Good ol' anarcho-capitalism solving everything!
this post was submitted on 14 Jan 2024
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Argentina’s annual inflation rate sped past 211% in December
He only assumed office in December. I think he is a whacko but expecting him to have a major change in inflation immediately is a bit ridiculous, don't you think?
He took measures in his first days that produced rises in both food and fuel, two of the biggest components of inflation. You think that may have influenced or not? I mean…
He actually said that was going to happen. Argentina has been. Subsiding fuel and food and removing the subsidies would lead to short term inflation since the price of both is no longer artificially low.
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As soon as you get elected literally everything becomes your fault, it's tradition.
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That sucks, Argentina is such a beautiful place too. I hope they get their stuff figured out.
Seeing who they voted for, someone set for destroying everything sane, they will sadly not figure anything out any time soon.
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things are bad
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elect libertarians
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everything gets worse
Believe it or not, this is better than expected
Wait so, is this a conjob to later try to switch the country over to some cryptocoin, or was that the stated goal the whole time?
I genuinely feel bad for Argentinians, but jesus christ never put an AnCap in charge of a state.
Milei has been pretty open about their policies... Unfortunately Argentina's economy is a dumpster fire and neoliberal asshats have been driving it further into the ground. You can think of Argentina's election of Milei as a hail mary... But an extremely I'll advised one.
When you're desperate even insane radical change can seem better than the status quo.
Wonderful.
I have not had enough time to follow everything about Milei, so it was a genuine question.
My nearest point of reference was El Salvador.
insane radical changes
-stop printing worthless paper money bills
-cut useless government spending on extremely corrupt practices that permeate all public spending in the country to save money
-reduce spending as the previous economy ministry/presidential candidate left the country reserves in ruins spending 15 thousand millions USD in only 6 months just to try to buy the campaign and still lost.
-rebuild the country's monetary reserves by auditing spend.
Wow the insanity
Those are pretty sane ideas but....
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charge protesters for their own arrest
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convert the country to using USD
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scrap necessary government functions (like environmental oversight) for short term savings
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remove restrictions on foreign investment
It's a mixed bag with Milei, some ideas are reasonable, some are hard to imagine how they'll be feasible, some are dumb... And a few are attributed to his dead dog.
Can you elaborate on the dead dog? Is this a metaphor or do you mean it literally?
https://brazilian.report/latin-america/2023/07/09/argentina-media-attack-milei/
He speaks to God by communing with his dead dog Conan who he has since has cloned.
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Sadly, as economies crash, it takes years, if not decades to repair the damage. Quick fixes or radical changes often just make the problem worse.
It's one of the reasons why Greece is starting to improve after so long in the shit. Their workforce switched to other, stable industries, and due to a mixture of COVID and the global economy dropping, they found themselves finding some semblance of normality.
All economies are different, but Argentina will need to strip away the bullshit, and focus on building something that'll last, with the resources they have. Sadly (and probably rightly so), telling people that the formative years of their lives will be full of unemployment, crushing debt, and no savings to take them into retirement while their kids may have a better outcome isn't a vote winner
- and even if it was, the next election could undo absolutely everything.
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"There are four types of countries: developed, underdeveloped, Japan, and Argentina." -Simon Kuznet
Why is Japan called out? Genuinely curious
Zombie economy stuff. https://en.wikipedia.org/wiki/Lost_Decades
Japanese companies should continue divesting elsewhere.
Just my prediction a couple of months ago: https://lemmy.ca/comment/5086774 (post was from last November or so ..)
Looks like my guess is tracking so far. Still.... 21 months to go until 500%.
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Mo money, mo money!
Their president asks his cloned dogs for advice on how to govern. I'm not surprised in the slightest.
This is the best summary I could come up with:
BUENOS AIRES — Argentina’s annual inflation rate sped past 211% in December, official data showed on Thursday, hitting the highest level since the early 1990s as new libertarian President Javier Milei seeks to head off hyperinflation with tough austerity measures.
“We’ve had to eliminate things that made life a little brighter,” said retiree Susana Barrio, 79, adding she no could longer afford to invite her friends for asado barbecues, long a key part of Argentine social life.
While high inflation has dogged Argentina for years, the rate of price increases is now at the highest level since the start of the 1990s, when the country was emerging from a period of hyperinflation, with food prices climbing particularly fast.
President Javier Milei, a political outsider who rode to power on the back of voter anger at the worsening economic situation, is looking to employ tough austerity measures to bring down inflation, reduce a deep fiscal deficit and rebuild government coffers.
“Nothing is cheap,” said Graciela Bravo, a 65-year-old retiree, who said she now carefully counted how many potatoes she bought.
Alejandro Grossi, 49, a lawyer, said he was wearily used to rising prices after years of inflation.
The original article contains 378 words, the summary contains 196 words. Saved 48%. I'm a bot and I'm open source!
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All Major economic newsletters consultants predicted extremely high values for December, like iprofesional, they were aiming for December inflation number to be 50%. El crónista, 35 % and up. Many banks going from BBVA to Santander, 40% and up.
Having 25.5% is actually amazingly good results with the car wreck the guy got.
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Well, most of them they did vote for it.
We were actually expecting a higher number and milei has been on the office for aprox a month. Shit is going to get really serious in the incoming months
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