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Don't Cry to Me Argentina
Deep in a Hole, Argentina Keeps Digging

Watching her economy shrink before her eyes, Argentina’s embattled President Cristina Fernandez de Kirchner has fired her Central Bank head, Juan Carlos Fabrega, and replaced him with someone even further to the left. But that’s not the fact that’s raising eyebrows; it’s the increasingly unhinged rhetoric that accompanied the move. The Financial Times reports:

The exit of Mr Fábrega, who was considered to have a moderating influence on Argentina’s confrontational leader, came the day after Ms Fernández not only suggested he had helped banks to undermine the peso but also accused the private sector of attempting to topple her government “with help from abroad”…

Ms Fernández, who also insinuated last week that there was a plot to assassinate her in the US, denies Argentina faces serious underlying economic problems, despite a sovereign debt default two months ago that has deepened a recession and placed growing pressure on the peso as foreign currency becomes increasingly scarce.

Kirchner flatters herself that the evil Yanqui imperialists want her blood; in reality, if we were the evil Scrooge McDucks that Latin lefty propaganda has long made us out to be, we would want her to live forever. Has there ever been a better advertisement for the virtues of capitalism and the vices of socialism than Kirchner and her ilk?
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  • John Tyler

    Argentina; a classic case in which the people, through their ELECTED REPRESENTATIVES, vote for mass economic suicide. This is the biggest danger facing any nation that has a representative form of government.
    We here in the USA should not snicker at those “stupid Latins.” Just look how far removed our government is from that originally intended in the US Constitution.
    Once a representative government is given the right to STEAL the wages of workers – via income taxation- and spend and “re-distribute” these wages to benefit the politicians, the government WILL be corrupt and eventually impoverish the citizenry.
    Rest assured that Kirchner and her ruling class supporters have nothing to fear; their Swiss bank accounts have ample funds.

  • Pete

    Not everyone is capable of casting a responsible vote.

    That’s the flaw (fatal?) of democracies and even representative republics.


    • Andrew Allison

      To paraphrase de Tocqueville, a democracy will endure until the day its elected representatives discover that they can bribe the public with the public’s money.

    • FriendlyGoat

      A “responsible” vote reflects the voter’s thoughts and wishes, not those of a herd of people who think they are smarter.

      • Andrew Allison

        Wrong. A responsible vote is a thoughtful one for the benefit of society, not for an Obamaphone [shorthand for voting for “gimme” and to hell with our grandchildren].

        • FriendlyGoat

          You are sooooo sure you know what benefits society. I bet you even believe the upside-down, backwards myth contending that high-end tax cuts create jobs. You probably think we need photo-ID at the polls to deter fraudulent voters—-even though there aren’t any.

          As for your grandchildren, they will be better off if you receive Social Security than if you mess around and get it killed so you can’t collect it. This happens to be true with respect to everyone’s grandchildren.

          • Andrew Allison

            Nope, I’m not at all sure that I know what benefits society. What I do know is that when I vote, I vote for what I think is best for society, not to get an Obamaphone (or for the race of the candidate).

          • GS

            it is not that difficult to figure out what benefits society, at least in the outline. One gets more of what one subsidizes – and therefore, promoting the productives benefits society, while promoting the parasites does not.

  • FriendlyGoat

    How do conservatives knock a leftist central banker in Argentina while enjoying America’s Federal Reserve printing 4 trillion to bail out their very own equities market?

    • Tom

      They don’t.

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