Milei desperate for cash begs citizens to give him dollars hidden in mattresses

[joluoto]

Milei urges Argentines to bank 'mattress dollars'​

This will not make him more popular, that's for sure. He is basically now begging the public to give him money. What happened to all that money he stole in that crypto scam? Argentinians now crosses the border to their neighboring countries to shop because the prices are affordable there, and dollars are really handy when you need foreign currency. And in a country where no one trusts the economy, and even less the value of the peso, dollars will remain hidden in mattresses.

 

[Rexedgar]

Milei urges Argentines to bank 'mattress dollars'​

This will not make him more popular, that's for sure. He is basically now begging the public to give him money. What happened to all that money he stole in that crypto scam? Argentinians now crosses the border to their neighboring countries to shop because the prices are affordable there, and dollars are really handy when you need foreign currency. And in a country where no one trusts the economy, and even less the value of the peso, dollars will remain hidden in mattresses.

I thought I read that Argentina’s economy was an example for the world. What happened?

 

[joluoto]

I thought I read that Argentina’s economy was an example for the world. What happened?

Turns out inflation isn't everything. Yes, Argentinian inflation is shrinking, but people now can't afford anything. Turns out that not having money can lead to problems. And Milei's own decisions has not been great lately, including robbing his supporters in a crypto scam.

 

[PeteEU]

Turns out inflation isn't everything. Yes, Argentinian inflation is shrinking, but people now can't afford anything. Turns out that not having money can lead to problems. And Milei's own decisions has not been great lately, including robbing his supporters in a crypto scam.

Turns out that he made people poorer to get inflation down.. because they cant afford to buy anything. Now who would have thought that would happen... oh yea, anyone that did Economics 101.

 

[joluoto]

Turns out that he made people poorer to get inflation down.. because they cant afford to buy anything.

The only way to 100% guarantee inflation comes down is to make people poor, it's to cut services and raise taxes at the same time, thus sucking money out of the economy. It will stabilize your currency, it will also cause porverty.

 

[PeteEU]

The only way to 100% guarantee inflation comes down is to make people poor, it's to cut services and raise taxes at the same time, thus sucking money out of the economy. It will stabilize your currency, it will also cause porverty.

Or raise taxes so consumption plummets.. that works, but only if you have a competent tax system.

In Argentinas case he replace corruption with his corruption and fundamentally Argentinas problem is corruption..has been for over half a century. So anything he has done will be undone fast due to increased corruption, as that is a natural reaction sudden poverty increases, which he of course caused.

 

[joluoto]

Or raise taxes so consumption plummets.. that works, but only if you have a competent tax system.

In Argentinas case he replace corruption with his corruption and fundamentally Argentinas problem is corruption..has been for over half a century. So anything he has done will be undone fast due to increased corruption, as that is a natural reaction sudden poverty increases, which he of course caused.

Yeah, corruption keeps being a big problem in Latin America, and Milei's Argentina is no different. It's not even necessarily replaced corruption, just the same corruption that was there before Milei never went anywhere (because Milei doesn't care about it at all).

 

[Slartibartfast]

Another right wing authoritarian experiment gone awry.

 

[multivita-man]

Turns out that he made people poorer to get inflation down.. because they cant afford to buy anything. Now who would have thought that would happen... oh yea, anyone that did Economics 101.

That's probably what Americans can look forward to in the coming months, and that's if we're lucky and don't end up with stagflation.

 

[Ishm]

Turns out inflation isn't everything. Yes, Argentinian inflation is shrinking, but people now can't afford anything. Turns out that not having money can lead to problems. And Milei's own decisions has not been great lately, including robbing his supporters in a crypto scam.

Turns out that he made people poorer to get inflation down.. because they cant afford to buy anything. Now who would have thought that would happen... oh yea, anyone that did Economics 101.

Hmmm, why do both your comments sound horribly familiar??

 

[multivita-man]

Another right wing authoritarian experiment gone awry.

I think it's more like the belief that markets can solve every problem just got exposed for the nonsense it is. Argentina certainly had problems before Milei, so it's not like he created the situation, but his medicine is probably making the disease even worse.