Why haven't things crashed, yet? My feeling is because businesses in Argentina have little to no debt, so it's easier to survive during hard times. Individials also have little to no debt. Americans. on the other hand, are top heavy with debt: car loans, students loans, credit card loans, mortgage loans, etc. Most Argentines are OK living with little; they can do without a flashy car, or expensive junk you just accumulate. I manage some apartments in California, and each unit has an enclosed garage to park a car. Do you think tenants do this? No, they park in the streets, and fill the garages with JUNK. And the junk stays there; nobody ever uses it; it's just stored. And then you have companies like Public Storage, where they rent small rooms so you can stash more junk. Americans are hoarders; go into any of my tenant's apartments, and you can hardly walk there's so much junk everywhere. Americans can't live without excess baggage; Argentines are more frugal, because of their own limitations. Thus, they can survive better when times are tough.
That's my explanation as to why things have not crashed, yet.
