Argentina – The Deadbeat Wears Prada

    It kind of makes me sick when the deadbeat wears Prada. Such is the case with Argentinean President Cristina Fernandez. Argentina overwhelmingly voted her in as President and she immediately borrowed vast sums of money. This influx of cash jet-fueled an economic bubble which predictably popped. Then the bills came due for all the money she had borrowed during Argentina’s economic boom.

    Rather than paying the piper and facing the obdurate, double-plus unfunny task of cleaning up after her socialism party, Fernandez made like a good Marxist and socialized some of the losses from her own economic mismanagement. Anyone dumb enough to buy Argentinean bonds got stiffed like a co-star in an old Harry Reams film. Argentina defaulted on its debt payments and referred to some of the hedge funds which hold the now worthless Argentinean paper as “vulture funds” because they refused to take a haircut and attempted to make Argentina’s government answer for their behavior in court.

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    Deadbeat Chavez Takes One From ACORN’s Playbook

    In declaring squatter’s rights, maybe Uncle Hugo has heeded the advice of a certain former Community Organizer. On May 7, Venezuela’s National Assembly passed a law allowing the selective nationalization of oil service firms. On May 8, President Chavez exercised his newly minted authority and nationalized the assets of some 60 foreign-owned oil-service companies. Service companies are not the owners of reserves; Venezuela already stole | Read More »