From the WSJ:

When the Argentine government ran out of money in 2001, it blamed the market and increased its own role in the economy. Since then it has imposed price controls, defaulted on its debt, seized dollar bank accounts, devalued the currency, nationalized businesses and tried to set confiscatory tax rates with the aim of making society more “fair.”

That last part sounds a LOT like the Change championed by the Obamessiah, doesn’t it?  And Maxine Waters (S D -Cal) has already threatened nationalization (though she couldn’t remember the word) of the Oil industry.  And the very people who caused our market crisis are intruding more and more into the financial sector.

Among emerging market investors Argentina is now considered one of the worst places on the planet to put your money. Now that commodity prices are cooling and the global economy is slowing, (Argentine President) Mrs. (Cristina) Kirchner is facing a $10 billion shortfall in what is due on government debt by the end of 2009. Where else to turn but to the resources of the private sector? Argentina, if little else, serves as a cautionary tale on how to ruin an economy.

And yet, with the example Argentina staring them right in the face, the Socialist lemming march unerringly towards the cliff, singing “Obama’s gonna Change it…”

Tags: Argentina, Economics, Obama