You're not wrong. There's probably a better way to stabilize Argentina's currency which won't lead to as much suffering. But no one presented that better way.
Peronists have been doing the same things for decades and it led to 40% poverty. Milei ripped off the band-aid and it led to 60% poverty. But it probably paved the way for lower poverty in the future.
If you find a way to lower inflation (which helps everyone) and make the poorest people in society equally prosperous, I'm sure they'll give you a Nobel in Economics for it.
Inflation is going down. That brings hope. A year ago some saw their life savings' purchasing power cut to a third. That brings despair. This year it only went down by half, which brings hope because it's an improvement. Once inflation is at a reasonable level, economic growth will have to bring hope, which it probably won't, since Milei will be focused on lowering debt and trying to fill the hole in the central bank, which still stands at negative 7 billion dollars in foreign reserves.
Milei is a Christian, authoritarian, regressive fascist.
And he would never have gotten into power if the Argentinian left had respected the independence of the central bank, been more pragmatic with their subsidies and let the market decide more of their economy. Protectionism doesn't work and Argentina is a shining beacon letting everyone know that.
The left in Argentina did this to themselves. Even the trade unions in Argentina are struggling with support because they're seen as complicit in the country's wild overspending.
Because in the long term, very high inflation leads to everyone being poorer. And Argentina is the very best example of this.
A country that went from being the 6th richest in the world to having over half the population in poverty in 100 years. All thanks to protectionism, subsidized living costs, low taxes and printing money to make up the difference.
And let's not forget fleecing the international community for money to rebuild the economy several times and then not paying it back.
Near my university there was an underground bakery open from 18:30 to 6:30, and whenever you were drunk or high coming out of some university party or just a night of drinking with your friends you'd end up going there and it was amazing. At a reasonable cost, some high sugar and fat pastries, or just a warm croissant, served by an immigrant man in his 50s who would call everyone nephew. All this through a tiny barred window below the earth. A wonderful thing.
It's unfortunate that he's lived to be 95 and still hasn't managed to swallow his ego and admit the Bosnian or Cambodian genocides happened. I guess the ideological blindness is just too strong.
I don't know how you can look at a map clearly showing the aftereffects of decades of communism and blame it on capitalism. Why would east Germany vote fascist due to rampant capitalism but the rest of Germany not do that? I just don't understand.
Destroying the subsidies that the previous governments had has made inflation worse in the short term but should improve it in the long term. He says this and people believe it, so they're powering through the bad times awaiting the better times. In a way he's in his honeymoon period, and some people like him better because he's actually following through his policies instead of being all talk.
Solar power in sunny weeks, wind power in overcast weeks and hydro power in rainy weeks means electricity costs in Portugal and Spain have been incredibly low over the last year.
Newspapers here have been running articles saying the way the market works will make further investment and maintenance difficult because power generators are barely being paid. A few weeks ago for a couple of hours the price went negative in the wholesale market, meaning power generators had to pay to generate power.
A friend of mine decided to index his costs to the wholesale market and pays 4c/kWh, while with a normal power plan I'm paying 9-13c/kWh. Meanwhile coal, oil and gas guzzler Germany is paying 4x these prices. At least their geopolitical energy play worked out /s
This could have been a The Onion title