KEY POINTS:
Hola! I am writing this in Buenos Aires. The Argentine city is a terrific place to live - as long as you are not Argentine.
You can have a very stylish time on very little coin. Dinner for two at the local Spanish restaurant - aperitifs (the European influence is strong here), spicy prawns, steak, excellent local wine and wicked dulce de leche (a gooey caramel thing they love here) - can be had for about 100 pesos ($45).
And Buenos Aires is the shabby chic capital of the world; that's what comes of being one of the world's richest economies and then turning into a global deadbeat.
In the "pulgas" (flea markets) of trendy suburb San Telmo you can buy glamorous dusty chandeliers, a full-size harp, or some art nouveau furniture with its stuffing spilling out for the price of a Harvey Norman dralon lounge suite.
In the centre of BA there are elegant Parisian-style buildings on every block which makes it an aesthetic thrill simply walking to the laundrette, where you can get a week's worth of washing done by someone else for 30 pesos.
Brilliant for us, getting more than two pesos to the dollar, but not much chop for the Argentine working class. The economic problems in Argentina are complex, but in keeping with the law of unintended consequences, a succession of Governments from Peron to Kirschner offering populist policies which promised to help the Jose-in-the-street, have had the opposite effect.
The Wall Street Journal recently ran a bold warning to Americans: the Big Government policies suggested by Barack Obama in the run-up to the US presidential campaign are similar to the interventionist approach which has seen Argentina go from South American breadbasket to world-class basket case.
"The constitution once held limited government and private property to be among the highest ideals of the land. But in the 1920s these protections, which had made the country a magnet for immigrants and the seventh-largest economy in the world, began to erode," the WSJ says.
With the seemingly legitimate excuse of financial crises, the administration of President Nestor Kirschner (the husband of current President, Cristina Fernandez de Kirschner) imposed price controls, raised export taxes, increased populist subsidies, abrogated contracts, stiffed creditors, ended central-bank independence and even manipulated inflation statistics.
The private sector and profits were demonised and the press was harassed.
Practically every day here there has been news of another "manifestacion" or noisy, saucepan-banging protest.
A revolt by farmers against an opportunist "windfall tax" on soy exports has turned into a rebellion against the President's overbearing Government.
"From nationalised health care and government-owned refineries to punishing taxes on the rich, Argentina has been there, done that. There are good reasons to find the resemblance disturbing," the WSJ says, asking US voters to take note.
As another country heading towards an election, perhaps we should take note, too - we have more than just rugby in common with the Argies. We are already a destination for wealthy individuals attracted by local ambience the locals can't afford.
In the Auckland suburb of Devonport there are many English ex-pats. No doubt some of them are writing home saying: "You'll never believe the amazing house we just bought."
Auckland is indeed a great place to live, if you're not a New Zealander.
