And the Money Kept Rolling In (and Out) Wall Street, the IMF, and the Bankrupting of Argentina (英語) ペーパーバック – 2006/4/3
Kindle 端末は必要ありません。無料 Kindle アプリのいずれかをダウンロードすると、スマートフォン、タブレットPCで Kindle 本をお読みいただけます。
Paul Blustein, whose book about the IMF, The Chastening, was called "gripping, often frightening" by The Economist and lauded by the Wall Street Journal as "a superbly reported and skillfully woven story," now gets right inside Argentina's rise and fall in a dramatic account based on hundreds of interviews with top policymakers and financial market players as well as reams of internal documents. He shows how the IMF turned a blind eye to the vulnerabilities of its star pupil, and exposes the conduct of global financial market players in Argentina as redolent of the scandals like those at Enron, WorldCom and Global Crossing that rocked Wall Street in recent years. By going behind the scenes of Argentina's debacle, Blustein shows with unmistakable clarity how sadly elusive the path of hope and progress remains to the great bulk of humanity still mired in poverty and underdevelopment.
"An extraordinary tale of bad policy and financial gluttony... Mr. Blustein tells the tale with precision and panache, offering inside-baseball details and, along the way, color commentary."
Washington Post Book World, May 8, 2005
"The book could have been titled 'CSI: Buenos Aires' because what Blustein expertly investigates is undoubtedly an economic crime scene.”
The Economist, March 5, 2005
“An engrossing inside account… The arguments surrounding Argentina's collapse are complex and technical. It is Mr. Blustein's considerable achievement to have fashioned them into such a page-turner.”
Financial Times, February 17, 2005
“An economic crisis as astonishing as Argentina’s deserves a detailed forensic examination, and in Paul Blustein’s second book it receives it… [a] riveting narrative…timely.”
Los Angles Times, July 24, 2005
“an absorbing tale of hope, folly and betrayal” and an “authoritative account of the nation's unraveling.”
Foreign Affairs, May/June issue
"a vivid and intelligent case study of economic tragedy."
As in "The Chasterning," Blustein's narrative is clearly-written and based on in-depth interviews with decision-makers in government, the IMF, and the financial community. He takes aim at perverse institutional incentives and herd-behavior among investors who poured money into Argentina long after it was clear that the country couldn't pay its bills. This profligacy encouraged an attitude of policy-complacency in Buenos Aires that made the final reckoning all the more painful for foreign bond-holders and Argentines alike. Highly recommended.
In April 2010, Dana Milbank's 2005 article found Instapundit readership. Milbank's piece compares Argentina's collapse to forecasted U.S. economic health in 2040. That was way back during the Bush years and does not consider the $4 trillion-plus added to the debt in the past three years.
Paul Blustein's And the Money Kept Rolling In (and Out) Wall Street, the IMF, and the Bankrupting of Argentina is an EXCELLENT macro-economic companion to Aguirre's book as Blustein chronicles the IMF's engagement and decision making that delayed and deepened the depression and chaos in Argentina. First published in March 2005, this book walks the reader into behind-the-curtain meetings, memos and decision making as Argentina struggled with its debt load. I am ¾ through the book and one thing becomes clear; the IMF and Argentine leadership delayed restructuring Argentina's debt for political reasons coupled with institutional paralysis. Ultimately, the unwillingness to make the hard decisions exacerbated the catastrophe that Argentina became.
The only difference between Argentina and the U.S. is Argentina needed the IMF to provide the dollars that kept the music playing. In the U.S we just print more of our own dollars and don't need the IMF.