Madonna - Evita - 14. And the Money Kept Rolling In and Out (1996)
And the Money Kept Rolling In (and Out) Wall Street, the IMF, and the Bankrupting of Argentina
An in-depth chronicle of the collapse of the Argentinean economy looks back on its heights during the s and the crash of , examining the chaos that followed and the responsibility of the First World nations for the disaster. 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.
One of the many surprises of the past decade was how often a company, an industry, a country or even an entire region admired by experts, applauded by journalists and coveted by investors eventually ended up crashing. Enron, legions of dot-coms, Mexico and East Asia's miraculous "tiger" economies all went from financial superstardom to ruin. The crash always happened in the blink of an eye, and its shock waves inevitably hurt innocent bystanders. The book could have been titled "CSI: Buenos Aires" because what Blustein expertly investigates is undoubtedly an economic crime scene. Alas, that scene is familiar: An "emerging market," with all the trappings of a modern market economy and run with the latest economic ideas fashionable in Washington and loudly cheered by Wall Street, suddenly implodes in a catastrophic spiral of economic chaos and political turmoil. Widespread human suffering ensues.