By David Morgan,
The Argentine Crisis: Could It Hit Here?
In December 2001, the Argentinian government defaulted on $155 billion in public debt. Since then, this once-wealthy country has gone through five presidents and watched its currency fall by more than 70 percent. How do people survive in a broken economy? The solutions range from the ingenious — barter clubs where members can exchange goods and services without money — to the brutal, including outbreaks of rioting.
Since un-hitching its peso from the U.S. dollar, Argentina has suffered a spectacular economic collapse. For market-wary Americans — shaken by the end of the bubble and economic turbulence — the questions arise:
Could Argentina’s dire economic situation ignite a new contagion that would sweep through Latin America, destabilizing the region, and further threaten America’s ill economy? And, beyond that, could something like that ever happen at home, undermining America’s middle-class stability?
With the most basic government services now only a memory and the army camped around the capital, how can the people of Argentina begin to put their society back together?
What does a financial meltdown look like? And where do American interests or responsibilities lie?
The real question we should be asking…. “When will this happen here in America?”
Watch the video below. Then keep reading to see how you can protect yourself from an economic collapse much like Argentina experienced.
Ultimately, what brought this country to the brink of an implosion was runaway spending — amplified by corruption and the breakdown in the rule of law.
Can this happen in America? If you don’t think so…. ask yourself why? What make us an different than Argentina, Cypruss or what’s currently going on in Greece?
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A few errors in the last sentence:
What make[s] us an[y] different than Argentina, [Cyprus] or what’s currently going on in Greece?