this post was submitted on 14 Jan 2024
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[–] muse@kbin.social 74 points 2 years ago (2 children)

Good ol' anarcho-capitalism solving everything!

[–] SeaJ@lemm.ee 44 points 2 years ago (9 children)

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?

[–] Dmian@lemmy.world 52 points 2 years ago (5 children)

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…

[–] Javi_in_4k@lemm.ee 3 points 2 years ago (1 children)

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.

[–] Dmian@lemmy.world -1 points 2 years ago (1 children)

If he said the measures HE took were going to cause inflation, how is that the previous government's fault? This is what I find funny. He said "25% inflation is great! We were going to much worse inflation! We should congratulate the Economy Minister", but at the same time, you say the measurements he took were going to cause inflation. So... how did they avoid a worse inflation?

I'm sorry, but some people don't want to see reality, just want to believe everything will be good in the end, but are not being critical with this government (something people should always do, regardless of who they voted for), and everything the government do is fine with them, no matter how incoherent the discourse is, or how harmful those measures are.

[–] Javi_in_4k@lemm.ee 3 points 2 years ago

The measures would lead to higher inflation in short term but decrease in the long term. It actually is sound economically.

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[–] NocturnalMorning@lemmy.world 26 points 2 years ago (1 children)

That sucks, Argentina is such a beautiful place too. I hope they get their stuff figured out.

[–] Vub@lemmy.world 10 points 2 years ago

Seeing who they voted for, someone set for destroying everything sane, they will sadly not figure anything out any time soon.

[–] reverendsteveii@lemm.ee 19 points 2 years ago (1 children)
  1. things are bad

  2. elect libertarians

  3. everything gets worse

[–] nbafantest@lemmy.world 2 points 2 years ago

Believe it or not, this is better than expected

[–] LKPU26@lemmy.ml 18 points 2 years ago (1 children)

"There are four types of countries: developed, underdeveloped, Japan, and Argentina." -Simon Kuznet

[–] Andrenikous@lemm.ee 2 points 2 years ago

Why is Japan called out? Genuinely curious

[–] vexikron@lemmy.zip 16 points 2 years ago (3 children)

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.

[–] EnderMB@lemmy.world 7 points 2 years ago

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.
[–] fosforus@sopuli.xyz 0 points 2 years ago

I think they were looking at US $ as the replacement, not crypto.

[–] remotelove@lemmy.ca 11 points 2 years ago* (last edited 2 years ago) (4 children)

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%.

[–] Shardikprime@lemmy.world 1 points 2 years ago (1 children)

You got it extremely wrong. Current annual inflation rate is 211%

If the guy takes it to 150%, he gets reelected

[–] remotelove@lemmy.ca 3 points 2 years ago

We haven't quite reached the 2 year mark. Still a while to go..

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[–] TheDeepState@lemmy.world 6 points 2 years ago

Mo money, mo money!

[–] felixthecat@lemmy.whynotdrs.org 5 points 2 years ago

Their president asks his cloned dogs for advice on how to govern. I'm not surprised in the slightest.

[–] autotldr@lemmings.world 5 points 2 years ago (6 children)

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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[–] Aceticon@lemmy.world 5 points 2 years ago* (last edited 2 years ago) (4 children)

Well, most of them they did vote for it.

[–] Siegfried@lemmy.world 2 points 2 years ago* (last edited 2 years ago)

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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[–] Shardikprime@lemmy.world 3 points 2 years ago* (last edited 2 years ago) (1 children)

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.

[–] Girru00@lemmy.world 1 points 2 years ago (1 children)

Were the forecasts evented for him winning or losing?

[–] Siegfried@lemmy.world 1 points 2 years ago

For argentina existing. Those forecasts are post milei being ellected

[–] PanArab@lemmy.world 2 points 2 years ago (1 children)

I’m so glad Argentina isn’t in BRICS+

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