Argentina continues to be my favorite touchstone for what is to come for most Western governments and societies. After their debt collapse and currency devaluation a decade ago, followed by the seizure of private retirement funds, I think they are blazing a trail we'll see trampled down by many governments between now and 2020.
Here is some saber-rattling about nationalization of a key energy company using the language of scarcity and depletion (note that Ms. Kirchner's government says YPF has not invested "enough" into the sector to keep supplies sufficient to meet public demand. We'll see how government control, if it comes to that, will help with that. Between depletion, high costs for advanced extraction techniques and a high dose of bureaucracy, one can imagine the outcome. Add in some threats to retake the Malvinas and we would have a full-blown negative mood marker in play here.