Rebecca Solnit begins her article in the "Nation" by describing what is now going on in Iceland. Then she compares this to what has already happened in Argentina. I go right to the part on Argentina and quote her.
Under the Icelandic Volcano
by REBECCA SOLNIT February 12, 2009
"In mid-December 2001, the Argentinean economy collapsed. In its day, Argentina had been the poster child for neoliberalism, with its privatized economy guided by International Monetary Fund policy. The economy's managers, foreign and domestic, were proud of what they'd done, until it turned out that it didn't work. Then, the government tried to freeze its citizens' bank accounts to keep them from turning their plummeting pesos into foreign currency and breaking the banks....
When the banks were frozen, however, middle-class Argentineans woke up broke--and angry....
On December 19, 20 and 21 of 2001, they took to the streets of Buenos Aires in record numbers, banging pots and pans and shouting "all of them out." In the next few weeks, they forced a series of governments to collapse. For many people, those insurrectionary days were a revolt not just against the disaster that unfettered capitalism had brought them but the time when they recovered from the years of silence and withdrawal imposed on the country in the 1980s by a military dictatorship via terror and torture."
(For more info about South American dictatorships and U.S. backed dictatorships around the world listen to Noam Chomsky on a DVDentitled "Imperial Grand Strategy: The Conquest of Iraq and the Assault on Democracy." I rented it from Netflix.)