Letter Re: Argentina’s Lessons for the U.S. Debt
I read the first-hand accounts of Argentina’s decline from wealth and prosperity to near lawlessness that were linked to here a while back and they stuck with me. How could a prosperous nation with generally well-regarded policies sink so far so fast? Far more importantly, what caused it, could it happen in other places (i.e. here), and what indicators were missed? Luck would have it that I stumbled across the answers to two of those entirely serendipitously. The answer is actually rather simple: debt. The Argentinean economy was in good shape in the 1990s, it had good growth, good …