https://apnews.com/article/argentina-inflation-economy-dollar-peso-black-market-libertarian-milei-d288baeae4410265bdef5e244b2c8e56
A closely watched measure of inflation in Argentina remained stronger than the libertarian government of President Javier Milei would have hoped.
I know you all are in need of "good news", but this isn't a blow (yet).
most of it come from deregulated services (electricity, gas, water) which accounted ~12% for housing while "essentials" is at 3% (mainly food)
Milei said ~2 months ago that this was expected for June, so I doubt this will seriously impact his image
milei is downing inflation at force of depleting pesos from the market and recession, im no expert but im expecting that to give us a big spank in the ass in no time.
I wouldn't wanted to have inherited Argentina's economy. It's a seems more of a clusterfuck the more I hear about how it has been running for years.
I don't see wishing suffering on Argentinians as anything but repugnant.
So let me hear it. What would you do to so wonderfully fix the economy that an expert is getting all wrong?
Or is this just typical Lemmy choosing your side and ignoring anything that is contradictory to it? Why wouldn't you want an expect to run the economy is such trying times?
Why wouldn't you want an expert to run the economy is such trying times?
Because this so-called expert is a danger to the the common Argentine. His way of "fixing" the economy is by growing inequality, privatizing key government duties and destroying unions.
I personally disagree with him on many points, such as:
he has called for the elimination or merging of major ministries such as the Ministry of Education, the Ministry of Social Development, the Ministry of Women, Genders and Diversity, and the Ministry of Health.
Milei articulates a critical view of the role of the state in economic matters, calling it "the greatest enemy of wealth"
Milei wants to privatize public health care providers
Milei has expressed support for legalizing organ trade
Also, he is president of the country, not just the economy. I totally disagree with him on points like:
A supporter of law-and-order politics, Milei endorses the unrestricted ownership of firearms
Milei opposes both abortion and euthanasia ... Milei holds that abortion is morally indefensible, even in cases of rape
He intends to eliminate the law that makes comprehensive sex education (CSE) in schools mandatory, which he has linked to brainwashing, and said that students are "hostages of a system of state indoctrination"
https://en.wikipedia.org/wiki/Political_positions_of_Javier_Milei
regarding your comment:
So let me hear it. What would you do to so wonderfully fix the economy that an expert is getting all wrong?
This is a fallacy. It is of course not necessary to know the right answer in order to know that another answer is wrong. I might not know what 483 × 749 is, but I know it's not 10. Or 100. Or 1000.
The fact is the countries budget, economy, the investment, it's view from the rest of the world is in a complete and utter shambles. It's in a state that most countries won't see ever. That requires drastic action.
This is not the option between doing nothing and doing something.
Something has to be done and something has been done. You're being critical of change that was required.
Personally I hope the lives of Argentina's improve. I wouldn't want to wish that misery just so I could say an expert on the matter is wrong.
It's not a fallacy at all. It just shows you know nothing about the subject. You come across as man screaming at the scientist because there is no way they could have gone to the moon because you don't understand it. You don't know how to go to the moon but you "know" it's wrong. You got the feelings and that's all that matters.
I'm sorry you dislike a guy so much. But I bet you got a million and one reasons why communism is great and all its failings can be explained with endless excuses.
So I checked out Google scholar and to be honest for the alleged 20 years of being a researcher his contribution to the academic community seems marginal at best. Holding him up to the usual performance metrics, most postdocs in my lab had more citations and I also don’t see articles in big journal. Leaving aside the fact that your whole argument is subject to a logical fallacy your appeal to authority doesn’t seem to appeal to a good authority. He may have been working in the industry and he may have been involved in policy making, but that doesn’t mean he’s any authority when it comes to economics as a scientific discipline.
I'm not really inclined to listen to someone that has no idea what they are on about verse a literal ex professor. If someone who has any idea what they are on about starts making logical arguments rather than "I don't like him" then I might listen. But you, do you. Have fun.
If someone who has any idea what they are on about starts making logical arguments rather than "I don't like him" then I might listen.
Ironic you said this after being provided a list of logical reasons from someone also in academia.
FYI, it's pointless to lie directly in response to the thing you're saying you'd accept.
It always annoys me when I see something that boils down to 'nth order derivative flips sign' where it's unclear what order derivative the article is even talking about.
To be clear this is a change in the direction of the trend of the month over month inflation index. So we're talking about some third order derivative changing sign. Which frankly is about to be expected, at that point any signal is going to be noisy.
The more down to earth statement is that the month over month inflation was very high and has now stabilized somewhat at around 4.5%ish which is still high (works out to about 70% yearly). It needs to be about a tenth of that.
Note that the decrease in the month over month inflation is not a sign of things improving. It is a sign of things getting worse at a slightly lower rate than earlier. That's what annoys me about using such high order derivatives, it obscures the real problem.
Roughly speaking this article is discussing how far someone has pressed the gas pedal while heading towards a cliff, while the real problem is that they're pressing the gas pedal (or more urgently they're heading towards a cliff). Of course that last fact hasn't changed so they manufacture a news story out of it by finding a derivative that did.
This is the best summary I could come up with:
Argentina’s consumer price index rose 4.6% in June, slightly up from the rate of 4.2% in May, ending a five-month trend of cooling inflation that experts had attributed to a deepening recession brought about by Milei’s harsh austerity.
President Milei has touted the falling prices over recent months as a victory in his fight against Argentina’s worst economic crisis in over two decades.
In stark contrast to Milei’s program, those past Peronist administrations fixed prices and printed billions of dollars’ worth of pesos to fund a large deficit — fueling chronically high inflation.
The government has also capped electricity consumption to qualify for subsidies, squeezing families as a cold front sweeps Argentina during the Southern Hemisphere’s winter.
In another warning sign, the peso fell Friday to another record low against the dollar, hitting 1,500 on the black market and capping another week of volatility after holding steady in the first few months of the year.
“The staff will engage in discussions on a possible new arrangement as we would with any IMF member,” the fund’s spokesperson, Julie Kozack, told reporters when asked about the state of negotiations.
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