ARGENTINA on the Edge - 276% World High Inflation & Peso Crashing - is Milei's Plan Working?
Vložit
- čas přidán 29. 06. 2024
- Please Support The Channel:
www.buymeacoffee.com/JoeBlogs
/ joeblogsyt
CZcams Membership - / @joeblogs
CZcams Super Thanks (click below)
The recent appointment of Javier Milei has not saved Argentina overnight and the country is facing ECONOMIC MELTDOWN as the PESO continues to be CRASH and be ABANDONED, Inflation is now the highest in the world at 276% and Interest Rates are at 40%. In this video I provide full details of the current situation and discuss the implications for the Economy of Argentina, the people of Argentina and Javier Milei.
For specific details please check out the CHAPTER list below.
Thanks for watching and please LIKE and SUBSCRIBE.
If you like this video and are would like to buy me a coffee please click the link below. THANK YOU it is very much appreciated.
www.buymeacoffee.com/JoeBlogs
Chapters:
0:00 Intro
3:02 INFLATION
5:19 MONTHLY INFLATION
8:18 GLOBAL COMPARISON
9:30 FOOD INFLATION
11:48 BEEF
14:24 INTEREST RATES
17:23 PESO
19:19 FISCAL BUDGET
21:02 IMF & CHINA
22:30 SUMMARY & CONCLUSION
#argentina
#ukraine
#russia
#milei
#javiermilei
#default
#GLOBALFINANCIALCRISIS
#peso
#SWIFT
#RECESSION
#CHINA
#USA
#NATO
#WW3
#WORLDWAR3
Javier Milei didnt come to power until December of 2023 so he came in at the peak of the inflation.
inflation went up like 100% under Milei, he made the new peak
@@michoacan55 Monthly inflation is decreasing rapidly since Milei took over.
That's what matters if you're gonna judge him fairly. Not annualised numbers he had no control over. Prepare for monthly deflation next.
Our economy is afflicted by uncertainty, housing troubles, foreclosures, global shifts, and the aftermath of the epidemic, all of which contribute to instability. To restore stability and drive growth, all sectors must urgently address rising inflation, slowing GDP, and trade disruptions
The US dollar is losing value due to inflation, while other currencies are gaining strength, creating uncertainty. Nonetheless, many people remain confident in the Dollar's perceived safety. I'm concerned that my 420K retirement funds may lose value, therefore I'm looking for other financial stability.
With my stressful career, I don't have time for investment analysis. For seven years, a fiduciary has managed my portfolio, responding to market situations, ensuring for effective navigation and informed decisions. Consider taking a similar plan of action.
Do you mind if I ask you to recommend the coach you employed? It seems you've figured it all out.
My CFA, 'Leah Foster Alderman', is a well known figure in her field. I recommend looking into her qualifications further. She has extensive knowledge and is a treasure trove for anyone seeking to manage the financial markets.
Wow, I just Googled her whole name and found her platform. Thank you very much for bringing this to my attention, I will definitely get in touch with her.
Absolutely, inflation is a significant concern, especially given the current state of the global economy.
it's definitely a hot topic right now. The pandemic caused disruptions in supply chains and led to increased government spending, which could contribute to rising prices.
Inflation can erode the purchasing power of your money over time, especially in today's global economy.
With prices seemingly going up on everything, I'm not sure how to protect my finances.
Definitely, the current economic instability is causing a lot of concern. With factors like trade tensions and fluctuating markets, it's hard to predict what's coming next.
The massive government stimulus packages implemented to combat the pandemic's economic impact could have long-term consequences, like inflation.
I spent a lot of time there in the 1990s. It was a mess then, and one of the people I did business with told me "there's no word for how bad things are here". That was 30 years ago.
No matter when you read that. It's always true. I left the country during the 2001 debacle. I was ready to go back in 2008-9.... they screwed everything again! Not going back now. I rather spend my remaining years worrying about nuclear war and the US fucking up the world than about the day to day survival.
What's the saying?
"There are 4 types of economies. Developed, developing, Japan, and Argentina."
Something like that
Interesting, because according to the traditional media, things only got bad now.
Thank you for speaking the truth.
An interesting part of that experience was that the Argentine peso was pegged 1:1 to the US dollar back then with no foreign reserves to back it up. My regional guy and I went to Chile on a sales issue once and while there he bought a bunch of Chilean pesos for I think 20 on the Argentine dollar to use for missiles to throw at the refs at soccer games. All of South America is screwed, Argentina is just a stellar example of how bad things are down there.
While I'm writing, it was explained to me once that Argentina paid philosophers to sit in bars and pubs to orate on their thinking. These were government paid people. That place is absolutely upside down and has been since the early 50s when Peron ruined the economy for good. I don't think it can be fixed.
@@marcomalo02 I’m from Brazil, the state right next to Argentina, and understand everything you spoke about. I left the country over 2 decades ago, but unfortunately see my country (Canada) quickly going down the same path. It saddens me, for soon I will have to leave behind a place I love, but such is life.
As for Argentina having a way out, they’ve a great geography, just like the USA. If their people stop being influenced by Cuba, like the rest of latam was and is, they can prosper, the choice is theirs. But I also doubt they’ll take it long term. 🤷♂️
I'm from Argentina, just to clarify one thing regarding why Milei is reducing the interests rates and keeping them negative against the economic theory to battle inflation. The situation in Argentina is different because in Argentina there is no credit loans banks don't borrow money due to the high inflation of the peso, is impossible. So what banks were doing is to borrow their money to the central bank with high interests for Leliqs which are some sort of 30 days bonds. This situation was creating a growing problem in the near future because as long as you keep your money in the bank renewing the Leliqs then nothing happens however if people decided to take their money out then the government will need to pay out all the compound interests that were formed. There was 4 times more money in Leliqs than in the entire economy, so you can imagine that the amount of money that you needed to print would automatically cause a hiperinflarion. But all of this was not free, paying those interest were causing a 10% cost from the GDP an immense debt that if Milei raised the central bank interest rate that means that it would grow even more but instead he decided to do the opposite and reduce the interest rates to deactivate the growing bomb of money. Thanks to that he reduced 80% of the total Leliqs which is amaizing for the economy reducing the cost of interests to only a 2% of GDP soon to be 0%
Thanks for the context and Milei is doing a great job from what I can see! 🎉
www.bcra.gob.ar/Pdfs/PublicacionesEstadisticas/infomondiai.pdf
where u find that he reduced it by 80%?? send me a link i would like to se it :)
IMF Data and ‘pro Argentina 🇦🇷 opinions’ are different .
Do people in Argentina like or dislike the US? In general I mean. Never talked with anyone from there before.
Last week was the first, in the last 30 years without food price increase
🌅
Argentina has been a mess for 100 years. Milei needs time to fix it. And be an example to all.😊
LOL
@@user-ou9kv5cz2c right 😂🙃
He better. That country can't take another 100 years.
😂😂 he is a joke, and the penny is starting to drop with the people.
He will be an example of neoliberal idiocy
Fixing this will take time but I'm rooting for Argentina. This problem didn't happen overnight and it won't be solved overnight either. The West should extend a hand and just help them out. No loans, just give them some aid. I live in the US and have traveled to Argentina and I loved it there.
It's sad. Argentina is blessed with many natural resources. They should be doing well.
Has no important Resources … like Light-Crude-oil.
They would if it weren't for decades and decades of socialism
@@floydlooney6837 : lol 😂 Panama Canal opened about ~1920, cargo ships DONT need to travel around South America , International investment Stopped 1929.
@@floydlooney6837 LOL
@floydlooney6837, Even worse. Decades of Peronism.
Thanks for keeping us accurately informed regarding economics of world nations
Argentine Peso: Man, no one wants me.
Russian Ruble: Yeah? Tell me about it.
BRICS: 👁👄👁 *hlep*
@@Rhyas9 Zimbabwe dollar: Hold my 1 trillion dollar beer. 🍺
Reminbi me !!! I'm in there as well !!! They never Remember me !!! 😭😱😭
The difference is that the Russians can export and manufacture, Argentina can not. Its only a matter of time before the people throw out this idiot, and join the BRICS community like Brazil next door.
Needs time to fix the mess - 6 months is just starting
Argentina is finally doing the right things to fix it.
its a decoy, its collecting money for a short term. Any idiot can do this, the real problem is creating new tax revenues while keeping people employed. Evneytually he cant collect taxes if most people out of work
@@dd-uy5lx if no extra money is being printed and the government only spends what it gets, everything is fine.
He needs to stay away from China.
I feel their pain when it comes to not being able to buy beef. I walked into my local butcher shop and he asked, "Can I help you?" Me, "No.....I just came into look at the beef."
The beef is so expensive because Argentina had a big drought, the grass wasn't growing, so the cattle weren't putting on weight. The rains finally returned this year. This also contributed to inflation, as there wasn't much beef to export.
Beef goes to China, that's why it is expensive.
Not true. The beef was going to be more expensive regardless of the drought. If you knew the country's dynamics, you'd know that our inflation has an speculative component.
@@daemianbox It's a sample size of one, but my son-in-law's uncle owns a cattle ranch. He lives in Buenos Aries, so doesn't do the day to day work. But he was recommended to sell all of his cattle in 2022 because there was no grass to be found. It takes a long time to rebuild a herd after it's gone. The last time there was a drought like that in the US, beef was cheap for a while because they were selling all their cattle, then got very expensive when that supply spike was over. I haven't heard from him since then, he was trying to hold on. I did enjoy the fine Argentinian beef on that visit.
You know the situation better than me in terms of the speculative inflation, but I'm sure the drought also reduced exports, which makes it hard to get foreign currency to pay for imports like oil, which is another aspect of exchange rates and inflation. Gasoline was one of the few things being sold at what appeared to be market prices when I visited.
@@daemianbox You can't rid Agriculture from speculation. The Farmer has to speculate if the weather will be good - should he plant now or later. He has to speculate on what other farmers around him might do. I have family who switched between watermelon and peppers depending on the time of year. Then someone decided to convert their estate to watermelon and the oversupply crashed the market. So he noped out and stuck to peppers as he had food processors who would take it off his hands.
@markusgorelli5278, You misinterpreted his comment. He wasn’t talking about speculation in agriculture, he was talking speculation in currency exchange driving inflation. Argentines have a long tradition of holding their cash as anything other than pesos, a d there is a complex history of government attempts to block this and parallel exchanges and exchange rates as a result.
It will take at least 24 months for the high inflation rate in Argentina to tumble to around 20% annually and make sure that dollarization should be the end goal so that future left-wing Argentine populist presidents won't have the monetary policy capacity anymore to print money out of thin air through central banking.
Yeah, only Donald Trump should be able to print money
You took the words right out of Javier Milei’s mouth.
Yeah, let a foreign central bank print money out of thin air is a better idea. Sure.
@rednose1966, As economists often say, the Inflation Genie is very difficult to put back in the bottle. 24 months is as reasonable of an estimate as any.
in europe we did it by taking away the national central banks and put it in the hands of the EU. no national president or national party can tamper with it anymore.
the €uro is stable now. we only had some inflation during covid by borrowing money from the European central bank, but that needs to be payed back.
by borrowing that, this of course also resulted in inflation, but that has already stopped and theoretically by paying it back, it could result in a slight deflation which probably nobody wants either.
Bravo J. Milei !! 🎉
I wonder if it's because Argentina is in the process of adopting US dollar and abandoning peso. Everyone is dumping peso hence the crazy devaluation of the currency.
If there is a way to measure the inflation using US dollar in Argentina. I wonder how the inflation figures will look like.
Crazy Devaluation? lol. there is almost no devaluation the oficial graphics show dólar used by the gov not the real dólar that is called dollar blue in Argentina
I don't think they've started that yet
@thiagoribeiro021, 200%+ inflation absolutely is indicative of devaluation of the currency. Looking at the parallel dollar doesn’t make that go away either.
@@brawndothethirstmutilator9848 the parallel was twas real rate called dollar blue
so there was not a huge ddevaluation
They had almost 10 different dollar official exchange here
Even if you look the graphic you can understand that if you are not super dumb
the sharp decline occurred once because the official rate is now the real rate that was already before
Govt was subsidizing lower dollar for especific operations, nobody was selling dollar at that value except by the govt
Everybody was paying for the subside indirectly so it did not change nothing for people , actually things are clearly getting better down there
Inflation is a measure of currency, if u measure with us dollar you would ve same inflation as USA. Cuz inflation is a measure of the CURRENCY, not the economy.
Dont cry for me Argentina, because I dont have your problems.
If you live in the US you do have the same problems. It’s called deficit spending money printing and endless inflation.
Here in the USA we’re doing 1,000,000,000,000+ every hundred days of deficit spending. Thank you uncle Sam
Thanks for the fantastic video clip at the end of the video .
None of this is Milei's fault. All those people blaming him for the consequences of decades of fiscal and monetary mismanagement are delusional. There was no way to avoid high inflation. A massive amount of money was parked into Leliqs because of the central bank's disastrous policies, and that huge monetary mass must now be released into the economy before things can begin to normalize. It's the first time in a long time that someone is actually doing the responsible thing, but there isn't a way to avoid the damage that has already been done. What politician have you known in your lifetime that is willing to take a lot of heat in the short term, for long term benefits? Milei is an extremely rare breed indeed, and history will remember him for it.
My hope is that in 5 years time, the world will be able to look at Argentina as an example of how to recover from an inflationary death trap.
Ultimately, when a currency is artificially inflated or deflated, fixing the situation will always be an absolute disaster.
I'm less worried about Argentina, and more worried about Russia and China, both of whom use similar tactics to manipulate the worth of their currencies and are far bigger players in the world economy.
Really hoping he can get Argentina out of it's loooog mess.
Lookking forward to the posts ! Thanks Joe !
I think everything will be allright IN TIME. We've had the same problem in Poland, but reasons were quite different, but steps taken are kinda similar. I'm holding my thumbs for Argentina. It f hurts but look at stats of Poland - it WORKS
I hope this guy can really get Argentina going I'm pulling for him.
I was really hoping Argentina would finally catch a break
Federal Reserve helps control inflation. Bad socialist policy is just really hard to not inflate
Not with his plan. Is was tried 3 times before...never worked. Besides, 80% of his cabinet is people that was in government the last time they tried. National debt skyrocketed and that money ended in tax heavens
They are. Some of his information is wrong.
@yeetiesandwheaties can you tell me more about this please?
@@3y3g00 Milei didn't "raise the inflation by 100% in the months after taking office." Argentina has historically had an artificially propped currency value. That's WHY there is a difference between the official rate and the blue rate (the REAL value of the currency). Milei sought to remove this artificial propping of the currency so he lowered the official rate so that it was closer to the blue rate (actual value). Lefties around the world pounced on this and called it "inflation." It was never inflation. He removed a fake value.
You can't use the "official" exchange rate for pesos going backwards because everyone knows it was completely fake. To get the actual exchange rate, you had to look at the black market exchange rate, ie the rate of exchange it would take to actually exchange one for the other.
Agreed. No nation likes to admit openly their currency is not worth the paper it was printed on. Governments will lie just to keep appearances.
Great update.
Love it Joe!
One of the finest channel on CZcams regarding international finance. Passing this information to my wife's family who own assets in Argentina. Thanks, Joe!
Argentina inflation is the highest yet is the highest shrinking month to month is all we need to know is things are going in the right direction and Milei said it from the get go! Things will get hard before they get better... Is getting there!
Aguante Argentina! From a non Argentinian! 🤜🏻
I hope Argentina continues to improve. Fun dog ball at end!
Another reason he is having to cut interest rates, which exacerbates inflation, instead of raise them to fight inflation, is because of the bonds in the peso denomination.
Not really, that would be on a normal country. Here in argentina the state takes all the credit from the private sector to sustain its huge deficit, so switching to negative interest did not affect inflation rate.
In fact it helped reduce the huge amount of bonds debt the central bank owed which were increasing at a rate above 200%+ interest.
@@shadetouchcatchemall5134 Exactly my point, thank you. If he had raised interest rates the bond debt would have gone through the roof, so that avenue was closed off to him. Raising interest rates is how normal governments and central banks lower inflation, by making it more expensive to borrow money. He was not able to do that, and in fact had to lower interest rates (the exact opposite of how not to lower inflation, ask Turkey) just to keep the massive pile of bond debt from increasing. So, fighting inflation is hard for him, a real balancing act.
Smart guy though, and he has the academic background to be the perfect person in the perfect place to finally get Argentina back on track. I just hope his support from the people continues through this hard time so he can actually accomplish what he needs to. That is the wild card in the deck, his support from the people who are hurting right now. My hope and support is with him and Argentina though. It is the one country in South American I have always wanted to visit and would love to own property there. The potential of Argentina as a politically stable economic power is essentially unlimited, and I am intrigued to see what she is able to accomplish from here.
Thanks!
the thing is that it takes 5-10 years for fiscal and monetary policy changes to have a noticeable effect on the economy. In democratic countries this means that the effects start happening a year or two after the person who made the changes has been chased out of office and replaced by someone who undoes those changes because they aren't popular in the immediate future. Personally I find it rather telling who is right here based on who voted for millei. The poor voted for him, the rich voted against. Kind of tells you everything you need to know about whether hes doing the right thing.
I think it will be quicker. In our experience from the 90s, it took 2 years, but we have lived through many crises and a lot of bureaucracy that constantly changed the economic rules. People doing business in Argentina are quicker to respond to the changes.
Hes had excellent success so far, but it will take time for the full fruit to ripen
bullshit. monetary expansion has an effect within a month or two. it's one of the most responsive factors a government has control over, especially considering the effect of communication about policy on private sector expectations.
I do not think it makes sense to even look at year on year inflation in this context as it tells you nothing. The inflation is so high and also changes so rapidly that the month on month is probably the only reasonable measure.
Thanks guys 😊
Your voice is good for these ❤
We dont ve 276 inflation btw. Its at around 140. Grabbing it from year to year is a huge mistake cuz past year we dudnt ve free currency exchange ratio.
Thanks for keeping us informed on Argentina. I really want it to succeed!
Joe, we can’t expect Argentina to drop in just a few months but if Javier’s drastic means topped in only 4 months, that’s excellent!
thank you for keeping those whiskers cut short mate. ive done mine for 12 years too ;)
14:30 The traditional theory is to keep interest rates high to prop up the falling value of a debased currency. Milei halted the money printer, so there is no need to have high interest rates since there is no further debasing of the currency.
Exactly, increasing interest ratio would only ve made the massive debt to go higher.
Thank you
I buy Argentine products to help them get through this and help employment.
Pampa direct, Amazon etc.
Regarding interest rates, it sounds like Erdogan of Turkeys policy. It didn't last long in Turkey, and Erdogan reversed course and pursed a conventual strategy
Inflation is tricky. Lets try a calculation:
If you buy one snickers for 1$ yr 1.
Next yr it went up 0.25$ to 1.25$ = 25% inflation.
Next yr it went up 0.25$ more to 1.5$ = only 20% inflation
Next yr another 0.25$ to 1.75$ = only 16,6% inflation..
And so on….
The rise in $ is the same every yr.
Thanks
I can't believe Zimbabwe still has 57% inflation. Don't they have a new gold backed currency? I guess that didn't work.😅
Fools-gold backed-currency 🤦♂️.
Thats okay, they are joining BRICS so everything will be fine /s
Zimbabwe ruined by decolonisation
@@jonathanpersson1205
Zimbabwe ruined by socialism
Joe I most enjoyed when you made those animated videos explaining world finances and world politics. They were very entertaining and held my attention.
Tango, Football(Soccer) and ecomic crash. Holy trinity in Argentina.
You forgot beef.
@@jontalbot1 And not talking about what grandpa did in the war.
waiting to see first positive Joe blogs episode in 3months.... from argentina.
its only been a few months, you can't fix stupid instantly. it takes time.
Thx joe
When I don't see Joe daily,
something is missing...
It's a disaster as I see it . May Almighty bless the Argentinians .
Thanks for helping us see where the US is headed by looking at Argentina.
Yes, this was better than the one before, here you show the monthly inflation and you can see that is getting down very quickly, of course you cannot expect to get from 25% to 0% in only 1 month. Things are going exactly as Milei said in his first speach on december. He is the first argentinain president to tell the truth as hard as it comes, that is why the people was willing to make the necesary effort. The country was really upside down, and it was not Milei's fault, just our sad and childish history, I hope this project succed and once and for all we can become a serious country. (btw, I didn't vote for him, I was a little scared he looks too crazy for me, just vote for noone, but now I feel he is doing the right things).
What is Argentina on the edge of.? Stupidity ? You cannot fix stupid.
Just constat deficit over the years, increase of state size from 23 to 43 pib. Socialism basically lol
Thanks Joe - two points from a non economical educated person, 1) perhaps State Owned Enterprises (SOE's like iin New Zealand where a dividend is paid to the Govr.) And 2) favorable conditions for overseas companies, would help. As i say, my 2 cents worth.
Argentina needs private investment.
Inflation ultimately comes down to a lack of goods. Thus people bid prices up in order to obtain those goods.
In short. You need to increase supply to meet & actually slightly exceed demand creating a competitive market. Also producing more goods for export to balance out trade.
Did people really think Argentina's economy was going to spin on a dime? Nations are like enormous oil tankers. You don't spin them around. They have a lot of momentum going in a direction and it takes a long while to turn them around.
What we're finally seeing is someone starting to turn it around. For the longest time, no one was even trying, and they were in fact stepping on the gas, making it worse.
What I dont understand is Dollarization. Why not Euroization instead?
Because the Dollar is the reserve currency.
@@hydroac9387 but thats wrong. The Dollar is the largest reserve currency, not THE reserve currency.
Because the Euro is just another sh*tcoin
@asdasdasddgdgdfgdg, Argentines prefer the dollar. They have used it as a “safe haven” from inflation for decades.
@@asdasdasddgdgdfgdg It's probably a matter of convenience and accessibility. Turks are dumping the Lyra too, but I've heard they don't mind taking Euros or pounds instead of dollars. Of course Turkey is a lot closer to Europe and does a lot more business with Europeans so for them it might not matter that much whether they're being given euros, dollars or pounds, whereas Argentinians might find dollars more convenient all things considered
Argentina is a great example of how it's hard to fix a system while it's operating. I don't have any faith though that he'll change anything for the better when he starts by jacking up inflation. So he'll have to prove he has practical knowledge by actually changing things, and until it's objectively there, there's no proof.
Austrian Economic policies are the best option to cure Argentina's issues
raising the interest rate is nice, but how do you pay that interest rate? if you just pay it with fresh printed money, you increase the amount of money which reduces it's value.
you can't do that. the government needs to reduce spending and needs to increase the efficiency and decrease bureaucracy.
one of the super big points is teaching. part of it needs to be done from TV. and you can even increase the quality by using the best teachers on tv recordings.
therefore you can reduce the amount of teachers. this reduces cost. with individual dynamic speed, you can even increase the learning speed.
and of course computers in government offices to reduce the workload of government office workers.
Exactly you cant do that. Thats why he didnt and went into a negative interest rate reducing the debt.
I remember british comedy show from the 90s where taxi driver informed the cost of the ride to the customer. He was repeating millions of pesos and his meter was so long that it sticked out the car window. So I guess peso has always been weak currency
The economy of Argentina has been progressively getting worse since the late 1940's. Ever since that economic mastermind Juan Pron became president in 1946. With over 75 years of thouroughly consistent economic mismanagement under their belt a couple of months of Milei won't make much of a difference for better or worse.
Melei has only been in office 6 months. He did say it would get worse before getting better. It will take a full presidential term to see the full effect of his policies.
Everyone says that same thing...the never-ending story.
They need to keep increasing interest rates until inflation starts to fall
No, here we had interest ratio 200+%. It only increased the debt central bank had.
Since the state takes all the credit from the private sector to fill its huge deficit making it negative interest ratio helped lowering the debt without increasing inflation.
At the end increasing interest is only a temporary measure cuz when u lower em again you ll ve that inflation.
They had the improvement in the last report
The bit at the end! Lol! 😂😂😂
Great
Great video! Thank you! What would the world do without “Joe blogs“? Where would we get in-depth data driven coverage like this?
With other countries adopting the dollar, will the FED have to consider this when adopting monetary policies?
The people of Argentina are suffering badly. I DO hope that their new President can surround himself with a bunch of Smart Economist's who can get this under control. Can another Country possibly help? I don't know how but hopefully someone can work with their Government so these hard working people don't Starve 😢
May want to take a look at what's happening in Kenya.
Have been to Argentina. Yes, beef is great there! You get a lot of beef but almost no vegetables when going out there! It is a very nicd country! Highly recommended.
A significant fraction of Argentinians can ask for a Spanish or an Italian passport…
Over half of the world lives on less than a peasant in 1350's England. Peasants earned about a pence(0.0967g of gold) per day, but some even got half a pence or 2pence per day if they were lucky. Today that's $7.28 worth of gold for a day's work. Average wages worldwide has dropped from like $18-$19K per year in 2012 to a little bit over $9,000 per year.
A farthing or quarter pence was how much a loaf of bread cost which would be $1.82 today. Here in California a loaf of bread can between be $1-$6 depending on type of bread you want.
Federal minimum wage in the US is the equivalent of about 8pence per day or 17.6pence per day at California minimum wage. Or 15.9 old pence equivalent in the UK for people over the age of 23 for a day's work.
12:59 WTF? Charcuterie Ambiorix? They got that in Belgium.
You should try volume leveling some time.
Unfortunately none of us here will live long enough to see Argentina recover.
Yep remember your calculations. Rate of change.. inflation.
Do you think cutting interest rates was a big mistake? That might be driving the inflation rate still being high. It might not be possible to cut interest rates until inflation comes way down. The cut in public spending might cause a recession but is it possible to cut such a high inflation rate without a recession of some sort?
Argentina's problem is the structure of its ecomony. It'd take a long time to fix, not by a few steps by a government. Ask anyone knowing the history of its ecomony will tell you it will take several years to fix. I was there in 1990 and found it in the same problems as today.
It doesn't seem to be working for Milei.
100 years of socialism can't be fixed in 4 months? Time to give up? lol
To the contrary. It works better and faster than anyone could expect.
How about an analysis of the economy of MEXICO
hoping for an in depth video about how turkey got into such a bad position, i find it baffling!
One thing is they are overwhelmingly import dependent.
The economy is great ..and getting better...
...since. In 6 month it would be very good
Joe! How about reporting the poverty level change as a function of food, inflation, and other goods inflation rates ? Rates ?
And how about another rate? The famine rate. The proportion of the population that simply cannot afford the minimum daily requirements of food.
Of course, black and gray market issues and black and gray employment issues are there. Sometimes people will sell their body for a Big Mac.
👍👍👍JOE BABY 👍👍👍
SOME GOOD NEWS FOR ARGENTINA, YES NO EASY FIX NOTHING IS, BUT ITS GIVES THEM A CHANCE, AND NO ONE CAN SAY THE PRESIDENT TOLD THEM LIES WHEN HE CAME TO POWER, OF COURSE THOSE AT THE BOTTOM SUFFER THE MOST, SO TRYING TO KEEP
THEM GOING, GOOD TO SEE INT RATES HAVE FALLEN HELP NOW CAN THEY CUT WHAT THEY IMPORT, AND HE PLEASING THE IMF
NOTHING LIKE PROGRESS SO MAY THE RECOVERY CONTINUE FOR ARGENTINA
Press F to doubt.
The Argentina reporting is really subpar II - in addition to previous point, nothing goes up that long in a straight line !!! The graph at 5:00 shows that also in previous years inflation came down many times (for many months) only to go up again. With the absurd high inflation over 250% it is really really hard to get inflation higher also because the dollar vs the peso importance has increased so much the last years. Joe mentions nothing about those two things !!! Why ?!? Milei's Plan included buying Joe a cup a coffee ?!? 😱🤢😱
Yeah, his reporting on this is borderline insane. "Will the dude that says he takes policy advice from his dead dogs save the economy"... uhhh, no. They might catch a cyclical break if they're lucky.
Im an American who is lucky to see a kilo of beef in a year. How do people afford all that beef?
You just have to root for this guy. You saw him saying the spending he is cutting, it sounded like he cut a lot of spending. It very fascinating to watch. You have to wish them well forever sure
That's insane. The guy is an irresponsible populist and has created rampant poverty.
@@user-zb9lv3gh8screating an enonomy from scratch kind of looks like that at first
@@user-zb9lv3gh8swe will see. Not enough time has passed to see the true effects of his policies. Massive poverty was already there, created by the previous regime so let's not pretend like everything was rosy and then he came in and flushed it all down the toilet.
Why do you trust all the right wing bullshit he said. Right wingers track records are as bad as it gets everywhere every single time but suckers still trust
@@user-zb9lv3gh8swho exactly was irresponsible, who caused argentina to end up in the situation where it was before Milei took over
What Milei is doing is better than past leaders. However,...Argentina needs a smart group of economist to advise him. Liberalism nor conservatism will get Argentina out ot this mess,...only sound economic principles will work.
Juan Peron got Argentina firmly attached to the government teat. This new administration has to break that if Argentina is to become what it was on the road to become. Economic success is dependent on a class structure with a path for those wanting to put forth the effort to move up. Peron destroyed that. Maybe Javier Milei can change that. Good effing luck.
Please report on Kenya