"Talk about your role reversals. In the past few weeks, officials at the [Fed] have discussed the unfolding crisis with at least one central banker from a developing nation who witnessed his own country's financial system implode: Mexico's Guillermo Ortiz. ... The so-called Tequila Crisis, named after Mexico's national drink, is today seen as the first financial crisis of the globalized economy. The U.S. put together a massive credit line that helped Mexico emerge from the crisis and grow prosperous in its wake. ... Nonetheless, many of the lessons of the Tequila Crisis and others like it apply to the U.S. ... 'Do whatever it takes to restore confidence,' Mr. Ortiz said in an interview. 'Once you lose it, it's very difficult to get it back.' ... In nearly all financial crises, the government usually reacts too slowly at first. ... What lasted longer was political bitterness linked to the bailout, which was seen as having helped rich bankers at taxpayers' expense. ... Much like Washington, the Mexican government expected to break even and possibly make some money on the bad loans that it purchased. The reality: The government lost money--lots of it. The bailout's final price tag of about $75 billion was three times what the Mexican government expected", my emphasis, David Luhnow at the WSJ, 13 October 2008.
It's fun to relive your youth. All the US needs to achieve banana republic status is 20-35% annual inflation rates. Be patient. I refer back to my 15 December 2007 post:
Do"whatever it takes". There is no rule of law in such a country. The US really is becoming Mexico.