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In inaugural speech, Argentina's Javier Milei prepares nation for painful shock adjustment

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By DAVID BILLER and DÉBORA REY

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President Javier Milei presented figures to lay bare the scope of the nation's economic “emergency,” and sought to prepare the public for a shock adjustment with drastic public spending cuts.

In every case of neo-liberal 'reforms' bringing in austerity for the people it has been followed by corporate welfare, socialism for the rich and deregulation and corporate abuse and burgeoning inequality.

Fool me too many times to count....

7 ( +10 / -3 )

Don't agree with many of this guy's policies, but props to him for sitting Zelenskyy and Orban close together so they could hash out their differences.

3 ( +5 / -2 )

Good on this guy, socialism is the absolute cancer of society.

-6 ( +5 / -11 )

Not hearing much any more from him about switching the currency to $US. It was going to be his central economic policy.

Perhaps someone has informed him there's no way the country can afford to buy enough required for circulation and reserve.

3 ( +6 / -3 )

This fascist clown will ruin Argentina more than is ruined already..

-5 ( +3 / -8 )

Good on this guy, socialism is the absolute cancer of society.

Supporting far-right clowns who denied the Argentina fascist genocide in the 70s???...

Pathetic...

3 ( +7 / -4 )

TokyoLivingToday  09:06 am JST

Good on this guy, socialism is the absolute cancer of society.

Supporting far-right clowns who denied the Argentina fascist genocide in the 70s???...

Pathetic...

Clearly you have little understanding of what "far-right" means. Tip: it's not just a label for someone you hate.

Typical of biased articles like this, the authors neglect to mention that Milei's been an economics professor for the last couple of decades, so it's likely he knows more about the causes of and solutions to Argentina's economic woes. Ya know, the high inflation, poverty, corporate socialism and the like that's been the country's defining features for decades.

Sure, his delivery is...unorthodox...but sometimes that's necessary to break through the noise. The country is in such a state of malaise that some painful reforms will be necessary before recovery can take hold. And big government strangles economic growth and innovation, partly due to so much capital being tied up in unproductive bureaucracy and lack of incentive to improve.

-4 ( +1 / -5 )

Not hearing much any more from him about switching the currency to $US. It was going to be his central economic policy.

He has not yet assumed power and is already taking a much different tone than before being elected, now getting close with officials that he previously demonized, even China gets the same treatment. People that voted for him are justified in feeling cheated, even if realistically speaking there was no other way to direct the country. Once again wild impossible promises from a candidate quickly become much more measured policies by a president.

1 ( +3 / -2 )

Argentina has been an absolute basket case.

I think everyone should hope that they can turn it around now - even if it would mean Milei’s policies turn out to be successful relative to what has come before. (Some people don’t care about results as much as they care about their preconceived ideas though, but these people can be ignored as haters.)

Viva la libertad carajo!

-2 ( +1 / -3 )

Typical of biased articles like this, the authors neglect to mention that Milei's been an economics professor for the last couple of decades, so it's likely he knows more about the causes of and solutions to Argentina's economic woes.

Art Laffer and Peter Navarro were likewise economists after a fashion with peer reviewed papers to their credit. Neither has much credibility within the economics profession.

1 ( +3 / -2 )

Milei has more economics credibility than those who ran the government of Argentina for the past hundred years.

-3 ( +1 / -4 )

Art Laffer and Peter Navarro were likewise economists after a fashion with peer reviewed papers to their credit.

Dunno, the previous 2 years, economics not and never was strongest point.

https://www.washingtonexaminer.com/opinion/three-things-biden-has-done-that-increased-gas-prices

Neither has much credibility within the economics profession

According to the left the U.S. has a robust economy, try again.

-2 ( +2 / -4 )

Any person who wants to be the president of a country with 143% inflation, should in some ways be admired. If it were me, I would emigrate.

1 ( +2 / -1 )

I really hope he miraculously turns things around but I highly doubt that clown will do anything but make matters worse.

1 ( +3 / -2 )

https://www.washingtonexaminer.com/opinion/three-things-biden-has-done-that-increased-gas-prices

A year and a half old article written at the height of the energy market disruptions caused by the Russian invasion of Ukraine and subsequent western sanctions. Hardly a current assessment of the US economy. Oil prices

This is much more recent. Select the "5Y" chart to see five years of data.

https://tradingeconomics.com/commodity/crude-oil

You see the spike to $117 per barrel during the height of the Russo-Ukraine War energy market disruptions followed by a steady down trend. You also see a spike around March 2023 where the Saudis and OPEC made a decision to cut oil production, followed price volatility, but then oil prices entered a steady decline.

The US is the world's largest producer of both oil and gas. The US is a net oil and refined product exporter. And despite interest rate hikes by the Federal Reserve, job growth has continued in the US while inflation has declined to a little over 3% and continues to fall. Compared to the rest of the developed world the US has a good performing economy.

In the long term because of the decades long drop in the velocity of money as more and more money is held by fewer wealthy entities and due to continued market consolidation that allows firms to hold huge cash balances, currently US corporations are sitting on over $4 Trillion in unspent cash balances, the long term trend is towards deflation, not inflation. We are seeing the first signs of deflationary pressures now.

0 ( +2 / -2 )

Btw, I'm an economist too. This is my life.

0 ( +2 / -2 )

Neither has much credibility within the economics profession.

Btw, I'm an economist too. This is my life.

Good for you. And do you have credibility within the economics profession?

-1 ( +1 / -2 )

In every case of neo-liberal 'reforms'

Not every case.

bringing in austerity for the people

As per the article it shall be austerity for the big government types, which is fortunately not all of the people.

it has been followed by corporate welfare, socialism for the rich

That’s a big government problem, not a small government problem.

and deregulation

Oh heaven forbid the people have libertad…

and corporate abuse

compared with a 5,000% inflation - a government abuse?

and burgeoning inequality.

Yes many people will get richer, rather than most everyone remaining poor.

Ohtani gets 100 million a year for 10 years. Oh the inequality… but hey he is the best baseball player on the planet… and millions enjoy watching him…

If you were fond of Argentina before, why weren’t you living in such a place?

-2 ( +1 / -3 )

Prof. Milei, precisely because of his superior intelligence, will cause more harm with his remedy of Milton Friedman's just-what-the-doctor-ordered medicine to fix Argentina's chronic economic malaise than the dull-witted Mar-a-Lardo Menace Milei's modeled his histrionic shtick on.

Good on this guy, socialism is the absolute cancer of society.

People whose credo is the above sadly share the same conviction as Hitler who saw in socialism/communism an insidious "Jewish" conspiracy. (Hitler's Table Talk: 30. 11. 1944)

1 ( +3 / -2 )

People whose credo is the above sadly share the same conviction as Hitler who saw in socialism/communism an insidious "Jewish" conspiracy. (Hitler's Table Talk: 30. 11. 1944)

No, we've just seen the effects of socialism in the history of the century, and it doesn't look good at all. Some will argue "that wasn't real socialism." Oh but it was, because textbook socialism is even more unattainable than textbook free-market capitalism, since it ignores human nature and requires force to implement.

0 ( +1 / -1 )

Art Laffer and Peter Navarro were likewise economists after a fashion with peer reviewed papers to their credit. Neither has much credibility within the economics profession.

Nice attempt at deflection, but give Milei a chance. After all, his predecessors clearly had no idea how to manage an economy.

-1 ( +1 / -2 )

And I naively thought it was capitalism with paid and bought warmongering politicians and their media flunkeys in pocket that was the "cancer on society"enabling capital to roam the earth with impunity plundering its resources and destroying everything that stands in its way as is painfully evident in the wars that have brought starvation, disease and death to millions in the oil-rich Middle East for the last 75 years.

1 ( +3 / -2 )

Good on this guy, socialism is the absolute cancer of society.

I shake my head at the fixation of the right on "socialism" especially in the US where it simply does not exist ( ( socialism is defined by economists as state ownership of the means of production, no private enterprise and in some implementations no private property at all, everything is owned by the state ) while blithely overlooking the equally dangerous and corrosive prevalence of monopoly and especially oligopoly in major consumer markets in the west and especially in the US.

1 ( +3 / -2 )

Good for you. And do you have credibility within the economics profession?

I just earned cost analyst of the year where I work but the bulk of my work is not releasable to the public because it contains proprietary information from some big corporations who need to keep their trade secrets secret. I have the same degrees that Sr. Milei has.

-1 ( +1 / -2 )

and deregulation

Oh heaven forbid the people have libertad…

Libertad...like Argentina's neighbor to the West Chile who when Allende was overthrown by a CIA-backed coup

the murderous dictator Pinochet actually consulted with Friedman for their neo-liberal market reforms.

Bringing looting of the economy by financiers, environmental degradation that that would have to be cleaned up on the public peso, as well as torture and murder of course.

Kind of like Neo-liberalism in the G-20. Yeah liberty.

-1 ( +1 / -2 )

Argentinians are used to politicians lying to them over and over and over.

They hope this guy isn't a liar and that his attempts to get inflation under control which will bring prosperity to the country actually work.

I wish them well on that task.

I love BsAs, but can't help to remember the street people collecting boxes for recycling. That's how they made a living, on the lean edge of society. Independent garbage collectors.

A little socialism isn't a bad thing. The trick is not to have so much that it gets in the way of ingenuity or making the political people confused into believing they have power. Politicians need to always be aware they have a temporary position, they serve for a short period to help as many people as possible, and should leave the people and country they represent a little better than when they arrived. Simple to say, but it is very hard to accomplish.

When in doubt about any govt rule, allow it and let people decide what's best for themselves. Seems pretty easy, right?

2 ( +2 / -0 )

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