Clubs Vermillion Garden Club
Vermillion Garden Club met at Prentis Park at 6 p.m. Thursday evening, Aug. 16 for a picnic-meeting. Members who attended State Convention at Palmer's Gulch showed pictures and told of events and business conducted there.
Plans were discussed for the District VI meeting at Wakonda Sept. 22. It was unanimously decided to give $100 to the Vermillion Public Library for the Gen. Lloyd Moses Garden being developed there. Dues for 2002 were collected. Meeting adjourned.
Louie and Nila Fostvedt demonstrated the making of a yellow twig willow garden trellis. Door prizes were bouquets of northern sea oats and autumn joy sedum.
Senior Citizens Center
Cool, decent weather was still with us to enjoy on Aug. 15 so 16 pitch, four pinochle and 14 bridge players came to the Senior Citizens Center to play cards from 1 to 4:30 p.m.
Bridge prize winners were Ernie Miller, high; Maurice Erickson, second; and blind bogie found a tie � Marlys Miller and Marilyn Siecke. Russ Heikes was low.
Refreshments were furnished by Roberta and Don Benson.
Vermillion Rotary Club
USD professor of economics Ralph Brown briefed Rotarians Tuesday on "The Economic Travails of Argentina." He set the tone for his remarks by sharing the startling fact that Argentina has digressed from being the 10th richest country in the world in 1900 to the 58th richest 100 years later.
Seeds for the country's economic decline were set after World War II, when Argentina made the decision to self-industrialize in most market sectors rather than strike a balance between producing and importing goods. The government was too heavily involved in industry, leading to high levels of subsidization and generally poor management. Tariffs were purposefully high, and the country became isolated.
Things worked well for a while under leaders like Juan and Eva Peron, but by 1960 inflation began to take its toll, averaging 127 percent over the next 34 years. Argentina made continually bad decisions, from giving the military too much power to taking on Great Britain, unsuccessfully, in the 1982 Falklands War. The latter mistake led to the country's first free elections in years, but even the return to democracy has been rough because of continuing economic and political instability.
Loans from the International Monetary Fund have not been sufficient to stem Argentina's problems, and Brown said the only answer for the Argentine government is probably a devaluation of its currency, an action that could well lead to loan defaults. In short, the promise of Argentina is still a mirage on the international scene.
Rotary members are selling tickets for USD's opening football game against Winona State Aug. 30 in Yankton. Guests for the meeting were Pat Pravacek, Diane Williams and Vermillion's newest foreign exchange student, Calo Vayega from Brazil.