Tuesday, April 28, 2015
CHANGING QUARTERBACKS
This should have been yesterday's, but I had another fight with Google. I lost again.
Anyway, after a brutal weekend in Riga, yank Tsapris finally pulled the plug and sat the Rock Star, yanks Varoufakis. He's still around so ordinating efforts but the day to day work will be done by Euclid Tsakslotos, an Oxford training economist of leftist leanings, assisted by Georgos Houliarkis about whom I know nothing; then again I don't know much about Euclid either except that he wears a tie and appears to bathe regularly which would not altogether be bad things. The Rock Star? He was dead meat and had been in the sun too long. Then, too, the not-so-secret-secret that the Euro-boys (and girls) had already drawn up the terms of separation with Greece made this sort of move inevitable as despite the lack of appetite for a separation on either side, with the lack of progress and the increasing lack of comity, it was becoming a sure thing. One of the best lines, however, came from the Great Art Cashen on CNBC who mused as to whether the Rock Star, a well known "expert" in game theory was playing a game all along. No Art, he was just a jerk and lost the game.
Anyway, on the news of the change, the market for Greek bonds went through the roof. Either hope springs eternal or there is one born every minute. You choose. But as you know I am a bit of a history buff when it comes to these things and have often said that we have seen most of this before. In the dark days early in the Mexico crisis of 1982, President Jose Lopez Portillo--or "Ho Lo Po" to his...ah...buddies--tilted left and replaced his cabinet with supposedly radical leftists. Wall Street shuttered but through the short period until the next administration, soothing words kept coming from Mexico not to worry, this too shall pass. Sure enough, in came the new "moderate" administration with who most felt comfortable if not enraptured, negotiations went forward and the restructuring were completed, money was lost and normalcy returned except for that period of about ten years which were not the best for the people of Mexico. The alternative? Well, let's not go there. I was a banker, remember.
When it was revealed last week that Lee Buchheit was again seemingly in the midst of the Greek talks I wondered whether something was up. You see, back in 1982, one of the advisors to Mexico was a guy named Buchheit. The same Buchheit? Could there be another? This isn't his first rodeo boys and girls. There may be a chance here for the Greeks albeit a slim chance as the numbers simply don't work but with the change there is now a chance. This weekend there was none. We shall see.
And remember that radical government in Mexico? The short-lived finance minister was a fellow by the name of Carlos Tello a self-styled socialist economist by trade. After the new government arrived in office, I decided it might not be a bad idea to keep up with the "loyal opposition" and had a meeting arranged with Mr. Tello a bit on the sly. It was to be lunch at a hotel in the Zona Rosa in Mexico. I arrived early and decided to have my shoes shined (greatest shines in the world are in Mexico). In the middle a young child with his mother came begging. The man in the next chair asked them not to disturb me and they stepped back. It was a sad sight. When I was finished, I bought an ice cream from a street vendor, for about fifty cents, gave it to the child and a few dollars to his mother. It was the day of Mexico's first devaluation and four dollars would probably have bought two weeks worth of tortillas. Mom tried to kiss my hand. Things were awfully hard. My neighbor at the shoeshine looked at me and said in perfect English, "that was a very kind thing you just did. She should not be begging." "Yes, I said, " but she has no choice." He nodded, and I went into the hotel for lunch.
Five minutes later my guest arrived. Carlos Tello had just finished his shoe shine. We talked and laughed and had a hell of a lunch to include two bottles of a de Vogue '69 Musigny that because of the devaluation cost $28...for both! Having never seen a devaluation the hotel didn't know enough to change the prices.
We kept in touch for a while and then lost track of one another. He went on to a career in the foreign service serving as ambassador here and there. I guess there is a lesson in there somewhere. Beats me as to where or what it is
Anyway, after a brutal weekend in Riga, yank Tsapris finally pulled the plug and sat the Rock Star, yanks Varoufakis. He's still around so ordinating efforts but the day to day work will be done by Euclid Tsakslotos, an Oxford training economist of leftist leanings, assisted by Georgos Houliarkis about whom I know nothing; then again I don't know much about Euclid either except that he wears a tie and appears to bathe regularly which would not altogether be bad things. The Rock Star? He was dead meat and had been in the sun too long. Then, too, the not-so-secret-secret that the Euro-boys (and girls) had already drawn up the terms of separation with Greece made this sort of move inevitable as despite the lack of appetite for a separation on either side, with the lack of progress and the increasing lack of comity, it was becoming a sure thing. One of the best lines, however, came from the Great Art Cashen on CNBC who mused as to whether the Rock Star, a well known "expert" in game theory was playing a game all along. No Art, he was just a jerk and lost the game.
Anyway, on the news of the change, the market for Greek bonds went through the roof. Either hope springs eternal or there is one born every minute. You choose. But as you know I am a bit of a history buff when it comes to these things and have often said that we have seen most of this before. In the dark days early in the Mexico crisis of 1982, President Jose Lopez Portillo--or "Ho Lo Po" to his...ah...buddies--tilted left and replaced his cabinet with supposedly radical leftists. Wall Street shuttered but through the short period until the next administration, soothing words kept coming from Mexico not to worry, this too shall pass. Sure enough, in came the new "moderate" administration with who most felt comfortable if not enraptured, negotiations went forward and the restructuring were completed, money was lost and normalcy returned except for that period of about ten years which were not the best for the people of Mexico. The alternative? Well, let's not go there. I was a banker, remember.
When it was revealed last week that Lee Buchheit was again seemingly in the midst of the Greek talks I wondered whether something was up. You see, back in 1982, one of the advisors to Mexico was a guy named Buchheit. The same Buchheit? Could there be another? This isn't his first rodeo boys and girls. There may be a chance here for the Greeks albeit a slim chance as the numbers simply don't work but with the change there is now a chance. This weekend there was none. We shall see.
And remember that radical government in Mexico? The short-lived finance minister was a fellow by the name of Carlos Tello a self-styled socialist economist by trade. After the new government arrived in office, I decided it might not be a bad idea to keep up with the "loyal opposition" and had a meeting arranged with Mr. Tello a bit on the sly. It was to be lunch at a hotel in the Zona Rosa in Mexico. I arrived early and decided to have my shoes shined (greatest shines in the world are in Mexico). In the middle a young child with his mother came begging. The man in the next chair asked them not to disturb me and they stepped back. It was a sad sight. When I was finished, I bought an ice cream from a street vendor, for about fifty cents, gave it to the child and a few dollars to his mother. It was the day of Mexico's first devaluation and four dollars would probably have bought two weeks worth of tortillas. Mom tried to kiss my hand. Things were awfully hard. My neighbor at the shoeshine looked at me and said in perfect English, "that was a very kind thing you just did. She should not be begging." "Yes, I said, " but she has no choice." He nodded, and I went into the hotel for lunch.
Five minutes later my guest arrived. Carlos Tello had just finished his shoe shine. We talked and laughed and had a hell of a lunch to include two bottles of a de Vogue '69 Musigny that because of the devaluation cost $28...for both! Having never seen a devaluation the hotel didn't know enough to change the prices.
We kept in touch for a while and then lost track of one another. He went on to a career in the foreign service serving as ambassador here and there. I guess there is a lesson in there somewhere. Beats me as to where or what it is
Friday, January 31, 2014
WHY SHOULD I WORRY
Krugman has it figured out in his Times column today. Beginning with a brief history of crises starting with Mexico in 1982, which was apparently caused by the onset of deregulation and banker aggressiveness (his words, not mine) that led to the "sudden stop" of lending in 1982 and to economic implosion. From this explanation all else follows in a logical pattern, for Paulie is nothing if not logical. Unfortunately, as if too often the case, Paulie is dishonest and incorrect in his assessment.
Prior to 1982, and right at in the middle of the real estate bubble of the early 70ies, we had this new event called OPEC and the great oil shut off to which the West capitulated resulting in a massive increase in oil prices and unheard of new wealth throughout the middle east and in certain countries in Latin America. It also led to massive amounts of liquidity flooding American and international banks, unusable at home, creating a need for it to be "recycled." The recycling went through many of the very countries producing the bonanza whereby future revenues were targeted for repayment of present loans designed for infrastructure development. Make no mistake, this lending was greatly encouraged by governments both here and overseas and banking regulators. Remember, "Countries don't go broke."
The second most important thing to remember is that not all of this liquidity could be sopped up in this manner. There was no capital market for sovereigns in the emerging markets; all the lending was done by banks. There remained A LOT of liquidity.
The third thing to remember is Jimmy Carter was President and Jimmy Carter was an idiot.
The fourth thing to remember is inflation went through the roof and to combat it Jimmy did the only smart thing he did in four years…he appointed Paul Volker as Chairman of the Fed, and finally,
The fifth thing to remember is Paul killed inflation, stone, cold, dead with interest rates north of 15% but at the same time he killed Latin America as well.
Now little Paulie wont tell you all that because his solution to everything is for western governments to engage in huge amounts of deficit spending which will create demand which will cure all things otherwise we will face bubbles and recessions forever. Unfortunately, near history--not theory--seems to suggest that improper fiscal management is what buggers things up and nothing has proven worse than the nonsenses of the Carter years and the economic disincentives of the present administration coupled with fiscal mismanagement over the past dozen years that encourages…nay, almost forces--investors to seek yield in places most really shouldn't be.
Why should I worry? Well, because I don't think this emerging market thing is over nor do I think it's a mere blip. This could get worse and as I said the other day who cares about Turkey or the Venezulus or Argentina as stand-alones. But throw in India, the weak guys in Euroland and certainly Brazil, and you have the makings…of…something. Don't look for leadership from Uncle; The Leader and his party are in full election crisis mode not that anyone would listen to them in the first place. Unfortunately, though unavoidable on the international stage we command absolutely no credibility. So do us all a favor, Paulie Bubbala, go sit in a corner somewhere and play with your Nobel which you earned when you used to be an economist rather than a political enabler. Crap like your latest effort we don't need.
Prior to 1982, and right at in the middle of the real estate bubble of the early 70ies, we had this new event called OPEC and the great oil shut off to which the West capitulated resulting in a massive increase in oil prices and unheard of new wealth throughout the middle east and in certain countries in Latin America. It also led to massive amounts of liquidity flooding American and international banks, unusable at home, creating a need for it to be "recycled." The recycling went through many of the very countries producing the bonanza whereby future revenues were targeted for repayment of present loans designed for infrastructure development. Make no mistake, this lending was greatly encouraged by governments both here and overseas and banking regulators. Remember, "Countries don't go broke."
The second most important thing to remember is that not all of this liquidity could be sopped up in this manner. There was no capital market for sovereigns in the emerging markets; all the lending was done by banks. There remained A LOT of liquidity.
The third thing to remember is Jimmy Carter was President and Jimmy Carter was an idiot.
The fourth thing to remember is inflation went through the roof and to combat it Jimmy did the only smart thing he did in four years…he appointed Paul Volker as Chairman of the Fed, and finally,
The fifth thing to remember is Paul killed inflation, stone, cold, dead with interest rates north of 15% but at the same time he killed Latin America as well.
Now little Paulie wont tell you all that because his solution to everything is for western governments to engage in huge amounts of deficit spending which will create demand which will cure all things otherwise we will face bubbles and recessions forever. Unfortunately, near history--not theory--seems to suggest that improper fiscal management is what buggers things up and nothing has proven worse than the nonsenses of the Carter years and the economic disincentives of the present administration coupled with fiscal mismanagement over the past dozen years that encourages…nay, almost forces--investors to seek yield in places most really shouldn't be.
Why should I worry? Well, because I don't think this emerging market thing is over nor do I think it's a mere blip. This could get worse and as I said the other day who cares about Turkey or the Venezulus or Argentina as stand-alones. But throw in India, the weak guys in Euroland and certainly Brazil, and you have the makings…of…something. Don't look for leadership from Uncle; The Leader and his party are in full election crisis mode not that anyone would listen to them in the first place. Unfortunately, though unavoidable on the international stage we command absolutely no credibility. So do us all a favor, Paulie Bubbala, go sit in a corner somewhere and play with your Nobel which you earned when you used to be an economist rather than a political enabler. Crap like your latest effort we don't need.
Tuesday, July 31, 2012
NOTHING NEW
We will see what the central banks have to say tomorrow although it's not a very hard guess. We might also look to news from Athens although that's not realling important any more as I have been saying. Therefore, why don't we just solve the Greek problem by taking a page from catastrophies of long ago.
Look, nothing in a conventional sense is going to help Greece: it still has too much debt and too little growth. Throwing them out of the Eurozone would be easy and relatively inexpensive. Forget about what the geniuses on tv and in the papers are telling you; the Germans have already done he numbers. What scares everyone is the threat of contagion--if Greece goes, who's next--and that is a real concern if your aim is to hold the Eurozone together. Look at Euroland and Greece as two seperate but interconnected problems. If you can isolate Greece from the far more important Euroland Inc., you have a chance...a chance mind you...of bringing the latter problem under control. Think Mexico, c.1983.
Mexico had two forms of debt, soverign and bank, the latter although nationalized, still was considered a seperate stock of debt. If interbank lending was not continued, Mexican banks would collabse and bring the soverign debt down with it. To preven this from happening a "gentleman's agreement" was reached: Mexican banks would refuse to repay interbank loans upon maturity and lenders would agree to roll over the advances outstanding and not accept repayment. It was nuts but it actually worked. Fear is a highly motivating factor. Greece is Euroland's Mexican Banks so why don't we try something like this:
Restructure all the Greek debt for something like 30 years at 1%. As part of the agreement Greece will agree not to attempt to buy back their debt at a discount for, say, five years and the obligees will agree to hold their debt until maturity. Mark to market? Nah. The accountants will agree to make it inapplicable just like in 1983 if leaned upon and certainly the banks will not object if there is no need to engage in write-downs. Will all parties be telling the truth and adhear to the agreements? Of course not, but who cares. The problem will resolve itself within the market which is as things should be. At this point, Euroland can say bye-bye to the Greeks: if you want to stay in fine with us but no more money. You are on your own. Screw it up again and you're toast. The fact that you still owe a gazillion Euros is of no consequence because any obligee with a brain in it's head will have the opportunity to reserve against insuing loss a little at a time over 30, 40, or 50 years which is no loss at all. So au revoir, Greece and have a GREAT future. We'll hold a meeting down in your parts from time to time as long as you keep Santorini available in February. I think it's a wonderful idea, but I guess we have to wait to see what comes out of the talks with the Troika.
And of course, Thursday looms. Let me reiterate; they better come up with something good otherwise there will be hell to pay. Can't wait.
Look, nothing in a conventional sense is going to help Greece: it still has too much debt and too little growth. Throwing them out of the Eurozone would be easy and relatively inexpensive. Forget about what the geniuses on tv and in the papers are telling you; the Germans have already done he numbers. What scares everyone is the threat of contagion--if Greece goes, who's next--and that is a real concern if your aim is to hold the Eurozone together. Look at Euroland and Greece as two seperate but interconnected problems. If you can isolate Greece from the far more important Euroland Inc., you have a chance...a chance mind you...of bringing the latter problem under control. Think Mexico, c.1983.
Mexico had two forms of debt, soverign and bank, the latter although nationalized, still was considered a seperate stock of debt. If interbank lending was not continued, Mexican banks would collabse and bring the soverign debt down with it. To preven this from happening a "gentleman's agreement" was reached: Mexican banks would refuse to repay interbank loans upon maturity and lenders would agree to roll over the advances outstanding and not accept repayment. It was nuts but it actually worked. Fear is a highly motivating factor. Greece is Euroland's Mexican Banks so why don't we try something like this:
Restructure all the Greek debt for something like 30 years at 1%. As part of the agreement Greece will agree not to attempt to buy back their debt at a discount for, say, five years and the obligees will agree to hold their debt until maturity. Mark to market? Nah. The accountants will agree to make it inapplicable just like in 1983 if leaned upon and certainly the banks will not object if there is no need to engage in write-downs. Will all parties be telling the truth and adhear to the agreements? Of course not, but who cares. The problem will resolve itself within the market which is as things should be. At this point, Euroland can say bye-bye to the Greeks: if you want to stay in fine with us but no more money. You are on your own. Screw it up again and you're toast. The fact that you still owe a gazillion Euros is of no consequence because any obligee with a brain in it's head will have the opportunity to reserve against insuing loss a little at a time over 30, 40, or 50 years which is no loss at all. So au revoir, Greece and have a GREAT future. We'll hold a meeting down in your parts from time to time as long as you keep Santorini available in February. I think it's a wonderful idea, but I guess we have to wait to see what comes out of the talks with the Troika.
And of course, Thursday looms. Let me reiterate; they better come up with something good otherwise there will be hell to pay. Can't wait.
Monday, April 2, 2012
OBAMA CARE
A rare venture into politicoland.
Told you it was important. Today, the Leader, in the presence of two heads of state remarked that the Supreme Court had no right to review an act of a duly elected Congress. Funny, as to the question, I thought that it was exactly for the purpose of reviewing congressional actions that the Supreme Court was established. I must be wrong if The Leader says so. If that's the case why go through all this nonsense. Why not just say something like, "Supreme Court?" "SUPREME COURT?" I don't need no damn Supreme Court!" It would make life so much easier just like "I don't need no damn Constitution!"
Wonder if he has thought of that.
It's Holy Week so we will hear no more from Europe for at least a fortnight which is probably not a bad thing. And so thoughts turn to speculating over whether the recovery in the U.S. is real, whether it can continue on it's own or will the increasingly dreadful numbers out of Euroland finally have a spill-over effect into this hemisphere. I must say, I have never witnessed so many economists and talking heads not only hedging their bets but increasingly refusing to make any bets at all. No more of this, "On the other hand..." stuff at all. I have actually heard a couple of them admit that they don't know. Heady stuff. All I can say is that I don't like the direction of things either here or especially in Europe. The French elections are going to begin to dominate the news headlines in about a week and that outcome could well tell the tale. Remarkably, the left has said such dopey things that Sarkozy may actually be able to pull this thing out. Then again, he is Sarkozy and how does one run against oneself?
Less noticed, even by Americans, is the Mexican election in a few months which is vitally important to us and for which electioneering has just begun. We shall be watching developments to our south over the coming months, keeping in mind that this election will mark probably the successful conclusion to Mexican democratization which really began with Ernesto Zedillo 18 years ago. There are huge challenges facing Mexico no doubt, but they have made great strides. I firmly believe that it is vitally important to the future of the United States that the relationship between the two countries is normalized in the form of a hemispheric partnership which, along with Canada, secures the future for all three nations. Beginning tomorrow, that will become part of our focus.
Told you it was important. Today, the Leader, in the presence of two heads of state remarked that the Supreme Court had no right to review an act of a duly elected Congress. Funny, as to the question, I thought that it was exactly for the purpose of reviewing congressional actions that the Supreme Court was established. I must be wrong if The Leader says so. If that's the case why go through all this nonsense. Why not just say something like, "Supreme Court?" "SUPREME COURT?" I don't need no damn Supreme Court!" It would make life so much easier just like "I don't need no damn Constitution!"
Wonder if he has thought of that.
It's Holy Week so we will hear no more from Europe for at least a fortnight which is probably not a bad thing. And so thoughts turn to speculating over whether the recovery in the U.S. is real, whether it can continue on it's own or will the increasingly dreadful numbers out of Euroland finally have a spill-over effect into this hemisphere. I must say, I have never witnessed so many economists and talking heads not only hedging their bets but increasingly refusing to make any bets at all. No more of this, "On the other hand..." stuff at all. I have actually heard a couple of them admit that they don't know. Heady stuff. All I can say is that I don't like the direction of things either here or especially in Europe. The French elections are going to begin to dominate the news headlines in about a week and that outcome could well tell the tale. Remarkably, the left has said such dopey things that Sarkozy may actually be able to pull this thing out. Then again, he is Sarkozy and how does one run against oneself?
Less noticed, even by Americans, is the Mexican election in a few months which is vitally important to us and for which electioneering has just begun. We shall be watching developments to our south over the coming months, keeping in mind that this election will mark probably the successful conclusion to Mexican democratization which really began with Ernesto Zedillo 18 years ago. There are huge challenges facing Mexico no doubt, but they have made great strides. I firmly believe that it is vitally important to the future of the United States that the relationship between the two countries is normalized in the form of a hemispheric partnership which, along with Canada, secures the future for all three nations. Beginning tomorrow, that will become part of our focus.
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