Tuesday, April 26, 2011

Economic Collapse part 1:What happened in Argentina

This will be a two part video. First going through what happened in Argentina, then on what could possibly happen in USA if something similar occurs, the similarities and differences.



Don Williams said...

1) Very good post.

Of course, US economists and neoliberals argue that Argentina crashed because her debt was in a foreign currency (US dollars) and not in native pesos. Hence, the burden quadrupled as the peso declined.

2) Whereas, the USA is not vulnerable because our debts to China,etc are in US dollars. And that we can print as many of those as we want.

3) But this is largely two-faced sophistry designed to cover up the looting and treason of our elites.

Our currency, like that of other countries, is tied to the prices of commodities on which we depend. If we print too many dollars, the common people merely pay indirectly in the form of much higher prices for oil, higher food prices due to increased prices for fertilizers,etc.

4) So why do our economists and neoliberals craft such false stories to mislead the American public?

Well, because that is how they earn their living. They are not much good for anything else. So their career strategy is "He whose bread I eat his song I sing."

Anonymous said...

Well said Don Williams!

Anonymous said...

Thanks for the heads up. Looking forward to part 2. We have been following your blogs for many years. We bought your book on Amazon a couple years ago and have rec-amended it to many people. God Bless!