The United Sates of Argentina

4His_glory · Feb 2, 2009

yeah I know I said I was taking a break from BB and I still am planning too. But this article rang home in more ways than one for me. As a US citizen that lives in Argentina who also happens to be conservative, I could not help but make comparisons to the current economic policies of the White House, and the past history of this country where I now live.

This article is the February issue of the American Conservative. Here is the link.

And here is a sample:

The road to economic hell is paved with excellent intentions—a desire to save troubled industries, relieve poverty, and bolster communities that support the present government. But the higher the spending and the deeper the deficits, the worse the effects on productive enterprise and the heavier the penalty placed on thrift and enterprise...

Could it happen here? The U.S. certainly has very different political traditions from Argentina and more barriers to a populist-driven rape of the economy. On the other hand, events in some regions would make Juan Perón smile wistfully. California runs on particularly high taxes, uncontrollable deficits, and overregulation with a vastly swollen bureaucracy while the hegemonic power of organized labor prevents any reform. Thankfully, the state has no power to devalue its currency, still less to freeze bank accounts or seize pension funds, and businesses can still relocate elsewhere. But in its social values and progressive assumptions, California is close to the Democratic mainstream, which now intends to impose its ideas on the nation as a whole. And at over 60 percent of GDP, U.S. public debt is already higher than Argentina’s.

When honest money perishes, the society goes with it. We can’t say we weren’t warned.
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The United Sates of Argentina

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