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RT's Keiser Report talks to Nick Giambruno of CaseyResearch.com about the relative calm in Buenos Aires among the populace, despite the ongoing currency and debt crises.
Argentina has gone through a number of financial crises in the past 100 years and it looks like it is on the cusp of another one, Giambruno says. According to him, the South American nation is facing another currency cataclysm "which is relatively normal for this country, it has happened repeatedly over the past 100 years."
And there are reasons for that, the analyst says, explaining that 100 years ago Argentina and the United States were "really kind-of on the same level." That was "kind-of a golden era for Argentina."
However, everything changed, a lot, since Argentina instituted a central bank in 1935, Giambruno points out. "The golden era was prior to the establishment of the central bank... like in most places the central bank is the magic money machine for the politicians and that's really how Argentina started its long descent downhill," he concludes.
Comment: President-elect Fernandez: "We were left with a debt that makes up 95 percent of our GDP... Everyone knows the International Monetary Fund is complicit in what happened."
Rather than deal with the corrupt and greedy IMF, or continue to be a punching bag for US lordship over economic solvency and a doomed dollar, Argentina will buy its way out of the America's financial empire with a plan that includes bitcoin and increasing its gold reserves. Fernandez will outright reject the $11B tranche of the IMF loan as soon as he takes office. Smart move.
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