Argentina is a country of ongoing economic upheaval. After the Argentine Great Depression of 1998-2002 (which was on the back of the Depression of 1974-1990,) Argentina found itself isolated from the global financial community after defaulting on USD$132 billion. This resulted in a run on the bank, people resorting to scavenging as a means of income and a transition of government.

The result? Argentina turned around it’s fortunes using smart, progressive measures. As a result of America and other countries restricting Argentine imports, the country was forced to reduce it’s prices on the global market and became super competitive and an effective exporter, not based on trade agreements, but on giving the purchasing country a good deal. The government focused on domestic economic growth, encouraging citizens to purchase local product and offering tax breaks and credit opportunities to local businesses. The middle and lower class were well taken care of through increased social welfare plans designed to reduce those living hand to mouth and then encouraging them to get work through pathway programs.

By 2005, Argentina had significant financial reserves of almost US$30 billon. This enabled them to retire some debt to the Internal Monetary Fund, who for some reason couldn’t see their way to leniency on a struggling, but improving nation.

In 2014, something comedic happened. A U.S. judge ordered a sovereign nation to pay hedge funds interest on money owed from defaulted loans. A judge in New York tells a country what it should be doing. It’s at this point that the level of contempt the finance community has for Argentina becomes apparent – hedge funds were going to get their money back, but Argentina wanted to prioritise it’s own stability and the wellbeing of it’s citizens over paying billion dollar hedge funds additional interest. The country argued that payment could risk another default.

Potentially the biggest positive was documented in Naomi Klein’s documentary ‘The Take.’ Argentine workers would come together to keep the companies they work for from selling off their assets after defaulting on debt. Using legal measures and with the support of the community, these ‘collectives’ would purchase the companies and get them producing goods again. Local goods for local consumption made by locals who own the company. It was a powerful demonstration of what happens when hard working people come together with no other motive then to preserve their way of life and do good in their community.

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However, on the 19th of April, Argentina returned of the ‘Abyss’ and borrowed $16.5 billion in a credit auction. $9.3 billon will be paid to the U.S. investment funds eager to bankrupt a country. As Argentina takes it’s first steps back into the larger world the question must be asked – if a country’s purpose is to provide for the wellbeing of it’s citizens – then what good will come of a return to globalist policy? The answer of course is ‘growth,’ the myth that if more money shows up, in the form of increased exports through more formalised trade agreements then the average person will do better, except they won’t. Argentina’s balance sheet will improve and that will look good on the world stage, but the benefit to the average Argentinian? Nothing at all.