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Argentina is about to get wild


HinesWard86
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7 hours ago, sleepy said:

Yeah, real crazy ideas here.

image.png.eaa5fc848bc726bba21ad81ad0b1a77e.png

On the campaign trail this year, Milei proposed legalizing the sale of human children via a "free market for babies." He also pledged to lower Argentina's age of consent, laid out plans to mandate forced labor in Argentine prisons, and repeatedly attempted to rehabilitate his country's former pro-Nazi dictatorship.

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1 hour ago, HinesWard86 said:

On the campaign trail this year, Milei proposed legalizing the sale of human children via a "free market for babies." He also pledged to lower Argentina's age of consent, laid out plans to mandate forced labor in Argentine prisons, and repeatedly attempted to rehabilitate his country's former pro-Nazi dictatorship.

I suspect each of those things you put out there as bad has more to the story?

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Argentina: President-Elect Javier Milei Promises ‘Spiritual’ Israel Trip, Will Move Embassy to Jerusalem

Argentina’s libertarian President-elect Javier Milei confirmed on Monday that he would make visits to both Israel and the United States before his inauguration on December 10, trips he described as “spiritual” and intended to meet with rabbis whom he had consulted during the election.

Milei won the presidency in a landslide on Sunday night, defeating the current Minister of Economics Sergio Massa, a socialist. Massa’s tenure has been defined by inflation of upwards of 140 percent, skyrocketing poverty and joblessness levels, and the worst economic crisis in the nation’s history. Milei, a self-described libertarian, has promised to install the U.S. dollar as an official currency, dramatically cut government spending through the elimination or privatization of agencies, and eliminate the Argentine Central Bank.

On foreign policy, Milei promised to abandon the pro-Iran, pro-China policies of incumbent President Alberto Fernández and the long line of socialist Peronists who preceded him and has repeatedly stated that Argentina’s top allies under his administration will be Israel and the United States. Milei reportedly began studying the Torah and considered converting to Judaism from Catholicism in 2021, and has maintained regular studies with multiple rabbis.

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‘Dollarization is feasible and it’s desirable’

If put into practice, Milei’s dollarization plan would see Argentina give up the peso as its currency and use the U.S. dollar instead.

Ecuador and Panama are two notable examples of countries that have previously dollarized their economies, but no country of Argentina’s size has previously shifted to the U.S. dollar.

Advocates of the proposal say the switch could help the country tame runaway inflation and bring an end to its boom-and-bust cycle. Critics, however, say the move would strip the country of its national sovereignty and dent Argentina’s ability to influence the economy through moves such as interest rate changes.

Argentina: Steve Hanke says many arguments against dollarization are 'absolute rubbish'
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VIDEO03:21
Argentina: Steve Hanke says many arguments against dollarization are ‘rubbish’
 

“The key problem in Argentina since 1876 has been the peso,” Steve Hanke, professor of applied economics at Johns Hopkins University, told CNBC’s “Street Signs Asia” on Monday.

“One currency crisis after another. One recession after another. Defaults on debt — one right after another. They have had three defaults on sovereign debt since the year 2000. And the current inflation rate, I just measured it today, it’s 220% in Argentina,” he added.

“It’s all tangled up with the central bank and the peso. So, Milei has the right idea. You’ve got to dollarize and many of these arguments against dollarization are absolute rubbish. This idea that somehow, they don’t have enough dollars to dollarize is ridiculous.”

Hanke said he had not been a formal part of Milei’s campaign, but had been in close contact with his technical team and described himself as an “informal advisor” on issues such as dollarization.

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what do you make of this.............

 

There's also a fundamental problem with Milei's dollarization plan — Argentina doesn't have enough US dollar assets to finance a major purchase of the currency, wrote Markus Jaeger, a global economy analyst at intelligence firm Stratfor, in October.

In fact, Argentina is so short of US dollars that it used the Chinese yuan to repay part of an International Monetary Fund loan last month.

Coupled with political instability and a history of poor economic management, Argentina would better off reforming its economic regime, wrote Jaeger.

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Just now, RudyRuder said:

what do you make of this.............

 

There's also a fundamental problem with Milei's dollarization plan — Argentina doesn't have enough US dollar assets to finance a major purchase of the currency, wrote Markus Jaeger, a global economy analyst at intelligence firm Stratfor, in October.

In fact, Argentina is so short of US dollars that it used the Chinese yuan to repay part of an International Monetary Fund loan last month.

Coupled with political instability and a history of poor economic management, Argentina would better off reforming its economic regime, wrote Jaeger.

I dont have a clue how it would work, but other countries such as panama equador and a few in africa have done it - what it means is they would no longer be able to print their own currency to finance spending - which is what causes the runaway inflation.

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Countries Where the US Dollar is the Official Currency
  US Territory or Foreign Country   Relationship with United States   Geographic Location   Population (2020)   Gross Domestic Product  (2020)
United States of America Federal Republic North America 331,501.08 Thousand $20.95 Trillion 
Commonwealth of Puerto Rico Unincorporated territory of the U.S. Northeastern Caribbean 3,281.54 Thousand $103.14 Billion 
Ecuador Independent country Northwestern South America 17,643.06 Thousand $98.81 Billion 
Republic of El Salvador Independent country Central America 6,486.20 Thousand $24.63 Billion 
Republic of Zimbabwe Independent country Southeast Africa 14,862.93 Thousand $18.05 Billion 
Guam Unincorporated territory of the U.S. Western Pacific Ocean 168.78 Thousand $5.84 Billion 
The Virgin Islands of the United States Insular area territory of the U.S. Caribbean 106.29 Thousand $4.07 Billion (2019)
The British Virgin Islands British Overseas Territory Caribbean 30.24 Thousand Not Available
Democratic Republic of Timor-Leste Independent country Maritime Southeast Asia 1,318.44 Thousand $1.90 Billion 
Bonaire Kingdom of Netherlands Municipality Caribbean 20.10 Thousand (2019) $553 Million (2020)
American Samoa Unincorporated territory of the U.S. South Pacific Ocean 55.20 Thousand $709 Million 
Commonwealth of the Northern Mariana Islands Unincorporated territory of the U.S. Western Pacific Ocean 57.56 Thousand $1.18 Billion (2019)
Federated States of Micronesia Six Sovereign Countries Subregion of Oceania 115.02 Thousand    $410.08 Million 
Republic of Palau Island Country Western Pacific Ocean 18.09 Thousand $257.70 Million 
Marshall Islands Island Country Near Equator in the Pacific Ocean 59.19 Thousand $244.46 Million 
Panama Independent Country Central America 4,314.77 Thousand $53.98 Billion
Turks and Caicos British Overseas Territory Caribbean 38.72 Thousand $924.58 Million
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Maybe I should try to see what George Soros is doing with the currency

 

I remember when I was in college and thought maybe I should invest in the Iraqi currency like people did with Kuwait

 

I am glad I didn't do that....but wish I did bitcoin when I was told when it was $25/1 bitcoin

 

argentine peso is 0.0028 to 1 USD

 

we could all be millionaires if this works out???

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