Posted on 08/14/2023 9:22:56 AM PDT by zeestephen
Argentina's central bank devalued its currency, the peso, by close to 18% and hiked its benchmark interest rate by a whopping 21 percentage points to 118% on Monday following a shock primary election win by far-right libertarian Javier Milei...Milei, riding on a wave of popular discontent, has vowed to get rid of the central bank and dollarize Argentina's economy. He has also advocated for sharp spending cuts.
(Excerpt) Read more at cnbc.com ...
Central banks love “democracy”—as long as they control the election outcome.
“The peasants are revolting.”
;-)
The “markets” were expecting a “moderate” candidate to come out first. In other words, more of the same that got them “mired in economic and financial crisis for years. The country’s foreign reserves are shrinking fast and its inflation is forecast at 142.4% for the year.”
(Argentina devalues its currency, jacks up interest rates)
What???
Who do they think that they are? The disastrous Joe Biden Administration???
I hope this guys life insurance is paid up.
TOP vote getter in Argentina’s presidential election says Central Banks are a SCAM ...
https://freerepublic.com/focus/f-chat/4174997/posts
Conversely, the best indicator of a CIA astroturfed color revolution is that the first things the so-called revolutionaries do is establish a central bank. Because, yeah, sure, that’s what real revolutionaries are fighting for. A central bank.
Is this anything like trashing out your apartment because the landlord is evicting you for unpaid rent?
Are they blowing up the economy before the new guy has a chance to implement any policies?
I’ve never been through an eviction but I think you are correct
The central bank is going to punish people for their vote. They will couch it in sciency sounding terms... but that’s what this is.
I guess to today’s pearl clutching leftist media, anything right of Mao is “far right”.
“Argentina devalues its currency, jacks up interest rates after shock far-right primary win “
The Empire strikes back
Sounds like the old scorched earth policy in action.
Debt-based money enslaves people.
To suggest a system that moves away from that is a death sentence.
“Far right” = populism
The whole world is headed that way. The elites caused it and can’t stop it
Every single US President who was assassinated was proposing economic reform that weakened debt-based money.
Yep. Look at what just happened in Ecuador.
Get ready for the August/September “financial catastrophe” that folks keep talking about.
I’m seeing it in my line of work and it’s the meltdown will not be able to be contained.
**and the meltdown will not be able to be contained.**
The country has a 97% 'prime' interest rate, with inflation of 116%.
That's a negative interest rate of nearly 20%.
Monetary policy in Argentina is still obviously loose. Their M2 money supply has grown about 8x over the last 5 years. It makes the Trump-Pelosi-Schumer MMT experiment look pretty tame in comparison.
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