Cultural differences about money and investing are often rooted in sometimes bitter experience. That’s likely the case with people from Argentina. According to my son, Anil Mundra, the globalpost.com correspondent in Buenos Aires, “Argentines don’t trust either their banks or their government because both have betrayed them in the past.”
Anil notes that late in 2001, many people lost their savings when the Argentinean government froze bank accounts and devalued the currency. Last year all private pensions were nationalized, and skeptics suspect that they will never see their promised retirement funds.