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.

    Read More »

    Does the New 7.8% Unemployment Rate Mean That We Now Live in Soviet Russia?

    Re-posted from PJ Media Remember all those exaggerated Soviet Union grain harvest forecasts that were supposed to prove how well the Russian communist system of collective farming worked for the people? Well today in the USA after the news that the unemployment rate dropped in September to 7.8% down from 8.1% in August, our new national motto should be, “We are all communists now.” Jack Welsh, the | Read More »