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December 28, 2009

Contempt for economic realities

A difficult lesson is in store for the United States. Will she learn from history or will history teach her the same lesson by hard example. This is not an abstract question; it is the future of the West.

In the early 20th century, Argentina was one of the richest countries in the world. While Great Britain's maritime power and its far-flung empire had propelled it to a dominant position among the world's industrialized nations, only the United States challenged Argentina for the position of the world's second-most powerful economy.

They must have felt invincible.

Posted by Ghost of a flea at December 28, 2009 08:23 AM