The term “doom loop” very accurately describes what is going on in Argentina right now. Despite the chaos gripping the economy, voters seem to be somewhat favoring the Peronist candidate who pledges to keep the free stuff flowing along with the resultant chaos as opposed to a fan of Von Mises and Hayek who would institute widespread free market reforms and stop the collapse.
Demonstrating a doom-loop in which crises caused by big government prompt citizens to increase their demands for for big government, a bricklayer en route to the voting booth told Reuters, “Peronism is the only space that offers the possibility that the poorest of us can have basic things at our fingertips.”
I can think of a few other nations on that same path. Can you?

