This chart shows the total of consumer loans at all commercial banks in the U.S. as of the end of February. As the chart shows, credit is being extended to consumers at an above-average rate, and keeps posting all-time highs. This recession has nothing to do with a shortage of money. Instead, there is a shortage of confidence: in the banking system, in counterparty risk, and in government policies which threaten capital with punitive tax rates.
In Argentina it is almost 10 pm, and we are just about to leave the hotel for a party. Dinner won't be served until almost midnight, and the festivities will undoubtedly stretch into the wee hours of the night. This is a country that I have never been able to fully understand, even after we lived here for four years. Tucumán is probably the city with the most active night life I have seen anywhere, with the possible exception of Madrid. There is a great shortage of money here (middle class salaries are maybe as high as $1000 per month) but no shortage of enthusiasm for life.