Argentina 1890: The Baring Crisis and the Panic That Shook a Nation

In 1890, Argentina was riding high as the 'granero del mundo'—the world's breadbasket—but beneath the surface, a speculative bubble fueled by British loans was about to burst. This episode dives into the Baring Crisis, when the London banking house of Baring Brothers teetered on collapse after over-lending to Argentina. Lucas and Luna trace the roots of the panic: President Miguel Ángel Juárez Celman's 'Unicato' rule, the unchecked expansion of railroads and land speculation, and the role of the Banco Nacional. They explore the dramatic fall of the peso, the suspension of convertibility, and the political fallout that forced Juárez Celman's resignation and ushered in the 'Revolución del 90'—a radical uprising that nearly toppled the oligarchy. The conversation reveals how this early financial crash exposed the fragility of Argentina's export economy and set patterns of debt, crisis, and IMF-style intervention long before the 2001 collapse. A must for understanding the boom-and-bust cycles that define Argentine history.

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