ARGENTINA: To Benefit the People

Economic Czar Miguel Miranda's mammoth Institute Argentino de Promoción del Intercambio had at last published a financial statement. Anyhow, that is what Miranda called it.

Though IAPI (pronounced "yappy") is the world's biggest state trading agency outside Russia, the report was less than a page long. It was unsigned, apparently unaudited. There was no statement of goods on hand. Though European soft-currency countries owe IAPI $732 million for food and other products bought on tick, the only reference to this was a $52 million item called "operations with foreign governments." Finally, without...

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