wikipedia | The 1998–2002 Argentine great depression was a major economic depression that began in the third quarter of 1998 and lasted till the second quarter of 2002.[1][2][3][4][5][6][7] It almost immediately followed the great depression of 1974–1990 after a brief period of economic growth.[6]
The depression, which began due to the Russian and Brazilian financial crises and worsened after the dot-com bubble burst,[1][2]
caused widespread unemployment, riots, the fall of the government, a
default on the country’s foreign debt, the rise of alternative
currencies and the end of the peso’s fixed exchange rate to the US
dollar.[1][2] The economy shrank by 28 percent.[3][7] Over 50 percent of Argentines were poor, and the indigents amounted 25 percent; seven out of ten Argentine children were poor.[2][7]
By 2002 GDP growth had returned, surprising economists and the business media,[8][9] and the economy began to grow at an average 9% per year.[10][11]
In 2005, Argentina’s GDP exceeded pre-crisis level. As of 2013, the
default had not been completely resolved, although the government had
repaid its IMF loans in full.
17 comments:
What happened to Argentina? How was it possible that in so rich a country so many people were hungry? The country had been ransacked by a new form of aggression, committed in time of peace and in a democracy. A daily and silent violence that caused greater social disruption, more emigration and death than the terrorism of the dictatorship and the Falkland Islands war.
Ever since independence, almost 200 years ago, Argentina’s foreign debt has been a source of impoverishment and corruption and the biggest scandals. Since the first loan negotiated by Rivadavia in 1824 with the British Bank Baring Brothers, the debt was used to enrich Argentinean financiers, to control the finances and empty the country of its wealth.
This foreign debt always went hand in hand with big business, and with the complicity of nearly every government, from Miter and Quintana to Menem and De la Rua. The policy of indebtedness gave rise in Argentina to generations of technocrats and bureaucrats, who favored banks and international corporations over their own country. Educated at Harvard, Chicago, Oxford or Buenos Aires, their portraits hang in the official galleries.
Correction:
The long term UNDERDEVELOPED are screwed.
Those who believed that political trickery using fake sovereign fiat currency could abstract their standard of living from the realities of economics are receiving a heavy dose of reality - with more to come.
lol, so everybody without advanced doomsday preparation is "underdeveloped"?
Exactly! It is a way of thinking.
Kids who started 1st grade in 2001 just started college.
Skyscrapers can collapse straight down. ROFLMAO
Of the subset of people THAT I AM MOST INTERESTED IN DEVELOPING............over the past 50 years they were made solemn in their belief that by investing their VALUABLES into political opportunism that their PERMANENT INTERESTS would be developed.
Today, they stand - UNDERDEVELOPED and worse yet - the INSTITUTIONS that they should have built up as the scaffolding for their development sit RUSTED as they were tricked.
I can't focus on "EVERYBODY".
I can build up an evidentiary base of fact which shows the consequence of aligning your beliefs into something that DONT BELIEVE IN YOU.
lol, well, that and $3.57 will get me a venti latte at Starbucks. Your evidentiary base is as useless as that lip-poked out jiggaboology peddled by the obsolete, crashing and burning, grievance-mongering afrodemic wing of the Cathedral.
lol, lets hope they be savvy enough to get a dab of novacaine in their vaseline and not squander a decade plus being butt-hurt over something about which they can't do a dayyum thing...,
The thinking version of science would mean knowing what not to believe about nonsense.
The thing to wonder is if we really had a scientific society would the perps have figured out that most people would not believe it and maybe not even tried.
The thinking version of science has put it into perspective as a settled matter of political mass psychology and has moved on to other more pressing and relevant concerns.
Actually THEY, unlike me, are able to compel a whole lot of "The Least Of These" to INVEST THEIR VALUABLES into their sermon.
I am not worried about the "UTILITY" of my "evidence" - the acceptance or repudiation of which is a matter of one's willingness to accept that this PROBLEM is not going to be fixed until THE PEOPLE demand "Where Is The Money That We Gave To You For Our Development?" as the primary means of NOT BEING TAKEN AGAIN into the scheme of POLITICAL OPPORTUNISM.
While Starbucks is able to build a brand that draws $3.57 for a cup of 98% water with heat added to it - the bevy of people who INVESTED THEIR VALUABLES for more than 50 years STILL believe that they are going to get $15 per hour because their membership in this society mandates such a valuation as proof that THE SOCIETY values them - so saith the Pope.
I am not worried about the "UTILITY" of my "evidence"
lol, everybody gotta dance to their own drummer in the game of musical chairs on the deck of the Titanic...,
I don't agree. To many engineers and scientists have said absolutely NOTHING. Physics never changes or goes away. This means our "scientists" sat back and let a couple of wars get started on the basis of a lie. Every high school physics teacher should have been able to figure out that those buildings could not collapse.
Shoving something under a rug and and leaving it there just because most people have not figured it out is not moving on. What is more pressing than education? If you know physics you know about planned obsolescence.
Fiziks is Fundamental!
Um..., the folks who publicly made their case and declared it a settled matter have moved on and moved a substantial percentage of the crowd along with them, as well. http://www.popularmechanics.com/technology/engineering/architecture/911-myths
And the Laws of Physics are incapable of giving a damn about democracy. But in that video Sagan is talking about people "understanding science". The Conservation of Momentum is not going to change because of Popular Mechanics no matter how popular it is.
Consider the position of Niel DeGrasse Tyson. On 9/12/01 he sent out a public email describing his 9/11 experiences. His home was 4 blocks away from Ground Zero. Since then he has criticised the movies Titanic and Gravity for their scientific errors. But he has said nothing else about 9/11 that I have seen or heard. If the science is correct why should he have the slightest hesitation in endorsing it? But he has said NOTHING! I find that curiously peculiar. Very curiously peculiar.
And then there is the Tacoma Narrows Bridge model:
https://www.youtube.com/watch?v=rB008RAluyg
at 2:45
In 1940 there were no electronic computers. Physical models were the best they could do. So how is it they could make a great scale model that behaved like the real bridge but in TWELVE YEARS our engineering schools can't do it for the north tower collapse? In fact I don't even know of any discussing it. And then the Purdue simulation of the aircraft impact has the obvious flaw of not moving horizontally on impact even though the NIST has empirical data of the south tower doing it.
Have you seen the videos of Cordoba, Argentina after the police went on strike? The whole town just started looting like the first Robocop movie. Total anarchy in the AG...
lol, they wildin huh? the veneer of civilization in Argentina isn't even 6 primary meals thick http://youtu.be/ec1W5gQ6SgI
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