Argentina’s Default Points Toward the U.S. Future

Read more on this subject: Economy – Economics USA
News Story Source: https://www.fff.org, by Jacob G. Hornberger
According to CNBC, the Argentine government is on the brink of defaulting on payment of its debt. Last month, the government submitted a proposal to restructure its debt. The proposal was rejected by creditors. If no deal is reached, default is a virtual certainty.

CNBC writes:

In 2001, Argentina defaulted on around $100 billion of debt. It triggered the worst economic crisis in the country's history and resulted in millions of middle-class citizens falling into poverty….

What the article fails to point out is something that might interest lots of Americans. To get its desperate hands on money in the 2001 debt crisis, the Argentine government seized private pensions and replaced the money with government bonds — bonds whose value would be subject to being wiped out with the government's inflationary printing press policies.

Before the coronavirus crisis, the U.S. government had a debt of some $23 trillion. That amounts to around $200,000 per American ta
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