Kids, We're Goin' to the Foreign Debt Museum!

[IChing]

BUENOS AIRES, Argentina (Reuters) - Three years after staging the largest debt default in modern history, Argentina Thursday opened what may be the first Museum of Foreign Debt to teach people the perils of borrowing abroad.

The subject is heavy, but the museum's creators have tried to make the mood light and the displays accessible to everyone, especially schoolchildren.

In one corner, a pink, doll-size play kitchen represents the recipes of the International Monetary Fund, which Argentines blame for encouraging the heavy borrowing in the 1990s that led to the catastrophic economic collapse in late 2001. snip>>>>>>>
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does it sound like a foreshadow of things to come?


http://news.yahoo.com/s/nm/life_argentina_debt_dc;_ylt=Avv4OCeFllhUE516T3KW.5lhr7sF;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl

[whistle]

1. How did Argentina's privatized Social Security accounts....

...hold up under this huge government debt-default bust?

[IChing]

3. here is a link on your question

>>>snip>>>.The irony of this action is that Argentina's decision to privatize Social Security in 1994 helped to touch off a financial crisis, which ultimately forced much more draconian cuts in Social Security than ever would have been contemplated in 1994. While no one could have foreseen the exact path of subsequent events in 1994, it should have been obvious that the additional deficits created by the privatization of Social Security would lead to serious pressures on the budget. The risks were made even greater due to the constraints imposed by the peg of Argentina's currency to the dollar. The fact that the government and international financial institutions apparently did not take these risks into account in promoting Social Security privatization was a serious and costly error.
http://www.cepr.net/argentina_and_ss_privatization.htm

[whistle]

6. Crap, that's what I thought and Bush wants the U.S. to go down...

...the same path. Thanks for the link.

[pnutchuck]

2. foreshadowing for sure!

what with our deficit, it's only a matter of time before China and the Saudis swoop in and take over.

[SpiralHawk]

4. Do they have ChimPee's famous I.O.U.s on exhibit?

I mean -- all our US government good faith and solvency is just a big old file cabinet full of I.O.U.s -- at least according to our fancypants Yankee-Preppy financier-in-chief, George W. Bush

[Tux]

5. Makes me wonder

If there will be an American exhibit with Bush ass fucking Americans.

[oscar111]

7. Local Jacees here are doing the opposite: miseducating kids

they have courses in the schools to

"teach economics"

supposedly. Hmmmmmm.

I had one such when i was in school, and later on i see that it was all lies. So many lies.