RAHN: Could the U.S. become Argentina? - Washington Times
A century ago, if you had told typical citizens of Argentina (which at that time was enjoying the fourth-highest per capita income in the world) that it would decline to become just the 76th richest nation on a per capita basis in 2010, they probably would not have found it believable. They might have responded, "This could not happen; we are a nation rich in natural resources, with a great climate for agriculture. Our people are well educated and largely descended from European stock. We have property rights, the rule of law and an open free-market economy."
The parrallels drawn by Rahn between the USA and Argentina on economics and inflationary policies are right on target. It looks like current policy in America is following right after those of Argentina in the early part of the 20th century. Those who do not study history are destined to make the same mistakes.