Argentina, Brazil and Mexico fall into turmoil. Quo vadis America?[Argentine, Brésil, Mexique entrent dans la tourmente. Quo vadis Amérique latine ?]

From 2003 to 2012, a new period appears in Latin America. Growth is higher, the «basics» ( trade balance, budgetary balance, international reserves, unemployment, formal employment, inflation) more often better, social policies are more or less important depending on the country, poverty recedes and income inequality seems to decrease. The disappearance of the external constraint in the 2000s made less urgent to proceed with structural reforms. It pays now. From 2012, the difficulties appear in Argentina, the Brazil and, to a lesser extent, to the Mexico. The economic miracle becomes mirage, the new eldorado is not. With the brutal reversal of the price of raw materials, new vulnerabilities appear today and result in the prompt return of the external constraint to which the Governments of these countries thought escaped with rising prices and traded volumes. However, globalization is not guilty. This is the way, at least passive, to fit into the international division of labour which is.