Argentina and the United States are two of the richest countries in the world. In 1896, they had identical incomes but that’s when Argentina dumped the free market and moved to crony corporatism and trade protectionism, the CATO Institute reported.
Pope Francis did not talk about the plight of his own nation or of the Cuban dissidents. He seemed to condemn Capitalism. The Cuban dissidents expressed their disappointment in a letter. More than 250-300 dissidents were arrested during his visit but he didn’t comment.
It’s hard to understand, even for people who have lived under a delusional president for almost seven years.
Argentina, the Pope’s homeland, is currently socialist and has gone from a thriving nation to one of abject poverty. Over a third of Argentine’s population live in poverty conditions says one food and nutrition report called the Healthy Food Basket. At least 17.8% of the Argentine population live in indigent conditions.
The politicians nationalized industry and introduced socialist as well as fascist economic policies. When economic failure came about, they turned to the printing press to bail them out.
Argentina was arguably the fifth-richest nation on earth. Some reports say it was the second richest. Unlike the U.S., they had no war debt after World War II.
Juan Peron (and later Eva Peron) went from helping the poor to wasting money like a drunken sailor. One example is in the hundreds of thousands of dollars he spent on a crazy scheme called Cold Fusion. He caused an international panic in 1951 when he announced Argentina had produced a fusion reaction. It was untrue and he looked to be as crazy as he was.
Argentina has gone from crony-corporatists who worked solely for the benefit of the rich to socialist governments who overspent Argentina’s incredible wealth and transformed it into enormous debt. Politicians catered to violent mobs.
They now have President Cristina Kirchner who is orchestrating a currency collapse. She is a Peronist and Argentinians refer to her and her husband as Clintonistas. Their current minister of economics Axel Kicillof has said he “reinterpreted Keynes from a Marxian perspective”. His policies inflate the money supply, there are very harsh capital controls, and anyone who dares criticize is persecuted.
In 2001, they were deeply in debt – again and they ran out of money. The currency was crashing. They did what statists do.
They broke their promise to investors and savers and cut the peso loose from the dollar and seized control of banks and bank accounts. They forcibly converted accounts in US dollars into pesos as the peso was losing 2/3rds of its value.
Then, they took the reserves in the central bank to pay expenses.
A few years later, they took over private pension funds — to protect them for the pensioners they said. The statists use them to fund the country’s deficits!
They haven’t learned a thing!
This is an Obama you-know-what kind of dream.
The ruling class squanders the resources, the currency is worth little and the people suffer. About 30% of the population is below the poverty line, double that of the United States though President Cristina de Kirchner claims their poverty level is close to being the lowest in the world. The leaders like to blame the U.S. and Capitalism for their problems, especially Milton Friedman.
That’s why everyone wants to come to the U.S. The country is so bad!
A lot of the harsh and dishonest criticism comes from people like anti-Capitalist Naomi Klein, author of The Shock Doctrine. She has been chosen by Pope Francis to serve as an adviser on Climate Change.
It wasn’t easy to destroy Argentina but crony capitalists and socialists pulled it off.
This is what 100 years of statism will do.