What? They're doing Bidenomics?
For any liberal / Democrat acquaintances:
Posted on 11/22/2023 5:59:34 AM PST by EBH
"There's no money. There's no money," Milei told local outlet Neura Media. "If we don't make a fiscal adjustment, we're headed for hyperinflation. We'll have hyperinflation and we are going to have 95% poverty and 70% or 80% homeless."
Argentina, South America's second largest economy, is battling against inflation at 143% and net central bank reserves estimated at negative $10 billion. Over two-fifths of the population is in poverty and a recession in looming.
(Excerpt) Read more at reuters.com ...
Hope he has a good plan because it is very difficult to make cuts and hold popular support. Hope he’s taken notes from Estonia’s Mart Laar on how to do it. Getting the people off of the government is like trying to get someone off drugs. If you can survive the withdrawal period you’re going to come out healthy.
I hope he throws away the rulebook and approaches his national economy in a whole new way. Argentina has been a prosperous country. They can produce plenty of goods. I say that out-dated ideas about political economy are the only thing holding them back.
There’s plenty of money in Argentina. Just hire more IRS agents.
Central bankers deserve execution. So do those engaged in usury.
Its a shame to see what socialism has done to Argentina. Few realize that in the early 20th century, this country was one of the top 10 economies in the world. Up to the 1950s they were at least as wealthy on average as Europeans. Its a good sized country with plenty of natural resources. They shouldn’t be poor. Yet they are now. Their economy is in a complete shambles and has been for years. Only 11 million out of 47 million work. If you exclude the public sector which is paid from taxes taken from the productive, only 7 million out of 47 million work. Government regulations and taxes have driven the cost of employment so high, that many rationally calculated they would be better off living on the public dole.
Withdrawing the Heroine needle of Socialism is going to be rough as hell on them for a while but things have gotten to the point that there is no choice. 40% already live in poverty.
Yes, very difficult telling the Takers they can’t take anymore.
They started letting the Italians run the country.
One of his campaign promises was to shut down the Central Bank of Argentina, it will be interesting to see if follows thru on that and what happens if he succeeds.
I hope he succeeds, whatever the outcome it will be very instructional for the rest of the world concerning Central Banks.
One of his campaign promises was to shut down the Central Bank of Argentina, it will be interesting to see if follows thru on that and what happens if he succeeds.
I hope he succeeds, whatever the outcome it will be very instructional for the rest of the world concerning Central Banks.
Andrew Jackson abolished the Den of Vipers and the Second National Bank and paid off the National Debt and left office with a real Surplus, nee Nicholas Biddle
“going to be rough as hell on them for a while but things have gotten to the point that there is no choice”
************
That’s where we’re headed. Our debt and deficit are laughably unsustainable. The politicians know it yet won’t do anything about it until they can justify cuts on the basis that there is no choice. And then the “fun” begins.
Its a shame what socialism has done to America. On the surface the largesse is appealing, but the heavy cost eventually leads to insolvency.
I don’t know anyone who thinks that his reforms would be easy.
As true for us as for Argentina. The Western world is being operated on imaginary money, i.e. massive debt.
Debt ClockFederal Budget Deficit Grew to $2 Trillion in FY 2023 Tax Foundation, 12 October 2023
U.S. Credit Rating Changed From ‘Stable’ To ‘Negative’ As National Debt Balloons Daily Wire, 11 November 2023
Post & thread BUMP!
How about claw back all the money stolen by the Peronista communists and return it to the treasury and the people?!
“There’s no money. There’s no money,” Milei told local outlet Neura Media.
Tough times is the ONLY cure.
We need to get used to the idea.
Wow!
Argentina will suffer immediate pain.....but then it will have decades of prosperity. Finally somebody who will actually suffer some political capital to ‘save’ his people and nation.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.