Argentina holds the dubious distinction of being the only First World nation to become Third World. If it is any consolation, it won’t hold that title for long.
America holds a couple of dubious distinctions too. It is the richest nation in the world. Yet, it is also its most indebted. One in seven Americans is being actively pursued by debt collectors. America also has the world’s largest military. But to pay for it, it has to beg money from one of its biggest rivals, China.