How to Avoid Another Argentina Foreign Debt Crisis | National Catholic Reporter

How to Avoid Another Argentina Foreign Debt Crisis | National Catholic Reporter by MSW.  MGB: Sadly, the Argentines took out too much international debt (a lesson for the US Treasury, which is the leading world debtor) without the revenue stream to pay it back.  To the extent that this situation is the result of fraud from others in the finanical world (say, those who sold them on securitizing revenue streams), those individuals should be gone after with a vengence - as the US Courts are obviously not allowing either mercy or forgiveness for Argentina.  Of course, if Argentina defaults, the banks really have no recourse but to threaten their ability to borrow or trade currencies - so Argentina would have to switch to an asset backed currency (gold anyone?) to tell the banksters to shove it.  Their alternative is the one that Europe should use for its debtors - a unified currency, tax, budget and debt with its closes neighbors under one new government.  The bigger the country, the less it can be pushed around or be vulnerable to declines in one industry or area.  Its what the US did when it passed the Constitution and it seems to have worked.  Europe and South America should both try it (Brazil is actually big enough - but has civil values problems) and see how the banksters change their tone.