Argentina is probably about a year away from electing another Peronist. And the usual Latin American cycle of economic failure will repeat. 

The problem of immigration enforcement has always been a thorny issue for those who prefer to reduce federal power, rather than expand it. This is why Lew Rockwell, years ago, referred to “the tragedy of immigration enforcement.” The agents of the state encourage immigrants to flood across the border and spend taxpayer’s welfare dollars.

As described in The Rise of the Quants, the sub‑prime debacle was the product of a nationalized, fully-federalized mortgage market responding to political mandates. With an accommodative Federal Reserve, the system doubled the mortgage stock on a stagnant housing base, doubling house prices. Cheap domestic funding—and especially Japanese carry‑trade flows—pulled the quants in.