National Geographic : 1986 Aug
of the work force-and subsidize costly state-owned corporations that produce al most half the nation's goods and services. Speculation had flourished like a disease, while inflation had soared to a 1,000 percent annual rate. "In 1980 you could send one million dol lars to Argentina and earn $600,000 on it in one year-60 percent interest paid in U. S. dollars," I was told by Dr. Armando Ribas, a conservative economist. "The speculation had nothing to do with real investment. Capital became completely detached from the economy." Meanwhile, Argentines secretly sent an estimated 30 billion dollars to private over seas bank accounts, leaving their homeland the richest poor country in the world.