Could the U.S. become Argentina?

An interesting article in The Telegraph, it was posted on Drudge earlier today, talking about Obama’s economic policies and how they may prolong the recession.  It also goes so far as to say that these policies could cause the United States to slide from a first world country to a third world country as Argentina did under Juan Peron.

While this is an interesting thesis, I continue to think and will argue that the U.S. market, and really the global market, is too diverse and would need a catastrophic shock to cause anything truly on the scale of the 1930’s or to send any first world countries to a third world status. But then again, maybe I’m also falling for the fallacy of “too big to fail”.