“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

  • sugartits@lemmy.world
    link
    fedilink
    English
    arrow-up
    2
    ·
    9 months ago

    So do you agree with the idea that Milei’s austerity measures will work in the long run?

    Probably not. The politics won’t allow for it: everyone’s thinking is short term and nobody cares about 10 years down the line. He will be blocked and sabotaged and removed before this gets to play out. Then the money printer will go brrrrrrrrrrrr

    If it’s allowed to stick, then yes, it should work in the long term, with some short to medium term pain. It’s not impossible but it seems unlikely to work out that way. Maybe enough Argentinans with a long memory and basic math skills will allow it to happen. But don’t count on it.

    Similar to how an addict has to get off the drugs: hurts in the short term something fierce, then it gets better over time. Except here the drug is free money. Of course, many don’t make it.

    If you do, is there historical precedent to guide that belief?

    Every fiat currency has eventually failed. Going right back the Romans and probably before that. When the greedy idiots in charge learn they can print money seemingly without consequence, then they will print.

    • FrowingFostek@lemmy.world
      link
      fedilink
      English
      arrow-up
      1
      arrow-down
      1
      ·
      9 months ago

      I still struggle to understand how you believe it “should work in the long term.” I would like, but i understand if you dont have, some kind of example where these measures have worked before.

      When you say basic math it makes me feel like I’m missing something.