Bloomberg's John Berry: U.S. Shows Some Parallels With Argentina of '90s

While the Philippines’ economic and financial landscape may be vulnerable to a cataclysmic debt default ala Argentina, it represents only an iota to the building seismic movements underneath the global financial and economic setting. Bloomberg Federal Reserve analyst John Berry notes that a book ``And the Money Kept Rolling In (And Out)'' (published by Public Affairs) written by his colleague, Washington Post financial reporter Paul Blustein, of the US turning into an Argentina ``It could happen here,'' Blustein writes.

``The words of Miguel Kiguel, Argentina's former finance undersecretary, are apropos: `Once you know the markets are there, and there is financing, you behave as if financing will be there forever.' This is a stark reminder of the current complacency among incumbent political and administrative leaders.