[Milei WINS!] Javier Milei, Austrian econ. prof. & ancap, runs for president of Argentina

[ClaytonB]

QED:


Don't forget Da Joos!

​

 

[vita3]

IMF Executive Board Completes the Seventh Review of the Extended Arrangement Under the Extended Fund Facility for Argentina
January 31, 2024

The Executive Board’s decision enables an immediate disbursement of around US$4.7 billion (or SDR3.5 billion) to support the new authorities’ strong policy efforts to restore macroeconomic stability and bring the program back on track.
An ambitious stabilization plan is being implemented to correct severe policy slippages in the final quarters of 2023. The plan is centered on the establishment of a strong fiscal anchor along with policies to durably bring down inflation, rebuild reserves, and tackle distortions and long-standing impediments to growth.
The path to stabilization will be challenging, requiring steadfast policy implementation and agile policymaking. Clear communication and well-targeted social assistance will be critical to build social and political support for the program.
Washington, DC – January 31, 2024: The Executive Board of the International Monetary Fund (IMF) completed today the seventh review of the extended arrangement under the Extended Fund Facility (EFF) for Argentina. The Board’s decision enables an immediate disbursement of around US$4.7 billion (or SDR3.5 billion) to support the authorities’ upfront policy efforts and strong commitments to restore macroeconomic stability and help Argentina meet its balance of payments needs. This brings total disbursements under the arrangement to about US$ 40.6 billion

 

[acptulsa]

Nobody has accepted that. Nobody has offered it, either. The results of their little junket have to be reviewed.

You're counting eggs as chickens. Wake me when they hatch.

 

[vita3]

You should go one step further acptulsa & tell everybody IMF has never ever had a presence in Argentina or even lent them one Dollar

 

[acptulsa]

You should go one step further acptulsa & tell everybody IMF has never ever had a presence in Argentina or even lent them one Dollar

Argentina is in a mess. Why would I lie about why?

The question is, is the IMF going to give them room to bootstrap themselves out of that hole? Because that's not really their job. The IMF was created to indebt and colonize.

Milei never had the choice not to get in bed with the IMF. I'm as interested as you are to see who winds up screwing whom.

 

[Occam's Banana]

Isn't he awful? I mean, he's just terrible! Shame on him. Shame!

(I'm so glad we don't have WEF-speaking and Ukaraine-supporting Joo-lover bastards like this in America!)

https://twitter.com/DanielDiMartino/status/1759032451211370823
[article (in Spanish): https://gaceta.es/iberosfera/argent...ero-por-primera-vez-en-12-anos-20240217-1602/]

 

[WarriorLiberty]

Isn't he awful? I mean, he's just terrible! Shame on him. Shame!

(I'm so glad we don't have WEF-speaking and Ukaraine-supporting Joo-lover bastards like this in America!)

https://twitter.com/DanielDiMartino/status/1759032451211370823
[article (in Spanish): https://gaceta.es/iberosfera/argent...ero-por-primera-vez-en-12-anos-20240217-1602/]

Isn't he awful?

Supporting Ukraine... While pretending to be a Libertarian Right.

His no Libertarian but a anchor capitalist..

 

[acptulsa]

... a anchor capitalist..

LOL a wut?

 

[ClaytonB]

LOL a wut?

 

[susano]

Isn't he awful? I mean, he's just terrible! Shame on him. Shame!

(I'm so glad we don't have WEF-speaking and Ukaraine-supporting Joo-lover bastards like this in America!)

https://twitter.com/DanielDiMartino/status/1759032451211370823
[article (in Spanish): https://gaceta.es/iberosfera/argent...ero-por-primera-vez-en-12-anos-20240217-1602/]

Impressive!

Do know or understand why it is he wants Argentina to use the USD?

 

[ClaytonB]

Impressive!

Do know or understand why it is he wants Argentina to use the USD?

According to the AI, the following South American economies have dollarized, and have been free of central-bank-induced instability since:

1. Ecuador - In 2000, Ecuador officially adopted the US dollar as its legal tender after abandoning its own currency, the sucre, due to high inflation and economic instability.

2. El Salvador - El Salvador dollarized its economy in 2001, becoming the first country in the world to adopt the US Dollar as its official currency without having previously used it alongside their local currency.

3. Panama - Since gaining independence from Colombia in 1903, Panama has used the US dollar as its official currency. The only other form of paper currency that circulates in Panama is the Balboa, which is pegged at parity with the US Dollar and issued by Panama's central bank.

See CATO's list of Seven Myths about Dollarization in Latin America.

For these and other reasons, Milei's policy is to annihilate the Argentinian Central Bank, and allow Argentinians free use of USD as an alternative to their own national currency. Policy wonks talk about nonsense like "currency sovereignty" as if issuing paper money is some kind of legitimate policy tool, rather than economic vandalism. "We have the right to vandalize our own country according to our own policies!" Pure insanity. As Milei noted when asked about why let the Fed implicitly set the inflation rate, his answer is that all central-banking is bad, but there are degrees of bad... the Fed is bad, the IMF is worse, but he called the Argentinian Central Bank "the worst thing in the universe." Which is a pretty accurate description since very few central-banks in the world have been more reckless with printing money out of thin-air, definitely out-stripping the outrageous inflation of the US Fed. Only destroying your economy as fast as America is destroying its own economy, when the previous policy was to destroy your economy as fast as possible, is a relative improvement. By pegging their economy to the dollar, this eliminates a lot of policy objections surrounding the minute details of currency policy.

Ideally, Argentina would encourage its citizens to buy and sell in copper, silver and gold coins, which are the only truly durable currencies of history. But they may have to do this in a covert manner, because countries going off of the paper money system is a primary cause of the disease of being invaded or attacked by the US. What do you think is the single biggest reason that Putin is Global Enemy #1, the most hated man in the West? Because this is why -- threatening to put one of the world's Top-10 largest economies on the gold-standard is how you make the DC Leviathan see red. So, Milei announcing to the world, "Argentina will now go onto the gold-standard" would be the equivalent of sending a team of Argentinian diplomats to Washington to inform the US that Argentina desperately wants to be invaded and occupied by the US military and is willing to blow up a US building to make sure it happens. In fact, declaring to go on the gold standard would get a swifter and more violent response. Not a smart move. But dollarizing, and simultaneously loosing currency regulations so that precious-metals can be used as money without bringing down the ire of the tax authorities in Argentina, etc. is a much smarter way to achieve the same goal, without giving the psychopathic warmongers in DC a ready-made excuse to invade.

 

[acptulsa]

Impressive!

Do know or understand why it is he wants Argentina to use the USD?

I haven't seen the slightest indication that he does. I've only seen evidence that Argentines want to use it, and he didn't want to prohibit them from doing so.

You could as easily claim he wants them to use bitcoin, or pieces of silver, or goat hides, if any of his constituents want to use any of those things.

 

[vita3]

If Argentina really balanced budget in January, they deserve al credit.

Hope it's true & they continue to do so

 

[susano]

According to the AI, the following South American economies have dollarized, and have been free of central-bank-induced instability since:



See CATO's list of Seven Myths about Dollarization in Latin America.

For these and other reasons, Milei's policy is to annihilate the Argentinian Central Bank, and allow Argentinians free use of USD as an alternative to their own national currency. Policy wonks talk about nonsense like "currency sovereignty" as if issuing paper money is some kind of legitimate policy tool, rather than economic vandalism. "We have the right to vandalize our own country according to our own policies!" Pure insanity. As Milei noted when asked about why let the Fed implicitly set the inflation rate, his answer is that all central-banking is bad, but there are degrees of bad... the Fed is bad, the IMF is worse, but he called the Argentinian Central Bank "the worst thing in the universe." Which is a pretty accurate description since very few central-banks in the world have been more reckless with printing money out of thin-air, definitely out-stripping the outrageous inflation of the US Fed. Only destroying your economy as fast as America is destroying its own economy, when the previous policy was to destroy your economy as fast as possible, is a relative improvement. By pegging their economy to the dollar, this eliminates a lot of policy objections surrounding the minute details of currency policy.

Ideally, Argentina would encourage its citizens to buy and sell in copper, silver and gold coins, which are the only truly durable currencies of history. But they may have to do this in a covert manner, because countries going off of the paper money system is a primary cause of the disease of being invaded or attacked by the US. What do you think is the single biggest reason that Putin is Global Enemy #1, the most hated man in the West? Because this is why -- threatening to put one of the world's Top-10 largest economies on the gold-standard is how you make the DC Leviathan see red. So, Milei announcing to the world, "Argentina will now go onto the gold-standard" would be the equivalent of sending a team of Argentinian diplomats to Washington to inform the US that Argentina desperately wants to be invaded and occupied by the US military and is willing to blow up a US building to make sure it happens. In fact, declaring to go on the gold standard would get a swifter and more violent response. Not a smart move. But dollarizing, and simultaneously loosing currency regulations so that precious-metals can be used as money without bringing down the ire of the tax authorities in Argentina, etc. is a much smarter way to achieve the same goal, without giving the psychopathic warmongers in DC a ready-made excuse to invade.

Interesting - to the degree that I understand it.

 

[susano]

I haven't seen the slightest indication that he does. I've only seen evidence that Argentines want to use it, and he didn't want to prohibit them from doing so.

You could as easily claim he wants them to use bitcoin, or pieces of silver, or goat hides, if any of his constituents want to use any of those things.

Put that way, it makes perfect sense. Use whatever you want for currency. That said, it seems he's officially said he wants to adopt the USD, if it hasn't happened already. One central bank killed is a step in the right direction and theirs sounds like it needs killing.

 

[ClaytonB]

Interesting - to the degree that I understand it.

Try reading the last 40 years of geopolitical history (it goes much further back, but start here) with these goggles on: "AGENDA #1 is to cease all use of any economic good which can act as a substitute for artificial money which is created at whim by the Fed, which is effectively the world central bank." The more artificial the money, the better. Hence, the push towards CBDCs. And this is why the globalist Elites hate oil which, when you think about it, seems kind of arbitrary. Yes, "pollution", but they obviously don't actually care about pollution (how many private jets to Davos every year?), so what is the real reason? "Control", obviously, but how does oil specifically mitigate against their control? Because oil is a proxy for gold and silver, it's a currency in its own right. A thousand barrels of oil is a thousand barrels of oil, and no amount of money-printing or other central bank hocus-pocus can change that fact. So, oil, like gold and silver, represent autonomy. Also, you can store oil for a long time, and use it later on (autonomy), whereas being connected to the electrical grid is energy you can use immediately (or not), and the moment you're switched off, you're dead. Why bugs? Because wheat and livestock are also autonomy. They can create factories that breed megatons of insect protein, while retaining total, centralized, push-button control over the world economy. At least, that's their fever-dream. But they know that can't work with standard crops and livestock which have to be widely scattered over large stretches of rural land, which requires their fat-ass police agencies to actually, you know, go somewhere, and that's just too hard.

 

[acptulsa]

Put that way, it makes perfect sense. Use whatever you want for currency.

I like to call it the Ron Paul Plan. I can't think of anyone who did more to popularize it.

 

[Anti Federalist]

If Argentina really balanced budget in January, they deserve al credit.

Hope it's true & they continue to do so

[MENTION=28153]vita3[/MENTION]

Argentina Announces Financial Surplus in January – the First in 12 Years

https://www.breitbart.com/latin-ame...ces-financial-surplus-january-first-12-years/

CHRISTIAN K. CARUZO 19 Feb 2024

Economy Minister Luis “Toto” Caputo announced over the weekend that Argentina registered a roughly $620 million financial surplus in January, the first positive financial result of its kind experienced by the South American country in 12 years.

The surplus, according to the Argentine government, is the outcome of a primary surplus and the payment of interest on the public debt. January’s results are the first surplus since August 2012 and the first January surplus since 2011.

“This is the first time since August 2012 that the National Government spends less than it collects, and that debt interest payments do not leave the public accounts in the red,” a statement from the Office of the President of Argentina read.

 

[susano]

resident Javier Milei anticipates that he is near materialising his idea of long-held aim of dollarisation, claiming that Argentina has an “85.7 percent chance” of being able to finalise the process.

"We have an 85.7 percent chance of being able to dollarise. If we finish cleaning up financial assets and complete the instant reform of the financial system instantly, we could already dollarise but because it’s not instant we cannot,” insisted the head of state in a radio interview.

He revealed that, the government estimates that it will clean up the balance of the Central Bank by midyear.

“Dollarisation is always at a market rate. When you dollarise, you’re left without a monetary policy, that’s why you have to adapt the financial system because ultimately you have no lender,” he underlined.

https://www.batimes.com.ar/news/eco...n-857-chance-of-being-able-to-dollarise.phtml

What does that bit in bold mean?

 

[ClaytonB]

“Dollarisation is always at a market rate. When you dollarise, you’re left without a monetary policy, that’s why you have to adapt the financial system because ultimately you have no lender,” he underlined.

https://www.batimes.com.ar/news/eco...n-857-chance-of-being-able-to-dollarise.phtml

What does that bit in bold mean?

"Monetary policy" just means "how fast the central bank prints money out of thin-air". "Tight policy" means they print money fast. "Loose policy" means they print really, really fast. The Fed has been in permanent "loose-money policy" since the 2008 housing collapse, aka QE Forever (Note the link is from 2012... that's how long we've been on this roller-coaster-from-hell...)

Most of the time, the way that a Central Bank actually "prints money" is by purchasing bonds from their government. So, when the Federal Reserve wants to print another $100 billion dollars (also known as any given Tuesday), they ring up the Treasury and put in an order for $100 billion dollars of US Treasury Bonds. The idea is that the Bond market itself will arbitrage the risk of hyper-inflation -- if the Fed "prints too much", the yields on bonds goes down (as people are less interested in holding them), and this is a "feedback signal" to the Fed that it's "printing too much". That's all purely hypothetical though, since the central banking system also controls the financial markets (including most large, institutional bond-holders) through financial regulations. So, you know, most bond-holders can't "just sell" even if they wanted to. Which means that the whole thing is a giant charade. And even if it wasn't a charade, it would still be evil because it's out-and-out robbery of all US citizens (and ultimately, all holders of dollars and dollar-denominated assets).

tl;dr: the Fed is the US government's "lender", where the loan occurs through "purchase" of a Bond which will one day later be exchanged back with "interest" which is the mythical "interest on the national debt" which we taxpayers are forced to pay to the Fed for the privilege of being robbed by them. So, Milei is simply saying that they won't have a central bank, and so their government won't be able to steal from its citizens in this way, that is, it will have "no lender", no central-bank.