Argentina’s Never-Ending Tragic Farce
Argentine voters are no strangers to financial turmoil, but they keep electing politicians who run large fiscal deficits and finance them by printing pesos. Could it be that the only way for politicians to show they want to save the economy is to destroy it first?
SANTIAGO – Karl Marx wrote that all great “world-historical facts” occur twice: “the first time as tragedy, the second as farce.” But what if they happen again and again, every few years, decade after decade? Is that tragic or farcical? Are such facts no longer “world-historical”? Or does the world just stop caring?