Interesting video on what people went through when the Peso was devalued. I am posting part 4 of 11 from a documentary titled Argetina Ahora o Nunca ("Now or Never") <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/LFyFWgWZudE&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/LFyFWgWZudE&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object> While I think there a stretches in comparing Argentina with the US, argentina had a horrendous political system and unstable government. The similarities are striking where 1. In the 90's they pursued a debt based growth strategy. Finance became a huge industry and their manufacturing base was exported as they focused on imports via the dollarization of the economy. 2. They built up a huge foreign external debt. 3. They monetized the debt in order to bail out the major companies. Their bailout spread and ended bailing out all the major corporations and multinationals. 4. The policies resulted a ginarmous wealth transfer from the citizens to the corporations and banks by socializing what were private debts and effectively wiping out all private savings. 5. Highly Passive population no matter how outrageous the government behavior they just couldnt get around to do anything but march. We dont even do that.