Argentina Update

[What Would Jesus Do?]

In Argentina, labor unions led a nationwide strike Thursday, bringing transportation and many businesses to a standstill. It was the second general strike against far-right President Javier Milei’s austerity and deregulation reforms. Milei also devalued the Argentine peso, causing prices to soar even higher and sending the nations annual inflation rate to around 300%, the highest in the world. Over half the population of Argentina lives in poverty.

 

[QChawks]

 

[ButtersHawk]

Go on...

 

[seminole97]

Over half the population of Argentina lives in poverty.

If you're curious how Argentina got to this position before Milei’s election:

 

[Chishawk1425]

In Argentina, labor unions led a nationwide strike Thursday, bringing transportation and many businesses to a standstill. It was the second general strike against far-right President Javier Milei’s austerity and deregulation reforms. Milei also devalued the Argentine peso, causing prices to soar even higher and sending the nations annual inflation rate to around 300%, the highest in the world. Over half the population of Argentina lives in poverty.

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Knew this would happen stop electing far right trash, world.

 

[Menace Sockeyes]

Knew this would happen stop electing far right trash, world.

Yep. I’m going to keep reposting this one…

He’s going to end in disaster. Don’t forget it was me who told you this either.

 

[Chishawk1425]

Yep. I’m going to keep reposting this one…

I had a thread on this shit show as well. This is us if the domestic terrorist wins in November.

 

[What Would Jesus Do?]

If you're curious how Argentina got to this position before Milei’s election:

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TL;DW

Can you bullet-point that for me?

Which AI does that best? How long would it take?

 

[HawkeyeHitman]

Well of course labor unions would go on strike because they don’t want to be held accountable for anything.

 

[Finance85]

Argentina was going to suffer either way. The current path at least leads to healing down the road.

Other side of the coin

BUENOS AIRES, Argentina (AP) — The International Monetary Fund, Argentina’s biggest creditor, agreed Monday to release the next tranche of loans due under a bailout program, endorsing government austerity measures so severe they even surpass the terms of its $43 billion loan.

The IMF deal follows the completion of its review of Argentina’s compliance record and confirms the next $792 million payment will become available to the government in June, reassuring markets and boosting confidence among bankers about Argentina’s prospects as it goes through its worst economic crisis in two decades.

The decision by the fund’s technical staff still requires final approval from the IMF’s executive board, which could take weeks.

Argentina’s annual inflation rate reached 287% in March, among the highest in the world, deepening poverty and spurring strikes and protests. But the IMF praised President Javier Milei’s libertarian government for a number of economic successes — Argentina’s first quarterly fiscal surplus in 16 years, falling monthly inflation and surging sovereign bond prices.

To overhaul the beleaguered economy, Milei has slashed public sector wages, eliminated thousands of state jobs, frozen public works projects and and cut subsidies. He has also devalued the nosediving peso currency by over 50%, helping it stabilize but causing the prices of basic goods to skyrocket.

Although brutal for Argentina’s poor and middle classes, the market-friendly overhaul has “resulted in faster-than-anticipated progress in restoring macroeconomic stability and bringing the program firmly back on track,” the IMF said, thanking Argentine authorities for “the decisive implementation of their stabilization plan.”

The praise marks a dramatic turn-around from the past six decades during which Argentine politicians showed little interest in enacting reforms stipulated as part of borrowing agreements.

Previous left-leaning governments fell far short of IMF targets and relied on central bank money printing to finance treasury spending, pushing the country’s IMF program — launched in 2018 and refinanced in 2022 — to a breaking point.

The international lender remains deeply unpopular in Argentina, where the public blames it for an economic implosion and debt default in late 2001. The IMF later acknowledged it made mistakes contributing to the collapse.

It’s rare for a country to have the IMF as its biggest creditor. Argentina is in the strange position of relying on money lent by the fund to repay the fund itself.

 

[seminole97]

TL;DW

Can you bullet-point that for me?

Capitalism provided Argentines with standards of living that exceeded those in Europe.
Socialism ruined it.

 

[Aardvark86]

Capitalism provided Argentines with standards of living that exceeded those in Europe.
Socialism ruined it.

those are pretty good bullet points

 

[Menace Sockeyes]

Capitalism provided Argentines with standards of living that exceeded those in Europe.
Socialism ruined it.

those are pretty good bullet points

Ironic choice of words. Argentines were on the end of a lot of “bullet points” with their capitalist autocrats.

 

[seminole97]

Yep. I’m going to keep reposting this one…

Argentina Monthly Inflation Cooled for Fourth Straight Month​

 

[HawCory]

What team do they play for? They're not even wearing the same uniform, forcrissakes!

 

[seminole97]

What team do they play for? They're not even wearing the same uniform, forcrissakes!

Nipples are definitely part of the uniform.

 

[Menace Sockeyes]

Argentina Monthly Inflation Cooled for Fourth Straight Month​

Because their economy is grinding to a slowdown. Yippee!

 

[What Would Jesus Do?]

Capitalism provided Argentines with standards of living that exceeded those in Europe.
Socialism ruined it.

Looking at the time line, I thought it might have been the arrival of the Nazis that ruined it.

 

[seminole97]

Because their economy is grinding to a slowdown. Yippee!

They HAVE to go through a recession. You had the government printing money to give to people.
That’s not sustainable, it’s impoverishing to the whole society.
Employment will have to re-align with supply and demand, and not the government printing press.
There will be higher unemployment while that transition from the unsustainable to sustainable takes place.

 

[seminole97]

Looking at the time line, I thought it might have been the arrival of the Nazis that ruined it.

Nazis believe in government control of the economy.

 

[Menace Sockeyes]

They HAVE to go through a recession. You had the government printing money to give to people.
That’s not sustainable, it’s impoverishing to the whole society.
Employment will have to re-align with supply and demand, and not the government printing press.
There will be higher unemployment while that transition from the unsustainable to sustainable takes place.

Far right whackos have done so great in South America over the years, from Argentina, to Chile, to Bolivia. I’m sure this will all work out great for them economically.

 

[Colonoscopy]

I had a thread on this shit show as well. This is us if the domestic terrorist wins in November.

lol. You think our economy is going to shit if Trump wins? I generally don't think any party or person has that much sway on the US economy.

 

[seminole97]

Far right whackos have done so great in South America over the years, from Argentina, to Chile, to Bolivia. I’m sure this will all work out great for them economically.

How have the far left whackos done in Central and South America? For some reason no leftists on this board provide us a running commentary on how Venezuela is doing.

The Argentines, seeing where the Venezuelan road goes, have chosen to reform an out of control government that was impoverishing society with a printing press to buy political support. No doubt the recipients of that largesse are sad to see it go, and some will surely protest that others are no longer robbed to enrich them, but it had to be done.

The move to a balanced budget is already bringing down inflation. As people are productively and profitably employed (instead of put on the dole with government make work) the Argentine economy will recover and grow.

 

[LunchBox50]

Well of course labor unions would go on strike because they don’t want to be held accountable for anything.

THAT'S RIGHT HITMAN!!!!! THOSE LOONY LIBTAHD LABOR UNION LOSAHS ARE TOO BUSY GUZZLING SEMEN AND SOY AND NOT CRACKING OPEN AN ICE COLD CAN OF SPRITE!!!!!!!! WE GOTTA GET THESE RADICAL MARXIST COMMUNIST LIBS OUTTA HERE!!!!! THAT INCLUDES DA BERNIE, DA SQUAD, DA CHE GUEVARA, DA SLOW JOE, DA KAMALALALALA, AND DA CLINTONS!!!!!! IF YOU AIN'T HORNY, YOU AIN'T HEALTHY, AND DA HAWKEYE HITMAN IS HORNY TO TAKE OUT DA RADICAL LIBS!!!!!!!!

 

[Finance85]

They HAVE to go through a recession. You had the government printing money to give to people.
That’s not sustainable, it’s impoverishing to the whole society.
Employment will have to re-align with supply and demand, and not the government printing press.
There will be higher unemployment while that transition from the unsustainable to sustainable takes place.

Not to mention bloated government employment that added next to nothing to GDP. Layoffs were needed, and former government workers need skills that contribute to production.

 

[Finance85]

Far right whackos have done so great in South America over the years, from Argentina, to Chile, to Bolivia. I’m sure this will all work out great for them economically.

Would you provide some examples?

 

[Menace Sockeyes]

Argentina Monthly Inflation Cooled for Fourth Straight Month​

Look at this “cooling”…

 

[Chishawk1425]

Look at this “cooling”…

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Your country under authoritarian RW rule

 

[Rifler]

They HAVE to go through a recession. You had the government printing money to give to people.
That’s not sustainable, it’s impoverishing to the whole society.

Sounds vaguely familiar...

 

[seminole97]

Look at this “cooling”…

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It’s come down under Milei’s policies.

You don’t seem to appreciate what was stacked against them.
Let me illustrate:

Previous left-leaning governments fell far short of IMF targets and relied on central bank money printing to finance treasury spending, pushing the country’s IMF program — launched in 2018 and refinanced in 2022 — to a breaking point.

2019 government debt grows 54%
2020 government debt grows 46%
2021 government debt grows 33%
2022 government debt grows 86%
2023 government debt grows 326%(!)
*Society elects someone offering a different policy than the predecessors.


That compounding debt growth feeds ultimately and inexorably into prices.
It was wrecking the economy, and the Peronist duo responsible, who won with less than the sacred 50% in the prior election, got trounced by the public giving 53% support to someone willing to try to pay off the debt with something besides more debt!

‘Aaaaah! He’s radical because he wants to cut the budget and not bury the country in increasingly useless paper currency!’

You muppets!

You’re castigating him for improving a situation he inherited and was elected to fix.
But you don't understand, so you just bleet like the sheep in Animal Farm, 'right wing, baaaaaaad.'

 

[Rifler]

Sometimes the medicine you need has a bad taste...

 

[Finance85]

Sometimes the medicine you need has a bad taste...

The posters castigating what Argentina is doing now are the same folks having no problem with the debt in the US exploding, and also thinking taxing the rich will generate enough income tax revenue to pay for current debt, but also pay for even more deficit spending.

 

[ClarindaA's]

Far right whackos have done so great in South America over the years, from Argentina, to Chile, to Bolivia. I’m sure this will all work out great for them economically.

Better than Venzezuela

 

[Here_4_a_Day]

In Argentina, labor unions led a nationwide strike Thursday, bringing transportation and many businesses to a standstill. It was the second general strike against far-right President Javier Milei’s austerity and deregulation reforms. Milei also devalued the Argentine peso, causing prices to soar even higher and sending the nations annual inflation rate to around 300%, the highest in the world. Over half the population of Argentina lives in poverty.

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marxism is growing everywhere!

 

[alaskanseminole]

TL;DW

Can you bullet-point that for me?

Which AI does that best? How long would it take?

ChatGPT:

How did Argentina go from a wealthy country in 1924 to a poor country in 2024?


Argentina's transition from wealth in 1924 to poverty in 2024 is complex, involving multiple factors:

1. Economic Mismanagement: Frequent economic crises, hyperinflation, and debt defaults weakened the economy. The 2001 crisis, in particular, had a lasting impact.
2. Political Instability: Military coups, corruption, and inconsistent policies undermined stable governance and long-term planning.
3. Dependency on Exports: Over-reliance on agricultural exports made the economy vulnerable to global market fluctuations.
4. Structural Issues: Inequality, inefficient public sectors, and lack of investment in infrastructure and education hindered sustainable growth.

These factors collectively contributed to Argentina's economic decline over the century.

 

[Here_4_a_Day]

Yep. I’m going to keep reposting this one…

Ironic choice of words. Argentines were on the end of a lot of “bullet points” with their capitalist autocrats.

Maybe we should import them all so they can, you know, do those jobs Americans on bidenfare don't want to do?

 

[Here_4_a_Day]

ChatGPT:

How did Argentina go from a wealthy country in 1924 to a poor country in 2024?


Argentina's transition from wealth in 1924 to poverty in 2024 is complex, involving multiple factors:

1. Economic Mismanagement: Frequent economic crises, hyperinflation, and debt defaults weakened the economy. The 2001 crisis, in particular, had a lasting impact.
2. Political Instability: Military coups, corruption, and inconsistent policies undermined stable governance and long-term planning.
3. Dependency on Exports: Over-reliance on agricultural exports made the economy vulnerable to global market fluctuations.
4. Structural Issues: Inequality, inefficient public sectors, and lack of investment in infrastructure and education hindered sustainable growth.

These factors collectively contributed to Argentina's economic decline over the century.

Debt? The hell you say?? Debt = https://www.usdebtclock.org/

 

[Menace Sockeyes]

Better than Venzezuela

Venezuela sucks, but you’re ignorant if you think Argentina was better under far right economic collapse AND a dictatorship that committed mass murder of dissenters.

 

[Here_4_a_Day]

Venezuela sucks, but you’re ignorant if you think Argentina was better under far right economic collapse AND a dictatorship that committed mass murder of dissenters.

Venezuela and Argentina in their currents states, represent models of what you leftist whackadoos envision for America.

 

[ClarindaA's]

Venezuela sucks, but you’re ignorant if you think Argentina was better under far right economic collapse AND a dictatorship that committed mass murder of dissenters.

speaking economically only, I think Argentina was going to have to suffer due to their debt...we may too.