Comments by "Fumble_ Brewski" (@fumble_brewski5410) on "“Get Ready To Feel Some Pain” – New Argentine President To Country" video.

  1. Argentina was once the envy of the western hemisphere. By 1913, it was among the world's ten wealthiest nations, with a per capita income on a par with that of France and Germany, and far ahead of Italy's or Spain's. One important measure of development, GDP per capita, rose from 35% of the United States average to about 80%. At the end of 1913, Argentina had a gold stock of £59 million (nearly $6 billion USD in today's world), or 3.7% of the world's monetary gold, while representing 1.2% of the world's economic output. But with the advent of Peronism, as they say, then it all went wrong. Peron instituted a policy of state corporatism, where powerful interests had access to capital and nationalized assets, leaving the poor and middle class with an economy closed to imports and plagued by rampant inflation. Peron promised the masses something for nothing (sound familiar?), and they got nothing. I wish the new Argentine president all the luck in the world trying to overcome 80+ years of a mismanaged economy. He'll need it.
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