Dissolve into Evergreens
This blog used to be about politics. Not so much anymore as I have worked through my fascination with that subject. It now seems appropriate that with a new president and the end of the Bush nightmare that I move on to new subjects that are more in line with my current interests. I may still occasionally express an opinion about political matters but for the most part I will be commenting on music, photography and personal observations. Thank you for reading.

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Argentina Gets Away
Argentina : NYTimes.com

BUENOS AIRES, Dec. 23 - When the Argentine economy collapsed in December 2001, doomsday predictions abounded. Unless it adopted orthodox economic policies and quickly cut a deal with its foreign creditors, hyperinflation would surely follow, the peso would become worthless, investment and foreign reserves would vanish and any prospect of growth would be strangled.

But three years after Argentina declared a record debt default of more than $100 billion, the largest in history, the apocalypse has not arrived. Instead, the economy has grown by 8 percent for two consecutive years, exports have zoomed, the currency is stable, investors are gradually returning and unemployment has eased from record highs - all without a debt settlement or the standard measures required by the International Monetary Fund for its approval.

Argentina's recovery has been undeniable, and it has been achieved at least in part by ignoring and even defying economic and political orthodoxy. Rather than moving to immediately satisfy bondholders, private banks and the I.M.F., as other developing countries have done in less severe crises, the Peronist-led government chose to stimulate internal consumption first and told creditors to get in line with everyone else.

So... they grew their economy by refusing to siphon money out of their economy and into the hands of foreign investors?

How odd.

Notice that we ignore the warnings of the I.M.F. as well.

If there is any good to be had from this bogus war in Iraq its that countries like Brazil, Argentina and Venezuela will have a little room to progress according to their own plans with less outside interference.

Further discussion on Kos.

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About Me

35 yr old
Highlands Ranch
Recording Engineer
Voted for Kerry
Voted for Obama
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22.3% Less Smart

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Dissolve into Evergreens