[The following is an expanded version of an address I was asked to present recently. The subject is “radical”, in the sense that it digs down to the roots of the problem. But for that very reason it needs airing. Therefore, I put it out here for general consumption, and perhaps consternation. Please add it to the “I told you so” folder in your “favorites” list.]
Once upon a time, not so very long ago, a certain nation was
one of the richest countries in the world. [World War II] had left it a creditor nation; it was owed * * * billion[s of] dollars by Britain alone. The derelict state of the European economies gave [this country] an assured market for its exports, while making it difficult to import much from Europe, thus enabling th[is] country to protect its own * * * industries. After the neglect of the thirties there was money for public spending and the country was * * * absorbing a flow of immigrants * * * [who] were not illiterate and unskilled, but scientists, skilled workers, intellectuals.
What country was this? The United States? No—Argentina. 
The whole world knows what has happened in Argentina since then, and is still happening there. Informed individuals also know why: because Argentina’s dysfunctional leadership classes adopted faulty economic and political principles. Moreover, Americans can expect much the same thing to happen here, if the same conditions precedent are fulfilled. For although History may never repeat itself exactly, bad principles will bring about similar perverse consequences whenever and wherever they are put into operation. And America’s equally dysfunctional leadership classes have adopted the most dangerous of those principles. So, absent a radical correction in this country’s present course, the Argentina-ization of the United States is very likely to take place. FULL STORY