Short term is up to a few years in current retrospective. So anything in between is short term. But people always complain. Especially here in America. If it’s not fixed within a year or presidential term it’s not working instead of judging in retrospect in 10 years.
@@the3idiots14 It's not so bad having term limits, because, you know, the flip side of that is dictatorship. A President has to show things are improving in 4 years. Then after that, he doesn't have to care about being re elected and can finish the long term plans and take the hard decisions in the second term. But you guys kept voting for the same policies from both left and right until Mr. T showed up.
becoz only failed countries think embracing capitalism without any true reform gonna lead only to revolution later...and yes in years...read Bangladesh...without reforming the systems, checks and balances on politicians, courts, police etc, capitalism will just make rich more richer and poor more poorer. This is just revolution waiting to happen from poor...read about Brazil too fyi same story gonna happen...bolsonaro there and this guy here
why did this video seem to conclude that "whether he gets reelected" determines if it paid off? that's NOT the measure, the video didnt mention any real details about how the economy is doing or what teh signs of it improving would be
That's a bit unfair. The #1 priority is to reduce inflation, that is the entire point of reducing unsustainable gov spending. The video showed a graph that shows inflation is reducing.
investment and work is the only solution to poverty. Since Milei aprobed " ley bases" more than 40 billion have been invested. Investments take years to show results on population
@@alexgamble4718 agree the graph basically showed ya phase 1 is working... issue with the vid is they just gloss over it with little analysis and concluded "shoulder shrug" who knows we'll see at next elections......... which I agree with OP is not a reliable measure of if it's working or not... it could be a reliable measure of if the people are buying that it's working but video didn't clarify.
It took Poland many years and even more painful reforms to emerge from an even worse crisis. We succeeded but to this day many people have bad memories of that time (80-90's). Argentina - I don't know what's going to happen but you need to finally get back on your feet.
Eh, what? You guys were stuck in communism for 50 years. Everything after was better and you had the EU that helped you out. But yeah, starting from the bottom is best, if you don't spend anything, the corrupt politicians can't steal anything.
investment and work is the only solution to poverty. Since Milei aprobed " ley bases" more than 40 billion have been invested. Investments take years to show results on population income. Milei is clearing the path to local and foreign investment, meaning no inflation, reducing public spending , no money printing, etc
Some real data of inflation since Milei took office (per month, not annually!): Dec 45%, Jan 20%, Feb 13%, March 11%, April 8.8%, May 4.2%, June 4.6 %, July 4%. Thanks to the reforms and deregulation of the economy, investments have already begun to come, some sectors of the economy have already been reactivated and some salaries are already rising (the country is still in recession, but we are since 2011). Poverty has also been increasing since 2011 and the trend has not yet reversed. Ah!!! Also Something that is not mentioned in the video, but that contributes to the fact that many people continue to support him, is that Milei is fighting corruption so hard, although for now he is only hunting medium and small fish.... I think he still does not have enough power to the big fish. Maybe after the legislative elections next year...
Why does coverage about melee seems to forget to mention that he was an economist with 20 years of experience. He is not some random dude with fiery speeches about the economy
I don't know, it seems like it fits the political agenda of austerity and privatization that Bloomberg specifically pushes. So if they can't prove it because it's not actually happening then they just talk about what they think is important because they know their agenda is unpopular with most people
People who say, 'We used to pay $120 for a bus ticket, and now we pay $700,' are usually from Buenos Aires. In the rest of the country, we've always paid more for buses and other services like gas and electricity, so we don't really care about their opinions on Milei. They've always had subsidized services. Give him time and we'll see if he is a solution or another part of the problem.
"Low and middle classes houses had to pay 5% for the actual cost of electricity, but now have to pay 20-30% of the real cost of that electricity" Don't you mean, they paid 5% but pay the other 95% through inflation or taxes??
Exactly right, they have paid indirectly. Also, when you have distortions in the economy like reducing the price signal through subsidy, you have more inefficient use of resources.
The reforms Milei instituted, and the ones he still plans to, are unbelievably radical by any measure in global terms. Even he admits this. A "severe shock" is required to "shake the system back into health". This is a formula as old as the Chicago Boys in 70's, but somehow geniuses like yourself still don't understand it. It isn't about "fixing" the economy, it's about making rich people richer, same as it's always been. Clueless.
Because he is cutting spending without trying to cushion the poorest even the smallest bit. Sure the state will go out of the red, but in the long term who knows the social costs of these policies? Poverty affects health and productivity.
@@miguel5785 He's cutting spending so that they can pivot to other economic models of development. Most probably they will resort back to greater public investments in social sector once the hyperinflation settles down.
@@miguel5785 security and social plans for the poor wasn't cut tho, those were the sole ones that Milei point out to be different because touching them would burden the people who were already at their limit.
Milei's economic plans have never been radical within the context of economic principles. They've only been radical in the context of a nation that has never respected economic principles. Ripping off the band aid is hard but if they stick the course, they'll have one of the strongest and most stable economies in the world soon.
Correct, 20 years ago Estonia had half the gdp per capita that Argentina did, they ripped the band aid off and now they have a stable growing economy with twice the gdp per capita.
C'mon, bro thinks armies should be privatized and companies should have no checks against them. Of course he is a radical. He probably does the right thing, but let's not kid ourselves, he is as far from the norm with his ideas as is possible.
Because Argentina needs years of actual investment. Too long Argentina just created debt for a little respite, when money is gone it's even worse; then more debt for another respite, until money runs out again. ONLY real industry and commerce is sustainable. That is IMPOSSIBLE with triple or quadruple digits inflation. And make no mistake, other countries are falling down the same spiral, even if they're doing it a little slower.
@@dogzer Probably most of the money for investments projects were just STOLEN! This happens all the time and is the kind of investment, you don't want.
Wow you are easily fooled. Milei just scammed everyone into enacting flawed policies which will have little benefit. Him front loading that it will hurt is just to make the masses expect the consequences of his agenda long enough for him to gain power. Then when people realize its not going to be better, it's too late he's already too established. This is a glorious scam.
All markets are human-created institutions, from the money supply, to the rules of exchange and the subsidies. Once you realize how artificial markets are, you stop worshiping them, and start asking what is their purpose and who should they benefit.
@@amosbatto3051- of course they are human created. That’s obvious. We are humans. Pretty much everything we do is human created by default. As to what is their purpose and who should benefit? The answers are simple. They are there to allow people to trade - for some to buy the things they want and need, and others to sell what they have to offer. And both parties of any trade should benefit in a win-win transaction. The buyer gets the thing they want and the seller gets the thing they want. Easy.
9 minutes to describe a complex economic question posed in the vid title and after 2 minutes u decide to spend 2 mins showing randoms and anecdote. Please go away
When your house is on fire, and you call the firefighters, you can't yell at them for getting your house wet. Argentina's getting wet right now, and it ain't pleasant but it's better than burning alive, and once the fire's out, it can rebuild.
Ireland was in the very same place in the late 1980s. Inflation, high unemployment and mass emigration. It took all the political parties coming together in a de-facto wartime government to implement badly needed reforms. It was difficult, especially in the early years. However by the late 90s Ireland's economy was Europe's strongest. Argentina can do the same but it will take time. I hope they stay the course.
Hopefully but I suspect it won't last. People aren't willing to sacrifice today for a better tomorrow, they would rather kick the can down the road for their children to deal with.
@@Murmilone It has its problems like most places but is doing quite well by global standards. For the first time in its entire history people want to migrate to Ireland rather than from it.
To be fair, even scientific studies sometimes work like this. You have an objective to determine if «x» is true, but sometimes you need to conclude that you do not have enough data to take any conclusion. In terms of conclusion, I kind of agree with them, because it is too early to know, it will take some more months to a couple of years to know if these measures will result in more external investment and to know if the deficit will be under control. My problem with this report is that Bloomberg is supposed to be a specialist in finance, but this video looked like something from any media, like CNN, FOX, MSNBC...It was quite mediocre and with some INSANE stuff as, for example, by 08:43 they basically say that if he wins the next elections it means that his measures worked, if he loses it means that the measures were bad, this makes no sense! That's not how economy and elections work! The average citizen is really bad at understanding economies and in managing expectations!
Governments are not households. Simply cutting government spending can have horrible consequences if not done effectively. Austerity doesn't have a pristine history. It will be interesting to see how things play out in Argentina, but I wouldn't want to live in such a national experiment.
@@benjamindeyo9839 Argentina doesn't control its debt since most of it is denominated in dollars, so austerity is very much needed until Argentina can repay its debts.
It's funny how people can inch their way into extremism, then going back to normal feels like the extreme thing to do. It's like the series 'Hoarders'.... slowly but surely their life become a mess because they just can't let go; To get rid their crippling lifestyle seems a radical thing to do.
Why? Not all countries are trying to fund welfare state based on soy bean production; usually it is some industry or other high profitable sectors of economy, not agriculture.
Fixing a terrible economy in the state Milei took over takes decades of austerity. There is going to be initial pain while the markets adjust to the new capitalism. The people have the right attitude it seems to get through it. Those who think he is only helping the elites dont understand how capitalism works. And S America has long been socialist so it will be a big change for many. But its a long term bet. Argentinians will have much lower barriers to entry to owning businesses
Cutting public spending and subsidies abruptly, from public transport to education, devaluing the currency by more than 50% overnight and destroying it's value by announcing that it will be replaced by foreign currencies, launching millions of citizens into poverty in a span of months, with the consequence of severely halting the economic activity, in a very risky manner that can totally destroy Argentina in case it doesn't work, it's undeniably radical.
@@Pixelarter None of this is economically risky, its exactly what needed to happen. Where is the risk? The real risk is in staying the course before all this started. Its risky NOT to privatise public services. Its risky NOT to allow competition in a currency market. Its risky to continue subsidizing the poor. Its risky to continue with the bad investment in economic activity (not all economic activity is the same, most of Argentina was bad and needed to be halted) Argentina was already on a path to destruction. So I ask again, where is the risk?
@@emperorpicard4901 You know, there's something else in life than economy. If you throw millions of people in poverty or worse, that they have nothing to lose anymore, lot of these people won't think "oh, things were already doing bad, and it may be better in the future". They just riot and burn down the country. It's radical because it does the change that "needs" to be done, whatever the cost. It's risky to do radical changes rather than progressive.
it is working, 3.8% core inflation gave us stability as she said, seeing the same price over and over, helps a ton mentally, 2% by December is the goal atm. if he keeps this up, he will get reelected with 60% easily
Milei's radical plan seems to be working. Not only balancing the books, but having a surplus on the government budget. This is the only way to fight the hyper inflation and make Argentina a "normal" country.
The "Radical Plan" of government spending within its means?!? Sounds like common sense to me. Some stats for those who want to deliberate facts not politics... right now the US federal government is ~25% of GDP. 100 years ago it was 6-8% of GDP. Government is currently ~4x bigger and growing. Is there actually any value to it? Also, during the time that government was 6% of GDP, the USA went from being a small economic backwater in the mid 19th century to being the most economically successful nation in history by the early 20th century. After FDR's radical expansion of the role of government, it has been declining as a share of global GDP since the 1950's. Now, correlation doesn't equal causality, but somehow the USA became the most successful nation on earth with a government 1/4 the size of today. So, my question again is.... is there actually any value to it? I'm fascinated to see what happens in Argentina. Couldn't be much worse than the last 50 years which slowly destroyed an economy which had a top 10 global GDP Per Capita. Now, again correlation doesn't equal causality, but Argentina's historical economic success started unravelling around the same time excessive government spending started in the 1970's. Now, 8 months is such a short space of time to evaluate outcomes. My view is that within the next 5 years Argentina will be on a much better track to offer prosperity to its people and economic success, if they stay the course. I suspect the world is about to re-learn a lesson about the benefits of a smaller, more efficient government. Yes, this will come with more personal responsibility, but what more can anyone ask for but to have the freedom to stand on their own two feet?
Excellent comment! Its just so insane that people don't see the correlation. Another glaring example was China's rapid rise as it embraced more economic freedom (ie less government) and its present slow-down after the CCP has started taking more control of the economy.
Some pro-government economist need to understand that the people know how to spend their own money better than politicians. Every cent taken from them by the government is a cent that could be used to fullfill someone's demand or to be saved in a bank and used as credit for investment. When the government assumes the task of spending other peoples money and control the bank sector, what we will have is debt, inflation and a infinite cycle of artificial booms and recessions.
What you'd prefer corrupt multi national corporations with oligopolies, making decisions for your own country rather than elected government of the people, look how that worked out for Nigeria and there oil industry ,they have zero opportunities for locals as there environment got destroyed and industry takes far more than it gives because weak government does not make big oil companies accountable ,to the point locals can buy fresh water from the oil rigs that destroyed there environment in the first place and locals can also salvage crude from old wells and refine in to petrol ,in toxic home distilleries by burning the crude to refine it, that takes personal responsibility to another level😒😊@otavioguimaraes5798
@@hamishfullerton7309 yeah, I hear this argument a lot, but I think there are a few of flaws. Firstly, corruption involving companies ALWAYS involves government. They can’t be corrupt with customers because they need to convince them every day to continue to be customers. Secondly, governments should 100% focus on protection of property rights, including common property like environment. This includes anti-trust and abuse of competitive position. The problem comes when they try to do more than that. I’m not arguing for no government… just for them to be smaller and focus where it matters (property rights, security, and protection against abuse of position) Finally, the government is not your friend. While companies need to earn your trust and money each time you buy, governments have a different approach. They just hold a gun to your head each year and take your money. Don’t believe me? Try not paying taxes and see where you end up. Don’t be fooled by their nice words. Your interests are not government interests. They are not your friend.
Reporting facts that contradict leftist ideas is considered right wing by media… it’s basically the same as back in the days, when facts that contradicted religious believes, were considered evil
interesting. please explain what you mean in more depth by using this specific piece by bloomberg. e.g. which positive achievements have been ignored in your opinion?
@@rannickcauthon1821 so there is only right wing and left wing media out there? and bloomberg is left wing trying to push a agenda into peoples minds? in your opinion? serious question.
Argentina and Chile's economies were crippled overnight by the opening of the Panama Canal in 1914. For the rest of the 20th century their politicians tried to find a solution and both countries began a long painful slide into socialism. Chile took drastic action with the 1973 coup by General Pinochet which saved the nation (although Chile has declined drastically since returning to democracy in 1990). Argentina instead indulged in a diastrous war and then doubled down on failed socialist policies to end up in a parlous state. Milei's election is a sign of the country's exasperation with the failed political system. Thank goodness his policies are working.
@@dsa513 global shipping routes changed overnight and maritime trade vanished. Argentinian and Chilean ports (and the Falklands 🇫🇰 ) suddenly became irrelevant.
This video has so many info holes. Milei has been a brilliant economist for decades now and has written countless articles and books, he didn't just come out of the blue. Also, the analysis level is so shallow it's unprofessional to say the least.
The reality is that Milei is increasing the debt and has already had a fiscal deficit again. He has overvalued the currency so the trade balance is becoming increasingly negative. There is only financial speculation and corruption with large foreign extractive corporations (oil, lithium, gold, copper). Even the countryside is ceasing to be profitable. More than ten thousand closed companies, unemployment and poverty that reaches 70% in children and adolescents. We are headed for another crisis. A quarter of the state budget now goes to paying usurious interest on the public debt. Milei makes propaganda and sells a false image. If nearly half of the population continues to support him, it is only because they need to believe and there is no credible option in the other political parties, which have all had very bad and corrupt governments.
The video reports that Argentina is now running a fiscal surplus and has been for some months. Milei is not the one responsible for the amount of money Argentina owes and has to pay interest on is he ?
"fiscal deficit again" "there is no credible option in the other political parties, which have all had very bad and corrupt governments" That's what I wrote.
@@BadByte UK did not have austerity. The Tories just returned spending to pre 2008 financial crash levels. And your not going to argue Labor were practicing austerity are you?
Argentina to become truly prosperous needs a stable currency and political environment. Then the investment will flow that currently cannot. I think anything less than a few years to create that confidence is optimistic.
I hate him as a person..but he will make it. I know..and next year he will have a resounding victory in the midterms. I live here and we are already seeing the economy coming back. Next year it will be an explosion..it will surpass 5% as the FMI projects..
I think Argentinians appreciate one thing that Milei did that the majority of politicians avoid like the plague. He was honest. He told them it was going to be hard and it was gonna take a while until you could see results. In a region marred with corruption, nepotism, and fiscal mismanagement this was a refreshing thing to see.
He is. Investment and work is the only solution to poverty. Since Milei aprobed " ley bases" more than 40 billion have been invested. Investments take years to show results on population income. Milei is clearing the path to local and foreign investment, meaning no inflation, reducing public spending , no money printing, etc
This video is blatantly promilei. His politics are a failure. Poverty is way up, buildings don’t have power, pensioners can’t buy basic commodities. It’s a disaster
@@alexgichmartinez4477 It is short term hardship that will hopefully put an end to long term hardship. How do you think people manage when inflation is 260% ? You can put off the fateful day by printing more money but it becomes ever more worthless.
I'm from Argentina. Short answer: Yes, it is working. Milei has managed to reduce subsidies and kept untouched his approval ratings, why? Because he told people the truth during the campaign. Also, he has reduced inflation from 24% a month to 4% a month, and the exchange rate is stable, the central bank has fixed its passives and kept them under control to NOT print one single dollar, we have both primary and fiscal surplus, crime has gone down, some prices have gone back to december 2023 levels which is unheard of for the history of this country. The most important reforms are yet to be passed, which is elimination of regulations and the elimination of 90% of all taxes which only represent 10% of government's revenue. If Argentina manages to do that, then we will become the biggest economy in the continent.
Stay the course. This is working and things should work out. The USA should adopt some of these measures since the American economy is so bad thanks to Biden and the rest of the Democrats. I hope Trump gets in and cuts Federal spending.
Durante la campaña dijo que el ajuste lo iba a pagar la casta. Que seas tan fanático que no puedas reconocer una flagrante mentira no hace que milagrosamente milei haya sido honesto intelectualmente ni haya dicho la verdad. Tal vez está funcionando para vos, pero la enorme mayoría del pueblo la está pasando para el orto. Ah, la inflación solamente fue del 24% mensual luego de la devaluación que el gobierno libertario hizo al asumir.
@@1001Balance The “ludicrous” policy is working; inflation is nose diving. Ignoring the data and setting fiscal policy based on “feels” is what got them into this mess.
@@1001Balance The benefits of slowing inflation will take time to take effect. I expect poverty rates to rise before going down. But yes, let's wait and see.
@@danieloyeleye3257 Argentina's current inflation rate is 271.5%, the highest in the world. Over half of the population is living beneath the poverty line and skipping meals. Argentina is still primarily a non-industrialized, global south agricultural export economy. Going below the poverty line in such a country is much more severe than in a developed economy and recovering from that will not be as easy as it could theoretically be in those countries. Milei and his supporters believe in the delusion that Argentina is a fully developed western economy, so they think only in those terms.
Not radical, but bold! Unfortunately, the poor generally vote for policies that destroy economies and countries. They are sold on the idea of taking other people’s stuff, but it only makes everyone poor. Venezuela is a perfect example.
Not bold, but cynical! Unfortunately, the capitalist economic system is unsustainable and exploitative in its very foundation. Bound to have frequent crises.
And in your head, there's only one form of capitalism, and one alternative to it? Oh boy... Btw, in your best understanding, was Argentina a capitalist or a communist economy before Milei areived?
@@tyf46 China is run by heavily government influenced state conglomorates and strong government interference in the market. If any politician in the west would propose to do the same they would be called a socialist.
And younwonder why they got into so much trouble? Socialist policies with a massive government that printed itself more money for services it could not afford.
I am from Argentina, my current electricity bill in a mid class house was 40 USD, it went from 25 to 40 in 8 months, but that is still a 3% of an average mid class salary which is nothing. In most countries the normal is to paid 5% on much bigger salaries. That is why nobody here is complaining about the energy bills. The only thing we all complain is inflation, and that is going down with Milei for first time in decades.
@angellestat2730 it will also be better for the country as electricity usage will become more efficient. There will be greater incentives to turn off lights, buy more efficient appliances, etc.
The President of Argentina is a modern day hero. Unfortunately most people of today have zero understanding of basic economics. The Keynesian’s of today would have you believe that spending money you don’t have actually leads to genuine GDP. Those of us who do understand economics, know that spending money you don’t have, celebrating it through false GDP numbers will lead to ultimate destruction. Only a sound financial house can stand. A recession is the cure for all the previous economic bad behavior.
@@willietorben560 China, Cuba, North Korea & Zimbabwe were all socialist or communist governments who tried to centrally plan the food supply chain leading to mass starvation. There's no libertarian equivalent I know of.
Depends on whether he gets reelected. If they give up halfway into his recovery and elect another Peronist, itll slide back to the way its always been there.
@@NotKimiRaikkonen We have mid term elections next year. Half of congress will be renovated. Peronism is now a headless chicken. Traditional politics in Argentina has come to an end. Because none can compite with a common , honest and capable citizen like Milei that doesnt't come from politics
@@bdleo300Yeah right, everyone who defends him or gives him the right is a bot and a simp, not that argentines have been going through an economical hellish crisis for decades, without their politicians or anyone around the world caring about us until just now, right? Surely you’re one of those weirdos who just knew about our existence since the WC or recently with Milei but before that never knew about what we have gone through or why Milei is president in the first place.
This "documentary" is an insult to anyone with a normal mental capacity, most of it are very well crafted lies. Milei has been the best president we have ever had. The only person actually speaking the truth is the meat shop owner. Food prices are going down in Argentina for first time in over 20 years and people are actually looking at the country as a decent place to invest.
Is Bloomberg trying to get rid of him? They did one like this on Bangladesh about 5weeks ago. Mohd yunos had his bags packed ready to go into exile. Within 3weeks of the program airing Hasina was gone and Yunos was the top adviser. In a year's time please make a program like this about Britain and the Labour government. Have they made things better or have they lost their way?
I see the progress on inflation and deficit reduction to be remarkable accomplishments. Of utmost importance is that Argentina has immense amounts of natural resources that are much needed worldwide. I hope for the best to happen in Argentina.
It's really easy to make a profit when you sell off all of your capital assets in the beginning of your term. It's a lot harder to make it back when your golden goose is gone.
@@bdleo300 it's funny how you go about and spend your day replying 12 y/o insults to everyone on a troll account. Atleast come up with a sensible argument 😂
Here's an idea: why not make the people who take most of the country's wealth pay more tax? It would bring in more money and be far less cowardly than punishing the poorest. Until you do that, Javier, you'll just be part of the same old neoliberal problem and not the solution.
Yes - Milei’s policies are working. Spending less than you earn HURTS especially when everyone has a sense of entitlement after decades of uncontrolled spending. They will thank him enormously in time.
@@thespamdance311 everyone will in due time. Except for those that live off the taxpayers teet. But in due time, everyone will be better off without upwards of double digit inflation that his policies will bring forward. More government is never the answer, and Argentina is a great poster child for this lesson. Even if it is Argentinians who are one of the last to learn this lesson
Ya me lo puedo imaginar "gracias milei por destruir mi poder adquisitivo para que santiago caputo pueda gastar 100.000 millones de pesos como quiera en la SIDE". Sí, definitivamente ya la van a ver.
@@el10leo Espero que el pueblo argentino intente superar el horrible virus de la mentalidad socialista que metió a su país en este lío en primer lugar. La responsabilidad fiscal no es algo que se pueda evitar con atajos y ciertamente no se puede llegar a ella imprimiendo más dinero y prometiéndoles a sus votantes que el gobierno les dará más cosas "gratis" si los mantienen en el poder. Pero siempre habrá algún intelectual o académico con muerte cerebral que escriba un libro que diga lo contrario, y siempre habrá esos idiotas que creen que la riqueza se construye por decreto y no con trabajo duro y responsabilidad fiscal 🤦♂️
Wouldn’t he himself call them radical? That’s his entire platform. If you abolish all long standing subsidies and simply close half of the governments ministries over night, what else would you call it?
The man whose policies have caused great hardships represents such hope for the future, now that's evidence of strength of the human condition and faith in leadership
Stop asking this question. Don't ask again until it has been at least 2 years. Even 1 year isn't enough. 2 years minimum. At the 3 year mark, it will be very clear whether or not it's going to work or is working.
It's not a recession, it's hyperinflation, totally different. One is due to things being over valued, one is caused by government mismanagement. This is why he has legalised and encouraged the use of USD, to stop the effects of hyperinflation.
So, Argentina was a subsidy-state, much like Egypt, and industrialized with import-substitution, so the goal of the government was to create a national upper class that were incentivized by import-substitution, then dole out subsidies to the lower and middle classes. But first the WTO took away the import-substitution, then the country's economy was left with a whole lot of subsidies for the lower and middle classes, that Milei has now more or less taken away. I fail to see how just taking away the subsidies will massively turn things around, it probably is the case that Argentina needs a partner state approach, government probably does need to take a direct role in the creation of value by civil society.
@@Matyasmonyes. investment and work is the only solution to poverty. Since Milei aprobed " ley bases" more than 40 billion have been invested. Investments take years to show results on population income. Milei is clearing the path to local and foreign investment, meaning no inflation, reducing public spending , no money printing, etc
You can't simply undo half a century of socialist economic mismanagement in 8 months and with a minority in the parliament. He has to compromise a lot with the old parties that still have a majority in the parliament.
Big investments take year(s) to take place. And before that Argentina needs to have a stable economy, no inflation, no confiscatory policies, no crippling bureaucracy. It must be worth it to invest in Argentina, and investors need to have confidence they won't get expropriated as soon as Milei is gone.
Yep, and that is my fear for them. The pain threshold will be reached and a leftist opportunist will promise to make the pain go away. And then they will stay poor.
What do you guys think about foreign sentiments, so is there really the hope from other nations that he will succed ? Cause if it works and therefore a lot smaller government seems to make it…isnt that the opposit term of all western countries with loads more of government spending each year…
investment and work is the only solution to poverty. Since Milei aprobed " ley bases" more than 40 billion have been invested. Investments take years to show results on population
He started with negatives reserves. We have positives reserves now. When he came into power inflation was at 20% monthly now we are at 4. While he has done some questionable things. Its the best chance we have
Milei was quite clear that there would be a painful period in order to change. You want immediate reductions in poverty ? Impossible. Never been done anywhere ever.
More than 70 years of criminal socialist policies which destroyed the economy and sent almost 50% of Argentinians into poverty, Do you really think things can magically be changed in just a few months? Milei is doing great and turning things around. In a couple of years most Argentinians will be glad they decided to get rid of the socialists.
Your bias is extreme. What is “radical” about stopping printing of worthless money or refusing to spend what the government doesn’t have? It would be “radical “ to continue policies that were known to be killing the country. His policies are just common sense. Perhaps you should try an honest line of work.
Wrong bias question.... it is the ONLY plan that works in all cases in all circumstances. The issue is that it takes time, and the populace wants money for nothing
@@realKarlFranz Doesn't matter if an alien from Mars says it... it's true. You can't run an economy on debt, not for too long. Only real industry and commerce is sustainable. You can't cut in pieces and "re-distribute" the goose of golden eggs; only creating things of value can give people the purchase power they need to live with the dignity they deserve.
@@realKarlFranzthat's the discourse of milei supporters there, I'm not an Argentine myself but I have a lot of family there and as a Uruguayan we're given a lot of news about it
He will need private investment to bridge the gap his extreme austerity created, even with that, killing public investment can only take you so far; public spending can drive growth.
@@francobonell9402 no it doesn't, every other country in the planet uses public spending to boost investment. Just look at the Scandinavians. Heck, look at Asia! Milei won't fix it through austerity, eventually, the government will need to invest and if he goes too far, any whif of public investment will distort the market.
If the money was borrowed to spend it doesn't create real growth because the other side of the ledger (ie the debt) still exists. If the money was printed it just causes inflation.
Here in Argentina there was a lot of corruption, so public spending went almost entirely into the pocket of a corrupt politician. There are public works that the state paid for and don't even exist. They stole 100% of the money!!!. I prefer that Milei not spend in that and lower the taxes.
I fear that Bloomberg is becoming quite bias... which is something rather dangerous for all of us who seek independent economic data/information/analysis. Bloomberg was always more technical and less constraint by political pressures than (for instance) CNBC. I urge you to remain detached from politics. It is particularly hard to navigate through all the macro... and you were doing a great job.
Bloomberg has been heavily political for a very long time. If you think they are less political than CNBC, then you just haven't been paying attention.
The building contractor who is complaining that he is not getting paid, though, count your losses and let it be a lesson, don't contract with the state. There is no obligation for him to be paid.
Argentina is arguably the most overrated country. 0 notable exports bar football, widespread racism and a ‘third world’ economy. There are African and Asian countries who have performed and grown better in the last two decades.
A Decade???? Lady, the Argentine Economy has been a basket case for *MANY DECADE!!!*
Our decadence started 70/80 years ago. We are the last western fascist economy remaining.
The mid to late 2000 Latin America had a raw resource boom.
The narrator said Decades, plural.
More like a century than dacades....
40 millones de personas en pobreza aguda para 2000 nababos
People and media do not understand what shot term means. They think is weeks or months, actually it is years
No, its minimum 10 years.
Short term is up to a few years in current retrospective. So anything in between is short term. But people always complain. Especially here in America. If it’s not fixed within a year or presidential term it’s not working instead of judging in retrospect in 10 years.
@@the3idiots14 It's not so bad having term limits, because, you know, the flip side of that is dictatorship. A President has to show things are improving in 4 years. Then after that, he doesn't have to care about being re elected and can finish the long term plans and take the hard decisions in the second term. But you guys kept voting for the same policies from both left and right until Mr. T showed up.
becoz only failed countries think embracing capitalism without any true reform gonna lead only to revolution later...and yes in years...read Bangladesh...without reforming the systems, checks and balances on politicians, courts, police etc, capitalism will just make rich more richer and poor more poorer. This is just revolution waiting to happen from poor...read about Brazil too fyi same story gonna happen...bolsonaro there and this guy here
Especially in Argentina, which has been on a downward slide for the better part of a century. Its not going to get fixed overnight.
why did this video seem to conclude that "whether he gets reelected" determines if it paid off? that's NOT the measure, the video didnt mention any real details about how the economy is doing or what teh signs of it improving would be
That's because they wanted to spend more time interviewing rioters and people who live off government plans.
yea this video was trash honestly
That's a bit unfair. The #1 priority is to reduce inflation, that is the entire point of reducing unsustainable gov spending. The video showed a graph that shows inflation is reducing.
investment and work is the only solution to poverty. Since Milei aprobed " ley bases" more than 40 billion have been invested. Investments take years to show results on population
@@alexgamble4718 agree the graph basically showed ya phase 1 is working... issue with the vid is they just gloss over it with little analysis and concluded "shoulder shrug" who knows we'll see at next elections......... which I agree with OP is not a reliable measure of if it's working or not... it could be a reliable measure of if the people are buying that it's working but video didn't clarify.
It took Poland many years and even more painful reforms to emerge from an even worse crisis. We succeeded but to this day many people have bad memories of that time (80-90's). Argentina - I don't know what's going to happen but you need to finally get back on your feet.
Eh, what? You guys were stuck in communism for 50 years. Everything after was better and you had the EU that helped you out. But yeah, starting from the bottom is best, if you don't spend anything, the corrupt politicians can't steal anything.
investment and work is the only solution to poverty. Since Milei aprobed " ley bases" more than 40 billion have been invested. Investments take years to show results on population income. Milei is clearing the path to local and foreign investment, meaning no inflation, reducing public spending , no money printing, etc
Argentina is more of an open economy than Poland before joining the EU
Poland is also a Communism victim like Argentina
it took poland tons of EU money to "succeed" its 245 billions euros from the EU budget since 2004
I was expecting to see some data in the video. All i get is talk talk talk and one graph and then talk talk talk talk again. Disappointed.
Inflation is low, unhappy?
@@lt8833 inflation is low but gdp growth is low too
Some real data of inflation since Milei took office (per month, not annually!): Dec 45%, Jan 20%, Feb 13%, March 11%, April 8.8%, May 4.2%, June 4.6 %, July 4%. Thanks to the reforms and deregulation of the economy, investments have already begun to come, some sectors of the economy have already been reactivated and some salaries are already rising (the country is still in recession, but we are since 2011). Poverty has also been increasing since 2011 and the trend has not yet reversed. Ah!!! Also Something that is not mentioned in the video, but that contributes to the fact that many people continue to support him, is that Milei is fighting corruption so hard, although for now he is only hunting medium and small fish.... I think he still does not have enough power to the big fish. Maybe after the legislative elections next year...
@@tcial_news All this is done for the corruption of big fish and there is no need to build castles in the air for yourself...
@@tcial_news wasn't december 25%?
Why does coverage about melee seems to forget to mention that he was an economist with 20 years of experience. He is not some random dude with fiery speeches about the economy
And he is not right wing… he is just a libertarian
@@rannickcauthon1821 he have similar political wings with trump. Argento-Venezolano here.
@@rannickcauthon1821a libertarian would be by default pro abortion, he is not
@@foolshavewings he has almost nothing in common with Trump. Their views of the economy and the world are opposed
@@rannickcauthon1821libertarian is arguably a kind of right-wing. But he's nevertheless right-wing, he holds quite a few non-libertarian views
This video is the kind of shoddy quality political commentary I would expect from buzzfeed, not from Bloomberg, which is a financial news company.
I agree
What do you think financial media do? They create bias
Every platform becomes Buzzfeed once they encounter something they like or hate enough.
Too much reality for you. It's not a fairy tale.
I don't know, it seems like it fits the political agenda of austerity and privatization that Bloomberg specifically pushes. So if they can't prove it because it's not actually happening then they just talk about what they think is important because they know their agenda is unpopular with most people
Terrible video .. no information just clickbait words… unprofessional coming from BLOOMBERG.
They call a fiscal adjustment a "radical" plan to eradicate hyperinflation????
They clearly hire people without even an Economics 101 course
Pop quiz to see if you actually watched the video: What did they say about current inflation levels in Argentina?
@@meijiishin5650 Less than 5%
j3ws
maybe you just dont understand those words hm?
People who say, 'We used to pay $120 for a bus ticket, and now we pay $700,' are usually from Buenos Aires. In the rest of the country, we've always paid more for buses and other services like gas and electricity, so we don't really care about their opinions on Milei. They've always had subsidized services. Give him time and we'll see if he is a solution or another part of the problem.
based woman
Your comment should be pinned
Argentina has had so many of these type of guys, and their records are poor. The more "macho" and promising he is, usually means worse for Argentina!
@@ThriftyCHNR example?
@@ThriftyCHNR Personality wise sure, but economic wise? Not really.
"Low and middle classes houses had to pay 5% for the actual cost of electricity, but now have to pay 20-30% of the real cost of that electricity"
Don't you mean, they paid 5% but pay the other 95% through inflation or taxes??
Add unemployment to that list.
They didn't no. Low income households enjoyed paying subsidised bills, but they (of course) pay a very low percentage of total taxes.
@@bball767 So they dont care about inflation? Maybe no taxes, but they will pay the one way or the other.
Exactly right, they have paid indirectly. Also, when you have distortions in the economy like reducing the price signal through subsidy, you have more inefficient use of resources.
They paid remaining 95% by always staying poor because of that garbage deal, yeah.
Why is balancing a budget and paying the bills radical?
Because hes throwing the people in his country into poverty and death for it.
The reforms Milei instituted, and the ones he still plans to, are unbelievably radical by any measure in global terms. Even he admits this. A "severe shock" is required to "shake the system back into health". This is a formula as old as the Chicago Boys in 70's, but somehow geniuses like yourself still don't understand it. It isn't about "fixing" the economy, it's about making rich people richer, same as it's always been. Clueless.
Because he is cutting spending without trying to cushion the poorest even the smallest bit. Sure the state will go out of the red, but in the long term who knows the social costs of these policies? Poverty affects health and productivity.
@@miguel5785 He's cutting spending so that they can pivot to other economic models of development. Most probably they will resort back to greater public investments in social sector once the hyperinflation settles down.
@@miguel5785 security and social plans for the poor wasn't cut tho, those were the sole ones that Milei point out to be different because touching them would burden the people who were already at their limit.
Yeah...the only thing I know is the number of UBER drivers from Argentina working in Brazil is increasing.
Milei's economic plans have never been radical within the context of economic principles. They've only been radical in the context of a nation that has never respected economic principles. Ripping off the band aid is hard but if they stick the course, they'll have one of the strongest and most stable economies in the world soon.
NEIN
Correct, 20 years ago Estonia had half the gdp per capita that Argentina did, they ripped the band aid off and now they have a stable growing economy with twice the gdp per capita.
well said!
@@disposabull Estonia didn't rip off the band aid. They carefully peeled it off bit by bit. Russia ripped off the band aid, and where did it get them?
C'mon, bro thinks armies should be privatized and companies should have no checks against them. Of course he is a radical. He probably does the right thing, but let's not kid ourselves, he is as far from the norm with his ideas as is possible.
Milei: fixing the economy is going to require some pain before it gets better, we know this ahead of time
*Pain happens
Everyone:
Because Argentina needs years of actual investment. Too long Argentina just created debt for a little respite, when money is gone it's even worse; then more debt for another respite, until money runs out again. ONLY real industry and commerce is sustainable. That is IMPOSSIBLE with triple or quadruple digits inflation.
And make no mistake, other countries are falling down the same spiral, even if they're doing it a little slower.
no, Argentina is actually doomed to be a 3rd world country
@@dogzer Probably most of the money for investments projects were just STOLEN! This happens all the time and is the kind of investment, you don't want.
That is not the problem he cut all funding for social programs making his population miserable to balance the bufget ....
Wow you are easily fooled. Milei just scammed everyone into enacting flawed policies which will have little benefit. Him front loading that it will hurt is just to make the masses expect the consequences of his agenda long enough for him to gain power. Then when people realize its not going to be better, it's too late he's already too established. This is a glorious scam.
"Gamble"? More like "the return to economic fundamentals".
This video bias is shocking
All markets are human-created institutions, from the money supply, to the rules of exchange and the subsidies. Once you realize how artificial markets are, you stop worshiping them, and start asking what is their purpose and who should they benefit.
@@amosbatto3051- of course they are human created. That’s obvious. We are humans. Pretty much everything we do is human created by default.
As to what is their purpose and who should benefit? The answers are simple. They are there to allow people to trade - for some to buy the things they want and need, and others to sell what they have to offer. And both parties of any trade should benefit in a win-win transaction. The buyer gets the thing they want and the seller gets the thing they want.
Easy.
Lefties
Why are they not looking at china and its decades of record breaking economic growth? Economic basics much?
Milei popularity is still above 50%, not because of anger, but because of HOPE.
corporate propaganda*
@@rip5905 nearly all of media, which are financed by big corps, are against Milei. huh, que raro no?.
@@rip5905 from which corporations? big tech are left wing
@@crusaderchess Keep telling that to yourself. Left-wing is more than cultural topics. Do you know one corporation that supports Bernie Sanders?
@@crusaderchess
“Left wing”
lol, big tech is far right and supports the same economic policy as Milei
Average argentinians can barely pay rent and public services, nothing else
9 minutes to describe a complex economic question posed in the vid title and after 2 minutes u decide to spend 2 mins showing randoms and anecdote.
Please go away
What a b.s. comment. Milei is bad news. He's a showman.
@@dotmarceo yeap, sure, here you have, this is the brain you dropped
When your house is on fire, and you call the firefighters, you can't yell at them for getting your house wet.
Argentina's getting wet right now, and it ain't pleasant but it's better than burning alive, and once the fire's out, it can rebuild.
Ireland was in the very same place in the late 1980s. Inflation, high unemployment and mass emigration. It took all the political parties coming together in a de-facto wartime government to implement badly needed reforms. It was difficult, especially in the early years. However by the late 90s Ireland's economy was Europe's strongest. Argentina can do the same but it will take time. I hope they stay the course.
Hopefully but I suspect it won't last. People aren't willing to sacrifice today for a better tomorrow, they would rather kick the can down the road for their children to deal with.
Ireland is not a great place to live today, tbh.
@@Murmilone It has its problems like most places but is doing quite well by global standards. For the first time in its entire history people want to migrate to Ireland rather than from it.
@@Murmilone Part of the great times make weak men cycle
So This is clickbait. It doesn’t say whether or not it is working.
To be fair, even scientific studies sometimes work like this. You have an objective to determine if «x» is true, but sometimes you need to conclude that you do not have enough data to take any conclusion. In terms of conclusion, I kind of agree with them, because it is too early to know, it will take some more months to a couple of years to know if these measures will result in more external investment and to know if the deficit will be under control. My problem with this report is that Bloomberg is supposed to be a specialist in finance, but this video looked like something from any media, like CNN, FOX, MSNBC...It was quite mediocre and with some INSANE stuff as, for example, by 08:43 they basically say that if he wins the next elections it means that his measures worked, if he loses it means that the measures were bad, this makes no sense! That's not how economy and elections work! The average citizen is really bad at understanding economies and in managing expectations!
It's not working. Bloomberg just don't want to admit that neoliberalism has failed yet again.
Milei’s plan is NOT Radical. Stop it.
It is psychotic.
@@Christian-qu9ml It's called Market Econmy and let supply and demand works.
@@Echophone2046 while destroying the poor and middle class. Insane! 💩
@@Echophone2046 It is radical though. Look up the term.
@@Christian-qu9ml Yes because allowing government spending that isnt working to go on unchecked is the far less psychotic option
the Dave Ramsey method, beans and rice until your in a stable situation and not under crushing debt.
Governments are not households. Simply cutting government spending can have horrible consequences if not done effectively. Austerity doesn't have a pristine history. It will be interesting to see how things play out in Argentina, but I wouldn't want to live in such a national experiment.
@@benjamindeyo9839 Argentina doesn't control its debt since most of it is denominated in dollars, so austerity is very much needed until Argentina can repay its debts.
You should not mix up the individual and societal level when making any sort of analysis
If it works it is going to inspire other countries to elect revolutionary reformist
It's funny how people can inch their way into extremism, then going back to normal feels like the extreme thing to do. It's like the series 'Hoarders'.... slowly but surely their life become a mess because they just can't let go; To get rid their crippling lifestyle seems a radical thing to do.
Why? Not all countries are trying to fund welfare state based on soy bean production; usually it is some industry or other high profitable sectors of economy, not agriculture.
only if this works out, we will know “soon”
@@petrastolle6798 it will take a long time.
spoiler alert: it doesnt work
Fixing a terrible economy in the state Milei took over takes decades of austerity. There is going to be initial pain while the markets adjust to the new capitalism. The people have the right attitude it seems to get through it. Those who think he is only helping the elites dont understand how capitalism works. And S America has long been socialist so it will be a big change for many. But its a long term bet. Argentinians will have much lower barriers to entry to owning businesses
capitalism and balanced budgets are not radical
To commies it is radical
Cutting public spending and subsidies abruptly, from public transport to education, devaluing the currency by more than 50% overnight and destroying it's value by announcing that it will be replaced by foreign currencies, launching millions of citizens into poverty in a span of months, with the consequence of severely halting the economic activity, in a very risky manner that can totally destroy Argentina in case it doesn't work, it's undeniably radical.
@@Pixelarter None of this is economically risky, its exactly what needed to happen. Where is the risk?
The real risk is in staying the course before all this started.
Its risky NOT to privatise public services.
Its risky NOT to allow competition in a currency market.
Its risky to continue subsidizing the poor.
Its risky to continue with the bad investment in economic activity (not all economic activity is the same, most of Argentina was bad and needed to be halted)
Argentina was already on a path to destruction.
So I ask again, where is the risk?
We'll see when a revolution by the people happens five years from now. Commoners suffer while foreign investors get all the breaks.
@@emperorpicard4901 You know, there's something else in life than economy. If you throw millions of people in poverty or worse, that they have nothing to lose anymore, lot of these people won't think "oh, things were already doing bad, and it may be better in the future". They just riot and burn down the country. It's radical because it does the change that "needs" to be done, whatever the cost. It's risky to do radical changes rather than progressive.
it is working, 3.8% core inflation gave us stability
as she said, seeing the same price over and over,
helps a ton mentally, 2% by December is the goal atm.
if he keeps this up, he will get reelected with 60% easily
Milei's radical plan seems to be working. Not only balancing the books, but having a surplus on the government budget. This is the only way to fight the hyper inflation and make Argentina a "normal" country.
inflation drop from 45% on december to 4% last month....(maybe next month will be 3%...)
@@tcial_news And people are literally starving to death again.
@@willietorben560So the solution is unproductive state sector jobs and 100% inflation? This is the result of thee abominable previous government.
🤣😂🤣😂
Ahahaha, as 'normal' as this Mickey Mouse Mile (and he is 100% insaaaane!)
The painful death of Peronism which destroyed Argentina. This is a rebirth with sane economics.
The "Radical Plan" of government spending within its means?!? Sounds like common sense to me.
Some stats for those who want to deliberate facts not politics... right now the US federal government is ~25% of GDP. 100 years ago it was 6-8% of GDP. Government is currently ~4x bigger and growing. Is there actually any value to it? Also, during the time that government was 6% of GDP, the USA went from being a small economic backwater in the mid 19th century to being the most economically successful nation in history by the early 20th century. After FDR's radical expansion of the role of government, it has been declining as a share of global GDP since the 1950's.
Now, correlation doesn't equal causality, but somehow the USA became the most successful nation on earth with a government 1/4 the size of today. So, my question again is.... is there actually any value to it?
I'm fascinated to see what happens in Argentina. Couldn't be much worse than the last 50 years which slowly destroyed an economy which had a top 10 global GDP Per Capita. Now, again correlation doesn't equal causality, but Argentina's historical economic success started unravelling around the same time excessive government spending started in the 1970's.
Now, 8 months is such a short space of time to evaluate outcomes. My view is that within the next 5 years Argentina will be on a much better track to offer prosperity to its people and economic success, if they stay the course. I suspect the world is about to re-learn a lesson about the benefits of a smaller, more efficient government. Yes, this will come with more personal responsibility, but what more can anyone ask for but to have the freedom to stand on their own two feet?
Excellent comment! Its just so insane that people don't see the correlation. Another glaring example was China's rapid rise as it embraced more economic freedom (ie less government) and its present slow-down after the CCP has started taking more control of the economy.
@@bobtuiliga8691 100%
Some pro-government economist need to understand that the people know how to spend their own money better than politicians. Every cent taken from them by the government is a cent that could be used to fullfill someone's demand or to be saved in a bank and used as credit for investment. When the government assumes the task of spending other peoples money and control the bank sector, what we will have is debt, inflation and a infinite cycle of artificial booms and recessions.
What you'd prefer corrupt multi national corporations with oligopolies, making decisions for your own country rather than elected government of the people, look how that worked out for Nigeria and there oil industry ,they have zero opportunities for locals as there environment got destroyed and industry takes far more than it gives because weak government does not make big oil companies accountable ,to the point locals can buy fresh water from the oil rigs that destroyed there environment in the first place and locals can also salvage crude from old wells and refine in to petrol ,in toxic home distilleries by burning the crude to refine it, that takes personal responsibility to another level😒😊@otavioguimaraes5798
@@hamishfullerton7309 yeah, I hear this argument a lot, but I think there are a few of flaws.
Firstly, corruption involving companies ALWAYS involves government. They can’t be corrupt with customers because they need to convince them every day to continue to be customers. Secondly, governments should 100% focus on protection of property rights, including common property like environment. This includes anti-trust and abuse of competitive position. The problem comes when they try to do more than that. I’m not arguing for no government… just for them to be smaller and focus where it matters (property rights, security, and protection against abuse of position)
Finally, the government is not your friend. While companies need to earn your trust and money each time you buy, governments have a different approach. They just hold a gun to your head each year and take your money. Don’t believe me? Try not paying taxes and see where you end up. Don’t be fooled by their nice words. Your interests are not government interests. They are not your friend.
It's amazing how terrified the media is to report positively on Milei.
Reporting facts that contradict leftist ideas is considered right wing by media… it’s basically the same as back in the days, when facts that contradicted religious believes, were considered evil
Because it's not a news outlets job to report positively on something. 🤡
He's proof that goverment isn't the solution to all of our problems
interesting. please explain what you mean in more depth by using this specific piece by bloomberg. e.g. which positive achievements have been ignored in your opinion?
@@rannickcauthon1821 so there is only right wing and left wing media out there? and bloomberg is left wing trying to push a agenda into peoples minds? in your opinion? serious question.
This will take years. Just how the same ruined the country decades ago. Give him time.
Argentina and Chile's economies were crippled overnight by the opening of the Panama Canal in 1914. For the rest of the 20th century their politicians tried to find a solution and both countries began a long painful slide into socialism. Chile took drastic action with the 1973 coup by General Pinochet which saved the nation (although Chile has declined drastically since returning to democracy in 1990). Argentina instead indulged in a diastrous war and then doubled down on failed socialist policies to end up in a parlous state.
Milei's election is a sign of the country's exasperation with the failed political system. Thank goodness his policies are working.
How did the Panama canal do that?
@@dsa513 global shipping routes changed overnight and maritime trade vanished. Argentinian and Chilean ports (and the Falklands 🇫🇰 ) suddenly became irrelevant.
@@HermannCortez What oercent of the economy was dependant on that?
It’s going to take years for the turnaround to work, but he’s definitely turned the ship in the right direction.
This video has so many info holes. Milei has been a brilliant economist for decades now and has written countless articles and books, he didn't just come out of the blue. Also, the analysis level is so shallow it's unprofessional to say the least.
The reality is that Milei is increasing the debt and has already had a fiscal deficit again. He has overvalued the currency so the trade balance is becoming increasingly negative. There is only financial speculation and corruption with large foreign extractive corporations (oil, lithium, gold, copper). Even the countryside is ceasing to be profitable. More than ten thousand closed companies, unemployment and poverty that reaches 70% in children and adolescents. We are headed for another crisis. A quarter of the state budget now goes to paying usurious interest on the public debt. Milei makes propaganda and sells a false image. If nearly half of the population continues to support him, it is only because they need to believe and there is no credible option in the other political parties, which have all had very bad and corrupt governments.
Yeah but Yankee bots adore him, he obeys CIA and IMF so well. And Bibi Netanyahu.
The video reports that Argentina is now running a fiscal surplus and has been for some months. Milei is not the one responsible for the amount of money Argentina owes and has to pay interest on is he ?
"fiscal deficit again" "there is no credible option in the other political parties, which have all had very bad and corrupt governments" That's what I wrote.
"The People will have to make do with less - but it's a sacrifice I'm willing to make."
We'll know in 4 years
We already know just look to UK and their 14 years of austerity
@@BadByte UK did not have austerity. The Tories just returned spending to pre 2008 financial crash levels. And your not going to argue Labor were practicing austerity are you?
Argentina to become truly prosperous needs a stable currency and political environment. Then the investment will flow that currently cannot. I think anything less than a few years to create that confidence is optimistic.
I hate him as a person..but he will make it. I know..and next year he will have a resounding victory in the midterms. I live here and we are already seeing the economy coming back. Next year it will be an explosion..it will surpass 5% as the FMI projects..
@@builder1117 wikipedia says otherwise
It's working. The media is not talking about him.
I think Argentinians appreciate one thing that Milei did that the majority of politicians avoid like the plague. He was honest. He told them it was going to be hard and it was gonna take a while until you could see results. In a region marred with corruption, nepotism, and fiscal mismanagement this was a refreshing thing to see.
It's already working. Bloomberg is loathe to admit that Milei is succeeding spectacularly.
He is. Investment and work is the only solution to poverty. Since Milei aprobed " ley bases" more than 40 billion have been invested. Investments take years to show results on population income. Milei is clearing the path to local and foreign investment, meaning no inflation, reducing public spending , no money printing, etc
This video is blatantly promilei. His politics are a failure. Poverty is way up, buildings don’t have power, pensioners can’t buy basic commodities. It’s a disaster
@@alexgichmartinez4477 It is short term hardship that will hopefully put an end to long term hardship. How do you think people manage when inflation is 260% ? You can put off the fateful day by printing more money but it becomes ever more worthless.
que decia jajaja todos estamos cada vez más pobres TODOS
@@household.hermit no, la inflación bajó y eso es lo que te empobrece
I will vote him again if he runs for president again
la producción de pelotudos sigue fuerte como siempre jaja
please explain your reasoning
Ya vas a crecer alejo.
You can't run if you end up like Mussolini
I'm from Argentina.
Short answer: Yes, it is working.
Milei has managed to reduce subsidies and kept untouched his approval ratings, why? Because he told people the truth during the campaign.
Also, he has reduced inflation from 24% a month to 4% a month, and the exchange rate is stable, the central bank has fixed its passives and kept them under control to NOT print one single dollar, we have both primary and fiscal surplus, crime has gone down, some prices have gone back to december 2023 levels which is unheard of for the history of this country.
The most important reforms are yet to be passed, which is elimination of regulations and the elimination of 90% of all taxes which only represent 10% of government's revenue. If Argentina manages to do that, then we will become the biggest economy in the continent.
Just a the tiniest correction to your reasoning: our Central Bank can't "print" dollars at all.
@@daniel_rossy_explica i meant pesos, thanks
Great summary. I also want Argentina to come out of Financial crisis. Love from India
Stay the course. This is working and things should work out. The USA should adopt some of these measures since the American economy is so bad thanks to Biden and the rest of the Democrats. I hope Trump gets in and cuts Federal spending.
Durante la campaña dijo que el ajuste lo iba a pagar la casta. Que seas tan fanático que no puedas reconocer una flagrante mentira no hace que milagrosamente milei haya sido honesto intelectualmente ni haya dicho la verdad. Tal vez está funcionando para vos, pero la enorme mayoría del pueblo la está pasando para el orto. Ah, la inflación solamente fue del 24% mensual luego de la devaluación que el gobierno libertario hizo al asumir.
Bloomberg can't even *attempt* to hide their bias.
You don’t need data for a policy so ludicrous
@@1001Balance The “ludicrous” policy is working; inflation is nose diving.
Ignoring the data and setting fiscal policy based on “feels” is what got them into this mess.
@@BlizzardzRS inflation is but one figure. Poverty rates are at an all time high. Let’s see how the next 2 years evolve.
@@1001Balance The benefits of slowing inflation will take time to take effect. I expect poverty rates to rise before going down.
But yes, let's wait and see.
They're on the same side as this lunatic! They just don't want to admit his plan isn't working.
Things will improve with Milei.
Budget surplus, single digit inflation, smaller government and thus less corruption... so yes it is working. Bloomberg is scared to say it though.
Argentina has single digit inflation? Since when?
I just looked it up and the inflation rate is insane.
@@danieloyeleye3257 Argentina's current inflation rate is 271.5%, the highest in the world. Over half of the population is living beneath the poverty line and skipping meals. Argentina is still primarily a non-industrialized, global south agricultural export economy. Going below the poverty line in such a country is much more severe than in a developed economy and recovering from that will not be as easy as it could theoretically be in those countries. Milei and his supporters believe in the delusion that Argentina is a fully developed western economy, so they think only in those terms.
@@danieloyeleye3257 Incorrect.
Not radical, but bold! Unfortunately, the poor generally vote for policies that destroy economies and countries. They are sold on the idea of taking other people’s stuff, but it only makes everyone poor. Venezuela is a perfect example.
Not bold, but cynical! Unfortunately, the capitalist economic system is unsustainable and exploitative in its very foundation. Bound to have frequent crises.
Capitalism works.
Communism doesn't.
Apparently a lot of people didn't get this memo.
And in your head, there's only one form of capitalism, and one alternative to it? Oh boy...
Btw, in your best understanding, was Argentina a capitalist or a communist economy before Milei areived?
China understood and abandoned the terrible economic part of socialism, now they are rich.
@@tyf46 Now they have a major real-estate bubble that could literally trash the global economy if it burst.
@@tyf46 China is run by heavily government influenced state conglomorates and strong government interference in the market. If any politician in the west would propose to do the same they would be called a socialist.
@@tyf46 China is communist my chico.
Milei, the leader of the world freedom! AR
Milei overtook Haiti (poorest country in Latin America) and overtook Lebanon (highest inflation)🤣🤣🤣🤣
That's funny we pay 100% of our electricity here in Texas, I would love to pay 20-30%, wow!
And younwonder why they got into so much trouble? Socialist policies with a massive government that printed itself more money for services it could not afford.
No you wouldn't. Didn't you see the why it was bad in the video?
I am from Argentina, my current electricity bill in a mid class house was 40 USD, it went from 25 to 40 in 8 months, but that is still a 3% of an average mid class salary which is nothing.
In most countries the normal is to paid 5% on much bigger salaries. That is why nobody here is complaining about the energy bills.
The only thing we all complain is inflation, and that is going down with Milei for first time in decades.
@angellestat2730 it will also be better for the country as electricity usage will become more efficient. There will be greater incentives to turn off lights, buy more efficient appliances, etc.
@@angellestat2730 are prices changing less frequently now? Is this the reason opinion polls are favourable?
The President of Argentina is a modern day hero. Unfortunately most people of today have zero understanding of basic economics. The Keynesian’s of today would have you believe that spending money you don’t have actually leads to genuine GDP. Those of us who do understand economics, know that spending money you don’t have, celebrating it through false GDP numbers will lead to ultimate destruction. Only a sound financial house can stand. A recession is the cure for all the previous economic bad behavior.
Cry for Argentina 😢
No mass El Loco 🤡
Keynesian economics is the original "alternative fact". Its what you invent when established economics don't agree with your (socialist) world view 🤣
All austerity does is transfer wealth upwards. Argentina may get some more billionaires but the average person won’t benefit. Poverty will remain high
What you advocate is commonly called "mass starvation".
@@willietorben560 China, Cuba, North Korea & Zimbabwe were all socialist or communist governments who tried to centrally plan the food supply chain leading to mass starvation. There's no libertarian equivalent I know of.
There is nothing "radicle" about it!
Take a note on whom made this video and never ever take financial advice from them.
radical? theres nothing radical about his ideas... its logical
The future of Argentina looks very promising.
yes indeed
Depends on whether he gets reelected. If they give up halfway into his recovery and elect another Peronist, itll slide back to the way its always been there.
@@NotKimiRaikkonen We have mid term elections next year. Half of congress will be renovated. Peronism is now a headless chicken. Traditional politics in Argentina has come to an end. Because none can compite with a common , honest and capable citizen like Milei that doesnt't come from politics
😂😂😂😂
Cry for Argentina 😢
He is a president that happens once in a hundread years.
Wasn't this one of the biggest and most powerful nations on the planet not so long ago, like somewhere around 100 years ago?
Not really. They make money on European wars but otherwise they were never powerful, just another U.S. colony like the rest of Latin America.
Nothing radical about it
Mickey Mouse Milei is not just radical, he's 100% insaaaaane... just like his simps and bots.
Look up the term "radical". It isn't inherently bad, so there's no need to defend it. Halving the amount of ministries is radical.
@@bdleo300says the nutcase with ancient aliens avatar.
@@bdleo300Yeah right, everyone who defends him or gives him the right is a bot and a simp, not that argentines have been going through an economical hellish crisis for decades, without their politicians or anyone around the world caring about us until just now, right?
Surely you’re one of those weirdos who just knew about our existence since the WC or recently with Milei but before that never knew about what we have gone through or why Milei is president in the first place.
Very incomplete, needs more data. Bloomberg is becoming a disappointment
This "documentary" is an insult to anyone with a normal mental capacity, most of it are very well crafted lies. Milei has been the best president we have ever had. The only person actually speaking the truth is the meat shop owner. Food prices are going down in Argentina for first time in over 20 years and people are actually looking at the country as a decent place to invest.
What foods have gone down in price?
What's radical plan? No debt ceiling. 😅
His only plan is to serve CIA, Klaus Schwab and Bibi Netanyahy, his masters and owners.
- 2+2 = 4
- THATS SO RADICAL!!!
Debit is the Big Lie of Capitalism.
change doesn't happen overnight. it will take years and years.
Is Bloomberg trying to get rid of him? They did one like this on Bangladesh about 5weeks ago. Mohd yunos had his bags packed ready to go into exile. Within 3weeks of the program airing Hasina was gone and Yunos was the top adviser.
In a year's time please make a program like this about Britain and the Labour government. Have they made things better or have they lost their way?
It's an interesting questions and a fascinating politician. Bloomberg probably hates him, but this wasn't a completely hit piece.
I see the progress on inflation and deficit reduction to be remarkable accomplishments. Of utmost importance is that Argentina has immense amounts of natural resources that are much needed worldwide. I hope for the best to happen in Argentina.
I hope Argentinas recourses ‘for the world’ are not exploited too much like destroying the environment and robbing Argentina blind
Adelante Milei!
Milei is behaving in a logical and moral manner. This appears radical to traditional media!
If he's so logical, explain that hair.
If sinking millions, including kids, into poverty is moral then I don't want to be moral.
It's really easy to make a profit when you sell off all of your capital assets in the beginning of your term. It's a lot harder to make it back when your golden goose is gone.
@@kawallabair3216 What capital assets have been sold?
@@enzoamaya5110 they where already poor before Milei m8.
We Brasilians would do economic turism in argentina, cause how poor they where.
4:08 the most natural English speaker in the video 🤔
Way too early to ask this question. Asking this question now is irresponsible. Bloomberg is irresponsible.
When did MSM ever became responsible?
Really? The video seemed more pro-Milei to me.
Milei simps are hysterical like their unhinged idol
@@bdleo300 it's funny how you go about and spend your day replying 12 y/o insults to everyone on a troll account.
Atleast come up with a sensible argument 😂
Here's an idea: why not make the people who take most of the country's wealth pay more tax? It would bring in more money and be far less cowardly than punishing the poorest. Until you do that, Javier, you'll just be part of the same old neoliberal problem and not the solution.
Yes - Milei’s policies are working. Spending less than you earn HURTS especially when everyone has a sense of entitlement after decades of uncontrolled spending.
They will thank him enormously in time.
Who, the rich?
@@thespamdance311 everyone will in due time. Except for those that live off the taxpayers teet. But in due time, everyone will be better off without upwards of double digit inflation that his policies will bring forward.
More government is never the answer, and Argentina is a great poster child for this lesson. Even if it is Argentinians who are one of the last to learn this lesson
Ya me lo puedo imaginar "gracias milei por destruir mi poder adquisitivo para que santiago caputo pueda gastar 100.000 millones de pesos como quiera en la SIDE". Sí, definitivamente ya la van a ver.
@@el10leo Espero que el pueblo argentino intente superar el horrible virus de la mentalidad socialista que metió a su país en este lío en primer lugar. La responsabilidad fiscal no es algo que se pueda evitar con atajos y ciertamente no se puede llegar a ella imprimiendo más dinero y prometiéndoles a sus votantes que el gobierno les dará más cosas "gratis" si los mantienen en el poder. Pero siempre habrá algún intelectual o académico con muerte cerebral que escriba un libro que diga lo contrario, y siempre habrá esos idiotas que creen que la riqueza se construye por decreto y no con trabajo duro y responsabilidad fiscal 🤦♂️
This might end up like the austerity measures taken by the conservative government in the UK back in 2010s. That end up falling so badly…
UK never had austerity. Spending never dipped below 2008 levels. Hard work is the only way to build wealth. Not a bunch of unproductive state sectors.
Why does Bloomberg call Milei's policies radical?
Maybe the policies that Bloomberg think are standard are the radical ones.
Milei : saves money
Bloomberg: RADICAL
Wouldn’t he himself call them radical? That’s his entire platform.
If you abolish all long standing subsidies and simply close half of the governments ministries over night, what else would you call it?
@@hexagon6922 An attempt at a solution to a 100-year problem caused by selfish Marxists that took advantage of the naivety of the citizens.
@@hexagon6922 common sense
@@puertousbmonkey Who says it can't be both? Of course it is radically and radicalism is not inherently bad.
The man whose policies have caused great hardships represents such hope for the future, now that's evidence of strength of the human condition and faith in leadership
Decades of living off of credit cards caused the suffering.
Stop asking this question. Don't ask again until it has been at least 2 years. Even 1 year isn't enough. 2 years minimum. At the 3 year mark, it will be very clear whether or not it's going to work or is working.
Why not wait a generation or two?
@@john-lenin Because progress waits for no man.
Yea, and there are people aruging that the Argentine economy is better than Greece LOL
I´m 40 years old, i work since 17, Milei is the best thing we ever had.
It's not a recession, it's hyperinflation, totally different. One is due to things being over valued, one is caused by government mismanagement. This is why he has legalised and encouraged the use of USD, to stop the effects of hyperinflation.
So, Argentina was a subsidy-state, much like Egypt, and industrialized with import-substitution, so the goal of the government was to create a national upper class that were incentivized by import-substitution, then dole out subsidies to the lower and middle classes.
But first the WTO took away the import-substitution, then the country's economy was left with a whole lot of subsidies for the lower and middle classes, that Milei has now more or less taken away.
I fail to see how just taking away the subsidies will massively turn things around, it probably is the case that Argentina needs a partner state approach, government probably does need to take a direct role in the creation of value by civil society.
Milei is a once in a generation hero of the people ❤
If you define "people" as the .1% Capitalist Elites.
As much as I dislike Mille’s right wing politics, I genuinely hope he succeed for the people of Argentina.
Maybe in the short term - but eventually people will realise that only the rich are benefiting from all of this
You've just described what keynesian economics and socialist policies do
He is responsible for money and clearly on the right track.
@@Matyasmonyes. investment and work is the only solution to poverty. Since Milei aprobed " ley bases" more than 40 billion have been invested. Investments take years to show results on population income. Milei is clearing the path to local and foreign investment, meaning no inflation, reducing public spending , no money printing, etc
Right track to over 60% in poverty
@@larryc1616That's what decades of not paying your bills gets you. Not a few months of living within your means.
Is hard to understand how Brazil managed to settle its economy since 1994 while Argentina is still struggling to do it.
You can't simply undo half a century of socialist economic mismanagement in 8 months and with a minority in the parliament. He has to compromise a lot with the old parties that still have a majority in the parliament.
Big investments take year(s) to take place. And before that Argentina needs to have a stable economy, no inflation, no confiscatory policies, no crippling bureaucracy. It must be worth it to invest in Argentina, and investors need to have confidence they won't get expropriated as soon as Milei is gone.
Yep, and that is my fear for them. The pain threshold will be reached and a leftist opportunist will promise to make the pain go away. And then they will stay poor.
And with that little he accomplished more than previous governments
What do you guys think about foreign sentiments, so is there really the hope from other nations that he will succed ? Cause if it works and therefore a lot smaller government seems to make it…isnt that the opposit term of all western countries with loads more of government spending each year…
investment and work is the only solution to poverty. Since Milei aprobed " ley bases" more than 40 billion have been invested. Investments take years to show results on population
He is doing great
a complete FAILURE.
Greece is in a worse situation... everyone is mad at the former leaders and they have had austerity measures since 2008!!
By austerity you mean only spending money that you actually have ?
He started with negatives reserves. We have positives reserves now. When he came into power inflation was at 20% monthly now we are at 4.
While he has done some questionable things. Its the best chance we have
If people have nothing to eat - no inflation. Genius! CIA, IMF and Bibi Netanyahu should be proud of their little dog
We need him in America.
Take him, he is owned by CIA anyway.
@@bdleo300 Probably for the better. Time will tell.
Is GDP per capita increasing? Is poverty being reduced? I hope all the best for the Argentinian Population
It’s actually higher. From 40% to 65%
inflation went from 15% to 4% monthly, and we have economic surplus monthly, intead of deficit, for once we are having more money than what we use
Milei was quite clear that there would be a painful period in order to change. You want immediate reductions in poverty ? Impossible. Never been done anywhere ever.
More than 70 years of criminal socialist policies which destroyed the economy and sent almost 50% of Argentinians into poverty, Do you really think things can magically be changed in just a few months? Milei is doing great and turning things around. In a couple of years most Argentinians will be glad they decided to get rid of the socialists.
Your bias is extreme. What is “radical” about stopping printing of worthless money or refusing to spend what the government doesn’t have? It would be “radical “ to continue policies that were known to be killing the country. His policies are just common sense. Perhaps you should try an honest line of work.
Cope
Wrong bias question.... it is the ONLY plan that works in all cases in all circumstances. The issue is that it takes time, and the populace wants money for nothing
The second sentence sounds very arrogant, because it's coming frome someone who's probably not argentinian.
@@realKarlFranz Doesn't matter if an alien from Mars says it... it's true. You can't run an economy on debt, not for too long. Only real industry and commerce is sustainable. You can't cut in pieces and "re-distribute" the goose of golden eggs; only creating things of value can give people the purchase power they need to live with the dignity they deserve.
@@realKarlFranz Whether or not he is Argentinian has nothing to do with the facts.
@@realKarlFranz thats people/human nature in general, he is not signaling out Argentina
@@realKarlFranzthat's the discourse of milei supporters there, I'm not an Argentine myself but I have a lot of family there and as a Uruguayan we're given a lot of news about it
Depends how you define "Working". Sure will work for the rich and big business but not for the rest.
Inflation is going down... same with taxes, all this stuff is left wing propaganda.
He will need private investment to bridge the gap his extreme austerity created, even with that, killing public investment can only take you so far; public spending can drive growth.
And Inflation...
@@francobonell9402 no it doesn't, every other country in the planet uses public spending to boost investment. Just look at the Scandinavians. Heck, look at Asia! Milei won't fix it through austerity, eventually, the government will need to invest and if he goes too far, any whif of public investment will distort the market.
If the money was borrowed to spend it doesn't create real growth because the other side of the ledger (ie the debt) still exists. If the money was printed it just causes inflation.
Here in Argentina there was a lot of corruption, so public spending went almost entirely into the pocket of a corrupt politician. There are public works that the state paid for and don't even exist. They stole 100% of the money!!!. I prefer that Milei not spend in that and lower the taxes.
@@bobtuiliga8691 debt is bad if it is mismanaged, how do you think companies operate? Out of their pockets only??
I wouldn't expect such shoddy reporting from Bloomberg.
I fear that Bloomberg is becoming quite bias... which is something rather dangerous for all of us who seek independent economic data/information/analysis. Bloomberg was always more technical and less constraint by political pressures than (for instance) CNBC. I urge you to remain detached from politics. It is particularly hard to navigate through all the macro... and you were doing a great job.
What can you expect from Democrat Michael Bloomberg?
He is now an extreme left guy spreading leftist propaganda.
Bloomberg has been heavily political for a very long time. If you think they are less political than CNBC, then you just haven't been paying attention.
The building contractor who is complaining that he is not getting paid, though, count your losses and let it be a lesson, don't contract with the state.
There is no obligation for him to be paid.
Argentina is arguably the most overrated country. 0 notable exports bar football, widespread racism and a ‘third world’ economy. There are African and Asian countries who have performed and grown better in the last two decades.
What are you talking about? The racism is the best part.