Inflation Hits 30-Year High In Argentina
Inflation Hits 30-Year High In Argentina
"Argentina registered a year-on-year inflation rate of 254.2 percent in January, the highest in 32 years, according to data released Wednesday by the National Institute of Statistics and Censuses (INDEC)"
Poorness rise to almost 58% while the president is refusing to hike the minimum wage, which is common to rise every 3 months or so even during the right wing liberal regime of Macri, but this guy FUCK NO he just signed a billion dollar subsidy to "Mercado Libre" the eCash monopoly owned by the richest Argentinean Galperin ~5 Billion of declared wealth
Are Argentinians at the finding out stage of fucking around yet?
The entire world is in the find out stage.
Yeah, we are still finding out the consecuences of the idiotic economical decisions of the prior government.
"We're going to do the exact same thing Nigeria did. But this time, it's going to work!"
"Oh no! It did the exact same thing that happened in Nigeria!"
We are doing what Ecuador did in 1998... which ended with the biggest economic crisis in 100 years in 1999
What is worrysome is the seeming practical impossibility to oust these men in power from their seats.
Violence is the great leveller.
Current technology would like to have a word.
I feel like the angry yelly guy with the silly mutton chops wasn't giving "fiscally responsible" vibes at any point.
I honestly do know what the Argentinians would have done. the previous government thought it was a bright idea to present the minister of the economy for the presidential election. A chihuahua would have sufficed to win. Instead a Goofy lion got in.
@racsol
Fixing the mistakes of leftist economic policies does not happen in a few months. It might be prudent not to vote in those people every x years.
So how exactly do you think the current administration will fix those mistakes?
If we're talking specifically about inflation, stricter monetary policy, currency changes Milei has suggested, lowering the deficit, free market policies (stopping price controls for instance) should fix the situation.
If these things are successfully implemented, it should lead to increased trust in the economy, which in turn will help everyone, poor the most.
It is certainly very early, but how long will we have to wait to evaluate their success or failure? Or will it be the typical "just one more term"?
Brexit was the perfect example of how this works: one direct policy change, clear predictions from experts what will happen, clear statements from EU, clear success/failure criteria (better trade deals, stronger economy). 7 years later if couldn't be clearer how complete failure it was but the party that did it is still going strong. Their excuse? The idea was right but the execution was flawed. Also it's still better then what the other party would have done.
It will be the same in Argentina. Whatever will happen they will simply claim they did the right thing, it's their opponents sabotaging their work that responsible for the failure, it would be even worse had they not done it, they are the only ones that can fix it. People expecting that everyone will just agree that what they did was stupid are delusional. It never happens.
That is a good question which I'm unable to answer. But I can be certain that a few months isn't enough. If by the end of Milei's full term things haven't improved, I can accept calling this a failure.
Which policies are you referring to?
- Print loads of money
- Economy goes to shit
- Implement price controls when the riots start
- Print yet more money because the core issues have not been fixed and people keep rioting
- Going to IMF cap in hand for more money with a pinkie promise to not do that shit again
- Do that shit again
- Suprised Pikachu.gif when it goes tits up yet again
Rinse and repeat every few years.