December 18, 2012
By Francis Menton
In the realm of bad economic policy ideas, the country of Argentina has to rank near the top of almost everyone's list. OK, the Soviet Union was worse, but they're gone. Cuba, North Korea, Venezuela -- there are a few more. But Argentina was once one of the world's wealthiest countries, and then went into a tailspin for what is now over two generations.
The United States once knew what good economic policy looked like. It made us the wealthiest country in the world. Today, we have mostly forgotten. We have forgotten so badly that we even support Argentina in its folly. Most recently the U.S. government has supported Argentina in its efforts to avoid collection of judgments issued by U.S. courts to enforce repudiated Argentine debt.
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