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Argentina's economy exits recession in milestone for Javier Milei
- ls222 2y agoThank the IMF - https://archive.is/cR3Zi https://archive.is/cR3Zi Most of the bail out goes back to Wall St as interest payments on loans Argentina was about to default on and prevents China showing up and taking over. Milei is just a clown to keep the plebs entertained.
- derelicta 2y agoOf course the American bourgeois press rejoices! They are plundering the Argentinian's working class to fill the pockets of their western Overlords...
- blackhawkC17 2y agoWith rhetoric like this, one wonders why Argentina has a perpetually mediocre economy.
- 4gotunameagain 2y agoOne could argue that any suspicion of the ruling class in South America and US demonisation is entirely justified: https://en.wikipedia.org/wiki/United_States_involvement_in_regime_change_in_Latin_America https://en.wikipedia.org/wiki/United_States_involvement_in_r...
- blackhawkC17 2y agoPast events aren't a definite excuse for today's situations. Yeah, the U.S. interfered in many countries, including some that are super successful today, e.g., Taiwan and South Korea. But many Latin Americans never stop blaming U.S. interventions for everything. Of course, blame a boogeyman instead of wreckless internal economic policies.
- derelicta 2y agoUnfortunately, like in Asia or Europe, the US never stopped interfering in the democratic process of South America. Still today, many of those countries are defacto western colonies and lack any independence. And the few who dare proclaiming themselves as Republics tend to end up on western blacklists.
- aguaviva 2y agoStill today, many of those countries are defacto western colonies and lack any independence. Can you name even one? The only one to which the phrase "lacks any independence" could meaningfully apply is Puerto Rico. But even that's not really true, as it continually holds status referenda in favor of actually joining the US over independence. Most recently by a margin of 50-30 - and just a few weeks ago, in fact.
- derelicta 2y agoAnd that's all whilst ignoring the downfall of the Syrian Arab Republic into the hands of western hegemons
- SR2Z 2y agoYes, that's exactly why Russia was meddling and Bashar al-Assad was torturing/raping/murdering: to keep that pesky Western influence away. The noble citizens of Syria obviously accept these human rights violations as a much better option than... allowing decadent Western concepts like "liberal democracy" or "pluralism" into their country. That's why they're sitting peacefully and not putting their lives on the line for the prospect of a risky future that only seems better compared to a present full of horror, right?
- nothercastle 2y agoThe US has never stopped intervening.
- aguaviva 2y ago
- shortrounddev2 2y agoArgentina's economic woes are because of the cult of peronism
- 4gotunameagain 2y agoOne might ask one question further, why would peronism, a hugely protectionist and isolationist philosophy gain ground in Argentina.
- blackhawkC17 2y agoAre you insinuating it's the West's fault?
- SR2Z 2y agoYes, big bad America made the Argentina government ignore every scrap of economics and plunge their nation into poverty. Ignore the massive natural wealth of Argentina or the history of populist strongmen - it's all the US' fault.
- drekk 2y agoArgentine here — the US helped the military coup that overthrew democracy in Argentina and waged a "Dirty War" that saw people drugged and thrown out of helicopters. People born in the 70s grew up while that was happening. It's still living memory. The US (and other western countries) dictate the price of raw material exports, and drain countries like Argentina of the best talent. They dictate freight rates. To the extent western capital is willing to invest in the country, it is to build roads/rails that take raw materials from the countryside to the ports in Buenos Aires so that a small class of bourgeois vendidos can sell out the nation's national wealth like a fire sale. Macri is beloved by western media because he's willing to let the IMF and Federal Reserve dictate social policy in Argentina. Slash pensions, crush labor power, etc. My family voted for him and now my grandma needs us to send more dollars over so she can afford to live. Lot of parallels IMO to people on public assistance voting for Trump in the US. There were other solutions possible besides austerity.
- laurencerowe 2y agoThe FT is British not American and their coverage is hardly supportive of Milei.
- derelicta 2y agoOh. You are right for the British thing. I guess it's the British bourgeois press that rejoices then!
- fazeirony 2y agoleave it to ft.com to paint this as a feel good, happy story. meanwhile, argentinians are facing record poverty levels, inflation at extraordinary levels, and extreme wealth inequality. but hey, recession exited! austerity 1 working proles 0.
- mherrmann 2y agoOfficial inflation numbers are extremely low. How does that square with what you just said?
- pitpatagain 2y agoThey are not extremely low, they are just lower than they have been. Annualized inflation is still ~160% down from a high of ~300%. Monthly inflation numbers are like what the US sees in a year.
- Izikiel43 2y agoAnnualized is around 118%, down from a high of 211%. Last month to month inflation rate was 2.4%, down from 25% on last December. 2.4% annualized is around ~30%, which would give you the following series: 2023 => 211% 2024 => ~120% 2025 (if inflation keeps the same value) => 30% However, if the government lowers the crawling peg they are instituting, and keep on not printing money, it's possible the inflation rate for 2025 is even lower.
- pitpatagain 2y agoSo: Currently not remotely close to "extremely low" as in the comment I replied to. And it isn't following a nice series like you have, the peak was in April 2024. It's improving! It's not "extremely low", or resolved yet. As I said in another comment, I personally think the directionality of Milei's changes is great. But it is currently still very tough times.
- fazeirony 2y agoi also hear official inflation numbers in the US are 'low' right now too, yet that doesn't mean prices are down or that things are affordable to the common person. my lived reality talking to actual citizens tells me a lot of folks are struggling. if anything, applying that same experience to argentina is my mistake. i guess.
- facialwipe 2y agoAverage monthly income for Argentines is a few hundred dollars a month. The largest private employer in Argentina is headquartered in Uruguay. Argentina is essentially living a Hunger Games reality. An economy designed to solely benefit the capital. Everyone else exists to extract resources for the capital.
- blackhawkC17 2y agoArgentina is an economy weakened by Peronism, an ideology that constantly interferes with the free markets, with excessive regulations that incentivize rent-seeking and unproductive businesses. It'll be much richer if it was designed to "benefit the capital," but it's far from it.
- ksec 2y agoWriting this in case I forget. Somewhere on Twitter. ( And I cant find the exact tweet ) Eliminating Jobs in the public sector with little to zero productivity force those people into private sector and increases national productivity.
- hackernudes 2y agohttps://archive.is/g2MXp https://archive.is/g2MXp