Over the last quarter of a century, with loud praise from American liberals, ‘democracy’ has taken hold throughout Latin America, bringing socialists, Marxists, and leftist politicians of all stripes to power in country after country.

The January 2006 inauguration of Evo Morales as president of Bolivia is but a reminder of this trend.

Left-leaning Latin governments are good news for the U.S. bond market, although not necessarily for the people of the countries involved.

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It is fashionable in some quarters to say that it doesn’t make much difference who wins the elections; the country will go on its own way without much change.

However, in 2004 this is probably not the case.

In several areas it may be important whether Bush or Kerry becomes the next president:

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