On Dec. 9, standing before the flags of their countries, the presidents of Argentina, Bolivia, Brazil, Ecuador, Paraguay and Venezuela, along with a representative from Uruguay, gathered in Buenos Aires and signed the founding charter of the Banco del Sur, or the Bank of the South.

With the creation of the Banco del Sur, the current progressive leaders from Latin America have taken another step at institutional independence from the economic colonialism that had survived the era of overt colonialism. As the U.S. loses more of its ill-gotten profit from Latin America, what impact will that have on the U.S. economy?