President Obama is trying to apply Band-Aids to the gaping wounds that Bush and his criminal conspiracy inflicted upon our relations with Central and South America. But Obama is being outflanked by China who has been passing out billions in foreign aid to offset the damage the current economic collapse has inflicted on our nearest neighbors.
In a new twist China is giving 10 billion dollars' worth of currency to Argentina. Notice I said "10 billion dollars' worth"; it’s not in dollars; it’s in Chinese currency. This will get Argentina out from under the thumb of US banking interests that have ruined their economy.
In return China is securing access to all manner of raw materials that it needs and it is leaving the US dollar behind. Obama will have an uphill battle explaining to these countries why they should continue to trade with the US. China makes all the manufactured goods we have to trade and will buy everything South America produces. China also offers the added benefit of not trying to overthrow their governments.
Drug lords will probably continue to do business with the US but they will probably start wanting to be paid in Chinese currency. Hell, even economic correspondents want to be paid in Chinese currency.