Global Financial Crisis – is nothing!
Since the Global Financial Crisis started, we’ve heard the doomsayers belting out that the sky is falling in.
But it’s nothing compared to the meltdown that happened in Argentina in 2001. Have a look at the photo below – what do you notice?
This bank comes with a literal ‘iron clad’ guarantee, that is, it’s completely covered in steel cladding!
At the moment, banks in the United States a copping a caning for dishing out dodgy home loans people couldn’t afford to pay back. And the term Global Financial Crisis was born.
But it’s nothing compared to the woes of the financial system in Argentina.
Argentina made the Global Financial Crisis look pissweak!
During the economic crash of late 2001, hazy Argentines woke up one morning without any savings. Argentina defaulted on a World Bank loan, and the government decided the easiest way to make payment was eradicating the hard earned investments of normal people.
Of course, the natural reaction to this crazy decision was trashing anything bank or government related. The solution to this sudden increase of bank bashing was cladding their now shattered windows with enormous 10 millimetre steel plates to reduce vandalism costs. However, there was still a legacy of pounded metal from plentiful projectiles such as bricks, steel and probably bank managers.
Graffiti had the remarkable groundhog day-like ability to reappear on every bank in the central business district of Buenos Aires, as if it was incorporated into the Porteño way of life.
Graffiti was sprayed in both Spanish and English, such as ‘DEATH TO THE BANKS’, ‘MUERTE DEL SISTEMA FINANCIERO’ (Death of the Financial System), and other positive feedback bypassing the respective bank’s websites. An example of this fantastic feedback is shown below.
However, one positive effect of the economic crash was the sudden surge of careers available in graffiti removal. During this turmoil, Argentina also held the dubious world record of appointing and firing five Presidentes in two weeks at the height of this tumultuous period.
Puts things into perspective I guess about the Global Financial Crisis!
More Stuff on the Global Financial Crisis
If this has stirred your curiousity, check out Freefall: America, Free Markets, and the Sinking of the World Economy.