patrick.net

Upon taking office, Milei’s plan was to devalue the Peso by 50% setting it closer to the U.S. currency’s value on the parallel retail market. It’s how the Austrian School quells triple digit inflation.

He told everyone this would happen but Tits McGee here doesn’t understand economics.

Argentines riot over cutting taxes:

UkraineIsTotallyFucked says

Argentines riot over cutting taxes:

How do we know it's not BS, considering the utterly shitty source?

Javier Milei approved a plan of sending to Ukraine five "Super Etendard" combat aircraft that are out of use due to the embargo that Uk applies against Argentina, - infobae

RWSGFY says

How do we know it's not BS, considering the utterly shitty source?

Did you even bother to Google to find out? What are you, another rich wicks? :)

https://www.msn.com/en-us/news/world/riot-police-in-argentina-disperse-protesters-with-water-cannons-tear-gas-ahead-of-key-senate-vote/ar-BB1o7g8o

https://english.elpais.com/international/2023-12-21/tens-of-thousands-of-argentines-protest-against-milei-amidst-strong-security-measures.html

https://nypost.com/2024/06/20/opinion/argentinas-milei-miracle-proves-the-failure-of-socialism/

RWSGFY says

Javier Milei approved a plan of sending to Ukraine five "Super Etendard" combat aircraft that are out of use due to the embargo that Uk applies against Argentina, - infobae

UK? Super Etendard - "Standard/Banner" - is a French jet.

EDIT: Apparently the parts are UK sourced.

Smart move by Milei, though! Those things are way out of date anyway.

you guys are praising media, not reality. they sold Miley hard in US. which is where my distrust is. if they have to sell it… man is an actor fascist.

otherwise don’t care, not my country.

"All these politicians who blame the human race for climate change are fake and are only looking to raise money to finance socialist bums who write fourth-rate newspapers.” - Javier Milei speaking about Watermelons in https://english.elpais.com/climate/2023-11-30/climate-denier-in-the-casa-rosada-mileis-arrival-puts-argentinas-environmental-agenda-at-risk.html

If you don't know what I mean by "Watermelon", here is a visual clue:

they are marketing and selling him like he’s a messiah. and life teaches us that marketing is generally a lie. good luck Argentina, every time US did that, place went to hell in a few years.

After taking the country's inflation rate of about 34% year to date, the real return on the stock market is waaaaaay below that of the US.

... but yes, there are lots of pseudo-media companies pumping what the guy is doing. Needless to say, he is trying for some more funding from the IMF.

.

Yeah, he's been President of Argentina since December 2023 and inflation has jumped: https://tradingeconomics.com/argentina/inflation-cpi

Milei has warned about economic pain in the beginning of his reforms and as reported below recently by US News

.......................................

"The government of libertarian President Javier Milei, who took office in December, has pushed a tough austerity drive that has battered economic activity and pushed up poverty and unemployment.

The government says the cost-cutting measures are needed to rein in the world's highest inflation that is hovering above 250%, rebuild its foreign reserves and reverse years of deep fiscal deficits.

While monthly inflation has hovered around the same level since May, Milei's government on Sunday presented a 2025 draft budget, in which it predicted inflation just above 18% next year, with GDP growing 5% next year and a further 5% in 2026.

Argentine markets cheered Milei's plan for a "zero" deficit budget but were down slightly on Wednesday ahead of the U.S. Federal Reserve's announcement it would cut interest rates by 50 basis points."

DemocratsAreTotallyFucked says

paid actor. media selling him like savior type, he isn’t. hollywood production type of deal, it’s all fake front.

Javier Milei speech at UN General Assembly on Oct 2, 2024:

We are today, with an organization [UN] that is powerless to provide solutions to real global conflicts, such as the aberrant Russian invasion of Ukraine, which has already cost the lives of more than 300,000 people, leaving a trail of more than one million wounded in the process.

An organization that, instead of confronting these conflicts, invests time and effort in imposing on poor countries what, how and what they should produce, with whom they should associate, what they should eat and what they should believe in, as the present Pact for the Future intends to dictate.

This long list of errors and contradictions has not been gratuitous, but has resulted in the loss of credibility of the United Nations in the eyes of the citizens of the free world and in the denaturalization of its functions.

AD says

and inflation has jumped

Just use silver by weight as currency. Then you won't have inflation.

The place is named Argentina after all.

AD says

Yeah, he's been President of Argentina since December 2023 and inflation has jumped

Looking at the graph where's the jump? It's heading down, no?



PS.

Inflation Rate in Argentina averaged 190.51 percent from 1944 until 2024,

Has been a very fucked country for a very long time. Not something you undo in a year.

Eric Holder says

Has been a very fucked country for a very long time

And this is why when he does do an improvement to the situation, it's effect is much more profound than it would be in a not-so-fucked-up country.

This is why China, Poland and many other nations run into the Middle Income Trap that often reduces their previously spectacular growth rates. Law of Diminishing Returns as far as doing the same thing and expecting similar results. There is only so much infrastructure one can build to get the same boost in productivity. Only so many corrupt judges to remove, so many privatizations, so many banks to fix, yada-yada-yada.

If Trump can do what Milei did wrt to annihilating the bureaucracy, then Goddamn . . .

Patrick says

Just use silver by weight as currency. Then you won't have inflation.

Correct.

Silver, not Gold. Silver is almost impossible to manipulate; Gold can be hoarded or controlled much more easily due to the very limited supply. The US is stuffed with Silver.

To insure the actual metal is circulating and not just wildcat paper, we need the first $2000 of any 1099-based contract, employment wage or salary, etc. paid out in the metal itself.

That's well over 4 pounds in actual metal (assuming .95 pure) bi-monthly for somebody earning just $48k. Excellent!

I have a feeling once people feel the heft of REAL money, they'll be addicted to metal.

original link

AmericanKulak says

we need the first $2000

AmericanKulak says

That's well over 4 pounds

That's the problem.

DOGEWontAmountToShit says

Nooooooo!

https://notthebee.com/article/javier-milei-announces-argentinas-first-budget-surplus-in-123-years

Javier Milei announces Argentina's first budget surplus in 123 years

"The deficit was the root of all our evils -- without it, there's no debt, no emission, no inflation. Today, we have a sustained fiscal surplus, free of default, for the first time in 123 years. This historic achievement came from the greatest adjustment in history and reducing monetary emission to zero. A year ago, a degenerate printed 13% of GDP to win an election, fueling inflation. Today, monetary emission is a thing of the past."

Next step: use 0.9999 pure silver by weight as currency.

Not "dollars" or "pesos" or any other bullshit units that can be redefined to debase the currency and defraud the people yet again.

Weight alone.

Patrick says

Javier Milei announces Argentina's first budget surplus in 123 years

"The deficit was the root of all our evils -- without it, there's no debt, no emission, no inflation. Today, we have a sustained fiscal surplus, free of default, for the first time in 123 years. This historic achievement came from the greatest adjustment in history and reducing monetary emission to zero. A year ago, a degenerate printed 13% of GDP to win an election, fueling inflation. Today, monetary emission is a thing of the past."

Yeah. Hyperinflation helps with that. The national debt has already been hyperinflated away. You just have to stop printing money and stop spending deficits. Viola!

https://www.econotimes.com/avier-Mileis-Tax-Revolution-Argentine-President-Eliminates-90-of-Taxes-in-Unprecedented-Economic-Shake-Up-1696611

Note: 'taxes' and 'taxation' are two different things, numerically.

What's the difference?

Patrick says

What's the difference?

Eliminating some taxes does not necessarily equate to reducing 'national taxation' levels.

In this case a bunch of special taxes that don't collect much revenue, cost too much to enforce relative to revenue collected, etc.

The bigger taxes (by revenue collected) like income and VAT aren't being dropped. Revenues from those might even increase because these other taxes probably reduce taxable economic activities with those, like the Export Tax.

"Under the proposed reforms, the number of national taxes will drop from 167 to fewer than 20, focusing primarily on value-added tax (VAT) and income tax. The plan also includes the elimination of export taxes, which Milei described as detrimental to Argentina's agricultural sector—a critical component of the country’s economy."