Argentina, the case for Neo-Communism? (X).
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|Nations are far more complex systems than sovereign bonds.
Argentina in particular is a terribly mismanaged country with a hedonistic view of matters which makes them akin to spend what they don't have. The country is not poor, and she is not alone: according to Dr. Joseph Stiglitz, a Nobel Prize winner for his works in economics in 2001, this South American nation run into a debt which represents 55% of its GDP, Japan, at the same time, has a debt which reaches 130% of its GDP, and since Dr. Stiglitz has quite enlightening things to say about the matter, I recommend you to read his articles.
The sin of Argentina is not really to have run into debt, but to have alienated its own producing forces by destroying confidence in the political system, which indeed, later permeated into the economy. Do your homework and check what I say.
Even if you are a millionaire but are spending more than you get you will reach some dire straits: If you earn $ 10 per day and spend $ 20 it is exactly the same as if you were earning $ 1.000 and spending $ 2.000. Only the numbers are higher, but in such cases, the rich and poor become equal, and it is easy to confuse them. In both cases you will have your pockets empty. If you don't make good bets, then the casino gets it all.
But guess what? Argentineans are also humans, and if they could err, so can your own government. It takes a long time to reach the heights of incompetence of South American politicians, but if you peruse a little thorough history books, you will soon find out that such processes of decay start silently and evolve quietly before anyone realises that something may be wrong, usually too late.
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