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Essay / Research Paper Abstract
A 7 page paper discussing the conditions leading to the currency crises of Argentina in 2002 and Brazil in 1999. Political instability in Argentina and a decade of hyperinflation in Brazil in large part led to government-led money-grabs in each country; Argentina even nationalized personal bank accounts in 2001. A leading fault of each was rampant government spending, without consideration for repaying the crushing debt. Similarities with current (2009) actions in the US are clear. Bibliography lists 8 sources.
Page Count:
7 pages (~225 words per page)
File: CJ6_KSfinCurBraArg.doc
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Unformatted sample text from the term paper:
governments of both Argentina and Brazil took authority and ill-conceived actions much too far relative to the economies of each of their countries. Though each had differing extenuating circumstances
at the outset, in the end the results were much the same. Only after the economic collapse each experienced were the countries able to regain their governmental grasp on
reality. Similarities with current US conditions are chilling... International Organizations Developed nations have been lending to poor ones for years, with the
intention of assisting them achieve economic growth. The purpose of the desired growth is to lift the people of these nations from the abject poverty in which so many
live. Despite whatever other problems he may have, former Haitian president Jean-Bertrand Aristide aptly described the plight of the Haitian people in stating that Haiti has had to focus
on elevating Haitis people, more than 80 percent of whom live in crushing poverty, "from misery to poverty" (Samway, 1997; p. 12). "From
misery to poverty" is the aim that international financial institutions (IFIs) have had in taking on their "consulting" roles to the governments of poor nations. But as spending more
than is available is not sustainable at the household level, neither is it sustainable at the macroeconomic level. Many of these nations carry such crushing debt that they seek
to borrow additional funds merely to pay the interest on the loans they already have. Organizations such as the World Bank and the
International Monetary Fund (IMF) are examples of the IFIs ("iffies" to policymakers) so highly involved in the business of other nations governments. The richer nations of the world contribute
...