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In the 1990s, few countries were more lionized than Argentina for its efforts to join the club of wealthy nations. Argentina's policies drew enthusiastic applause from the IMF, the World Bank and Wall Street. But the club has a disturbing propensity to turn its back on arrivistes and cast them out. That was what happened in 2001, when Argentina suffered one of the most spectacular crashes in modern history. With it came appalling social and political chaos, a collapse of the peso, and a wrenching downturn that threw millions into poverty and left nearly one-quarter of the workforce unemployed.
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.
- Sales Rank: #143920 in Books
- Brand: Brand: PublicAffairs
- Published on: 2006-04-04
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .75" w x 5.00" l, .74 pounds
- Binding: Paperback
- 304 pages
Features
- Used Book in Good Condition
Amazon.com Review
It's not often--or maybe ever--that a book steeped in emerging-market economic theory reads like a thriller. But And the Money Kept Rolling In (and Out) has cliffhangers and plot twists equal to a detective's tale, as Paul Blustein chronicles the spectacular rise and fall of Argentina's economy at the turn of the 21st century. The book has its flaws, of course, including the author's insistence on using goofy metaphors from the overripe Andrew Lloyd Webber musical Evita (from which the book takes its awkward title). But by and large, Blustein, a staff writer at the Washington Post, tells a cynic's tale of greed run amok on a massive scale.
While policy wonks at the International Monetary Fund had much to do with Argentina's implosion, Blustein also holds the country's own government responsible. Conventional wisdom says that the influence of the world's investors keeps everyone in line--a key tenet of the pro-globalization argument--but in practice, Blustein writes, "foreign funds numbed Argentine policymakers into minimizing the perils of their policies. The effect was similar to a dose of steroids, giving the economy a short-term boost while insidiously increasing the risk of a breakdown in the long run." From that point on, only devastation lay ahead for many average Argentineans, who could no longer remove savings from their banks, and for international investors, who saw their returns vanish in a flash. Blustein effectively makes the case that Argentina wasn't a rare example or a perfect storm of problems, but--bearing "striking parallels" to Enron and other financial scandals of the era--a preview of more meltdowns to come. It's a compelling cautionary tale well worth telling. --Jennifer Buckendorff
Review
Wall Street Journal, February 16, 2005
"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."
About the Author
Paul Blustein, a staff writer at the Washington Post, has covered business and economic issues for more than twenty-five years. He has also worked at Forbes Magazine and the Wall Street Journal. His work has won several prizes, including business journalism's most prestigious, the Gerald Loeb Award.
Most helpful customer reviews
1 of 1 people found the following review helpful.
Why Argentina went bust in 2001
By Aparato SuperSónico
Argentina defaulted on over $100 BILLION DOLLARS over Christmas vacation in 2001. But that was not the source of their problems. Banks, the IMF particularly, the Argentine politicians and Argentine society were to blame. When president Alfonsin was elected in 1983, Argentina owed $40 billion, by the time he left the foreign debt rose to $65 billion. After president Menem was elected, that subject was not brought up again for at least a decade. During the Menem administration, State firms were privatized, industries destroyed, and the markets opened to foreign goods, credit and competition. This was very similar to what Margaret Thatcher had done int he UK in the 1980s. The difference was that you cannot compare an industrialized and rich world power such as the UK with shoeless Argentina. The culture and society of both countries could not be any more different. While Thatcher may have been loathed by the working class, her party and essentially the British political culture, though not entirely sin free saints, actually were, when compared to the corrupt and thieving Peronists that misgoverned, mismanaged, but yet kept getting elected by a foolish, immature and delusional peoples. There may be masses of discontented workers in both he UK and Argentina, but at least British culture will not permit thievery, corruption and illegal seizure of property, disregard for the rule of law, and the inherent desire for perpetual power such as the Peronists in Argentina. The book pulls no punches. The IMF is a corrupt, incapable, cowardly and irresponsible institution that has no place in the modern world, and has outlived its purpose, yet it still exists only though the will of the US Government as a mouthpiece of US economic policy. While the USA is the real power behind this so-called "multinational, equal partnership" institution and its nominal heads are either French or German, the IMF will obey whatever orders come from Washington. Bankers and other financial dealers knew the debt acquired by Argentina was unsustainable, that a collapse was only a matter of time, and that millions of people would stand to lose their savings, but like the Wizards of Wall Street, they kept on peddling bad meat disguised as "aged". As always, the losers were primarily the people of Argentina, such as what is happening in Greece, Ireland or Spain, but the difference being that while the financial people saw it coming, and so did the Argentines, the latter chose not to divert from their path of self-destruction, trusting their future to an inflexible and hopelessly out of touch economic ideology that had no relevance to the real economics of Argentina. Many people from all sides should have been executed for this, but as usual, since the guilt was everywhere, the situation guarantees that no one will ever be punished or be made accountable. Excellent read.
4 of 4 people found the following review helpful.
The past as future?
By Dave Tulka
Way back in October of 2009, Instapundit linked Fernando Ferfal Aguirre's book, _The Modern Survival Manual: Surviving the Economic Collapse: As a preparedness-type, Aguirre's book interested me as a perspective into economic collapse in an emerging 2nd world country. I found the book to be a very good, street-level view of Argentina's economic unwinding and collapse in late 2001.
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.
0 of 0 people found the following review helpful.
This Could Happen Anywhere
By R
This was a very good read, the author writes a compelling and interesting story about Argentina's financial crisis. He introduces topics and explains there context and meaning. He reveals the players -- many who are now in charge of our financial system. The best way to describe what occurred here was that financial contagion from Brazil started a crisis in Argentina that escalated into a debt crisis when Argentina started selling more bonds to cover expenses due to a spike in US currency (their peso was anchored to the US dollar). The impacts were devastating, and the players were separated by their own interests or ideologies that they were unable to save/fix Argentina's financial/banking system.
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