@@shway1It isnt though. Whats insane is that they still havent given up their insane "Las Malvinas feverdream of invading and brutaly occupying the Falkland islands and the british people living there.
You're right, it's very early but I do think that most independent observers appreciate that Argentina's problems are HUGE. They have been building up for years and years and there are no quick and easy answers, and certainly no solutions that will be acceptable to everyone, or even acceptable to the general population.
And is the average Argentinian making more, able to buy more and generally better off than before. I don't care otherwise about the line of GDP going up otherwise.
Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 3 years.
Let's face it... buying more stocks & index funds during stock market corrections and bear markets is scary. Which makes it really hard to do for most people like me. I have $260k i want to transfer into an s&s isa but its hard to bite the bullet and do it.
You need a Financial Advisor my friend so you don't get ripped off in the market. They provide personalized advice to individuals based on their risk appetite, placing them among the best of the best. There are bad ones, but some with good track records can be very good.
@@williamDonaldson432 Your advisor must be really good, I hope it's okay to inquire if you're still collaborating with the same advisor and how I can get in touch with them?
Your advisor must be really good, I hope it's okay to inquire if you're still collaborating with the same advisor and how I can get in touch with them?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about 3 years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Yes they have to stay the course... .. means you've got to take people with you.... dont abandon the poor., but support them through a free market transition ... Again ook at Australia & New Zealand in the 80s... the most successful economies.. but Marker reforms were driven by the left ..
@@ObjectiveansthensomeThe Milei government is helping the poor as a form of transition. What happens is that there are dozens of cases of corruption in the registration of these social programs. It was recently discovered that Argentina was spending billions of dollars every month to send aid to people who didn't even exist
More than 50 years of total economic malpractices, that are quoted in economic schools all over the world as an example of how NOT to... TLDR every week: "is it fixed yet"
Actually, most of args economic malpractices were neoliberal reforms with the backing (and direct benefit) of the US. The same as was endured in Uruguay, Chile, and the rest of Central-South America. Capitalist-oriented socialism worked so great the US had to overthrow democracies left and right to impose debt-thirsty neoliberalists in the whole continent. Google: Plan Cóndor
The irony of starting your Brilliant sponsorship with “… the TLDR team spends more and more time analysing data” when your first graph goes from 2024 to 2024…
The real irony is all of the left-wing kiddies collectively losing their sht in every youtube comment section that mentions something other than socialism, working.
its been in a loop for 60-70 years, continuous swings through up-and-down cycles. I don't want to call it an economic 'doom loop', but it has gotten close to an economic 'doomsday' a few times.
*spoiler alert* To spoil the joke for those who don't get it: the graphs on the video have a timeline from 2023 to 2024, but mistakenly say 2024 to 2024
“Clearly positive” - Poland doesnt own anything anymore... everything sold off to foreigners. Now you are dependent on others since they own your economy. And this is exactly what Milei wants to do to Argentina
Groundhog years. Welcome to every year will be 2024 from now on. This way the politicians can keep up with their promise of a green economy after 203x 😂
Especially with no several foreign investment. His policies will be going up slowly, very likely to fail if he losses the re-election or doesn’t secure the congress.
Just a small FYI, that 1 peso bill in the video is from the 70's, we have been through a couple of different currencies since that time (at least 4 from the top of my mind). Right now the currency is called pesos again, with the international code ARS (which is different than the one showed here). And the bill that you will most likely have in your pocket would be 100 pesos, for which there are like 3 different designs currently on the streets
Words "we have been through a couple of different currencies" sound so surreal to me. I know all about it in theory but when I imagine living through it it still hits hard.
@@albo_ar si culiado pero nosotros tuvimos "peso moneda nacional" "peso moneda corriente" "peso fuerte" "peso ley" "austral" y el "peso" de curso actual (sin contar las muchas cuasi-monedas, como los "patacones")
It's just another symptoms how warped their economy is. Though if Milei can keep things on track, Argentina might finally break through to 2025 by the time the rest of the globe is experiencing 2028.
I completely agree with you! My first 100k took a long time and wasn't that special to be honest with you. Once I hit 300K that is the game changer in my opinion. At this point my money is basically making me a pretty good yearly salary. When I go to sleep at night I know my money is making decent money with the help of my FA
I think you totally misrepresented the data here. You are talking about a monthly economic activity indicator (EMAE) that Argentina's Statistics Institute calculates, not GDP. GDP is usually calculated quarterly. Looking at historical data, the increases of the EMAE right now don't seem special.
@@KageNashiEMAE is a predictor of GDP. He should have said it but it isn’t completely wrong. It’s outdated for sure due to the new exchange and monetary policies announced last week
@@orrode2 GDP growth is pointless if it doesn't allow you to buy more and doesn't improve your quality of life in the end. In fact, an increase in prices can also increase the GDP.
@@noneofyourbusiness4830 yes and no. There are other indicators for a healthy economy. But if you don't have GDP growth those others related to purchasing power per capita and inequality also won't be in the green. So in a sense GDP growth is a precursor for the other more important metrics. Of course, that's only the case if the government invests as such. Take the USA, amazing GDP but the average American won't notice but at least some billionaire can be a helicopter for his yacht.
This recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.
Let's face it, increasing stock and index fund purchases during downturns and bear markets is unnerving. Which makes it very difficult for most people, like me, to do. It's challenging to incur the risk of investing the $1 million I have in an S&S.
That is correct. For the past 23 months, I've been in daily contact with a financial advisor. The difficult part of investing these days is determining when to sell or hold a company when it is trending. My supervisor can advise me on points of entry and exit in the sectors in which I am now active. I can't say I'm sorry because my profits increased by 63% in the third quarter of 2022.
I've been considering taking that path. I've kept a lot of stocks, but they're starting to depreciate, and I'm not sure if I should stick onto them or sell them. I believe restructuring my portfolio would be facilitated by engaging your investing coach.
Annette Christine Conte is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment...
Milei also dropped annual inflation rates from a cumulative figure of 287% (!!!) down to single digits. That' one hell of an accomplishment said by many to be impossible.
@@FloweryLilium The Argentine political system has always been deeply and (1) Since the beginning of independence (2) and continuously (3) irrational (4) deceitful (5) where everyone is allowed These are strict descriptions without emotions or partiality, easily corroborated. LET'S SEE: (1). Since the beginning of Argentine history there was never regularity, but fights and the search for easy and brutal recipes (e.g. ALL the indigenous people were exterminated in a single war campaign). The land was shared among a few and there was no attempt at progress. The GDP was shared among a few, which continues until now. But everyone participates. The idea is to talk and talk and the truth is that everyone does what others denounced them, but be careful, it is vice versa. (2) All governments have failed in all styles, some with a lot of blood. others with ridiculous endings. (3) All Argentine formulas have been guided with passion and little to no understanding. Without clarity or effort, although the current one is clearly the worst. The whole life in Argentina is a tremendous emotion (very italic). An emotion without focus or destination. (4). The love for deceit and trickery reaches unheard of extremes. I recommend to non-argentinians who could see this video to watch Argentine TV since always and you won't be able to believe it. It's a spectacle. Nobody is ashamed of anything, everyone has a different opinion without it being understood what they think and nobody has any qualms about anything. (5). All human abnormality is free to flow, nobody is filtered, supervised with the inevitable catastrophic results. It's sad but the abnormal in all parts of the world are excluded from responsibilities that are dangerous for everyone. Not in Argentina. Never has this thing of narco-capitalism managed any system before in any place. If almost no one buys and 55% of the population is poor, the public system has been devastated, large and medium-sized companies have closed, large companies have problems and the government has not paid its suppliers, medicines are not given to seriously ill patients. So this inflation figure, which is still very high, is false. And let's not even talk about the dollar.
This video and the data used are misleading at beast. For all we know he might be improving Argentina, but no numbers have shown it yet. The economy is still at 2021 pandemic lows, poverty at record highs, unemployment still rising and inflation, while deacelerating, is still very high.
He is a politician, not a wizard. He's been president for almost just 8 months. What were you expecting?. The unemployment in part is because people dont want to work. Just like that. People rely on the goverment to support them with cash every month like the "k" party did for several years...
@@hungathymug1066 Argentina has lived a big chunk of its history under economically socialist policies or even nationalist/fascist economic policies under Juan Domingo Perón. Perón's legacy has become detrimental to the argentine economy.
The first chart is pretty unconvincing. Just look at the chart, it has a lot of volatility, and Argentina had this "accomplishment", even stronger, in July 2023. I am not saying there is no growth, I am saying that this metric seems to be way too volatile to deduce that the economy has changed significantly. if you look at all the data, you can see that its pretty normal behaviour. Lets see what the future brings.
we, an agricultural country, are 2% up vs a 5 year drought yeyyyy, let's make a video calling it for Milei this youtuber is either an idiot, or a straight up liar
he is probably one of the most influentials politicians of this year, if he actually manages to fix argentina, it will be heavely influence elections worldwide
I mean, that's a pretty normal human weakness, which is why it's useful to have things like tldr - they're focusing on how the policies are affecting the economics.
@@juanmanuel7305 honestly, from here in the UK I'm not sure about that. Agentina's problems are unique to Argentina, just like it's strengths. While Milei may achieve some successes it's impossible to believe there won't be downsides so what the world will be watching is how he and the population deal with the negative effects of his policies. Just like any other country. I have no skin in the game but as a citizen of the word I wish Argentina all the best.
It's an economical experiment on a country-wide scale. Not often you get to see one, so it's very interesting to see. It's not really a reason to wish him success or failure. Not really determining if his reforms would/wouldn't work in other country... But interesting nevertheless.
@@juanmanuel7305 Most people out of Latin America wouldn’t be able to find Argentina on a map much less base their voting patterns on what has worked/doesn’t work in Argentina. It is possible this could be a “proof of concept” that elected leaders may pursue more libertarian approaches but even then I doubt it. Libertarianism is just pretty unpopular especially when compared to heavy handed populism and scapegoating rivals.
The video missed the fact that the inflation since milei devaluation in december has already made it irrelevant for exports. The current oficial dolar rate is virtualy lower than before, even before massa election devaluation, making exports hardly competitive. Thats why, even with the agro back to normal, their exports are not happening, and the central bank did no grew the reserves the past two months, which normaly are the strongest. Local economist are expecting a devaluation soon, because without the extra dólars from the comercial superávit we wont be able to pay debts.
Right! When you have an inflation of over 150% a devaluation of the national currency of 50% may have some impact for half a year, but that's it. Actually declaring that a government does not have any trust in their own currency is pretty bad, both for the internal situation as for foreign business partners (trade or investment).
That is a straight up lie, the net foreign commerce was US$1.9b with exports rising 21.7% interannual and imports shrinking 35.4% interannual. Gross reserves went from US$21.5b in 7 december to US$27.5b in 17 july, with net reserves going from *negative* US$11.5b to positive US$35m
@@EmmanuelMess You're right, it's back in the negatives (US$-1.2b if Infobae didn't lie to me) because of US$2.5b being spent on debt repayments at the start of July, meaning that the government has only accumulated US$10.36b in reserves, still far above its required threshold of US$8.7b. Surely, anyone would consider this an achievement
@@kaparg under IMF methodology reserves are -6bn as of yesterday, and due to changes in the policies last week, on track to go down, not up, in the short term.
I live in Argentina and your conceptual framework is correct, Argentine exports are mainly agricultural (without added values). The reality is that this administration seeks to greatly increase energy and mining exports (sectors that require significant amounts of investment) and to achieve this it needs to transform a third world country into a credible country. Finally, if this administration manages to make Argentina a credible country, there is absolutely no doubt about the growth potential it has for many years and therefore the possibility of investment that exists in this country. The question is determining whether they are going to achieve it or not.....
Being ‘’credible’’ though is not as transparent as you think sadly. It’s only a matter of perception and off course politics. If Argentina is for some reason needed to prove a point then rest assured that the international press will write triumphant articles even if in the reality you guys are eating your boiled leather belts. Sad but true.
You need to have a look at who took it into a third world status. It wasn't the previous administration. You don't live in Argentina and if you do, unless you work in economics or the government, you have no idea what the exports are
even with the second natural gas reserves and third biggest oil reserves and biggest lithium reserves ? did i mention all the scientists that argentine universities produces?
@@leonardoorellano6652 Si, Leo. It takes quite a long time to plan the operation, acquire the start-up capital, set-up the necessary tools/talent/infrastructure, and begin to extract all these resources. I work in oil & gas here in Argentina, we need everything done yesterday and make miracles happen with regards to time frames, and even then getting a new fracking set ready to go takes a a year plus... if you're very lucky. Something like a lithium processing plant doesn't spring up overnight, especially when Argentina has the economic track record it has and investors are weary to put their money into the operation to get things done faster. Those things are on the order of several years at the minimum, if not closer to a decade if investment is slow. For example, we had a single frac pump stuck in the customs at the Zarate ro-ro port for the better part of a year, and that's just dealing with customs to go do actual productive things. And no, we can't get these pumps built here in Argentina. Believe me, it'd simplify everything for us if we could, but it's just not feasible, we asked several local companies to prototype for us but they can't build something that's durable enough or that can handle the pressures.
@@leonardoorellano6652 Yeah. If a complete overhaul of the public sector and the tax code were possible, then maybe in a year or two it might be possible. It isn't, of course, so nope. A year isn't realistic. Four years isn't realistic either. Eight... just maybe.
@@azahel542 realistically we won’t be able to say how successful Milei has been for at least 5-10 years and even then it will probably be controversial because there will still be so many other factors that are difficult to separate.
@@ethank5059 nah 5 10 years you won't be able to tell anything the way argentina is. If history is to be trusted, peronismo will come back in and destroy the country right after his term ends, so it will be irrelevant what he achieved.
@@ethank5059 Realistically, if any single country in the world tried to stop taking loans every year, the living situation there would indeed worsen. Argentina is in an extreme state right now, the previous governments have left it basically bankrupt. Both the American and the European countries really need to rethink their way of managing money, because for the next 30 years, it might be fine to just spend more than you have, but the magic gold is going to run out one day.
poverty increased, wages dropped 40%, gdp contracted 20%, devalued local currency, and most argentinians cannot and will never have access to us dollars. but i guess its good that inflation is only like 5% after being 300%
You're right, except one thing. Arg never had a 300% monthly inflation, so you cannot compare it with that 5%. It has been going down though, but it's still at 2022 levels.
An economy as distorted as Argentina's was always going to take some time to get the kinks out. Hopefully Milei lasts long enough to work them all out before some economic fairytale-spouting socialist or peronist takes the helm again
Nobody from the outside will invest in Argentina when there is a big chance that Milei will get voted out of the office 3 years from now and Peronism will return and thus the investment will go to waste. Maybe if he gets a second term and actually gets power in the parliament too. A century of neglect cannot be undone in few years.
Yes and no. Short-term investments by some brave smaller financiers, maybe yes - high risk, high gain potential. But for long-term investments by financial whales, multi-year broad political concencus of walking the new path must be established first. Godspeed ❤
@@marcv2648 Milei has killed Kirchnerism, giving a chance for Peronism to return ironically. As soon as we get rid of Moreno, the nationalist movement will get momentuum.
Nothing you showed screams recovery, what's just happening is that the country is so impoverished that halted consumption improved trade balance, and climatic conditions aided agricultural exports. Regular people are tightening their belts more than ever.
Yes, and this has been happening since forever. This is nothing new about Argentina's sorry state. We as a country used to think that everything was for free, thanks to peronism, and now we are paying the consequences. We learnt that nothing can be fixed short term and that everything has a price. The price is to "Tighten our belts" as you said, so that everything gets fixed eventually, not only for our own benefit, but for our kids, grand children, etc... and their future. We will do anything so that Argentina becomes a real country once again. AND if this fails, it wouldn't be the first time, isn't it? Every other government failed miserable thanks to thinking that everything should be "free". We will wait and see what happens now.
Im an argentinian living in Argentina. I only wish to say one thing: Food is now cheaper. Wich means our children will stop suffering malnutrition. Say what you will about the president, he has my vote.
When forty per cent of your economy is government then naturally there will be a GDP dip after inefficient government departments are closed or trimmed.
Great video. Thanks. I am an American living in Buenos Aires so am living through all this in real time. As of the time I am writing this a few months have passed. Now the blue market rate has gone down from the 1,500 mark it hit a few months ago down to 1,120. In your video you indicated how there were challenges in finding options to narrow the gap between the blue market rate and the official rate. Yet, apparently it is working now. So I'd love your analysis on what they were able to do to accomplish this. Of course, for those of us in Argentina that live off of USD this is actually a terrible change for us. A bottle of wine that for the past 10 years always cost about $1.80 in USD terms now costs $8.00 in USD terms. Argentina is no longer a place you can live inexpensively. And one thing I have noticed about the news coverage of Argentina of late is that the resulting poverty from Milei's policies is not adequately covered. Even affluent CABA (Buenos Aires city), is feeling it's affects. Friends that before would always be able to go out to dinner with us can no longer do so. It is really impacting people in a negative way. It is sad. Would love your analysis on this and an update to this video here. Thanks.
Milei uses the tarkin doctrine, from general Tarkin in star wars. In a single day tarkin reduced inflation in Alderaan to zero. He reduced crime in alderaan to zero. He reduced poverty in alderaan to zero. He reduced defcits and burocracy in alderaan to zero. He reduced popular protests to zero in alderaan. The empire should just apply his methodology to the rest of the galaxy as it is clearly what everyone should be doing.
There's a lot of protests that he's trying to mitigate. Poverty increased drastically. And his minister and saying horrendous things to the population, stuff that they will never do themselves. Pity
@@Xiquinhodasilva99 not really, the whole country is in an state of harmony not really seen before, as even the ones who didnt vote or had hopes for him now are liking his changes, for many of us young adults, its the first time in our lifetime where we dont see rampant inflation everyday
Huh? Before Milei, the IMF predicted a growth of 2% for Argentina in 2024, it has recently published that the GDP will shrink 3,5%. While Argentina is as expensive as European countries in some regards, the minimum salaries are one of the lowest in the region and poverty is still around 60%. And Milei is facing the same problem as all governments have before: a lack of dollars. Many experts say this will likely cause a devaluation of the peso and lead to a deeper recession and more inflation. Too early to tell.
Every single news I see are saying that Argentina is ending the inflation, the indicators are saying otherwise. But then I remember how neo liberal the news around this planet are.
When Milei manages to free the currency exchange rate, the economy will fly thanks to investment, no one enters where they cannot leave. Argentina will be prosperous and everyone is welcome to participate. Hug from Argentina
People, I am argentine and i am and economic sciences student. Do not believe in the things like these you hear… The economy is not growing, it’s boucing from a complete collapse compared to last year. Basically, last year we had our worst drought in decades, so the agriculture sector production was in ashes (betwen 40 and 60% exports down last year), now the drought is over and the production volume is getting normal. For example, industry and construction is 15% and 20% down respectively, all economic sectors are down with 2 digits expect for Agriculture and Oil, mining and gas (which are still irrelevant in the economy).
@@enduser8410 Inflation has significantly decreased at the cost of a complete paralysis on consumption (40% down) and production (industry 15% down, fishing 10% down, construction 20% down, commerce 12% down, hotels and restaurants 7% down, etc.) only primary economies are growing like food exports (80%, bouncing from last year drought), oil and gas (11%), mining (8%). Poverty has increased to 50%. However, poverty in Argentina is not like poverty in Brazil or most latin American countries… poverty in Argentina might be like being middle class in the rest of Latin american countries in general (except some), so its not like extreme poverty and in some years can be reduced significantly. Inflation has decreased from 25% monthly to 4%, but it is unsure if it will keep decreasing or stall. It will be a good number if it reaches 2% per month by the end of year and keeps falling after… For now, economy is completely paralyzed and wages, in the best case, holding up. Argentina is like that, falls of a cliff and then rises again just to fall off again. Some argentine governments have much propaganda for some reason but it is less spectacular than people think and what they show.
@@JESSWURDGAMING Last information I saw was that the productors were not selling that much to the rest of the world (exports) because the official peso-usd exchange rate ($900) was very low (compared to the market one, $144O today) and claimed for a devaluation of the currency. If the goverment agrees and devalutes the official exchange rate (Peso-usd dollar), then the inflation will rise again and everything accomplished these months will be over. Withouth counting the devastating effects of the devaluating for the economy.
Fantastic news. Though too early to tell, if these reforms work in the long term, it could be a valuable lesson that smaller state liberal economics can be a greater incentive for growth than the western consensus that growth must come or be aided by the government. Good luck Argentina.
Western? China's the fastest growing economy for over two decades and they're more State-centric than anything the West has to offer. Milei's reforms have been tried before and like always before, they are doomed to fail. The data this video's basing itself on is so short-spanned and volatile that current data, today, launched certainly after the video's been edited, already puts it all to question.
I've always thought Government Spending shouldn't be included in GDP... at least not as a POSITIVE amount. If you put it in as a NEGATIVE amount, it works much better at tracking economic health.
@@Ziegfried82 Furthermore, Argentina has been in economic decline for over 100 years. It's more likely, that he continues that Tradition rather then breaking it
@@breaderikthegreat3224 I dont know if Milei is right, but it is the only way argentinia has not tried yet, and he is the only one who has the balls and public support to do it.
@@Narekz Dude, I'm from Argentina and I can tell that it's not that we tried and we failed. Actually we never tried anything, it's just politicians applying short time solutions that can never be sustained over time, just to keep the status quo until the economy collapses. I believe Milei's the only one in decades with an actual plan, but the problem, in my opinion, is that he came out from nowhere so he's got no solid party, plus the old politician will try anything to set the country on fire to not lose their dirty bussiness.
The message is that the bigger the government, the less the economy will grow. Of course, some government is necessary, but any amount of government that is beyond what is necessary to serve the people Is only going to be a drag on the economy.
Argentina had a few life times of bad policies, it will take more than a few months to fix it. This is way too early to tell, and things will get worst before it gets better. I am excited to see how Argentina will turn out in the next 4 years.
it is in the news, but the media, hungry for government money, is only publishing catastrophic news and out-of-context tweets. "positive" news are published in technical terms no one can understand.
@@joek600 what are you talking about? the EU has collectively decided Argentina is a racist country and that's the only thing they've been talking about for the past 3 weeks
It's not real growth. It's about the harvest this year being much better than previous year. Everything related with Industry, internal commerce and so on is super low.
False. Blue Dollar skyrocketed in December of 2023 to +1400 AR$. And since Milei took office, it went from that cipher to 1000, and now its changing values everyday (rising and going down). Greetings from Argentina.
While that was a good analysis of a short term of data, we shouls take into consideration that such reform takes a long while to see positive change, if any. Ideally, we should be giving Milei at least one year to see where his changes take the country
I'm Argentinian, things are going better, step by step, we have inflation since 2003, it's impossible for you guys to undrestand how the fck we can live like this. But still, the inflation it is going backwards, wich is amazing. It's a very long jurney to stabilization, we been living in an bizarre and sick enviroment for too long, but we're gonna make it. It either that o a civil war. And nobody wants the second choice.
JAVIER MILEI IS THE BEST THING THAT HAS HAPPENED TO ARGENTINA! PAVING THE WAY FOR A NEW PROSPEROUS ARGENTINA! THE CORRUPT KIRCHNERISTS/PERONISTS DAYS ARE OVER NO MORE FREE CHORRIPAN FOR THE MASSES! ARGENTINA HAS FINALLY WOKEN UP! VIVA LA LIBERTAD!🦁
@@schapelDude, did you see how much inflation fell? Besides that watch the monthly fall of industry and construction, the recession started on may 2023...
You are not taking into account that unsustainable public spending has decreased due to cuts, and this has indirectly affected consumption. For example, 80% of public works spending, which was extremely high and corrupt, was cut. Many pseudo construction companies, have been left without contracts, contracts that contributed to the GDP as public spend and that money eventually would ended up as consumption (the corrupt business man / politician going to dinner, with this money). Furthermore, analyses are made by comparing the present to the past. This is done because past data exists and is reliable, but the correct way to evaluate performance (if it were possible) would be to measure Milei against a hypothetical alternative government. Why do I highlight this? Because the former government, in an attempt to win the elections, spent more in the last 8 months than in the previous 3 years (years that were already in deficit and with high inflation) in the form of subsidies to try to buy the population. To pay for that spending, the former government issued millions of pesos. The disaster that this caused did not have time to be seen in that government. It is being seen now. That issuance of currency takes time to be reflected in the economy as devaluation. Therefore, it is not fair to judge this government without taking this into account. One should evaluate the inflation and GDP growth with Milei versus what would have happened with other measures. Conclusions: GDP decreased, but how much of it was due the decrease in corruption due the public office? Is this inflation cause of Milei's administration or it is the delayed consecuence of formers goverment bad management?
My friends back in Buenos Aires tend to heavily disagree with that idea. Overall what's happening is that if you already had money, you're slowly stopping losing it. But if you were already not under the best financial conditions (not even poor), things are just getting worse for you. Many of the "reforms" he's doing are just cost-cutting measures that are ruining the lives of those that had their freaking lives depending on it. It's hard to find someone in Argentina who hasn't lost or at least has a close friend who did lost its job thanks to Millei reforms. When people say it's to early to tell he succeeded, you should always ask succeeded to who. For the rich, he's doing an amazing job, but for the millions of people he threw into poverty saddly for them it's pretty easy and quick to tell if it worked for them. Also and for those who are still in doubt, don't let Millei fool you, he's as far right as anyone else in the global movement. He rejected to participate in the meeting of the Mercosul (south america's EU) so that instead he could be part of a reactionary convention alongside Bolsonaro right in the heart of one of the most neonazi filled regions of Brazil. Millei is a crazy man and decided to join alongside people who have been destroying the lives of the less fortunate here in south america for the past decades. He's not doing anything revolutionary, just the same things as always but now with a mad man at the front to give it a new coat of paint and pretend it's something new and innovative.
Left wing policies always end in abject poverty. Venezuela is right there staring you in the face. And though you may try your best to deny it, Venezuela is the end game for all left wing governments. The entire debt based fiat currency scheme is what drives the masses into poverty. To be honest Milei isn't hard line enough! Going after the bankers should be priority #1. It is the bankers at the heart of all of this. The socialism you promote is not affordable, it's why Argentina had to manipulate it's currency so heavily. The bankers offer you a nasty Faustian bargain where you can go into infinity debt and spend as much as you like but what they never tell you is that one day you're going to be paying it back with interest..and the interest will be more than what you can afford. The currency always ends up debased and worthless. Living beyond your means always ends this way!
@@makotosaito9067 no, you just dont see the truth. Every time my country Portugal elects the left we get intervened by the FMI. The left does not work economically. Its so fking obvious. Every single rich country tax companies less than argentina does. Every single one, including the so "venerated" Norway and Sweden, mostly praised by commies and socialists, that dont tell that these countries are the ones that tax poor the most with a whopping 50% average. My country Portugal before the right wing dictatorship of Salazar was like Argentina. Full of poor people, a completely broken economy and the only good jobs were by the state. Salazar fixed our economy in 3 years. 3 Fking years. If you have the power, the means and the will to do it you can. I can give you a very modern example: Poland and Ireland. Two socialist and leftwing trash countries of the 1980s, that embraced full libertarianism with tax haven policies, regulation scrapping, open market rules, that now are super rich and are surpassing country after country every year. Its a fking no brainer, and only blind or dumb people cannot see it. Meanwhile you have Venezuela that since got ruled by the socialists is a hell. Heck even the US, when was founded was successful because the founding fathers were libertarians, specially George Washington. When Adam smith wrote the "Wealth of Nations", the anglosphere followed the classical liberalism and became 100 years ahead of ANY other countries in the world. In 1920, America was so rich they had a crisis because they produced too much food, in a time where other countries had extreme HUNGER.
To anyone wondering how bad the economy was, the bills he is using on the graphic are "pesos ley 18168" that died in 1983, that is 3 currencies ago, they took away 11 zeroes to reach the current "peso". that is 11 zeroes in 10 years, current peso was created in 1992.
Month by month data fluctuation don't matter much. Argentina is in a bad spot on the global trade route, unless Panama canal disappear overnight, that will remain the case. How do you make Argentina investment viable when it means going out of the way to invest in the furthers region on the globe.
@@Цгсеверетик You miss the point. Mining/Energy isn't something exclusive to Argentina, nor does any particular import/export. *Were there none of that before Milei?* No. *And everything about economy IS about logistic.* Say you are going to build a car factory, where 90% of material come from Europe, 10% from Argentina, your primary customer is China. Where are you going to build that car? China. You are not going to build a car in a place so far away from you market just in a place where only 10% of your material came from just so those car can spend most of the time at sea to reach it's primary customer. You see the problem?
Argentina used to be an economic powerhouse before WWII, and we didn't have as much cross-Pacific trade then as we do now. Shipping is very cheap. There are lots of trade routes that connect the west coast of South America to the South Pacific and East Asia.
@@oliviastratton2169 *"There are lots of trade routes that connect the west coast of South America to the South Pacific and East Asia."* Unfortunately, there isn't. Look up any global route map online with density, and it's clear as day. Shipping is cheap, only when you are shipping mass quantity over most amount of distance, reaching the most number of locations while you are at it, in the shortest time.
@2:35 Tho it should be noted, an important difference in US vs Argentinian deficit, is that most of US debt is internal debt. Only around 20% of US debt is foreign debt. When the US pays into that debt during Tax season, it positively impacts our markets because most of that money isn't actually leaving our economy- unlike Argentina. When they pay into that debt most of that payment leaves their markets causing an economic bleed out effect in their wealth circulation. Creating even more problems just trying to get their national economy out of a deficit. Leaving them in a prolonged state of recovery. In contrast if the US ever paid out the national debt it would instantly translate into a national surplus thus having a much shorter recovery period. This is a bit simplified for the sake of brevity but the differences between internal debt vs foreign debt in terms of national debt is significant & often overlooked.
Given the current volatility in the stock market, I believe investors should divert their attention to lesser-known stocks. With 35% of my $270k portfolio invested in stocks that have sharply declined from their previously high status, I find myself at a loss on how to proceed, feeling overwhelmed by the situation.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
I can't explain it well but I'll try. That debt was placed to banks who had the chance to close their positions in 24h at any given time. So the government had to print increasing amount of pesos and increase the rate to keep it attractive enough for banks not to break the central bank from one day to the other and cause hyperinflation releasing all those pesos at once (a group of banks aligned with the former government did it anyways closing their position on a Friday last hour, some said, to destabilize the economy, they forced to sell US dollars from the reserves, but it was not enough to cause a crisis). That created a dynamic of never ending printing for years, 10% of the deficit was because of those bonds. He was able to replace them with a different kind and moved them to the treasury so the central bank won't need to print, then lowered the rate to "force" banks to lend money to companies and ppl instead of the government, restoring the credit that had virtually disappeared. He stopped that vicious cycle (actually he cleaned 9% of the total 10%). So yes, it sounds counter but it was a feeding loop, print to pay the interest, increase rate, print more, increase rate, print even more. The total amount of pesos was growing exponentially.
guess you guys never lived in argentina? stats are easy to fiddle. argentina has the best fiddlers. also get a bigger sample set than just a handful of months. argentina has defaulted many times. its going to take time to rebuild international trust. its a fantastic country and the people are amazing there. i really hope they pull though this time for good. its just too early to call just yet.
I know some people don’t like him because if his politics but I hope he is able to fix Argentina. It’s a shame what has happened to such a beautiful land that at one point was predicted to be on par with the USA
Govt spending really should not be part of GDP since the funds must be taken out of the economy before the government can spend them (while wasting a certain portion on the bureaucracy and other factors.) Govt spending is not productive. It is just the opposite.
@@Kaizen747 U a bot? I mean, what the hell do these argentinians expect when they reply to these kinds of things, what, was my question diminished? You are in the right for saying viva la libertad carajo? U are either a bot or a 12 year old, because if you happen to be a grown ass dude... That's sad.
I am from Brazil, on vacation in Argentina, and the prices are absurdly high in here. I would say stuff is at least 50% more expensive than in Brazil. A galaxy z fold 5 is 3.800.000 pesos. About 4 thousand dollars
When you see the "real" argentina in the streets, he's basically diminishing the size of the state while directly rising every tax possible (lowering the wage tax start point so more ppl pay more taxes and not adjusting pensions to market lvl and inflation), making his attempts to stop inflation a war towards old and poor ppl, eating their savings to survive. Also the numbers shown here are a bit deceptive; since the "gdp" and inflation numbers reached by Argentina are just averages of consumption, it doesn't show that some stuff has maintained its prices, but every necesitty like food, electricity and gasoline has just skyrocketed. So; is Argentina on paper looking better to the outside world? Maybe, but it's still too early to see, and also this perceived numbers has been at the cost of the middle class (increasing poverty to 50%+) an the pensions of its older ppl.
That's what will happen to every single country in the world if they don't stop indebting themselves infinitely. The faster you go through this period, the faster the country can actually bounce back. If you don't go through this... well, I expect the situation to be way worse.
@@TrykusMykus Yup that's what the opposition always conveniently glosses over. Oh no, what a tragedy, prices went up and poverty rose! Like that wasn't the case the previous 10 years. It's been going downhill for ages and people have been calling out unsustainable corruption and government spending for ages, then when we finally reach the edge of the economic black hole they dug us into, they lose the election and conveniently blame the fall they caused on the one man trying to keep us from getting smushed into the ground. Yes, Milei isn't perfect and yes, under his government stuff has become "worse", but I can't see in which fantasy world his opposition would have done any better.
YOU CANT FIX AN ECONOMIC MESS CREATED BY THE CORRUPT PARASITES OF THE FORMER KIRCHNERISTS/PERONISTS OVERNIGHT! WHEN JAVIER MILEI BACAME PRESIDENT THERE WAS HARDLY ANY BANK RESERVES LEFT AND NO BUDGET SURPLUS IN DECADES AND ANNUAL INFLATION WAS OVER 1200% WHEN HE TOOK OFFICE! NOW HE HAS REDUCED THE INFLATION RATE FOR THE MONTH OF JULY 2024 TO ONLY 3.5 % INCREASED ARGENTINA'S BANK RESERVES AND REDUCING THE NATIONS DEFECIT AND YES FOOD AND BEVERAGES HAS GONE DOWN THANKS TO THE REDUCTION OF INFLATION! YOU NEED TO GO BACK TO SCHOOL AND LEARN ABOUT ECONOMICS BURRO!
@@shadetouchcatchemall5134He's raising every single tax possible. He stopped the VAT (IVA) paybacks the previous government was doing. He reinstated the tax on salary (impuesto a las ganancias) for workers doing barely above a living wage. He raised the (impuesto país by 10%) for businesses who need to buy currency to buy goods. He raised taxes for self-employed registered workers (monotributistas) way above an inflation adjustment. And I'm pretty sure there's much more. Some people read he claims to be a libertarian and come here to comment he does not raise taxes. Look at what he actually does, he's the most interventionist we've had for decades. Far right populist, tax the poor to feed the rich
I am from Argentina. Although it is a bit quick to draw conclusions and we are still doing poorly, there are some indicators that have improved a lot, such as inflation, which went from 8% weekly to 4% monthly, and continues to fall!Milei is talking about 0% inflation by the end of the year! The state has been greatly reduced and the economy is being deregulated bit by it, that maked some politicians angry. He is also doing incredible work against corruption. Many people who didnt vote for him, today support him precisely because of this and the low inflation. Many people on the left hate him a lot and exaggerate how bad the situation in the country is (which has been bad for decades).
There is no way you believe he is doing "incredible work against corruption". He reinstated corrupt intelligence officers that were shamed out of office, he placed his own sister as the first lady, couped the government with symphatizers and yesmen, his staff has family members from other important ministers that nobody knows what they do, the Minister of "human capital" has been and continues to be in a massive scandal for keeping food that was meant to be for the poor and that could have been used for places like Bahía Blanca when they got destroyed by the hurricane. The hell you on about? Do you live in a parallel universe? And I'm not even talking about the insane economical situation. Retired people cannot afford going to the supermarket. You have no shame. 60% of poverty. 6 out of 10 argentinians are poor. And the non-poor are not even rich, just non-poor. This is a disaster and Milei supporters are the only ones unable to see it.
All the contrary. Let me tell you, one step forwards in reducing inflation is meaningless when during his first months we've experienced a huge leap backwards in brutal price increases, especially in public services. Millions of people today cannot afford electricity and clean drinkable water because of these policies. Millions have been laid off. Hundreds of thousands have been barred from public transport, vital for their work and thus sustenance, further destroying the livelihood of many households. And as we speak, inflation has accelerated again after having slowed down temporarily. Furthermore, the reduction in public servants and other, arguably redundant positions, has had a negligible impact in revenues, and we cannot talk about corruption when half of his cabinet is composed of corrupt politicians who have been serving in office for the past four decades. That's not mentioning the other half, made up of completely incompetent people; ministers with no credentials, deputies who have not even graduated from high school, rampant nepotism, and so on. And missing the elephant in the room; a president who has shown zero interest in national matters, who has publicly berated and decried his own country, who has serious mental challenges and whose decisions are arguably heavily influenced by his sister whom everyday seems to be more and more the actual decision maker in the country, even alienating people from Milei's own team and cabinet. Whenever someone starts their argument with "I am from this country", be very wary. The opinion that follows is usually very lackluster and expecting some sort of fallacious instant acceptance.
He inherited an estimated 17000% yearly inflation rate from the previous government, most of it due to internal debt via bonds (leliqs and pases) mostly with banks inside the country. This debt was of course was meant to be paid with money printing, since the government had depleted all the other options. So Milei couldn't stop the printer completely, because if he decided to not pay the debt with the bond owners, there would have been a massive flight from the peso to the dollar, which would also have resulted in a hyperinflation. What he did achieve is to reduce the inflation from estimated 17000% to 8% per year. Which is a massive achievement and should serve as a lesson of why fiscal superavit is a good economic policy.
a one month 2% growth on gdp, which is a questionable metric to begin with, mainly after such an abysmal drop before it is hardly anything to write home about.
So you are basically saying that the economy of Argentina had crashed so much early on that it could only go up from there. The reform are in early stages so you cannot expect too much positive changes but don't make it sound like Milei is doing miracles when he is the one knowingly crashing the economy in the first place, all be it to balance the economy as a whole.
The economy could only go up form there? lol economy can crash all the way to zero.. there is no “magical bottom” an economy bounce on whatever happen😂😂
@@arofhoof Yeah, I guess you are right. You can always crash it by double digit so -8% is not the worst. But go tell that to a struggling family who have a difficult time putting food on the table to feed the family. For you it might be a laughing matter, but bad economy is a matter of life and death for many unfortunate people. Luckily you must have a rich family so you never had to suffer the struggle of poor people. Rich kids laughing at poor people’s misery, something’s never change in the world.
"under Milei's analysis, printing money devalues the money" Could you be any more dishonest? Any economist, even the armchair ones, can tell that printing money devalues the currency and creates inflation. Inflation which in Argentina was closer to hyperinflation and is being staunchly curbed by his policies.
Milei has sent the poverty rate to over 53%. When he starts to claim that the economy is in recovery, will he be talking about recovery for the rich or recovery for everyone?
being considered “in poverty” means being 2 times below average income. so OBVIOUSLY poverty will be higher in good economies where competition and innovativeness is rewarded. and the more commie you get the less the poverty is but that doesnt matter sinnce everyones getting poorer its just just the rich are getting poorer faster then the poor😂😂😂😂😂
Argentina has the land, the agricultural potential, the rivers and resources enabling it to become USA of south. The fact that it is not the case is just missed opportunity. I wish this experiment works out for you well. If not, keep trying, there's gotta be some way.
@@Buffalo_Soldier Pitty it lacks the most important asset any country needs, the people. It has a small, old population. It's the variable NO ONE is looking at when taking Milei's reforms into account. They don't have the population necessary to drive their industry forward.
@@swiggles4342 In one word yes. Because good agriculture is one of thing that enabled US to become superpower. It's not the only thing (we can see food-rich countries that are poor), but without it you don't even have chance for creating empire. Do you think US would be as strong if it's lands were totally infertile and they bought all food from abroad? Probably they would just never reach population numbers that they have now.
@@swiggles4342 In other words : standard of living improves immigration, cheap costs of food improve standard of living, imported food is expensive, local food is cheaper and food grown on fertile lands is even cheaper, yet. So it has significant impact on immigration and standard of living, because foods is one of the most significant expense for lower class person, next to housing, healthcare and car upkeep. You can have ok'ish/quite strong countries without easy water transport (Iran) agricultural lands (Norway) or without resources (Japan), but it's rather helpful to have all of those puzzle pieces if you want to build an actual empire (US/Europe/China/India all have lots of rivers and agricultural land).
One thing is the macroeconomic data and other how people experience their economy on their daily life. It'd be interesting to have some statistic about how the public feels. The few people I know from that country are having their worst time in recent memory because of government cutting certain key elements like basic healthcare when they're about to become parents
there is a lot of strugle to get to ends meet, and every time they talk you can clearly see they contradict themselves. i'ts truly an experimetn in wich they don't really now what is going to happen. So every prospect seems grim, comerces are preparing for a stronger recession but burning savings to pay makes it very dificult
Well I live here and yeah it's pretty bad. My family used to run a decently profitable tourism business but these last few years we've looked for normal employment cause nobody can afford a vacation anymore and our clientele turned from good, to worse, to nonexistent. All that being said, I personally deeply despise the narrative that the economy crashed when Milei got in power. The economy had been on a set crash course for years already (as an example, our family business was sinking well before he got into office) and Miley just happened to be the guy that took the wheel when the populace finally managed to force the drunken peronists off the driver seat. Of course, putting another man on the wheel right before a turn doesn't instantly make the car actually turn.. and whether violent maneuvers can avoid the incoming crash is still to be determined. So far all I can say is I hope to remain employed on my barely-enough-to-live-with wage long enough to see the country actually recover.. otherwise affording a house (or hell affording rent would be good enough) so I can marry my partner will remain just a dream, and that's.. well, just kinda sad isn't it. Oh, and by the way anyone that can uses private (as in paid by the one that's getting treatment) healthcare here, cause public (free aka paid by everyone's taxes) healthcare is unreliable at best. And last but not least, as someone that wants to have a family: if you can't pay for basic healthcare then it's horribly irresponsible to become a parent. If you can't pay a visit to the dentist, how are you gonna pay food, transport, clothing and living space for your kids, nevermind actually getting them niceties like toys or gadgets? Of course if you already had kids when stuff went to hell then yeah fair enough, but definitely not the time to make new ones.
basic healthcare isn't being cut. Argentina's upper and middle classes are spectacularly ignorant of how the healthcare system works. Let me elaborate a bit: - the public healthcare system covers literally anyone who sets foot on Argentine soil. Sure, public hospitals most often aren't as sparkly as private ones, but coverage is there. Depending on where you go you'll have to wait a fair bit until you get called, it's not perfect, but it's there and once you're called you're treated properly. - private hospitals look way better and waiting times are way shorter, but at the expense of the doctor spending 10 minutes on you at most. You either pay out of pocket (which can be prohibitive) or are covered by private health insurance. Since the month Milei took office, private insurance primes went up (as in they doubled, tripled, or more - it's by far the sector that saw the highest price hikes). If your friends are having issues with the private sector I'd suggest you politely ask them if they tried the public sector, and when they tell you it sucks suggest them to speak with any actual doctor with experience in the public sector and ask them if it's reliable. Hopefully they'll correct their misconception. edit: 99% of the horror stories I've heard over the years took place in private hospitals, not public ones. I'd sooner go to ANY public hospital before I set foot in some of the most popular private ones. It's honestly sad how deeply rooted the "public hospitals suck" notion is, especially when it's the other way around.
@@JeffDvrx you are right, but the problem is that with the devaluation and high inflation they put on the first few monts they are not rising the budget for the public sector, it's basically last year budget. And that leads to many problems so any of the issues you mentioned got even worse
Three Comments on the relation between inflation and money printing that Milei uses and you rose: 1) Their money printers haven't completely stopped yet (yesterday started the closure of the last ones); 2) The spread is not instantaneous (Cantillon Effect) 3) Inflation was disguised by the previous government (see the spike at milei's first month), and yet it has been dropping dramatically since.
This is what happens when you take a bold and strategic approach. Millie said people would struggle in the beginning and be better off after the economic shock wore off.
Exactly like what happened when we did shock treatment for the USSR, Chile, and Iraq. Same strategy, none of them recovered. If you want to learn about the shock doctrine, just read shock doctrine
He's a puppet of american financial elites and will turn argentina into a country for hedgefunds. He will talk lots about growth and investment, while poverty keeps increasing. I hope it ends in revolution.
Cutting social programs will always save monies. Starving the population will always save monies. To rebuild its economy, it needs its champion companies to rebuild and expand. To provide jobs etc.
if you think economic turn around happens within 9 months of implementing change-- *when it was publicly announced that things would get worse before they got better* --- then I think that you neither understand the topic nor do you operate in good faith
![[Live สด] การออกรางวัลสลากกินแบ่งรัฐบาล งวดวันที่ 16 ธันวาคม 2567](http://i.ytimg.com/vi/dNTiBBthKgQ/mqdefault.jpg)
It’s too early to tell. I think everyone underestimates how big the the pile of problems that Argentina has.
it's not too early to tell that dollarizing is an insane idea
@shway1 only insane if you don’t understand why it may actually work.
@@shway1It isnt though. Whats insane is that they still havent given up their insane "Las Malvinas feverdream of invading and brutaly occupying the Falkland islands and the british people living there.
@@shway1it’s not insane, it’s just logistically difficult bc of the size of Argentina
You're right, it's very early but I do think that most independent observers appreciate that Argentina's problems are HUGE. They have been building up for years and years and there are no quick and easy answers, and certainly no solutions that will be acceptable to everyone, or even acceptable to the general population.
It's one month's data. At least wait a quarter before you declare if it's a success or not
Thats the conlusion of the video yes
have u watched the video
And is the average Argentinian making more, able to buy more and generally better off than before. I don't care otherwise about the line of GDP going up otherwise.
It's a success. Everyone was predicting a total failure by now.
@@ike212111 have u watched the video
There's four types of economies:developed, developing, Japan and Argentina
and "collapsing"
@@r0lfu_ you mean Europe?
Yeah, I heard that before.
We used to call them developed and undeveloped, but that's not a fancy term anymore.
@@karo2090 I believe the term for the current status of the european economy should be more along the lines of "self-sabotaging".
Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 3 years.
Let's face it... buying more stocks & index funds during stock market corrections and bear markets is scary. Which makes it really hard to do for most people like me. I have $260k i want to transfer into an s&s isa but its hard to bite the bullet and do it.
You need a Financial Advisor my friend so you don't get ripped off in the market. They provide personalized advice to individuals based on their risk appetite, placing them among the best of the best. There are bad ones, but some with good track records can be very good.
@@williamDonaldson432 Your advisor must be really good, I hope it's okay to inquire if you're still collaborating with the same advisor and how I can get in touch with them?
Your advisor must be really good, I hope it's okay to inquire if you're still collaborating with the same advisor and how I can get in touch with them?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about 3 years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Its insane to expect a recovery in 6-7 months. Economies dont turn around that fast. This is the type of thing that happens over years and decades.
Yes they have to stay the course... .. means you've got to take people with you.... dont abandon the poor., but support them through a free market transition ... Again ook at Australia & New Zealand in the 80s... the most successful economies.. but Marker reforms were driven by the left ..
Well you can have a rally that can quickly boost the economy within a few years
economy can be brutal in both ways.
@@ObjectiveansthensomeThe Milei government is helping the poor as a form of transition. What happens is that there are dozens of cases of corruption in the registration of these social programs. It was recently discovered that Argentina was spending billions of dollars every month to send aid to people who didn't even exist
@@meirakaique8340 the dog's bone scan
Argentina is so confusing, it's like opposite things are happening all at once
milei should focus on the currency first then go fix the rest of economy
@@eyelessclowned it is whats hes doing, his first and most important promess was to stop inflation and set a reasonable exchange market
@@eyelessclownedI think that he is doing that.
There are four types if economies in the world: Developed, developing, Japan and Argentina.
@@ethank5059 I would say 5. Developed, developing, Japan, Argentina, and declining (UK for example)
More than 50 years of total economic malpractices, that are quoted in economic schools all over the world as an example of how NOT to... TLDR every week: "is it fixed yet"
real. It will take years and years to fix that mess
There is nothing being fixed
Closer to a hundred years.
But the Argentines are pretty nice people except for their awful economic inclinations. I hope Milei can pull it off.
Took Poland 15 years doing something just as drastic.
But hindsight included, signs were there 2 years.
Actually, most of args economic malpractices were neoliberal reforms with the backing (and direct benefit) of the US.
The same as was endured in Uruguay, Chile, and the rest of Central-South America.
Capitalist-oriented socialism worked so great the US had to overthrow democracies left and right to impose debt-thirsty neoliberalists in the whole continent.
Google: Plan Cóndor
The irony of starting your Brilliant sponsorship with “… the TLDR team spends more and more time analysing data” when your first graph goes from 2024 to 2024…
The real irony is all of the left-wing kiddies collectively losing their sht in every youtube comment section that mentions something other than socialism, working.
🤣🤣🤣, cheeky, well spotted
Eh small graphical problems happen to the best
cmon bro really petty
@ethanemmerich9698 yeah, but it happens to tldr a lot.
Seems like Argentina is in a perpetual loop of reliving the year 2024
its been in a loop for 60-70 years, continuous swings through up-and-down cycles. I don't want to call it an economic 'doom loop', but it has gotten close to an economic 'doomsday' a few times.
@@crosslink1493 You missed the joke
*spoiler alert*
To spoil the joke for those who don't get it: the graphs on the video have a timeline from 2023 to 2024, but mistakenly say 2024 to 2024
@@MartijnPenningswas that a mistake dow this channel go's after any one who argues for laser fair economics.
@@reinhardtburger7108 "Laser fair economics" that's a new one XD
In Poland we needed 20 years to get full benefits of the extreme free market reform and they were clearly positive.
“Clearly positive” - Poland doesnt own anything anymore... everything sold off to foreigners. Now you are dependent on others since they own your economy. And this is exactly what Milei wants to do to Argentina
No, you saw it but by but but you only noticed the big things. It if it really was a free market, it would change drastically.
You mean the positive effects of billions of euros of EU subsidies
@@tribinaaux4043ah yes because being economically reliant on Russia is clearly the better alternative 🤡
@@richneuro6121 look up the Balcerowicz Plan
The chart in the beginning says Jan 2024 twice, lol
time loop, aw yeah
I'd rather not repeat this shit thanks
Groundhog years. Welcome to every year will be 2024 from now on. This way the politicians can keep up with their promise of a green economy after 203x 😂
At least it wasn't 2020 twice.
ok and? whiner
We need to wait 1-5 years to get a idea of how it's going.
Id say that 5 years is too much, but Id agree with waiting like 1-1,5 year betfore judging
Speaking of économic growth , 5years is the minimum @@T0mnes
Especially with no several foreign investment. His policies will be going up slowly, very likely to fail if he losses the re-election or doesn’t secure the congress.
That’s too long, he won’t finish his mandate.
No we don't
Just a small FYI, that 1 peso bill in the video is from the 70's, we have been through a couple of different currencies since that time (at least 4 from the top of my mind). Right now the currency is called pesos again, with the international code ARS (which is different than the one showed here). And the bill that you will most likely have in your pocket would be 100 pesos, for which there are like 3 different designs currently on the streets
Words "we have been through a couple of different currencies" sound so surreal to me. I know all about it in theory but when I imagine living through it it still hits hard.
@@CryptoC4T I'm assuming you're American or young, because most Europeans countries changed their currencies to Euros fairly recently
@@albo_ar si culiado pero nosotros tuvimos "peso moneda nacional" "peso moneda corriente" "peso fuerte" "peso ley" "austral" y el "peso" de curso actual (sin contar las muchas cuasi-monedas, como los "patacones")
5:04 it's amazing Argentina was able to relive January 2024 twice!
milei controls time
It's just another symptoms how warped their economy is.
Though if Milei can keep things on track, Argentina might finally break through to 2025 by the time the rest of the globe is experiencing 2028.
Great video, The first $100,000 invested was amazing. But when you hit $300,000 it’s like smashing the glass ceiling! I cried.
I completely agree with you! My first 100k took a long time and wasn't that special to be honest with you. Once I hit 300K that is the game changer in my opinion. At this point my money is basically making me a pretty good yearly salary. When I go to sleep at night I know my money is making decent money with the help of my FA
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
"Nicole Anastasia Plumlee" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
Oh look more scam bots
I think you totally misrepresented the data here. You are talking about a monthly economic activity indicator (EMAE) that Argentina's Statistics Institute calculates, not GDP. GDP is usually calculated quarterly.
Looking at historical data, the increases of the EMAE right now don't seem special.
Ye was about to point that out, data in this vid makes no sense, or its just straight off misleading....
@@KageNashiEMAE is a predictor of GDP. He should have said it but it isn’t completely wrong. It’s outdated for sure due to the new exchange and monetary policies announced last week
@@KageNashi well it doesnt help that they make mistakes in pretty much evry slide...
But they use Brilliant! That means they’re practically scientists!
At this rate the Christmas tree market will be the world's largest economic sector in only three years! - Me in December
Stop focusing on raw GDP alone. Tell us about the changes in purchasing power per capita and inequality.
Well purchasing power per capita won't grow unless GDP does.
@@orrode2 GDP growth is pointless if it doesn't allow you to buy more and doesn't improve your quality of life in the end. In fact, an increase in prices can also increase the GDP.
@@noneofyourbusiness4830 yes and no. There are other indicators for a healthy economy. But if you don't have GDP growth those others related to purchasing power per capita and inequality also won't be in the green. So in a sense GDP growth is a precursor for the other more important metrics. Of course, that's only the case if the government invests as such. Take the USA, amazing GDP but the average American won't notice but at least some billionaire can be a helicopter for his yacht.
@@noneofyourbusiness4830 GPD is a worthless metric
Inequality is rising more than ever, milei will only make millionaries rich, the middle class will dissapear and the poor will get poorer
This recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.
Let's face it, increasing stock and index fund purchases during downturns and bear markets is unnerving. Which makes it very difficult for most people, like me, to do. It's challenging to incur the risk of investing the $1 million I have in an S&S.
That is correct. For the past 23 months, I've been in daily contact with a financial advisor. The difficult part of investing these days is determining when to sell or hold a company when it is trending. My supervisor can advise me on points of entry and exit in the sectors in which I am now active. I can't say I'm sorry because my profits increased by 63% in the third quarter of 2022.
I've been considering taking that path. I've kept a lot of stocks, but they're starting to depreciate, and I'm not sure if I should stick onto them or sell them. I believe restructuring my portfolio would be facilitated by engaging your investing coach.
Annette Christine Conte is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment...
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
Milei also dropped annual inflation rates from a cumulative figure of 287% (!!!) down to single digits. That' one hell of an accomplishment said by many to be impossible.
No, monthly inflation rates are in the single digits, dramatically less than the peak at ~25% monthly but he did not bring 287 down to 4
Correct, a hell it is.
@@pipeinxxNo, is not. No matter what you say or think but objectively inflation is slowing down for the better of argentines.
@@FloweryLilium
The Argentine political system has always been deeply and
(1) Since the beginning of independence
(2) and continuously
(3) irrational
(4) deceitful
(5) where everyone is allowed
These are strict descriptions without emotions or partiality, easily corroborated.
LET'S SEE:
(1). Since the beginning of Argentine history there was never regularity, but fights and the search for easy and brutal recipes (e.g. ALL the indigenous people were exterminated in a single war campaign). The land was shared among a few and there was no attempt at progress. The GDP was shared among a few, which continues until now. But everyone participates. The idea is to talk and talk and the truth is that everyone does what others denounced them, but be careful, it is vice versa.
(2) All governments have failed in all styles, some with a lot of blood. others with ridiculous endings.
(3) All Argentine formulas have been guided with passion and little to no understanding. Without clarity or effort, although the current one is clearly the worst. The whole life in Argentina is a tremendous emotion (very italic). An emotion without focus or destination.
(4). The love for deceit and trickery reaches unheard of extremes.
I recommend to non-argentinians who could see this video to watch Argentine TV since always and you won't be able to believe it. It's a spectacle. Nobody is ashamed of anything, everyone has a different opinion without it being understood what they think and nobody has any qualms about anything.
(5). All human abnormality is free to flow, nobody is filtered, supervised with the inevitable catastrophic results.
It's sad but the abnormal in all parts of the world are excluded from responsibilities that are dangerous for everyone. Not in Argentina. Never has this thing of narco-capitalism managed any system before in any place.
If almost no one buys and 55% of the population is poor, the public system has been devastated, large and medium-sized companies have closed, large companies have problems and the government has not paid its suppliers, medicines are not given to seriously ill patients.
So this inflation figure, which is still very high, is false. And let's not even talk about the dollar.
This video and the data used are misleading at beast.
For all we know he might be improving Argentina, but no numbers have shown it yet.
The economy is still at 2021 pandemic lows, poverty at record highs, unemployment still rising and inflation, while deacelerating, is still very high.
this
He is a politician, not a wizard. He's been president for almost just 8 months. What were you expecting?. The unemployment in part is because people dont want to work. Just like that. People rely on the goverment to support them with cash every month like the "k" party did for several years...
50 plus years of socialism is no easy fix
,@@levismith7444 you dont even know what it is argentina has never been socialist, quite the opposite
@@hungathymug1066 Argentina has lived a big chunk of its history under economically socialist policies or even nationalist/fascist economic policies under Juan Domingo Perón.
Perón's legacy has become detrimental to the argentine economy.
The first chart is pretty unconvincing. Just look at the chart, it has a lot of volatility, and Argentina had this "accomplishment", even stronger, in July 2023. I am not saying there is no growth, I am saying that this metric seems to be way too volatile to deduce that the economy has changed significantly. if you look at all the data, you can see that its pretty normal behaviour. Lets see what the future brings.
we, an agricultural country, are 2% up vs a 5 year drought
yeyyyy, let's make a video calling it for Milei
this youtuber is either an idiot, or a straight up liar
We are worsr than ever
@@nicolasrecupero3026 are you from argentina bro?
Peronist sub humans had power for over 50 years
It takes time
@@nicolasrecupero3026 we most definitely are not.
Interesting how many seem to want Milei to succeed or fail based on their own political views.
he is probably one of the most influentials politicians of this year, if he actually manages to fix argentina, it will be heavely influence elections worldwide
I mean, that's a pretty normal human weakness, which is why it's useful to have things like tldr - they're focusing on how the policies are affecting the economics.
@@juanmanuel7305 honestly, from here in the UK I'm not sure about that. Agentina's problems are unique to Argentina, just like it's strengths. While Milei may achieve some successes it's impossible to believe there won't be downsides so what the world will be watching is how he and the population deal with the negative effects of his policies. Just like any other country. I have no skin in the game but as a citizen of the word I wish Argentina all the best.
It's an economical experiment on a country-wide scale. Not often you get to see one, so it's very interesting to see.
It's not really a reason to wish him success or failure. Not really determining if his reforms would/wouldn't work in other country... But interesting nevertheless.
@@juanmanuel7305 Most people out of Latin America wouldn’t be able to find Argentina on a map much less base their voting patterns on what has worked/doesn’t work in Argentina. It is possible this could be a “proof of concept” that elected leaders may pursue more libertarian approaches but even then I doubt it. Libertarianism is just pretty unpopular especially when compared to heavy handed populism and scapegoating rivals.
The video missed the fact that the inflation since milei devaluation in december has already made it irrelevant for exports. The current oficial dolar rate is virtualy lower than before, even before massa election devaluation, making exports hardly competitive. Thats why, even with the agro back to normal, their exports are not happening, and the central bank did no grew the reserves the past two months, which normaly are the strongest.
Local economist are expecting a devaluation soon, because without the extra dólars from the comercial superávit we wont be able to pay debts.
Right! When you have an inflation of over 150% a devaluation of the national currency of 50% may have some impact for half a year, but that's it.
Actually declaring that a government does not have any trust in their own currency is pretty bad, both for the internal situation as for foreign business partners (trade or investment).
That is a straight up lie, the net foreign commerce was US$1.9b with exports rising 21.7% interannual and imports shrinking 35.4% interannual. Gross reserves went from US$21.5b in 7 december to US$27.5b in 17 july, with net reserves going from *negative* US$11.5b to positive US$35m
@@kaparg its negative again, with the dollar rebuy schemes on the financial markets
@@EmmanuelMess You're right, it's back in the negatives (US$-1.2b if Infobae didn't lie to me) because of US$2.5b being spent on debt repayments at the start of July, meaning that the government has only accumulated US$10.36b in reserves, still far above its required threshold of US$8.7b. Surely, anyone would consider this an achievement
@@kaparg under IMF methodology reserves are -6bn as of yesterday, and due to changes in the policies last week, on track to go down, not up, in the short term.
I live in Argentina and your conceptual framework is correct, Argentine exports are mainly agricultural (without added values). The reality is that this administration seeks to greatly increase energy and mining exports (sectors that require significant amounts of investment) and to achieve this it needs to transform a third world country into a credible country.
Finally, if this administration manages to make Argentina a credible country, there is absolutely no doubt about the growth potential it has for many years and therefore the possibility of investment that exists in this country.
The question is determining whether they are going to achieve it or not.....
You need good visa policy for business man and professional
Being ‘’credible’’ though is not as transparent as you think sadly. It’s only a matter of perception and off course politics. If Argentina is for some reason needed to prove a point then rest assured that the international press will write triumphant articles even if in the reality you guys are eating your boiled leather belts. Sad but true.
You need to have a look at who took it into a third world status. It wasn't the previous administration. You don't live in Argentina and if you do, unless you work in economics or the government, you have no idea what the exports are
@@HDPersonalnobody wants Russians
they are adding four new lithium facilities
Argentina's economy has been precarious and horribly mismanaged for almost a century, fixing that in a year is almost impossible
even with the second natural gas reserves and third biggest oil reserves and biggest lithium reserves ? did i mention all the scientists that argentine universities produces?
@@leonardoorellano6652 Si, Leo. It takes quite a long time to plan the operation, acquire the start-up capital, set-up the necessary tools/talent/infrastructure, and begin to extract all these resources. I work in oil & gas here in Argentina, we need everything done yesterday and make miracles happen with regards to time frames, and even then getting a new fracking set ready to go takes a a year plus... if you're very lucky. Something like a lithium processing plant doesn't spring up overnight, especially when Argentina has the economic track record it has and investors are weary to put their money into the operation to get things done faster. Those things are on the order of several years at the minimum, if not closer to a decade if investment is slow.
For example, we had a single frac pump stuck in the customs at the Zarate ro-ro port for the better part of a year, and that's just dealing with customs to go do actual productive things. And no, we can't get these pumps built here in Argentina. Believe me, it'd simplify everything for us if we could, but it's just not feasible, we asked several local companies to prototype for us but they can't build something that's durable enough or that can handle the pressures.
@@leonardoorellano6652 Yeah. If a complete overhaul of the public sector and the tax code were possible, then maybe in a year or two it might be possible. It isn't, of course, so nope. A year isn't realistic. Four years isn't realistic either. Eight... just maybe.
Just as it was to the previous "crisis" under his reforms, this too is too early to tell.
@@azahel542 realistically we won’t be able to say how successful Milei has been for at least 5-10 years and even then it will probably be controversial because there will still be so many other factors that are difficult to separate.
@@ethank5059 nah 5 10 years you won't be able to tell anything the way argentina is. If history is to be trusted, peronismo will come back in and destroy the country right after his term ends, so it will be irrelevant what he achieved.
@@ethank5059 Realistically, if any single country in the world tried to stop taking loans every year, the living situation there would indeed worsen. Argentina is in an extreme state right now, the previous governments have left it basically bankrupt. Both the American and the European countries really need to rethink their way of managing money, because for the next 30 years, it might be fine to just spend more than you have, but the magic gold is going to run out one day.
Not according to government data. What are you going to believe? Your own eyes and reality or the Argentinian government?
poverty increased, wages dropped 40%, gdp contracted 20%, devalued local currency, and most argentinians cannot and will never have access to us dollars. but i guess its good that inflation is only like 5% after being 300%
There are always trade offs with every policy. We shall see if the steep price paid for lowering the inflation was worth it.
If the inflation is going down, the GDP is gonna go down too - it's only natural.
You're right, except one thing. Arg never had a 300% monthly inflation, so you cannot compare it with that 5%. It has been going down though, but it's still at 2022 levels.
We will never have access to dollars? What makes you say I acquire them every month 😂
An economy as distorted as Argentina's was always going to take some time to get the kinks out. Hopefully Milei lasts long enough to work them all out before some economic fairytale-spouting socialist or peronist takes the helm again
2:47 The image of the Peso is wrong, since we don´t use that bill anymore
Thanks!
The US should do the same. Government spending is insanely too high
Nobody from the outside will invest in Argentina when there is a big chance that Milei will get voted out of the office 3 years from now and Peronism will return and thus the investment will go to waste. Maybe if he gets a second term and actually gets power in the parliament too. A century of neglect cannot be undone in few years.
Yes and no. Short-term investments by some brave smaller financiers, maybe yes - high risk, high gain potential.
But for long-term investments by financial whales, multi-year broad political concencus of walking the new path must be established first. Godspeed ❤
Peronism returning? If only.
Milei has already killed Peronism.
@@marcv2648 Milei has killed Kirchnerism, giving a chance for Peronism to return ironically. As soon as we get rid of Moreno, the nationalist movement will get momentuum.
They already invested in Argentkna
Nothing you showed screams recovery, what's just happening is that the country is so impoverished that halted consumption improved trade balance, and climatic conditions aided agricultural exports. Regular people are tightening their belts more than ever.
Yes, and this has been happening since forever. This is nothing new about Argentina's sorry state.
We as a country used to think that everything was for free, thanks to peronism, and now we are paying the consequences. We learnt that nothing can be fixed short term and that everything has a price. The price is to "Tighten our belts" as you said, so that everything gets fixed eventually, not only for our own benefit, but for our kids, grand children, etc... and their future.
We will do anything so that Argentina becomes a real country once again.
AND if this fails, it wouldn't be the first time, isn't it? Every other government failed miserable thanks to thinking that everything should be "free". We will wait and see what happens now.
Dude, give the guy some time. Crashing a car takes no time and any idiot can do it, fixing said car in the other hand....
Im an argentinian living in Argentina. I only wish to say one thing: Food is now cheaper. Wich means our children will stop suffering malnutrition. Say what you will about the president, he has my vote.
time for an update! this economy has grown!
IMF says its economy has more unemployment
Lower imports
Lower exports
And poverty is getting worst
😂
There was no growth for 20 years. Give the guy more credit than that. Sheesh
Aguante milei, aca en argentina lo bancamos a muerte!!! con superavit fiscal vamos a triunfar!
When forty per cent of your economy is government then naturally there will be a GDP dip after inefficient government departments are closed or trimmed.
Great video. Thanks. I am an American living in Buenos Aires so am living through all this in real time. As of the time I am writing this a few months have passed. Now the blue market rate has gone down from the 1,500 mark it hit a few months ago down to 1,120. In your video you indicated how there were challenges in finding options to narrow the gap between the blue market rate and the official rate. Yet, apparently it is working now. So I'd love your analysis on what they were able to do to accomplish this. Of course, for those of us in Argentina that live off of USD this is actually a terrible change for us. A bottle of wine that for the past 10 years always cost about $1.80 in USD terms now costs $8.00 in USD terms. Argentina is no longer a place you can live inexpensively. And one thing I have noticed about the news coverage of Argentina of late is that the resulting poverty from Milei's policies is not adequately covered. Even affluent CABA (Buenos Aires city), is feeling it's affects. Friends that before would always be able to go out to dinner with us can no longer do so. It is really impacting people in a negative way. It is sad. Would love your analysis on this and an update to this video here. Thanks.
Argentina is so lucky to have this man as a leader ❤❤
Milei uses the tarkin doctrine, from general Tarkin in star wars.
In a single day tarkin reduced inflation in Alderaan to zero. He reduced crime in alderaan to zero. He reduced poverty in alderaan to zero. He reduced defcits and burocracy in alderaan to zero. He reduced popular protests to zero in alderaan.
The empire should just apply his methodology to the rest of the galaxy as it is clearly what everyone should be doing.
Seems like a neo-liberal paradise!... Errrr... Quite literally now that I think about it...
r*ddit
There's a lot of protests that he's trying to mitigate. Poverty increased drastically. And his minister and saying horrendous things to the population, stuff that they will never do themselves. Pity
Should i edit and put the IMF be the death star in this analogy? 😅
@@Xiquinhodasilva99 not really, the whole country is in an state of harmony not really seen before, as even the ones who didnt vote or had hopes for him now are liking his changes, for many of us young adults, its the first time in our lifetime where we dont see rampant inflation everyday
Huh? Before Milei, the IMF predicted a growth of 2% for Argentina in 2024, it has recently published that the GDP will shrink 3,5%. While Argentina is as expensive as European countries in some regards, the minimum salaries are one of the lowest in the region and poverty is still around 60%. And Milei is facing the same problem as all governments have before: a lack of dollars. Many experts say this will likely cause a devaluation of the peso and lead to a deeper recession and more inflation. Too early to tell.
Every single news I see are saying that Argentina is ending the inflation, the indicators are saying otherwise. But then I remember how neo liberal the news around this planet are.
Yep, imf is cra p. They also predicted 200 inflation and now they had to lower their prediction to 130
c'mon its not like the imbeciles from IMF are mathematicians.. they are only economists
The funny thing is that the IMF hire a member of the Sao Paulo forum (which is a group of lefties) to mediate between Milei and the institution...
1:23 Government spending is not an asset, since the money comes from other areas of the economy. It creates a net loss and should be minimized.
Thank you so much for making another video on Argentina. It is so incredibly difficult to find unbiased views on what’s going on right now.
When Milei manages to free the currency exchange rate, the economy will fly thanks to investment, no one enters where they cannot leave.
Argentina will be prosperous and everyone is welcome to participate. Hug from Argentina
Argetina is going to be a model for the world to behold. You have a very bright future now.
economic growth is not in the red for half a month and there's a video about wether the policies are working or not?
People, I am argentine and i am and economic sciences student. Do not believe in the things like these you hear… The economy is not growing, it’s boucing from a complete collapse compared to last year. Basically, last year we had our worst drought in decades, so the agriculture sector production was in ashes (betwen 40 and 60% exports down last year), now the drought is over and the production volume is getting normal. For example, industry and construction is 15% and 20% down respectively, all economic sectors are down with 2 digits expect for Agriculture and Oil, mining and gas (which are still irrelevant in the economy).
so is Milei good or bad?
@@enduser8410 Inflation has significantly decreased at the cost of a complete paralysis on consumption (40% down) and production (industry 15% down, fishing 10% down, construction 20% down, commerce 12% down, hotels and restaurants 7% down, etc.) only primary economies are growing like food exports (80%, bouncing from last year drought), oil and gas (11%), mining (8%). Poverty has increased to 50%. However, poverty in Argentina is not like poverty in Brazil or most latin American countries… poverty in Argentina might be like being middle class in the rest of Latin american countries in general (except some), so its not like extreme poverty and in some years can be reduced significantly. Inflation has decreased from 25% monthly to 4%, but it is unsure if it will keep decreasing or stall. It will be a good number if it reaches 2% per month by the end of year and keeps falling after… For now, economy is completely paralyzed and wages, in the best case, holding up. Argentina is like that, falls of a cliff and then rises again just to fall off again. Some argentine governments have much propaganda for some reason but it is less spectacular than people think and what they show.
@@enduser8410IMO better than the last assholes they been having lol
Did you guys sell your crops yet? Last time I checked farmers were holding out cuz no one wanted to buy
@@JESSWURDGAMING Last information I saw was that the productors were not selling that much to the rest of the world (exports) because the official peso-usd exchange rate ($900) was very low (compared to the market one, $144O today) and claimed for a devaluation of the currency. If the goverment agrees and devalutes the official exchange rate (Peso-usd dollar), then the inflation will rise again and everything accomplished these months will be over. Withouth counting the devastating effects of the devaluating for the economy.
Fantastic news. Though too early to tell, if these reforms work in the long term, it could be a valuable lesson that smaller state liberal economics can be a greater incentive for growth than the western consensus that growth must come or be aided by the government. Good luck Argentina.
Western? China's the fastest growing economy for over two decades and they're more State-centric than anything the West has to offer. Milei's reforms have been tried before and like always before, they are doomed to fail. The data this video's basing itself on is so short-spanned and volatile that current data, today, launched certainly after the video's been edited, already puts it all to question.
I've always thought Government Spending shouldn't be included in GDP... at least not as a POSITIVE amount. If you put it in as a NEGATIVE amount, it works much better at tracking economic health.
This video taught me a country's economy in the big picture in 8 minutes what 30 years never did. Bravo 👏
I'm from Argentina living in London and always watch tldr
Are there any relatively unbiased English language YT channels covering Latin American politics in general?
@@napoleonfeanor It depends on your definition of bias but generally BBC and DW both have decent coverage of latin America.
The Falklands are British.
@@Shadowguy456234 forget about that. You watching one paid by the UK government and the other by the German government.
Family immigrated there 79 years ago perchance?
I don’t think Milei will be successful, not because I don’t believe in him, but because this is Argentina
This is the problem. He will get ousted because the people don't want to suffer, even though there's no easy way to fix the problems.
@@Ziegfried82 Furthermore, Argentina has been in economic decline for over 100 years. It's more likely, that he continues that Tradition rather then breaking it
@@breaderikthegreat3224 I dont know if Milei is right, but it is the only way argentinia has not tried yet, and he is the only one who has the balls and public support to do it.
@@Narekz Dude, I'm from Argentina and I can tell that it's not that we tried and we failed. Actually we never tried anything, it's just politicians applying short time solutions that can never be sustained over time, just to keep the status quo until the economy collapses.
I believe Milei's the only one in decades with an actual plan, but the problem, in my opinion, is that he came out from nowhere so he's got no solid party, plus the old politician will try anything to set the country on fire to not lose their dirty bussiness.
@@ziskador Then it is on us to stop crying and just wait. Judging this early should be a crime.
The message is that the bigger the government, the less the economy will grow. Of course, some government is necessary, but any amount of government that is beyond what is necessary to serve the people Is only going to be a drag on the economy.
Finally common sense
If he fixed the economy, then why are the workers from every industry striking??
Argentina had a few life times of bad policies, it will take more than a few months to fix it. This is way too early to tell, and things will get worst before it gets better. I am excited to see how Argentina will turn out in the next 4 years.
What's this? This is not even in the news in Argentina...
Vaporware news
It's true if you belive them enough
It is, but it wasn't publicized much.
it is in the news, but the media, hungry for government money, is only publishing catastrophic news and out-of-context tweets. "positive" news are published in technical terms no one can understand.
Being ‘’lovebombed’’ by EU while real life turns worse, it’s the standard policy.
@@joek600 what are you talking about? the EU has collectively decided Argentina is a racist country and that's the only thing they've been talking about for the past 3 weeks
Argentina inflation falls in May for fifth straight month ....
It's not real growth. It's about the harvest this year being much better than previous year. Everything related with Industry, internal commerce and so on is super low.
Of course its real growth. He made huge cuts to the national income that is squandered annually by government.
False. Blue Dollar skyrocketed in December of 2023 to +1400 AR$. And since Milei took office, it went from that cipher to 1000, and now its changing values everyday (rising and going down).
Greetings from Argentina.
While that was a good analysis of a short term of data, we shouls take into consideration that such reform takes a long while to see positive change, if any. Ideally, we should be giving Milei at least one year to see where his changes take the country
I'm Argentinian, things are going better, step by step, we have inflation since 2003, it's impossible for you guys to undrestand how the fck we can live like this. But still, the inflation it is going backwards, wich is amazing. It's a very long jurney to stabilization, we been living in an bizarre and sick enviroment for too long, but we're gonna make it. It either that o a civil war. And nobody wants the second choice.
JAVIER MILEI IS THE BEST THING THAT HAS HAPPENED TO ARGENTINA!
PAVING THE WAY FOR A NEW PROSPEROUS ARGENTINA!
THE CORRUPT KIRCHNERISTS/PERONISTS DAYS ARE OVER NO MORE FREE CHORRIPAN FOR THE MASSES!
ARGENTINA HAS FINALLY WOKEN UP!
VIVA LA LIBERTAD!🦁
Most things have gone backwards.
"Things are going better" come on bro... it's one thing when you are fighting kircheristas on Twitter, i get it, but there is no need to BS here
@@schapelDude, did you see how much inflation fell? Besides that watch the monthly fall of industry and construction, the recession started on may 2023...
@@valentinromero1631 🤦
You are not taking into account that unsustainable public spending has decreased due to cuts, and this has indirectly affected consumption. For example, 80% of public works spending, which was extremely high and corrupt, was cut. Many pseudo construction companies, have been left without contracts, contracts that contributed to the GDP as public spend and that money eventually would ended up as consumption (the corrupt business man / politician going to dinner, with this money).
Furthermore, analyses are made by comparing the present to the past. This is done because past data exists and is reliable, but the correct way to evaluate performance (if it were possible) would be to measure Milei against a hypothetical alternative government. Why do I highlight this? Because the former government, in an attempt to win the elections, spent more in the last 8 months than in the previous 3 years (years that were already in deficit and with high inflation) in the form of subsidies to try to buy the population. To pay for that spending, the former government issued millions of pesos.
The disaster that this caused did not have time to be seen in that government. It is being seen now. That issuance of currency takes time to be reflected in the economy as devaluation. Therefore, it is not fair to judge this government without taking this into account. One should evaluate the inflation and GDP growth with Milei versus what would have happened with other measures.
Conclusions: GDP decreased, but how much of it was due the decrease in corruption due the public office? Is this inflation cause of Milei's administration or it is the delayed consecuence of formers goverment bad management?
My friends back in Buenos Aires tend to heavily disagree with that idea. Overall what's happening is that if you already had money, you're slowly stopping losing it. But if you were already not under the best financial conditions (not even poor), things are just getting worse for you. Many of the "reforms" he's doing are just cost-cutting measures that are ruining the lives of those that had their freaking lives depending on it. It's hard to find someone in Argentina who hasn't lost or at least has a close friend who did lost its job thanks to Millei reforms. When people say it's to early to tell he succeeded, you should always ask succeeded to who. For the rich, he's doing an amazing job, but for the millions of people he threw into poverty saddly for them it's pretty easy and quick to tell if it worked for them.
Also and for those who are still in doubt, don't let Millei fool you, he's as far right as anyone else in the global movement. He rejected to participate in the meeting of the Mercosul (south america's EU) so that instead he could be part of a reactionary convention alongside Bolsonaro right in the heart of one of the most neonazi filled regions of Brazil. Millei is a crazy man and decided to join alongside people who have been destroying the lives of the less fortunate here in south america for the past decades. He's not doing anything revolutionary, just the same things as always but now with a mad man at the front to give it a new coat of paint and pretend it's something new and innovative.
You had a decent argument until you mentioned "far right" and "reactionary" and "neonazi" Thats just a leftist or far left IDEOLOGICAL argument.
Left wing policies always end in abject poverty. Venezuela is right there staring you in the face. And though you may try your best to deny it, Venezuela is the end game for all left wing governments. The entire debt based fiat currency scheme is what drives the masses into poverty. To be honest Milei isn't hard line enough! Going after the bankers should be priority #1. It is the bankers at the heart of all of this. The socialism you promote is not affordable, it's why Argentina had to manipulate it's currency so heavily. The bankers offer you a nasty Faustian bargain where you can go into infinity debt and spend as much as you like but what they never tell you is that one day you're going to be paying it back with interest..and the interest will be more than what you can afford. The currency always ends up debased and worthless. Living beyond your means always ends this way!
@@Ziegfried82 Man, I didn't even talk about socialism... Touch some grass honestly instead of projecting on what I said
@@Ziegfried82 socialism no iphone vuvuzela 100 gorbillion dead
@@makotosaito9067 no, you just dont see the truth. Every time my country Portugal elects the left we get intervened by the FMI. The left does not work economically. Its so fking obvious. Every single rich country tax companies less than argentina does. Every single one, including the so "venerated" Norway and Sweden, mostly praised by commies and socialists, that dont tell that these countries are the ones that tax poor the most with a whopping 50% average. My country Portugal before the right wing dictatorship of Salazar was like Argentina. Full of poor people, a completely broken economy and the only good jobs were by the state. Salazar fixed our economy in 3 years. 3 Fking years. If you have the power, the means and the will to do it you can.
I can give you a very modern example: Poland and Ireland. Two socialist and leftwing trash countries of the 1980s, that embraced full libertarianism with tax haven policies, regulation scrapping, open market rules, that now are super rich and are surpassing country after country every year. Its a fking no brainer, and only blind or dumb people cannot see it. Meanwhile you have Venezuela that since got ruled by the socialists is a hell. Heck even the US, when was founded was successful because the founding fathers were libertarians, specially George Washington. When Adam smith wrote the "Wealth of Nations", the anglosphere followed the classical liberalism and became 100 years ahead of ANY other countries in the world. In 1920, America was so rich they had a crisis because they produced too much food, in a time where other countries had extreme HUNGER.
To anyone wondering how bad the economy was, the bills he is using on the graphic are "pesos ley 18168" that died in 1983, that is 3 currencies ago, they took away 11 zeroes to reach the current "peso". that is 11 zeroes in 10 years, current peso was created in 1992.
I had read that this is explained by the agriculture sector being in better shape after last year's bad weather. Every other indicator is negative.
Month by month data fluctuation don't matter much. Argentina is in a bad spot on the global trade route, unless Panama canal disappear overnight, that will remain the case. How do you make Argentina investment viable when it means going out of the way to invest in the furthers region on the globe.
The invesments fall in mining and energy industry not logistic
@@Цгсеверетик You miss the point. Mining/Energy isn't something exclusive to Argentina, nor does any particular import/export. *Were there none of that before Milei?* No. *And everything about economy IS about logistic.* Say you are going to build a car factory, where 90% of material come from Europe, 10% from Argentina, your primary customer is China. Where are you going to build that car? China. You are not going to build a car in a place so far away from you market just in a place where only 10% of your material came from just so those car can spend most of the time at sea to reach it's primary customer. You see the problem?
Argentina used to be an economic powerhouse before WWII, and we didn't have as much cross-Pacific trade then as we do now. Shipping is very cheap. There are lots of trade routes that connect the west coast of South America to the South Pacific and East Asia.
@@biocapsule7311 also the massive taxes destroyed the exploitation of natural resources
@@oliviastratton2169 *"There are lots of trade routes that connect the west coast of South America to the South Pacific and East Asia."* Unfortunately, there isn't. Look up any global route map online with density, and it's clear as day. Shipping is cheap, only when you are shipping mass quantity over most amount of distance, reaching the most number of locations while you are at it, in the shortest time.
Man Milei trying to fix more than 50 years of bad economic decisions in just few months its a big task
Yes, but he already succeeded because he understands how an economy works, unlike the vast majority of politicians.
Bravo!! Best video representing all of us!
@2:35
Tho it should be noted, an important difference in US vs Argentinian deficit, is that most of US debt is internal debt. Only around 20% of US debt is foreign debt.
When the US pays into that debt during Tax season, it positively impacts our markets because most of that money isn't actually leaving our economy- unlike Argentina. When they pay into that debt most of that payment leaves their markets causing an economic bleed out effect in their wealth circulation. Creating even more problems just trying to get their national economy out of a deficit. Leaving them in a prolonged state of recovery.
In contrast if the US ever paid out the national debt it would instantly translate into a national surplus thus having a much shorter recovery period. This is a bit simplified for the sake of brevity but the differences between internal debt vs foreign debt in terms of national debt is significant & often overlooked.
Given the current volatility in the stock market, I believe investors should divert their attention to lesser-known stocks. With 35% of my $270k portfolio invested in stocks that have sharply declined from their previously high status, I find myself at a loss on how to proceed, feeling overwhelmed by the situation.
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
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Higher interest rates will cause inflation? That statement runs counter to every modern economic theory.
It's Argentina sooo
@@dragonfire3727 Fair enough...
I can't explain it well but I'll try. That debt was placed to banks who had the chance to close their positions in 24h at any given time. So the government had to print increasing amount of pesos and increase the rate to keep it attractive enough for banks not to break the central bank from one day to the other and cause hyperinflation releasing all those pesos at once (a group of banks aligned with the former government did it anyways closing their position on a Friday last hour, some said, to destabilize the economy, they forced to sell US dollars from the reserves, but it was not enough to cause a crisis). That created a dynamic of never ending printing for years, 10% of the deficit was because of those bonds. He was able to replace them with a different kind and moved them to the treasury so the central bank won't need to print, then lowered the rate to "force" banks to lend money to companies and ppl instead of the government, restoring the credit that had virtually disappeared. He stopped that vicious cycle (actually he cleaned 9% of the total 10%). So yes, it sounds counter but it was a feeding loop, print to pay the interest, increase rate, print more, increase rate, print even more. The total amount of pesos was growing exponentially.
guess you guys never lived in argentina? stats are easy to fiddle. argentina has the best fiddlers. also get a bigger sample set than just a handful of months. argentina has defaulted many times. its going to take time to rebuild international trust. its a fantastic country and the people are amazing there. i really hope they pull though this time for good. its just too early to call just yet.
I know some people don’t like him because if his politics but I hope he is able to fix Argentina. It’s a shame what has happened to such a beautiful land that at one point was predicted to be on par with the USA
Would be interesting to get a quarterly update on how its going for Argentina.
Govt spending really should not be part of GDP since the funds must be taken out of the economy before the government can spend them (while wasting a certain portion on the bureaucracy and other factors.) Govt spending is not productive. It is just the opposite.
You are goddamn right. Government spending destroys productive capital and distorts the economy.
Hi guys as an Argentinian really into world politics I just wanted to say that I watch your content every day and really enjoy it. Kind regards
Yeah argentina is a difficult matter, but don't worry milei knows what he is doing.
I am sorry, do you inform yourself on tik tok?
@@swiggles4342Viva la libertad Carajo leftie
@@Kaizen747
U a bot?
I mean, what the hell do these argentinians expect when they reply to these kinds of things, what, was my question diminished? You are in the right for saying viva la libertad carajo?
U are either a bot or a 12 year old, because if you happen to be a grown ass dude... That's sad.
Peso appreciated itself back to usd$1100 and the gap with the official USD rate is just 10%.
I am from Brazil, on vacation in Argentina, and the prices are absurdly high in here. I would say stuff is at least 50% more expensive than in Brazil. A galaxy z fold 5 is 3.800.000 pesos. About 4 thousand dollars
When you see the "real" argentina in the streets, he's basically diminishing the size of the state while directly rising every tax possible (lowering the wage tax start point so more ppl pay more taxes and not adjusting pensions to market lvl and inflation), making his attempts to stop inflation a war towards old and poor ppl, eating their savings to survive. Also the numbers shown here are a bit deceptive; since the "gdp" and inflation numbers reached by Argentina are just averages of consumption, it doesn't show that some stuff has maintained its prices, but every necesitty like food, electricity and gasoline has just skyrocketed.
So; is Argentina on paper looking better to the outside world? Maybe, but it's still too early to see, and also this perceived numbers has been at the cost of the middle class (increasing poverty to 50%+) an the pensions of its older ppl.
What tax is he rising dude? Its free to invent nonesense here right?
That's what will happen to every single country in the world if they don't stop indebting themselves infinitely.
The faster you go through this period, the faster the country can actually bounce back. If you don't go through this... well, I expect the situation to be way worse.
@@TrykusMykus Yup that's what the opposition always conveniently glosses over.
Oh no, what a tragedy, prices went up and poverty rose! Like that wasn't the case the previous 10 years. It's been going downhill for ages and people have been calling out unsustainable corruption and government spending for ages, then when we finally reach the edge of the economic black hole they dug us into, they lose the election and conveniently blame the fall they caused on the one man trying to keep us from getting smushed into the ground.
Yes, Milei isn't perfect and yes, under his government stuff has become "worse", but I can't see in which fantasy world his opposition would have done any better.
YOU CANT FIX AN ECONOMIC MESS CREATED BY THE CORRUPT PARASITES OF THE FORMER KIRCHNERISTS/PERONISTS OVERNIGHT!
WHEN JAVIER MILEI BACAME PRESIDENT THERE WAS HARDLY ANY BANK RESERVES LEFT AND NO BUDGET SURPLUS IN DECADES AND
ANNUAL INFLATION WAS OVER 1200% WHEN HE TOOK OFFICE!
NOW HE HAS REDUCED THE INFLATION RATE FOR THE MONTH OF JULY 2024 TO ONLY 3.5 % INCREASED ARGENTINA'S BANK RESERVES
AND REDUCING THE NATIONS DEFECIT AND YES FOOD AND BEVERAGES HAS GONE DOWN THANKS TO THE REDUCTION OF INFLATION!
YOU NEED TO GO BACK TO SCHOOL AND LEARN ABOUT ECONOMICS BURRO!
@@shadetouchcatchemall5134He's raising every single tax possible. He stopped the VAT (IVA) paybacks the previous government was doing. He reinstated the tax on salary (impuesto a las ganancias) for workers doing barely above a living wage. He raised the (impuesto país by 10%) for businesses who need to buy currency to buy goods. He raised taxes for self-employed registered workers (monotributistas) way above an inflation adjustment.
And I'm pretty sure there's much more.
Some people read he claims to be a libertarian and come here to comment he does not raise taxes. Look at what he actually does, he's the most interventionist we've had for decades. Far right populist, tax the poor to feed the rich
I am from Argentina. Although it is a bit quick to draw conclusions and we are still doing poorly, there are some indicators that have improved a lot, such as inflation, which went from 8% weekly to 4% monthly, and continues to fall!Milei is talking about 0% inflation by the end of the year! The state has been greatly reduced and the economy is being deregulated bit by it, that maked some politicians angry. He is also doing incredible work against corruption. Many people who didnt vote for him, today support him precisely because of this and the low inflation. Many people on the left hate him a lot and exaggerate how bad the situation in the country is (which has been bad for decades).
There is no way you believe he is doing "incredible work against corruption". He reinstated corrupt intelligence officers that were shamed out of office, he placed his own sister as the first lady, couped the government with symphatizers and yesmen, his staff has family members from other important ministers that nobody knows what they do, the Minister of "human capital" has been and continues to be in a massive scandal for keeping food that was meant to be for the poor and that could have been used for places like Bahía Blanca when they got destroyed by the hurricane.
The hell you on about? Do you live in a parallel universe? And I'm not even talking about the insane economical situation. Retired people cannot afford going to the supermarket. You have no shame. 60% of poverty. 6 out of 10 argentinians are poor. And the non-poor are not even rich, just non-poor. This is a disaster and Milei supporters are the only ones unable to see it.
All the contrary. Let me tell you, one step forwards in reducing inflation is meaningless when during his first months we've experienced a huge leap backwards in brutal price increases, especially in public services. Millions of people today cannot afford electricity and clean drinkable water because of these policies. Millions have been laid off. Hundreds of thousands have been barred from public transport, vital for their work and thus sustenance, further destroying the livelihood of many households. And as we speak, inflation has accelerated again after having slowed down temporarily. Furthermore, the reduction in public servants and other, arguably redundant positions, has had a negligible impact in revenues, and we cannot talk about corruption when half of his cabinet is composed of corrupt politicians who have been serving in office for the past four decades. That's not mentioning the other half, made up of completely incompetent people; ministers with no credentials, deputies who have not even graduated from high school, rampant nepotism, and so on. And missing the elephant in the room; a president who has shown zero interest in national matters, who has publicly berated and decried his own country, who has serious mental challenges and whose decisions are arguably heavily influenced by his sister whom everyday seems to be more and more the actual decision maker in the country, even alienating people from Milei's own team and cabinet. Whenever someone starts their argument with "I am from this country", be very wary. The opinion that follows is usually very lackluster and expecting some sort of fallacious instant acceptance.
Its like the guy who got 200 kg obese over many years and now expects that running 10 times will make him ripped.
he is also fasting so it will work
He inherited an estimated 17000% yearly inflation rate from the previous government, most of it due to internal debt via bonds (leliqs and pases) mostly with banks inside the country.
This debt was of course was meant to be paid with money printing, since the government had depleted all the other options. So Milei couldn't stop the printer completely, because if he decided to not pay the debt with the bond owners, there would have been a massive flight from the peso to the dollar, which would also have resulted in a hyperinflation.
What he did achieve is to reduce the inflation from estimated 17000% to 8% per year. Which is a massive achievement and should serve as a lesson of why fiscal superavit is a good economic policy.
8% _monthly,_ not _yearly_ inflation. It's still insanely high, but compared to what it was a few months ago it might as well be Sweden
a one month 2% growth on gdp, which is a questionable metric to begin with, mainly after such an abysmal drop before it is hardly anything to write home about.
So you are basically saying that the economy of Argentina had crashed so much early on that it could only go up from there. The reform are in early stages so you cannot expect too much positive changes but don't make it sound like Milei is doing miracles when he is the one knowingly crashing the economy in the first place, all be it to balance the economy as a whole.
The economy could only go up form there? lol economy can crash all the way to zero.. there is no “magical bottom” an economy bounce on whatever happen😂😂
@@arofhoof Yeah, I guess you are right. You can always crash it by double digit so -8% is not the worst. But go tell that to a struggling family who have a difficult time putting food on the table to feed the family. For you it might be a laughing matter, but bad economy is a matter of life and death for many unfortunate people. Luckily you must have a rich family so you never had to suffer the struggle of poor people. Rich kids laughing at poor people’s misery, something’s never change in the world.
Economy was already crashing before he become president. It's funny seeing people not blaming the actual people
@@crishhari5903 Or @aroflhoof could be laughing because their home country has been through similar situations and seen tougher times.
Cheering for Milei and Argentina
"under Milei's analysis, printing money devalues the money"
Could you be any more dishonest?
Any economist, even the armchair ones, can tell that printing money devalues the currency and creates inflation. Inflation which in Argentina was closer to hyperinflation and is being staunchly curbed by his policies.
Argentina, fight! Be strong. Bear with that! Greetings from Poland.
They're already doing better. Real incomes are already up. That includes pensions.
Milei has sent the poverty rate to over 53%. When he starts to claim that the economy is in recovery, will he be talking about recovery for the rich or recovery for everyone?
being considered “in poverty” means being 2 times below average income. so OBVIOUSLY poverty will be higher in good economies where competition and innovativeness is rewarded. and the more commie you get the less the poverty is but that doesnt matter sinnce everyones getting poorer its just just the rich are getting poorer faster then the poor😂😂😂😂😂
I guess considering the title is a question then I guess no.
As an outsider looking in I'll say this- success or failure, it was worth trying that country has been nothing but unmet potential my entire life
Argentina has the land, the agricultural potential, the rivers and resources enabling it to become USA of south. The fact that it is not the case is just missed opportunity. I wish this experiment works out for you well. If not, keep trying, there's gotta be some way.
@@Buffalo_Soldier Pitty it lacks the most important asset any country needs, the people. It has a small, old population. It's the variable NO ONE is looking at when taking Milei's reforms into account. They don't have the population necessary to drive their industry forward.
@@Buffalo_Soldier
Do you think the United States made their empire due to agriculture?
@@swiggles4342 In one word yes. Because good agriculture is one of thing that enabled US to become superpower. It's not the only thing (we can see food-rich countries that are poor), but without it you don't even have chance for creating empire.
Do you think US would be as strong if it's lands were totally infertile and they bought all food from abroad? Probably they would just never reach population numbers that they have now.
@@swiggles4342 In other words : standard of living improves immigration, cheap costs of food improve standard of living, imported food is expensive, local food is cheaper and food grown on fertile lands is even cheaper, yet.
So it has significant impact on immigration and standard of living, because foods is one of the most significant expense for lower class person, next to housing, healthcare and car upkeep.
You can have ok'ish/quite strong countries without easy water transport (Iran) agricultural lands (Norway) or without resources (Japan), but it's rather helpful to have all of those puzzle pieces if you want to build an actual empire (US/Europe/China/India all have lots of rivers and agricultural land).
One thing is the macroeconomic data and other how people experience their economy on their daily life. It'd be interesting to have some statistic about how the public feels. The few people I know from that country are having their worst time in recent memory because of government cutting certain key elements like basic healthcare when they're about to become parents
there is a lot of strugle to get to ends meet, and every time they talk you can clearly see they contradict themselves. i'ts truly an experimetn in wich they don't really now what is going to happen. So every prospect seems grim, comerces are preparing for a stronger recession but burning savings to pay makes it very dificult
Well I live here and yeah it's pretty bad.
My family used to run a decently profitable tourism business but these last few years we've looked for normal employment cause nobody can afford a vacation anymore and our clientele turned from good, to worse, to nonexistent.
All that being said, I personally deeply despise the narrative that the economy crashed when Milei got in power.
The economy had been on a set crash course for years already (as an example, our family business was sinking well before he got into office) and Miley just happened to be the guy that took the wheel when the populace finally managed to force the drunken peronists off the driver seat. Of course, putting another man on the wheel right before a turn doesn't instantly make the car actually turn.. and whether violent maneuvers can avoid the incoming crash is still to be determined.
So far all I can say is I hope to remain employed on my barely-enough-to-live-with wage long enough to see the country actually recover.. otherwise affording a house (or hell affording rent would be good enough) so I can marry my partner will remain just a dream, and that's.. well, just kinda sad isn't it.
Oh, and by the way anyone that can uses private (as in paid by the one that's getting treatment) healthcare here, cause public (free aka paid by everyone's taxes) healthcare is unreliable at best.
And last but not least, as someone that wants to have a family: if you can't pay for basic healthcare then it's horribly irresponsible to become a parent. If you can't pay a visit to the dentist, how are you gonna pay food, transport, clothing and living space for your kids, nevermind actually getting them niceties like toys or gadgets?
Of course if you already had kids when stuff went to hell then yeah fair enough, but definitely not the time to make new ones.
basic healthcare isn't being cut. Argentina's upper and middle classes are spectacularly ignorant of how the healthcare system works. Let me elaborate a bit:
- the public healthcare system covers literally anyone who sets foot on Argentine soil. Sure, public hospitals most often aren't as sparkly as private ones, but coverage is there. Depending on where you go you'll have to wait a fair bit until you get called, it's not perfect, but it's there and once you're called you're treated properly.
- private hospitals look way better and waiting times are way shorter, but at the expense of the doctor spending 10 minutes on you at most. You either pay out of pocket (which can be prohibitive) or are covered by private health insurance. Since the month Milei took office, private insurance primes went up (as in they doubled, tripled, or more - it's by far the sector that saw the highest price hikes).
If your friends are having issues with the private sector I'd suggest you politely ask them if they tried the public sector, and when they tell you it sucks suggest them to speak with any actual doctor with experience in the public sector and ask them if it's reliable. Hopefully they'll correct their misconception.
edit: 99% of the horror stories I've heard over the years took place in private hospitals, not public ones. I'd sooner go to ANY public hospital before I set foot in some of the most popular private ones. It's honestly sad how deeply rooted the "public hospitals suck" notion is, especially when it's the other way around.
@@JeffDvrx you are right, but the problem is that with the devaluation and high inflation they put on the first few monts they are not rising the budget for the public sector, it's basically last year budget. And that leads to many problems so any of the issues you mentioned got even worse
Crazy how this is only a surprise to people that refuse to actually learn about his economic plans.
Three Comments on the relation between inflation and money printing that Milei uses and you rose:
1) Their money printers haven't completely stopped yet (yesterday started the closure of the last ones);
2) The spread is not instantaneous (Cantillon Effect)
3) Inflation was disguised by the previous government (see the spike at milei's first month), and yet it has been dropping dramatically since.
This is what happens when you take a bold and strategic approach. Millie said people would struggle in the beginning and be better off after the economic shock wore off.
Sabés la cantidad de veces que los argentinos escuchamos eso?
Exactly like what happened when we did shock treatment for the USSR, Chile, and Iraq. Same strategy, none of them recovered. If you want to learn about the shock doctrine, just read shock doctrine
@@OncleSpenny You sound like you are clueless my friend.
People forget that Milei is a trained economst. Listen to his actual interviews. He talks numbers extensively.
dunno man he always repeat the same yapp and looks like he is high on meds
He talks bull shit
He's a puppet of american financial elites and will turn argentina into a country for hedgefunds. He will talk lots about growth and investment, while poverty keeps increasing. I hope it ends in revolution.
@@sebadelastropas95before ur going to spread ur propaganda because ur facist party didn’t win just do your research you’re welcome
Milei’s success would be a huge blow to socialism.
Cutting social programs will always save monies.
Starving the population will always save monies.
To rebuild its economy, it needs its champion companies to rebuild and expand.
To provide jobs etc.
if you think economic turn around happens within 9 months of implementing change-- *when it was publicly announced that things would get worse before they got better* ---
then I think that you neither understand the topic nor do you operate in good faith
Milei is Liz-Trussing it, it's just he doesn't have the level of scrutiny she had. But the long term consequences will be dire.
nonsense.