Life in the socialist paradise - don't cry for me Argentina
When some mastermind imposes a top-down statist ideology, the capitalists bolt.
From
Bloomberg:
Argentine Growth Halts as Fernandez Tightens Controls
Argentine President Cristina Fernandez de Kirchner’s efforts to stem capital outflows and extend her control over South America’s second-largest economy has brought growth to a standstill.
Gross domestic product was unchanged in the second quarter from a year earlier and shrank 0.8 percent from the first quarter, the national statistics agency reported today. Economists had forecast year-on-year growth of 0.5 percent, according to the median estimate of 10 economists surveyed by Bloomberg. This was the first time GDP hasn’t grown annually since a 0.3 percent contraction in the third quarter of 2009.
“The government’s policies have halted growth because they led to lack of confidence and of investments,” said Walter Molano, head of sovereign research for emerging markets at BCP Securities in Greenwich, Connecticut, an investment bank that focuses on developing nations. “Argentina could have easily continued growing 7 percent or 8 percent for years.”
Will these morons ever learn?
Posted by DaveH at September 22, 2012 1:11 PM