President Javier Milei, who has been in office for just over a month, is looking to employ tough austerity measures to bring down inflation, reduce a deep fiscal deficit and rebuild government coffers.
    • SeaJ@lemm.eeEnglish
      6010·
      6 months ago

      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.worldEnglish
        587·
        6 months ago

        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.eeEnglish
          41·
          5 months ago

          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.worldEnglish
            12·
            5 months ago

            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.eeEnglish
              3·
              5 months ago

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

        • JustMy2c@lemm.eeEnglish
          920·
          6 months ago

          DOWNVOTE ME WHAT YOU WANT BUT HERE’S A SOURCE varias semanas de subida en el precio de la carne como consecuencia de las fiestas navideñas, con alzas de hasta el 50%, muchas carnicerías empezaron a aplicar rebajas del 20% y 25% en los últimos días para adaptarse a la menor demanda posterior. Y lo mismo está sucediendo con el resto de productos estacionales, propios de estas fechas tan señaladas, como es el caso de sidras, turrones o dulces, entre otros. El mercado se adapta a la demanda de los consumidores y baja precios con el fin de dar salida al stock acumulado.

          https://www.google.com/amp/s/www.perfil.com/noticias/amp/modo-fontevecchia/bajo-la-nafta-el-valor-del-litro-comenzo-a-bajar-por-decision-de-las-petroleras-modof.phtml

          • muse@kbin.social
            1·
            5 months ago

            Lolololololololol

            Please tell us all how bad it was, and not is, you dumb fuck.

            • JustMy2c@lemm.eeEnglish
              1·
              5 months ago

              He’d been in power just few weeks. Where you live is PRIVILEGED

              I would also vote left if in Europe or us

              But in south America the left got into the narco boat. And also steal from gov funds and projects. So basically do what right wing does in Europe.

        • JustMy2c@lemm.eeEnglish
          929·
          6 months ago

          FOOD and fuel is DOWN as of this week with a lottttt. Rents too, open market has given farmers the chance to bring product to market direct!! No more government interference in pricing of those things! Freedom!

          YOU GUYS DONT KNOW HOW BAD IT WAS!

      • fosforusEnglish
        1018·
        6 months ago

        Yeah exactly. The timelines of changes like this are longer than just a few months. Milei’s work will be bearing fruit for the next decade or so, unless the next government does a complete 180.

        • LuckyBoy@lemmy.worldEnglish
          198·
          6 months ago

          Oh yeah, anarcho capitalism and economic libertarians never fail. Its always socialism, communism, people fault.

          • fosforusEnglish
            713·
            6 months ago

            Oh both fail certainly. Getting the theory correct is important, but even the most perfect theory can be fucked up in implementation.

            I believe that’s what communists claim that happened to all the communist experiments on this planet?

      • muse@kbin.social
        1026·
        6 months ago

        No more ridiculous than banning gatherings of more than 3 people or arresting people and making them pay for your jackboot gestapo

        • Psychodelic@lemmy.worldEnglish
          1·
          5 months ago

          Are u you talking about those racist loitering laws that have been historically used to oppress non-white Americans?

        • JustMy2c@lemm.eeEnglish
          316·
          6 months ago

          Yes ridiculous. Now you want the list of EVEN MORE RIDICULOUS THINGS that the communist corrupt horrible 100-200%-inflation for a decade - people did?

          Or did YOUR SOURCE ONLY MENTION what you wrote?

          • muse@kbin.social
            11·
            5 months ago

            Hey, screamy mc bitch face, heard he’s stripping abortions and shit now. Hows those scary communist laws feeling?

            In a few years when he refuses to leave office, I’ll message you and laugh my ass off, fascy.

            • JustMy2c@lemm.eeEnglish
              1·
              5 months ago

              ALL OF SOUTH AMERICA IS BEING DESTROYED BY NARCO COMMUNISM AND YOU WHINE ABOUT WHAT? IT’S A VERY CATHOLIC COUNTRY TOO…

              You do NOT live here so go suck Cuba ruzzia Venezuela

      • JustMy2c@lemm.eeEnglish
        726·
        6 months ago

        He’s a wacko for religious and gay and female stuff. Yes. Old values.

        BUT EVERYTHING IS BETTER AS 100-200% INFLATION FOR TEN YEARS OF COMMUNIST RULE. basta ya. Let People import things, get them off the dole. Make some money and import and export stuff again.

        ARGENTINA WAS/IS A FAILED STATE IN ALL OBJECTS. IF YOU DO NOT KNOW THE SITUATION YOU SHOULD TRY READ UP.

        Milei is fixing it in argentina. NOBOA is fixing it in Ecuador.

        Give them a fair chance and f off with your communist propaganda it is THE CULPRIT OF THIS 200% INFLATION

        (MILEI ALREADY FIXED THAT PARTIALLY BTW, no more difference in exchange rate between street and bank!!)

        • SeaJ@lemm.eeEnglish
          91·
          6 months ago

          The Peronists that have plagued Argentina for decades are not communist. They are extremely protectionist and horribly corrupt but they are far from communist.

          The exchange rate being real is definitely a good thing. Eliminating price controls and allowing imports will also be good things. That doesn’t mean he won’t leave a path of destruction in his wake. Fixing the economy can be done without having an anarchocapitalist being the one crafting the policies.

          While I may not know as much about Argentina as an Argentine, I have taken an interest in its economy since college when I studied the currency board of the 90s and what led to the economic crisis in 2000/2001. So I am definitely versed on the destruction that the Kirchners (specifically Cristina) laid the groundwork for.

        • PsychedSy@sh.itjust.worksEnglish
          2·
          6 months ago

          Can you explain the female stuff? I thought he kind of surrounded himself with women to plan and run his campaign?

    • Vub@lemmy.worldEnglish
      134·
      6 months ago

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

  • vexikron@lemmy.zipEnglish
    267·
    6 months ago

    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.

    • xmunk@sh.itjust.worksEnglish
      292·
      6 months ago

      Milei has been pretty open about their policies… Unfortunately Argentina’s economy is a dumpster fire and neoliberal asshats have been driving it further into the ground. You can think of Argentina’s election of Milei as a hail mary… But an extremely I’ll advised one.

      When you’re desperate even insane radical change can seem better than the status quo.

      • vexikron@lemmy.zipEnglish
        3·
        6 months ago

        Wonderful.

        I have not had enough time to follow everything about Milei, so it was a genuine question.

        My nearest point of reference was El Salvador.

      • Shardikprime@lemmy.world
        English
        53·
        5 months ago

        insane radical changes

        -stop printing worthless paper money bills

        -cut useless government spending on extremely corrupt practices that permeate all public spending in the country to save money

        -reduce spending as the previous economy ministry/presidential candidate left the country reserves in ruins spending 15 thousand millions USD in only 6 months just to try to buy the campaign and still lost.

        -rebuild the country’s monetary reserves by auditing spend.

        Wow the insanity

        • xmunk@sh.itjust.worksEnglish
          5·
          5 months ago

          Those are pretty sane ideas but…

          • charge protesters for their own arrest

          • convert the country to using USD

          • scrap necessary government functions (like environmental oversight) for short term savings

          • remove restrictions on foreign investment

          It’s a mixed bag with Milei, some ideas are reasonable, some are hard to imagine how they’ll be feasible, some are dumb… And a few are attributed to his dead dog.

      • fosforusEnglish
        418·
        6 months ago

        neoliberal asshats

        No you got that wrong. The neoliberal asshats are trying to fix it.

        • BakerBagel@midwest.socialEnglish
          142·
          6 months ago

          Just like how they sre tryingbto fix it in the US? Neoliberalism isnt the cure for late-stage capitalism. It’s the cause

          • fosforusEnglish
            214·
            6 months ago

            I don’t know what you have in the US, but I wouldn’t call it very neoliberal.

            • rando895@lemmy.mlEnglish
              142·
              6 months ago

              You might not, but the majority of people who know what neoliberalism is would.

    • EnderMB@lemmy.worldEnglish
      10·
      6 months 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.
    • fosforusEnglish
      11·
      6 months ago

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

    • JustMy2c@lemm.eeEnglish
      619·
      6 months ago

      No, it’s a DECADE of this.

      Narco communist government stopped all free trade and got loans to give many people the dole while selling ports and land to China on the cheap.

      GASOLINE is subsidized for many billions usd a year while they don’t even have any crude…

      It’s sooooo many ridiculous laws that stop progress.

      NOW CHANCE IS UNDER WAY. HE IS THERE ONLY SINCE LESS AS A MONTH AGO.

      All the news the people here in the comments are repeating (without source) IS LEFTISH PROPAGANDA. plz find a real source towards argentinas recent history. There are great easy to understand YouTubes of renowned tubers. Have fun.

      Argentina and Ecuador will WIN AGAINST ORGANIZED NARCO CORRUPTION! FREEDOM WILL PREVAIL. THE GOOD PEOPLE ARE MORE.

  • LKPU26@lemmy.mlEnglish
    19·
    5 months ago

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

    • Shardikprime@lemmy.world
      English
      21·
      5 months ago

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

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

    • JustMy2c@lemm.eeEnglish
      320·
      6 months ago

      No, you are uninformed. Milei has changed things by a LOT. may be a year of turbulence but they are OK now.

      • remotelove@lemmy.caEnglish
        83·
        6 months ago

        I am just pointing out inflation rates and I personally don’t care about anything else. Milei said it would take two years to fix the inflation in Argentina, so, I am holding him to it.

        What I really think is going to happen is that inflation will not be fixed and he is going to keep blaming the government and “leftists” because of it. It’s actually in his best political interest not to fix inflation as it gives him a way to demonize his opponents.

        His inflammatory rhetoric is only used to piss people off. It’s not that he might actually believe any of the shit that he says. It’s in his best interest to keep telling people they are being attacked by his opponents.

        “All you have to do is tell them [the people] they are being attacked, and denounce the pacifists for lack of patriotism and exposing the country to danger. It works the same in every country.” - Hermann Goering (as quoted by Gustave Gilbert in the Nuremberg Diary)

        • JustMy2c@lemm.eeEnglish
          28·
          6 months ago

          Usd is the way forward. Ecuador has avoided destruction with it.

  • AutoTL;DR@lemmings.worldBEnglish
    5·
    6 months ago

    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!

    • JustMy2c@lemm.eeEnglish
      222·
      6 months ago

      If anyone wants the truth, find a REAL SOURCE ok what’s going on in Argentina because this isn’t it.

      TANKIES ARE DOWNVOTING EVERY COMMENT THAT EXPLAINS HOW BAD THE LAST TEN YEAR WERE AND WHAT CHANGES HAVE BEEN MADE BY MILEI IN THE LAST WEEKS.

      SOMEONE CAN BE A BIGOT ANTIGAY AND STILL BE THE BEST OPTION. unfortunately but true. I’m not the boogie man. Go find a better source of info like in depth videos on your tube by renowned tubers. Please… Before posting tankie propaganda

  • Shardikprime@lemmy.world
    English
    84·
    5 months ago

    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.