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Global Financial Crisis – If you thought US Banks had an image problem..

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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?

Global Financial Crisis

Global Financial Crisis – is nothing!

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.

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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.

Argentina Economic Meltdown And Collapse In Early 2000S

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!

If this has stirred your curiousity, check out Freefall: America, Free Markets, and the Sinking of the World Economy.

For more articles on Argentina, see:

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1 thought on “Global Financial Crisis – If you thought US Banks had an image problem..”

  1. Avatar Of Jacob

    Seeing Spain in a financial crisis is the most bizarre experience ever. It’s like it’s not happening! The Spanish are dealing with it by carrying on as normal, except that perhaps instead of having a few beers on a night out they make one last a few hours longer. Despite the supposed riots in Madrid it’s clear that no matter what happens they will come through it in style.

    Jacob @ http://www.spain-in-a-campervan.com

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