It was once said "When the world receives the flu, Latin America experiences pneumonia." In economic terms meaning that when the world experiences a recession, Latin America would experience a severe financial crisis. While major events throughout history would make this quote credible, as in the 1980's when the world experienced a global recession. Latin America underwent a severe financial crisis known as the "lost decade." The financial crisis of the 1980's caused Latin America's economic growth to stagnate, which lead to a high rise in unemployment, inflation, and incomes to decrease from 20 to 40 percent. By the time the financial crisis ended in the early 1900's, inflation rose on an average of 434 percent all across Latin America. In the year 2007 the world would experience another economic crisis titled the "great recession." Only this time there was no economic recession in Latin America. Latin America would become resilient to the world's economic crisis due to its monetary policy, fiscal policy, and by creating a strong and well-regulated financial system. One way Latin America has become resilient to the Great Recession, is due to its changes in its monetary policy. Though monetary policy can have negative affects in a sense that if not well balanced it can create inflation. A well-implemented monetary policy can boosts growth in the economy by increasing the money supply for business investment, leading to creation of employment. The creation of employment leads to a higher purchasing power among citizens. However, if the policies in act are not well balanced then inflation will occur, which will erode the gains the policies created. One country that has been a victim of inflation through poor monetary policy has been, Argentina. For the most part Latin America has done a great job of implementing its monetary policy, which is one reason why they have become so resilient to the global crisis. A second way Latin