January 21, 2008 (LPAC)--At an annual conference Jan. 16 sponsored by Spain's Banco Santander in Acapulco, Mexico, Santander's executive for Latin America, Francisco Luzon, delivered a sharp warning to Mexican President Felipe Calderon, not to even consider abandoning the City of London's free-market economic policies for something more "heterodox," in the event that a global economic crisis were to occur.

Of course, Mexico is doing beautifully, and "playing by the rules," Luzon said. But he added, "none of us would recommend that you totally rule out a scenario worse than expected" for the coming year. Yet don't be tempted by "populism," Luzon warned. Stick to "structural reform;" do as you're told, and you shall be rewarded with massive investments and "respect."

There's a bit of irony here given that Santander, which really represents the financial interests of the British Monarchy, is falling short in the rewards department, given that is itself headed towards the morgue-age cemetery. The bank's stock has plummeted by 15.9% on the Madrid stock market so far this year, and 9.26% in the last week alone. Perhaps Calderon might want to think "heterodox."