# Argentina defaults AGAIN!



## Dakine (Sep 4, 2012)

it's going to get a lot worse before it gets any better...










http://www.foxnews.com/world/2014/0...ks-with-creditors-collapse/?intcmp=latestnews



> NEW YORK - The collapse of talks with U.S. creditors sent Argentina into its second debt default in 13 years and raised questions about what comes next for financial markets and the South American nation's staggering economy.
> 
> A midnight Wednesday deadline to reach a deal with holdout bondholders came and went with Argentine Economy Minister Axel Kicillof holding firm to his government's position that it could not accept a deal with U.S. hedge fund creditors it dismisses as "vultures." Kicillof said the funds refused a compromise offer in talks that ended several hours earlier, although he gave no details of that proposal.
> 
> ...


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## nightwing (Jul 26, 2014)

hey Argentina has a lot of copper maybe we could do another trade and crash the copper 
index it was running at 3.20 a pound when the old usa was selling it a 32 cents a pound 
the world called us greedy buggars .

I do not think this is the best time to invest in copper may be short it <>


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## Dakine (Sep 4, 2012)

a timeline of Argentina's collapse from 1991 - 2003, I'm going to see if I can find anything that maps out what has happened in the last decade too.

http://www.washingtonpost.com/wp-srv/business/articles/argentinatimeline.html



> Argentina's Economy Minister Domingo Cavallo introduces the system of peso convertibility, guaranteeing an exchange rate of one peso for one dollar.
> 
> The dollar peg helped bring inflation under control. In 1989, the country's inflation rate stood at 5,103 percent. It fell from 84 percent in 1991 to 17.5 percent in 1992 and 7.4 percent in 1993.
> 
> ...


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## BillS (May 30, 2011)

http://en.wikipedia.org/wiki/Economic_history_of_Argentina

The economic history of Argentina is one of the most studied, owing to the "Argentine paradox", its unique condition as a country which had achieved advanced development in the early 20th century but experienced a reversal, which inspired a wealth of literature and analyses on the causes of this decline.[1]

Argentina possesses definite comparative advantages in agriculture, as the country is endowed with a vast amount of highly fertile land.[2] Between 1860 and 1930, exploitation of the rich land of the pampas strongly pushed economic growth.[3] During the first three decades of the 20th century, Argentina outgrew Canada and Australia in population, total income, and per capita income.[3] *By 1913, Argentina was the world's 10th wealthiest nation per capita.*[4]

Beginning in the 1930s, however, the Argentine economy deteriorated notably.[3] The single most important factor in this decline has been political instability since 1930, when a military junta took power, ending seven decades of civilian constitutional government.[5] In macroeconomic terms, Argentina was one of the most stable and conservative countries until the Great Depression, after which it turned into one of the most unstable.[6] Successive governments from the 1930s to the 1970s pursued a strategy of import substitution to achieve industrial self-sufficiency, but the government's encouragement of industrial growth diverted investment from agricultural production, which fell dramatically.[7]

Argentina was once 10th in per capita GDP. It had a lot of German immigrants who brought their work ethic with them. It was once politically conservative and that led to its economic growth. Since then it's become a country of parasites who all want something for nothing. It's a perfect case study of what happens when liberals take over a country. So is America.


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## HELIXX (Jan 2, 2011)

:surrender:


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## Genevieve (Sep 21, 2009)

I'm surprised that china or russia haven't covered their debts and taken(bought) their land for food and metals. they may have tried in secret meetings and it's not been reported but it would seem to me that this would be the kind of scenario that the chinese would swoop in on to take the advantage
guess they don't have a harry reid to make the land deals for them *shrugs*


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## hiwall (Jun 15, 2012)

Anyone notice that when Argentina defaulted it led to the immediate worldwide market loss of one to two percent? This is a huge loss in stock values, way more than the whole value of that one lone country.


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## Dakine (Sep 4, 2012)

hiwall said:


> Anyone notice that when Argentina defaulted it led to the immediate worldwide market loss of one to two percent? This is a huge loss in stock values, way more than the whole value of that one lone country.


I saw that the US market dropped 300 points in last half hour yesterday, did Nikkei and other markets take a hit too?


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## hiwall (Jun 15, 2012)

Yesterday all markets took a hit. Today is mixed but most down.

http://www.bloomberg.com/markets/stocks/world-indexes/


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## Dakine (Sep 4, 2012)

you'd think people would be losing a ton of cash, but haven't seen any stories about stock brokers jumping out of windows yet.


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## nightwing (Jul 26, 2014)

We are next just a matter of time :ghost:


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## Geek999 (Jul 9, 2013)

The Argentine default is not sufficient to crash anything outside Argentina as it has never cleaned up the mess from their last bankruptcy, so few people are exposed to it. As for the market going down, it has gone almost straight up for the prior six years, so I wouldn't place too much meaning on a few down days. We're overdue for a correction.


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## RevWC (Mar 28, 2011)

I say let the Argentinians come to America and get on welfare! Hell, there is only 41,000,000, we could put them in Illinois.


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## Caribou (Aug 18, 2012)

There is a first person story about life in Argentina during the collapse. This story refers to the rationing and violence. I lost the link the last time my computer crashed. If anyone has this link I would love to read that story again. Thanks.


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## Dakine (Sep 4, 2012)

Caribou said:


> There is a first person story about life in Argentina during the collapse. This story refers to the rationing and violence. I lost the link the last time my computer crashed. If anyone has this link I would love to read that story again. Thanks.


Ferfal's blog, if I recall LincTex mentioned in another thread somewhere that he met him at a Texas meet-up some time back.

http://www.silverbearcafe.com/private/10.08/tshtf1.html


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## Foreverautumn (Oct 25, 2010)

Dakine said:


> you'd think people would be losing a ton of cash, but haven't seen any stories about stock brokers jumping out of windows yet.


That's probably because the building managers got smart and made the windows out of shatterproof glass and then locked them.


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