Tax and Spend

Argentina not only defaults, it plans to reject the law under which it borrowed.

"Many also cast doubt on whether the plan is even feasible. One of the holdout hedge funds, Aurelius Capital Management, said Argentina’s leaders had “chosen to be outlaws” with the plan. New York Judge Thomas Griesa on Thursday said it was “illegal”, although he stopped short of declaring Buenos Aires in contempt of court, “for the moment”."

All governments are brigands.