ARGENTINA: Assistant Dictator

"I am the financial and economic dictator of Argentina," crowed Miguel Miranda to a friend last week. As Juan Perón's closest adviser and president of Argentina's newly nationalized Central Bank (TIME, April 8), the portly, fiftyish tin-can manufacturer was feeling his oats. A sweeping governmental decree had just handed him such economic power as few men had held outside Nazi Germany or Fascist Italy.

All bank deposits and practically all loans were placed under Central Bank control. Henceforth, Miranda's bank would make all the decisions that individual bankers used to make. The Central Bank would merely pay them for handling deposits...

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