ECONOMY: Another socialist country headed for financial ruin, Argentina seeks $30B bailout from IMF

Forced by the threat of another financial crisis like the one that nearly devastated Argentina in 2001, Argentine President Mauricio Macri has turned to the International Monetary Fund to seek a $US30 billion line of credit.

Argentina has been plagued in recent months with soaring prices and a currency that is down by more than 20 percent against the US dollar. The central bank hiked rates three times in eight days to a hefty 40 percent.

"Argentina has limped along for decades under various dictators and socialists, but the current president, Macri, is trying to lead pro-business economic reforms to counteract many years of protectionism and high government spending," said Glenn Beck on today's show.

"Seems like Macri is trying to right the ship, but it's almost impossible to reverse decades of bad policies."

When President Macri took office 2015, he was faced with the nearly insurmountable task of trying to reverse twelve years of policies that caused double digit inflation and the biggest deficit in 30 years.

"It's been tricky," said Glenn. "You can't just undo giant spending policies of a former president because people like their free stuff. Once you give it to them for free, they're like, 'Whoa, you can't take that' ... Seems like Macri is trying to right the ship, but it's almost impossible to reverse decades of bad policies."

So, why does this matter to me?

This week on the show, Glenn has been spotlighting the many perils of Socialism. To see clips from earlier this week click here and here. "It's important to understand and guard against this because we have generations of younger Americans who think Socialism sounds neat, sounds like the greatest thing since sliced bread. Try asking people in Venezuela what they think about [the price] of bread right now, and socialism."

Watch the video clip above to hear more from Glenn.

To see the full episode visit Glenn’s channel on TheBlaze or watch full episodes of “Glenn” live weekdays 5–6 p.m. ET or anytime on-demand at TheBlaze TV.

Not a subscriber? Sign up for a FREE trial here.