Unlike Argentina's 2001-2 debt crisis when it was broke and could not pay its civil servants, this time around the country is solvent but prevented by (U.S. District Judge Thomas) Griesa from servicing its bonds until the battle with the holdouts is resolved.Golly, the mean old judge wants them to pay what they owe ... imagine that. As noted before, Argentina is a rich country impoverished by corrupt, populist Peronist politicians and a greedy citizenry accustomed to handouts.
The U.S. risks become another Argentina. We have taken serious missteps in that direction during the last five plus years: our debt has soared and the numbers on SNAP and disability have exploded.
