Recently, Argentina had a vessel seized for unpaid sovereign debts. Obviously, something like this is just how the world works for average people nowadays – our vehicles getting repossessed when we are unable to keep up with the bills would not even remotely be newsworthy. However, in this instance, it’s an entire country (really, again, though, not THAT newsworthy) being enough in debt to have such an action taken. What’s especially interesting is that it’s being done by a private hedge-fund manager.
That’s pretty weird, right?
Are we seeing state effects being exercised by individuals with private wealth on the level of some small countries? Is this a harbinger of things to come – a transformation in governance? Or does it harken back to the era of privateers – or both? If you’d like to read more:
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