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BTW Theres literally zero news about this in English. I vaguely remember when the SocDems/Peronists were in power there was always news updates about the Economy in Argentina, is the US media still trying to sell Milei's goverment as an example?
Feels like they aren't, but I'm also not constantly checking on the news. There's only so much propaganda you can do, although the average American probably isn't going to fact check news on Argentina (hell Americans don't even really fact check news on their own country).
I've seen some Argentines and LA on social media still pushing the Milei miracle bullshit though.
because if you look at real graph (pesos in dollars), it’s not too unexpected as it’s been thereabouts for half a year (and i heavily suspect they are dumping dollars from swap into forex at 1500, when it crashes past through when dollars run out, and goes to 2000 i suspect it will become newsworthy, maybe)
Yeah, if people can't save money then isn't there very little point in them buying into the current political economy?
Mi hijo, your family's fortune is in this bored ape NFT, make sure not to lose it.
. The IMF bailout from last year has done nothing to restructure the economy besides inject cash upwards and impoverish the working class.
And when the "stable coin" is pegged to a failing empire undergoing hyperinflation.....
did they run out of swap money? it seems bouncing near 1500 pesos for half a year
Swap money was "only" $20 billion, IIRC.
didn’t they double it? or they just floated doubling it?
This is kinda bullshit neoliberal economics though. Inflation doesn't result from monetary expansion, the EU and the US had massive monetary expansion between 2008 and 2020 with very contained inflation.
The solution surely is MORE neoliberalism and austerity, that's worked GREAT everywhere it's been applied. Fuck the priest class called economists
Inflation results from capitalists deciding to raise prices in order to increase profits. Both the housing crisis and COVID monetary expansion resulted in increased financialization. It did not end up in the pockets of everyday people. Therefore, consumers would not actually have been able to pay much higher prices, so capitalists decided not to raise them much higher (though there was inflation). If the mass in circulation actually increased significantly, Inflation could not be contained by the burgoise state (that's a wrong assumption by MMT), only by capital.
Also from supply shocks but yeah
This is mostly false because it assumes that public expenditure is just "creating money and giving it as handouts", as opposed to "investment in sectors of the economy which raises production and has the potential of increasing supply of goods and services". E.g. public expenditure in mass social housing programs has the effect of driving housing prices down. You can also observe the reverse phenomenon, where European countries performing austerity policy in healthcare and education have led to big increases in expenditure per capita in healthcare and education due to the private sector profiteering from a previously largely public sector.
The bourgeoise state chooses not to do it but it does have the power, for example through outright price capping. Minor examples of bourgeois democracy doing this could be for example Spain capping the prices of facemasks to 0.6€ during COVID, which lowered inflation without affecting supply because there was still plenty of profit to be made.
Yes, but this wasn't done in these instances 2008 and 2020, was it?
Otherwise I agree. A socialist state could do a lot of good.
Yeah yeah I'm not arguing that bourgeois states WILL do that, of course they won't and the only country where we see housing prices drop is China. I'm arguing that the fact is states do have the power to do so and they simply choose not to because it benefits the profits of the rentier class, and it's an important distinction to make IMO because it directly puts the blame on the ones who are to blame
Yes, you're right