Posted on 05/12/2023 2:07:33 PM PDT by Oldeconomybuyer
BUENOS AIRES, May 12 (Reuters) - Argentina's annual inflation rate soared to 109% in April, the country's statistics agency said on Friday, smashing past analyst forecasts and stoking anger among hard-hit consumers who are increasingly having to skimp and save to get by.
The price spike has pushed one in four people into poverty in a country that has battled for decades with high inflation, along with cyclical debt and currency crises. Dwindling central bank reserves are now imperiling the government's finances.
"They've turned us into a country of beggars," Carlos Andrada, a 60-year-old self-employed worker, told Reuters as he searched for cut-price deals at a vegetable stall at a market in the suburbs of capital city Buenos Aires.
"One despairs because after working all your life, you have to fight just to get a tomato or a bell pepper," he said.
(Excerpt) Read more at reuters.com ...
When hasn’t Argentina had massive inflation?
Argentina’s inflation rate soars past 100%, its worst in over 30 years
https://www.theguardian.com/world/2023/mar/15/argentina-inflation-rate-100-percent
YGWYVF
That’s nothing. I’m sure Joe can beat that.
In other news, Hillary has just changed her name to Eva...
Argentina had viritually no inflation prior to their currency crisis. Their currency was tied to the dollar. They were the richest, wealthiest nation in South America, cattle, food, oil, etc….when their currency crisis hit due to debt, their economy started tanking. Even their famous Cattle ( beef) markets collapsed due to freeze up of credit.
MANY financial greats look to Argentina and see the US. They study their meltdown as their markets and financial system mirrored the US. In less than 15 years they went from the very top, now ( while better than Venezuela- socialist) destroyed and a “ case study “ in how capitalism failed.
It all began by unsustainable debt- then credit freeze up, exactly what we are beginning to see in the US.
Biden and Co. are importing beggars faster then anyone can count them 160 countries unload their crooks crazy and killers or as the democrat party calls the cheap labor we need.
Rat sob’s
Could an American retiree live like a king there?
The Pope, an Argentinian, suggests communism will fix the problem.
———
Socialism put the nail in their coffin. When the currency crisis and debt hit, socialists were popularly elected into office due to the economic conditions.
Downhill from there. All wealth was eventually “ nationalized “,social programs rocketed, taxes increased, etc…..Pensions, retirement accounts seized, ….
The US similarities to the early Argentina days are the same. A drop in the USD and credit freeze up puts the nail in our coffin.
Wouldn’t be hard depends how much money you had note the money ratio exchange.
> Argentina had viritually no inflation prior to their currency crisis.
Argentina has had a persistent history of severe inflation stretching over decades.
https://en.wikipedia.org/wiki/Economic_history_of_Argentina
I am 78 years old and since my earliest recognition of events Argentine, insane inflation has been a problem. I wonder why that is?
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