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Thread: Argentina vs US

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    Default Argentina vs US

    You think it can never happen here? This is very scary. I thought some of you would like a little history. This video shows where DEBT may take a nation.

    http://www.itulip.com/forums/showthr...1130#post41130

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    Default Re: Argentina vs US

    yes, but, Argentina was able to simply 'stiff' its international creditors for about 30% of the money Argentina owed them. If the US did that to China / Japan / Saudi Arabia, we could wipe out the trade deficit in a single day at no direct cost to US taxpayers. Of course, like Argentina, the indirect costs would be a bitch !

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    Default Re: Argentina vs US

    Isn't this the plan? We can't realistically pay off our debts, can we. What indirect costs do you think would follow?

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    Default Re: Argentina vs US

    ^^^ let history be your guide ...

    (snip)"In Dec. 1999 Fernando de la Rua became president. Despite the introduction of several tough economic austerity plans, by 2001 the recession slid into its third year. The IMF gave Argentina $13.7 billion in emergency aid in Jan. 2001 and $8 billion in Aug. 2001. The international help was not enough, however, and by the end of 2001, Argentina verged on economic collapse. Rioters protesting government austerity measures forced de la Rua to resign in Dec. 2001. Argentina then defaulted on its $155 billion foreign debt payments, the largest such default in history.

    After more instability, Congress named Eduardo Duhalde president on Jan. 1, 2002. Duhalde soon announced an economic plan devaluing the Argentine peso, which had been pegged to the dollar for a decade. The devaluation plunged the banking industry into crisis and wiped out much of the savings of the middle class, plunging millions of Argentinians into poverty."(snip)

    from

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