Is Argentina about to trigger a world wide monetary collapse? In a word, no. At least, we hope not. But things aren't good. The Dow just closed a few minutes before this post at -317.08. Most analysts are pointing to the collapse of talks between Wall Street hedge funds and the Argentine government earlier today. Argentinian government bonds held by the U.S. Treasury were worth $29 billion. By tomorrow, they may be worthless. Mexican and Brazilian stock exchanges closed down 1.5% and 1.8%, respectively, following last night's missed deadline. If Argentina defaults -- and it is virtually unavoidable -- it will be the second time in 13 years and the third time in 40 years. The latter event triggered defaults by almost every South and Central American nation, but the U.S. economy was much stronger and more resilient then. It absorbed the losses with the onset of a minor recession. With housing and the markets themselves subsisting on a monetary balloon, a domino collapse of the economies of the Southern Hemisphere Americas would likely trigger severe recession here in the U.S., as our Treasury holds large blocks of bonds from every nation except Venezuela. The question asked at the beginning of the thread title is still a "No." But for how long?