Andres Oppenheimer: Argentina’s default could hurt the world

[LuckyTheDog]

I hate to agree with Argentina's government, a bunch of mostly corrupt pseudo-progressives who have ruined the country despite benefiting from the biggest world commodity price windfall in recent history, but it is mostly right in its dispute with bondholders that led to Argentina's default.

Without getting into technical details, the ruling by a New York judge in favor of a small group of holders of Argentine bonds sets a dangerous precedent for the world economy by making it almost impossible for debt-ridden countries to try to renegotiate their debts.

Basically, 83-year-old judge Thomas Griesa's interpretation of the law allowed a small percentage of Argentine bond-holders — who are referred as "holdouts" in Wall Street and as "vulture funds" in Argentina — to prohibit Argentina from paying its debts to the vast majority of its bondholders.

MORE HERE: http://wonkynewsnerd.com/andres-oppenheimer-argentinas-default-hurt-world/

[MrNJ]

1. And the age of the judge is relevant how?

[WinkyDink]

2. I think one can surmise.

[Louisiana1976]

4. He's probably getting senile. His ruling in favor of the vulture funds is a dead giveaway.

[MrNJ]

5. Remind me not to ask your opinion on Ruth Bader Ginsburg

After all, she is 81.

But than again, ageism is OK as long as you claim to be progressive.

[LuckyTheDog]

6. Not sure why Oppenheimer mentioned his age

But the terms for using that content includes not editing it and using the embedded ads.

Overall, the writer makes a good point.

[Louisiana1976]

8. Ruth Bader Ginsburg is OK.

[Louisiana1976]

3. What the vulture funds are doing is committing financial rape. Argentina was right in telling them

to pound sand.

[TampaAnimusVortex]

7. And this is exactly the type of thing that will drive consumers to Bitcoin

Why support an inflationary currency - especially one with an insanely high inflation rate - when they can use a deflationary one that gains value over time?

For those that are still predicting it's demise - you haven't been paying attention. A number of large companies have started accepting it (such as Expedia, Dell, Dish, etc...) so it most definitely is gaining traction. The Bitcoin bowl (a large college bowl football game) is scheduled and a kickstarter project for putting a Bitcoin backed Nascar car is under way. Public awareness of it is growing.