I think I'm going to stick this note here too in case that someone missed it...
The New York Times advises Obama
to draw inspiration from Argentina
....go figure!!!.
United States, September 2, 2011
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The New York Times published an editorial which highlights the achievements of Argentina after the 2001 crisis and calls U.S. president Barack Obama and Congress to draw on the South American country.
The newspaper said that while Argentina does not seem to be one of the countries in offer lessons on managing the economic woes of its many dictatorships and market experiments, acknowledges that following the 2001 crisis, the country has gotten an economic U-turn, “an achievement largely unnoticed outside Latin America, but one that President Obama and Congress should look to for inspiration”.
And it adds: “Argentina is not without problems, but its recent economic record speaks for itself: the economy has grown by over 6 percent a year for seven of the last eight years, unemployment has been cut to under 8 percent today from over 20 percent in 2002, and the poverty level has fallen by almost half over the last decade. The streets of Buenos Aires are choked with cars as Argentines are on track to buy some 800,000 new vehicles this year; the wine mecca of Mendoza is full of high-end tasting rooms, hotels and restaurants offering regional haute cuisine; and plasma TVs and BlackBerrys have become household staples among the urban middle class”.
And it continues: “Argentina has regained its prosperity partly out of dumb luck: a commodity price boom has vastly benefitted this soy, corn and wheat producer. But it has also prospered thanks to smart economic measures. The government intervened to keep the value of its currency low, which boosts local industry by making Argentina’s exports cheaper abroad while keeping foreign imports expensive”.
Source
Cheers.
