Day By Day

Sunday, February 22, 2015

A different kind of cliff

While reading a story in the Guardian about Cristina Fernández de Kirchner, the embattled president of Argentina, I came across this paragraph:
“It’s a peculiar brand of populism because it isn’t leaving the country in debt,” said Nicolás Dujovne, an economist. “They’ve financed their social spending with inflation, not debt. Argentina will be in a much better situation than Spain or Portugal, countries with much larger debt problems.”
So let's see....we haven't run up a ton of debt, we've just left the country with inflation that is running about 40% per year in real terms (not the false official rate).  That's supposed to be a much better situation?

How about a recognition that either kind of phony finance eventually leaves the country for the worse?  Nope...you see, it was for "social spending" - that makes it all worthwhile because it's for the PEEEPLE.  Social spending good, no matter how it happens.

No wonder respect for academics keeps plummeting.  But fawning journalists keep quoting them to prop up the image of leftist leaders.

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