The past two decades have been formidable for her country: curbing inflation (by creating the real and pegging it to the U.S. dollar), privatization (notably, the state-owned telecommunication and mining companies) and a commodities boom (soybean and iron ore).

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In Western Australia, where most of the iron ore resides, the boom has created unprecedented prosperity, along with a small tribe of billionaires.

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The grab by Argentina for control its national oil company, YPF, should throw the fear of God into investors round the globe about the way revenue-hungry politicians are trying to cash in on the global boom in natural resources like oil, gold, copper, iron ore.

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It buys enormous amounts of Australian coal and iron ore, which has fueled a natural-resources boom.

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As for the Mining Boom III, the pick up in export volumes flowing from the surge in mining investment in iron ore, coal and liquid natural gas will start to get underway around 2014-15.

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