Saturday, January 29, 2005

Wall Street, the IMF, and the Argentine crisis

Ben Muse has a post about a new book by WP reporter Paul Blustein, whose previous book, "The Chastening" is a marvellous account of the financial turmoil of the late '90s.

This time, Blustein takes on the Argentine crisis, and it looks like he wrote the book that I would have liked to write (I suppose I shouldn't speak too soon... I haven't read it). I witnessed how Wall Street painted a distorted picture of what was a clearly unsustainable situation in order to keep pushing bonds.

Blustein comments that "For people who believe in the power of globalization to raise living standards in the developing world — and I count myself among them — the story of the most spectacular national bust of recent times is a sobering drama of immense significance for us all."

I couldn't agree more.

Here is the link to his book.


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