When ARGENTINA said NO to the IMF: the WORST CRISIS of the Gaucho Economy - VisualPolitik EN
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December 1, 2001 is a day that has been seared into the collective memory of the Argentine people. On that day, the then Minister of Economy, Domingo Felipe Cavallo, announced the implementation of the freezing of bank deposits, a measure popularly known as "el Corralito".
Those were the hardest times for the Argentine economy. But why exactly did the corralito happen? What were the real reasons for the biggest economic crisis in Argentina's history? And perhaps the most important question of all: Is there a chance that we will see a similar situation again? In this video we tell you all the details.
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VisualPolitik: The year when Argentina collapsed.
Me: Which of them?
"The one this month"
".....again, which one?"
Ese es nuestro secreto, siempre estamos colapsados 😎
Thats a valuable lesson: "Never leave your savings in the hands of politicians".
Yeah.... Here in argentina it's not just advise, it's a social law 😂
@@tadeus6559 Both my Grandmas say this every time theres an election. I bet with my cousins when and how many times they say it
Thats why most of my Money is controlled by the Mafia
actualy thats the same bunch of politicans
Don't worry Argentina, we Brazillians are following your steps. We won't let you fall alone.
Why dont Brasil and Argentina have factories like in China. I dont get why the factories are in a practical dictatorship that wants to bully the world.
Let Apple negotiate a deal to get taxbreaks in your countries.
A special economic zone
Talvez não.
@@thijsjong China is business friendly
@@QH96 Yes No labour laws. No unions. No pensions. No safety boards. No environmental agencies. No building permit procedures. etc.
But economic free zones can be instituted anywhere in the world.
When usa ask for lending of 35trillion us dollar or china ask for lending of 45trillion us dollar is the day IMF cease to exist in this world🤣🤣
In Zimbabwe we had our own El Coralito. The only difference is none of our politicians resigned after the inevitable economic collapse which followed.
Mugabenomics will always end in tears
Being from Argentina l can tell you this video is highly accurate
Living on the border of argentina but in a neighboring country I can tell you that you are correct
Yeah, I live in Brazil. Although we are way better I have half my money in European or US funds.
It is accurate!
@@romulosoares5216 they are stuck. Everybody has a public job there. The whole nation needs to be unemployed to change.
Or, you know, find oil.
My Mother, who lives in Sarasota Florida, loves Argentina, Mom said that Argentina is her favorite place to visit/vacation and she's been all over the world many time.
As an Argentinean that lived almost his whole life in the US, this video provided some wonderful context to some of the things I've heard family members talking about. Thank you!
John Salter is man who tipped the Argentine into the financial wreckage. The only reason people never heard of him because he is not a jew and therefore doesn't fit the conspiracy files.
Are you really Argentinian if you lived your whole life in another country though
@@ericktellez7632 In some ways yes and in some ways no. Like everything human, it's complicated
@@deadlyshizzno if you are looking and learning the Argentina history you are argentinian like me dont worry. We have a lot of family's broken because the constants crisis, i have cousins in canada and they are argentinians to. Sorry about my english 😅.
My father left 50 years ago because he thought the cycle of turmoil would never end. It hasn't. Such a sad reality for such an amazing country with so much potential
-Greek Prime Minister: I welcome the IMF to Greece
-Me, an intellectual: Hey, I have seen this one
-Greek Prime Minister: What do you mean? This is brand new!
As an Argentinean its depressing to read that other south american nations seem to be dealing with a potentially similar economic hell....at least the pit of despair isn't lonely, don't worry fellas we'll break your fall on the way down
It's all engineered to achieve a planned outcome...
@@altrusianwolfdog2564 what outcome?
@@martinxy1291To own n*thing and still be happy.
This video was a great lesson on what lies ahead for many Western countries. Like citizens of Argentina (and Venezuela), people in the West don't think this could happen to them (it's in process already).
Not if your america, you just keep on printing money. In the last 10 years the US debt has more than doubled and hasn’t hurt the economy one bit. The fed has kept interest rates low for over 13 years with little negative effects. The dominance of the US dollar means America can afford to be a dead beat.
The Venezuelan DR only relied on oil and didn’t run the country properly you can’t rely on one source for your economy
we do know this future lies ahead. We just do not know what to do about it when the Euro collapses.
@@zeitgeistx5239 Yes, but no tree can grow up to heaven. The USA have a very similar problem. Government spends way much more than it should. The only difference between the USA and Argentina is the US dollar, the world's reserve currency. The debt spread across the globe and the Argentinian affect takes way longer. The Americans can print more and more money and cumulate more and more debt and postpone the crisis in that way. But one day the the level of inflation will be so high that world will stop using dollars as a reserve currency and means of international business. After that dollar will experience a free fall.
@@stevenhendrix4768 Well, for starters, try not to own too much euro's?
In the past years, I've dumped thousands into crypto, precious metals, bought a new car, bought a house, even spent money on solar panels & isolation, had a fireplace installed, stockpiled months worth of food. That stuff is far more useful than devaluing euro's or dollars, even though some depreciate over time themselves, its still better to have some tangible goods than a lot of money in a bank you can't access.
A smart man learns from his mistakes, a wise man learns from other's mistakes.
I ain't trusting no bank with half my money, if they fail, they'll be bailed out by my tax dollars but I still loose my savings... so I'd be screwed over, twice.
This was the situation on Brasil for 15 years during the end of the dictatorship. We even had a Corralito of our own with Collor in 1992, and only got stability after 5 years of Plano Real, which finally stabilized our currency. Why Argentina couldn't do a similar thing?
Lack of dollar reserves.
Argentina has never seen stability in my lifetime. I'm almost 33.
how a country could go from being one of the richest countries in the world to what it is today is a total embarrassment. Argentina should be located in subsaharan Africa
if you don't mind, could you explain what led Argentina to fall from grace?
@@jimsmith4658 Africa is kept down for a reason and the Argentinian economy got destroyed by America, let's not ignore that.
@@titanmode3888 As long as most Argentinians think like that, they will be hostages of their own stubborn fallacies.
@@wajnerw True. Argentina at one point was the strongest economy in the Americas only for America to mess it all up of course.
Argentina is basically Venezuela in the oven
At least Argentine voters can choose their leaders.
It's more like Southern Italy, but without the North Italians to do all the accounting.
When usa ask for lending of 35trillion us dollar or china ask for lending of 45trillion us dollar is the day IMF cease to exist in this world🤣🤣
I spect brazil do not follow that same model
@@renato3780 o certo é "i hope"
What? An entire video about argentina and not repeating the timeless adage:
"There are four types of economies: Developed, Developing, Japan and Argentina"
Did you check the other 11 videos about Argentina?
I feel a sense of pride and depression see my nation is an example. Not a good one, but an example none the less
Argentina is a garbage country who rips off tourist by giving them 100 pesos to 1 USD when they exchange at the bank when the real exchange rate is 200 pesos to the USD
I've always loved hearing whatever come about of things. Thanks for the updates.
They always have a solution. Just look and sound serious but keep on doing the same crap that got you there in the first place.
Argentina is the IMF's sunk cost fallacy.
Absolutely. Sadly those solutions are not working. Instead it seems to make Argentinians suffer more.
So do u have a good plan/solution? And what will u do if your 1st plan fails? Do u have a Plan B? If Not then what's the best way forward for good people who still love/cherish the good things in life?
Would it be:
A) Washington's style revolt?
B) Gandhi’s style resistance?
C) Mao’s style revolution?
D) Yeltsin’s style rebellion?
E) Einstein's style migration?
F) Lawrence’s style insurgence?
G) Cortes’s style subversion?
H) Temuchin’s style carnage?
Or something more intense/dramatic like:
1) Jesus's style Ascension?
2) Mohammad's style Message?
3) Gautama’s style Awake?
4) SunTzu’s style Stratagem?
5) Moses's style Exodus?
6) Mahavira’s style Peace?
7) Odin’s style Ragnarok?
8) Krishna’s style Destruction?
Keep the ship on course as long as possible, when it hits the iceberg jump of and leave someone else in charge to manage your failings. Proofen old formula.
@@user-DongJ We're going for the insanity route. Given that insanity mean doing something over and over again, it fits well the situation
@@martinxy1291 Hopefully the insanity route won't led to extinction like the Neanderthals 🙏
Finally! The video about Argentina that was meant to happen: *El Corralito!*
For people that complains about the videos of Argentina; well this is one of the reasons (makes a lot of sense if you are Latinamerican).
What hurts me here is this idiots think gauchos are exclusivity of Argentina...
Southern brazilians and uruguayan gauchos doesn't exist....
"... In Argentina they made it so expansive to create jobs that no jobs are created ..." Sounds familiar, where did we see it lately? ...
Everywhere in the west. Look at police, security and failing health care.
The Turkish economy is like Argentina’s brother from another mother.
Why not stop spending more than you earn? Liberalize business, remove red tape. Free the market and let motivated people work. Remove preferential treatment for antiquated industries and old rich families. Equal treatment under the law for the very poorest and the very richest.
It’d take a very radical Revolution by Latin American standards for that, might not be enough people willing/that could see their individual benefit from it
If you do that things devolve very quickly into extreme exploitation and increasing wealth disparity
Fortunatly there is a social revolución here in capital, buenos aires and many other provinces of the nation about liberalism and the most iconic leader of that change its Javier Milei who is very popular right now.
Its like a mini Trump or Bolsonaro but without being racist and its an anarchocapitalist who hate the state very much and know exactly how to reach people and i hope people like him could put argentina in the right path again....
Sorry if my english isn't good, i need more practice....
Edit: many liberals are going to be diputies of congress very soon, milei among them
You propose opposite approaches, if you liberalize business they keep lobbying for more and more privilege. Protecting little producers from trusts is what you should do.
Really cool how you synced some of the music up with the people banging on the pots and pans in the various clips.
Argentina is a sobering study case. A community that grew way too attached to its own fantasies for anyone's good.
For a true recovery to to start, there is a clear need to let go of many self-inflicted delusions and start some serious, painful reforms that I would expect to take some 15 to 20 years at least.
But there seems to be almost no internal political support for that.
It is a time bomb that will be rather ugly once its explosion can no longer be postponed.
Will never happen tho, Democracy means no -one will vote for the common good over their own wants. It's a basket case that will never be fixed.................Look at the Peso/US$ impossible to get back out of that mess.....
Absolutely. It's good to be able to state Argentina's problem and it would be better if one has a plan to help Argentinians.
So do u have a good plan/solution? And what will u do if your 1st plan fails? Do u have a Plan B? If Not then what's the best way forward for good people who still love/cherish the good things in life?
Would it be:
A) Washington's style revolt?
B) Gandhi’s style resistance?
C) Mao’s style revolution?
D) Yeltsin’s style rebellion?
E) Einstein's style migration?
F) Lawrence’s style insurgence?
G) Cortes’s style subversion?
H) Temuchin’s style carnage?
Or something more intense/dramatic like:
1) Jesus's style Ascension?
2) Mohammad's style Message?
3) Gautama’s style Awake?
4) SunTzu’s style Stratagem?
5) Moses's style Exodus?
6) Mahavira’s style Peace?
7) Odin’s style Ragnarok?
8) Krishna’s style Destruction?
@@user-DongJ How about reduce Government spending and get as good as you can at producing what you're already good at. Argentina is fantastic at food production. Should be good at Tourism too, it's a beautiful place. New Zealand removed all regulations & subsidies from it's Agricultural Industries about 20 years ago, & let the farmers go. They now produce meat, dairy, wool, wine and seafood that commands Premium Prices all over the World. Although I do think they're clean, green & GMO free.
I know Argentina's suffering a terrible drought at the moment, but there's a lot they're good at.
@@tsubadaikhan6332 Sounds good. Do u have the plans to help Argentinians to take food production to the next level: making Synthetic food of unparalleled quality?
@@user-DongJ People pay a lot more for organic food buddy.
I would argue the debt was the main cause of the 2001 collapse - it was manageable and the bulk of it was inherited from the military junta, rather the eventually unsustainable montery peg that had outlived its utility. In 1991 Cavallo replaced the devalued austral with peso at fixed exchange rate 1 argentine peso = 1 US dollar. This move helped to eliminate inflation pretty quickly and brought some confidence in the currency. Initially, it kind of worked - the inflow of the foreign capital on the wave of massive privatization and general popularity of emerging market at the time allowed to prop up the peg. However, after the first successful years, issues started to arise. 1) the peg with the US dollar was arbitrary and did not reflect the geographical structure of Argentine trade where the USA did not play that important role, the relatively strong dollar meant the peso became overvalued, making imports cheaper, exports less competitive - trade deficit soared 2) the end of the wave of privatizations, the Mexican crisis in 1995 and - the Asian crisis of 1998 were increasingly diminishing the inflow of the foreign capital, forcing the central bank to ever tighten the monetary policy to keep the peg that had started to keep Argentina a hostage - people were so afraid their saving would lose value in case of its abandonment, that it was politically necessary to maintain it despite increasing difficulties (it wasn't initially planned to be permanent either); high interests rates at low inflation were suffocating the economy 3) the poor institutional framework enabled international banks to 'milk' the system: borrowing dollars in the US at low rates and locating in Argentina at high rates and realizing the profit from the difference between interest rates between Argentina and the USA 4) insufficient supply of money started to force some local governments to issue supplementary currencies. The last straw was the devaluation of the Brazilian real that made Brazilian commodities more attractive than Argentine ones, hurting the export cash cow of Argentina. Capital controls became necessary, it ignited mass protests (especially given the fact the well-connected managed to convert their pesos to dollars and move abroad just before the 'corralito' was announced). The rest is history - and the population had already been unhappy with growing unemployment and some regulations pushed by the IMF.
awesome video!
The road to recovery is to cut spending. It is as simple and as incredibly hard as that.
Individual Argentinians should trade pesos for crypto every payday. When the peso inevitably fails, they'll still have something, *and* it will be harder for politicians to stick them with a new peso that doesn't immediately go down in flames. Replace non-essential government workers with software, and pay the essential ones in crypto. That will cut spending.
I don't think that is in their DNA
@@Neon4ty7 it seems now we have a president who has that. let's see how that goes along in the mid-term
What happened to Argentina is very important. It shows results of fascist economic model ( implemented by Peron, who during his time in Musolini's Italy became fascinated with it) droved to it's natural conclusion - permanent stagnation. All Kensian Fans of Hitler economic reforms should study Argentina.
I think Hitler would have got there too. The survived so long by constantly screwing countries over they had trade deals with, and just raided the wealth of their neighbours. It was a snake eating it's tail
If by fascist you mean left wing socialist policies than you are correct
@@nicosmind3 Yes. This is part of my point. 1. Hitler was forced to start war earlier than he planed because of state of Germany's finances and economy. 2. Germany industrial output And logistic system underperform during the war, because Nazis messed it up so badly in 30's. 3. If you look into financial flows before the war.... Financially Reich was getting help from the west at the same time, Soviet Union was sabotaging German Leftist opposition to Nazis. I would bet, that both west and Stalin tried to play Hitler against each other and that is part of explanation of Germany early astonishing success. 4. Germany's destruction covered shortcomings of Kensian economic ideas. 5. Peron drawn all of wrong conclusions and Argentina paying for it in last 80 years. But what's really important. Basics of Kensian economics have been implemented all over the world in last 40 years ( not only Argentina) and just now we all will have brutal lesson how flawed it is.
@@jaric82 While I'm certainly not a a Kenesian, one has to take into account that Keynes was a pretty Smart guy and his Ideas are not as dumb as you might think. The major issue with Keneysian politics is, that it has never been implemented properly.
Politicians always only implement the first part: inject loaned money into the economy in a downturn. That's in principle not THAT bad, but the ALWAYS (without exception) "forget" to extract the money in a boom.The result is, that instad of smoothing out the economic cycle, money is loaned and not smartly invest, just simply burned without in a ajor short lived bonfire, without much long-term impact, except for exponentially growing debt.
There are also other problems with Keynesianism, but the major problem is,that it's never implemented properly, because the second part (exracting the injected money to repay debt) is highly unpopular.
Actually, Nazi Germany had a very efficient economy, albeit a not so pleasant one if you were not "in". Hitler had multiple ways to win, and he forfeited all freely. As for Argentina, it quickly squandered its "fascist" legacy.
I have found the opposite to be the case. If you look at "survivors" of fascism vs. "survivors" of socialism world-wide, the peoples who have "survived" "fascism" do better than the peoples who have "survived" "socialism", at least for a generation or two. But, at some point, usually after "democracy" has taken hold, the people go on a binge, and set the country back. I think it is due the different bases of "fascism" vs. "socialism". For the "fascist" (anyone who's not a socialist), it is sufficient that his adversary should proverbially "shut-up and fuck-off". The "fascist" (anyone who's not a socialist) is satisfied with the appearance of victory & the prospect of proving himself.
The socialist is an entirely different beast. The socialist is so steeped in contempt for the sentient human being that it establishes the reconstruction of that same sentient human being as its test of success or failure. In short, socialism is its own theism. The socialist is not satisfied with "shut-up" nor "fuck-off".
Here in the US I think we're going through Argentina's year 2000.
😂 no
Nope... USD is global reserve currency ...the most powerful thing that US has..
@@team_tsubasa6484 is its insane military industrial complex which props up its global economic hegemony
@@team_tsubasa6484 That won't last much longer and the second the US loses that status it's game over.
Coming from a very organized, stable and civilized country, Norway, I have a hard time wrapping my head around anything like this.
How does a mortgage work in such an economic environment? If you had a few dollars in a drawer, could you pay down your house mortgage?
How does super-high inflation work? Do you re-negotiate your salaries every day? How does people know what to charge for things, and how are prices set?
I'm just curious how this work in a day-to-day everyday life situation?
U don't
U receive the same amount
And u need to go shopping in that same day
Beacuse next day what was 1$ is now 3$
Some times prices changes 4 times a day
This happens in a " small " inflation
But if u reach Venezuela levels, than people stop using ur money, and start using foreign currencies like dollar euro pound
So the store clerks just goes around reprising everything?
At what point do you get a salary increase?
Are u guys Eskimos?
@@tukulitobenitez9661 - no they live further north.
Yes, for me is normal to see products go higher month by month. And about salaries I don't know very much because Im not working (I'm 17) but a lot of people is working under the table because taxes are so high that mess with companies and workers (we have nordic taxes but africans public services in most cities except a few)
Some people here admire nordic countries for their economic liberalism.
As an Argentinean, i think that so long as peron and his ideologies are alive, argentina will never be a stable country.
Peronism is socialism right?
To my opinion, it will. I predict that once and forever, Peron will be finaly buried and, the country will find the balance again! ❤ It will take time but, it will happen. There is one main reason: Argentina is one of the few countries in the whole world with a huge land, small population and excellent natural resources. With a good administration and technology development, can't fail!
@@prism2451 Peron was a dictator and an estatist! He used people and, financed the country taking advantage of the 2nd world war and money from the nazis!! On the other hand he built schools and facilitate migration in order to relocate people for different jobs but always under his wings.
El peronismo murió con peron, lo de hoy en día es solo una careta que se ponen la mayoría de políticos para ganar el apoyo de un sector de la población. Dudo que el peronismo sea la raíz del problema
Absolutely. It's good to be able to state Argentina's problem and it would be great if one has a plan to help Argentinians.
So do u have a good plan/solution? And what will u do if your 1st plan fails? Do u have a Plan B? If Not then what's the best way forward for good people who still love/cherish the good things in life?
Would it be:
A) Washington's style revolt?
B) Gandhi’s style resistance?
C) Mao’s style revolution?
D) Yeltsin’s style rebellion?
E) Einstein's style migration?
F) Lawrence’s style insurgence?
G) Cortes’s style subversion?
H) Temuchin’s style carnage?
Or something more intense/dramatic like:
1) Jesus's style Ascension?
2) Mohammad's style Message?
3) Gautama’s style Awake?
4) SunTzu’s style Stratagem?
5) Moses's style Exodus?
6) Mahavira’s style Peace?
7) Odin’s style Ragnarok?
8) Krishna’s style Destruction?
I am curious, how does the level of public spending compare to other countries? How does the proportion and pay levels of bureaucrats compare? An acquaintance working as bureaucrat had his classification changed which doubled his pay for the exact same job, while inflation and workers pay rises are limited to a few percent?
I have not heard the word applied to Argentina, but it sure smells like all of the other corruption in Latin America to me.
Argentina needs very low percentage of children born to single mothers like China. All the other quick remedies will be like pissing in the ocean.
It's pretty much the same everywhere...in my country the parliament walked out before a vote on permanently raising the wages of health workers, you know: the most important people in a pandemic. They did it deliberately so the minimum threshold for a vote to pass wasn't reached.
@@rey_nemaattori In my country the poiliticians of the party most responsible for inflation corruption and news suppression did it in Texas to prevent a vote on election integrity laws!
@@jimsmith4658 Good luck with that one, out here theres bastards being born about as fast the dad disappears, legit 6 out of 10 dudes I've met have at minimum 3 to 5 kids and 80% of the time they're illegitimate. Doesn't help the fact that there are some bonuses to having kids......just not for the kids
And here I thought my country's economy was fucked up
Awesome!
It's impossible to get bored in Argentina
Apparently Canada's prime minister, Justin Trudeau, has been carefully studying Argentine finance and economics and is working to implement the same path to success in the Great White North. I fear for my children's future.
explain how
@@toby7641 increased public spending and debt, printing money like there’s no tomorrow
There are no easy solutions. The the solutions are hard and time consuming meanwhile the political will is lacking
I think there is an easy solution for individual Argentinians, flee! Leave the country while you can
Flee to where? Join the queue on the US-Mexico border? It could become a case of 'from the frying pan to the fire'.
And the political will is lacking, because there are too many vested interests and livelihoods at stake.
@@shauncameron8390 That's something that should always be included in the calculation of public spending. That reversing it is almost impossible.
I remember this from late 2001 to early 2002.
With what is about to hit globally, we will wish to have a situation like Argentina
Gosh, who though locking people out of their savings while monthly inflation is soaring in the double digits would create chaos?
Every economic problem has multiple solutions, the question is: are the people willing to take on the burden? In argentina's case the answer has been the same for a century.
I had the great pleasure of discovering the Data is Beautiful CZcams channel recently. Mindful of my surfing, the algorithm pushed The Infographics Show into my lap too.
Unfortunately, the IMF Debt episode laid all this out in its inimitable format. Suffice to say, albeit graphically represented, it ain't happy reading at all. In fact, it's shocking!
This channel deserves more subscribers and views.
Well it would help if they didn't keep letting josh do vids. I'm sure he kills the subscribers total any time a new viewer watches an sees his vids.
"Of every 133 in earnings, 82 went to the employee." This is, dare I say, on the mild side of taxation as far as EU norms go.
I'm not even sure, that might be pre-normal income taxes (I'm pretty sure that it is).
So, we all get a sneak peek into what the USA will look like in a few years....
Nope, not as long as USD stays international currency...imo.
Nice
This is happening to Sri Lanka, right now.
Hope you do a video on that.
History repeats....
True, Sri Lanka is unfortunately just another puppet state of China now...
Amazing how much of Asia got wrecked in these two years alone. Lebanon, Myanmar, Afghanistan, Bangladesh, Nepal and all else.
@@someonejustsomeone1469 Bangladesh is growing
They have the same problem as the USA state of Illinois. A politician promoting proper spending in relation to tax revenue, looses his next election.
How much of the high taxes goes for services to the people, i.e. roads, schooling, health care etc.? How much goes to pay interest?
Health care is free there. In buenos aires the roads look decent. Great metro. Some problems with crime no doubt. People seem educated, too. Some people complain that people are lazy there and don't like to work. And its not México. People do loaf a bit, vaguely. Hard to get a good shoe shine. Leon :)
Interest is evil, it enslave the nation
Damn, it must be very frustrating
Thanks for video. Now, try Crest 3D White Stripes!!
IMF always seems to "help" in a peculiar way don't they.
Being a politician in Argentia seesm to be about doing "less bad" than the opposition not any good?
Can Argentina go into bancruptcy? In reality it seems the nation/state kind off is but keeps prolonging the situation forever...
It is decades off missmanagement that left Argentnia where she is. Hard to doa quick fix covering decades I think.
Your videos are nice and informative but please for the love of peoples ears change this terrible upbeat music (too loud also and too often used), it sounds very immature and abusive.
I agree with the intro music is horrible and way too loud
"Abusive" LOL Yes, it is
Horrible music, very annoying!
*Democracy, shares value of humanity, is a key tenet unswervingly upheld by the government and the Argentina people.*
But if you can't pay for their implementation?
Sri Lanka also in same situation
I am Argentine, I love my country but have lived in Australia for 30 years. Argentina has no solution because it is the victim of the Kensian monetary policy adopted by all countries for centuries. The whole world is in financial crisis and will colapse soon. The only solution is to adopt Bitcoin as money for the world.
Coming to every country in the pandemic era.
Yes socialist governments across the globe are trying their hardest to bring in poverty and misery👎👎👎
Can you do one of these videos about the Philippines? We are building like crazy, when will it comeback to haunt us?
Solution is to reduce or cancel public spending.
Me thinks
Sounds like they're getting squeezed by the IMF. So what are you suggesting? Privatization, debt and austerity? They should see if they can work with the Chinese to maybe create some economic growth without having to sell of their country to global corporate interests. It seems like the US and the central banks are just as likely to confiscate funds entrusted to them or to deny nations access to their money, or just forbid anyone from doing business with them over political differences. I don't know Argentina, but it sounds like so many other smaller countries that are bullied by the banks and the US currency hegemony.
maybe smaller shithole countries shouldnt borrow money and spend it when they dont have the means to return
just some food for thought
And who told them to borrow money from the IMF?
They're going to default, completely missed managed their economy
This is what the European Union and The United States are doing at the moment. If you want to see future go to see Argentina 🙈
Governments that are responsible with the public purse are few and far between. One of the great weaknesses of elected governments is that the electorate collectively tends to choose the person promising to be Santa clause, rather than the grinch who wants to cut services just to keep the programs that are already promised healthy long term.
please if you can make a video about Lebanon economic and political crisis.
The last best hope for Argentina was the election of Mauricio Marci, but 5 years later the people voted for a return to Kirchnerismo, with Cristina pulling President Fernandez strings. Many middle class people I know have started to move to Europe and the USA. Things have been compounded by COVID and many businesses have closed. People have got their eye on Venezuela as a possible future.
Asia is the future not the u.s.a.
Macri? You mean the guy who endebted the country for 100 years against the will of the entire country, spent such loan literally gambling on a state level, engaged in illegal espionage, media silencing campaigns, created a media monopoly, pardoned himself of insane tax evasion schemes, made political persecution on the level of the 70's dictatorship and even his father (who is another criminal on his own) screamed for people not to vote him? yeah, surely he was the future of the entire world my dude... educate yourself and then speak, you put every decent argentinian to shame with your nonsense.
@@nyft3352 And Kirchnerismo is the solution?! Tax the middle-classes and successful businesses until they leave the country - Fallabela, Mercadolibre, etc, etc, etc - form political alliances with failed states like Venezuela and Cuba. Assassínate political critics (remember Nisman?) and destroy democracy by buying votes through so called social plans.
The debts under Macri were because his government had to use loans to pay the wages of all the government "workers" who Cristina put on the payrole the month before she left - a political move designed to cripple the new government.
Cambiamos offered an alternative, but too many corrupt vested interests didn't give them a chance. Too many people in Argentina expect something for nothing.
@@DarylBaines Did I ever said that? of course not, I'm highly critical of the current govt. I don't believe the middle class should be taxed as it is now, that should be directed towards huge companies and people with more money than they can spend, forming a political alliance with Venezuela is of course stupid, Cuba is not a failed state, if anything, its a communist-like state that survives to this day even with all of its international embargos by the USA, proving the leftist point of view if anything tbh. Nisman was a man that had nothing to back his claims, serious depression, drug addiction and even more issues, claiming a suicidal person was assassinated while only the far-right and its sheeps claims so while the rest of the people saw the evidence is utter lunacy and a conspiranoic behavior. And again, even if the debt was created by K's social plans for workers (which was not) Macri didnt even use the loans to pay the debt, instead, as I said, jus gambled it like an addict on a pachinko loosing every cent, every try expecting to get a diffrent result... except this gambling caused he and his close corporative friends to get disgustingly rich.
Do I explain myself or not? cuz you seem to be deforming the reality of what I mean for the benefit of your M vs K narrative which is more akin to a QAnon nonsense.
@@nyft3352 Wow! You really drank the Kool Aid!
11:35 seen how the world is going now, the majority of the people are crazy. Because we not only put our money in the hands of the positions, but our entire lives. What makes you think that they will do a good job?
1) step one, change to free market 2) remove all but tax collection tax department and computer all system, no gov system but fed gov soldiers 3) start a new type of Paso tie to the digital currency
Please do a follow up on Venezuela
It’s really sad so amazing country with such potential, has it shittiest most corrupt governments ever, let’s hope they get some good government reform there Economy!
Argentina economy is the opposite of Japan. Japanese minimalists were reluctant to reinvest their yen and store in the bank despite 1% deposit fee charged. Argentinians would rather put away their peso elsewhere other than bank despite bank offered over 30% interest rate.
I don't know. Perhaps they can try each other failure to fix their own economy problem.
Japanese problem is that it’s a post consumption economy unable to grow due to a massive elderly population and collapsing demographics.
@@Eowunyth Japan is dead it just doesn't know it yet. They have strict immigration policies an such so it doesn't grow like other countries. In the 1940's Japan was a force to be reckoned with, by the 2040's it will be a province of China.
@@toddlerj102 China is a dead nation too. The CCP have already acknowledge that the Chinese population will be cut in half by 2050-2060 now. China has entered its terminal demographic and economic collapse. Japan isn’t going anywhere.
When usa ask for lending of 35trillion us dollar or china ask for lending of 45trillion us dollar is the day IMF cease to exist in this world🤣🤣
Argentina needs very low percentage of children born to single mothers like Japan. All the other quick remedies will be like pissing in the ocean.
VisualPolitik @ Argentina. ❤🩹
knowing this, other countries should be able to benefit...2021...I am seeing the same thing happening around the world
Because of the economic crisis and the rate of unemployment, now is the best time to invest and make money 💯
Crypto is the new gold
Stocks are good but Crypto is better
I wanted to trade crypto but got confused by the fluctuations in price
It won't bother you if you trade with a professional like Mr Jefferson Windham
Yeah sure,I heard Alot about investments with Mr Jefferson Windham and how good he is, please how safe are the profits
The solution is for them to leave Peronism.
The intro reminds me of Waking Life
Don't cry for me Argentina...
This is when "Healthcare, education, and everything else is a right"
well, Argentinians elected those leaders. So its kind of their fault.
Exactly.
Yeah, but i think there is hope for us. Most of young people and young adults reject peronism and kirchners even when our education tries to make us love Peron and hate capitalism, liberalism by calling it neoliberalism and blaming the US for the washington consensus.
People start little by little to hate socialism but not enough to avoid another crisis. I mean, we have 40% poverty in Argentina, the taxes are still high as nordic taxes but with african public services (except a few cities) and inflation will increase as heeell. If there is another crisis I hope people stop loving kircherns and peronism.
It beggars belief that they somehow survived 20 years of this downward spiral. And nothing has changed.
It's scary that the govt can tell you that you can't withdraw your life savings. It's your money, u have the right to spend it to whatever you want.
Argentine needs special economic zones like China.
Big companies like Apple want stabilty. Low wages and low taxes for the company. And minimal regulations.
Don’t worry the socialists won’t allow the workers to have good wages and good jobs. It’s poverty for all to achieve their worker utopia!
We have too many leftists. They don’t want jobs.
Argentina needs very low percentage of children born to single mothers like China. All the other quick remedies will be like pissing in the ocean.
Average low wages means low purchasing power of the population. That's just what a company producing luxury goods like Apple doesn't want because then nobody will be able to buy their luxury products.
@@jimsmith4658 China is literally dying from the one child policy. It’s an economic disaster for China now. There is no long term sustainability in that policy. The right target is a 2-3 child per family birthday. It’s sustainable. To many kids is as bad as to few.
There needs a real reform in financial and political sectors. Coz nobody will believe that a country as big as Argentina with natural resources could not sustain itself. There is no real reform only a lip service reform from politicians. Argentina with right leadership can overcome these crisis and become prosperous as it used to be back 1930s.
At the turn of the last century Argentina was the richest country in the world.
@@cptrelentless80085 Yap and due to the corrupt politicians and bad policies they went down. Which means with real reform and tangible policies they get back to return richer than before.
I wish them all the best
@@cptrelentless80085 Argentina was only temporarily "rich" due to agriculture and real estate. Since then, the developed world left it behind. Argentina is not a forward thinking country. Part of their politics is nostalgia for gaucho era. People will blame the government, but remember, Argentina is a democracy. The people voted. So it is not just a government problem.
Annual inflation of 50%
Wow, that’s tragic
And it all worked so well the peso today is 1 to 90 to the USD … let that sink in peeps.
And 1 USD is worth practically nothing compared to 1 USD 50 years ago.
So, Argentina is in a perpetual recession?! No way anyone with balls to reduce public spending will be allowed to run for office by the unions. Kneecap the rowdy unions then maybe the whole country might be saved.
Right, the problem must be unions trying to safekeep worker's rights, not the elites or predatory foreign interests
@@slice0909 could be. But the fact that excessive public spending is resulting in government borrowing more, printing more currency and limiting the banking facilities means it's the unions that are responsible for forcing the government's hand not some "external foreign forces", why? IMF has stopped lending to Argentina, that means no foreign entity is interested in Argentina. The problem is majorly domestic.
solution: step 1. cut public spending
step 2. ?????
step 3. Profit!
Lol.
Step 1. Cut public spending.
Step 2. Pay off debts
Step 3. Achieve fiscal superávit
Step 4. Cut taxes.
Step 5. Attract investments
Step 6. Create jobs
Step 7. Profit
no solution short term enough for any politician to stick with
How do I get one of those dinosaur juice shirts you're wearing?
Argentina should just adopt Bitcoin and be done with insane inflation.
Bitcoins are a Ponzi scheme. There is no real value against the Bitcoin (or any other fake coins). It has a value as long as criminals need it, when they dump it its gone. Stablecoins were set up to be the value against the Bitcoin, but they seem to be worthless as a counter value for the Bitcoin (or any other fake coin).
Bitcoin is even less stable than the Argentine peso...
It is always the same story. Give the public some financial support from government (paid from taxes), public free education, public free health care, unemployment benefits, child benefits etc and then when a crisis happens it turns out you cannot afford that.
So what do you do? Increase taxes or cut the needed benefits in the middle of crisis?
The answer was to never put forth such benefits on the first place, even in times of prosperity.
It is a warning to countries that wanted to give what's called universal basic income and in general to countries that want to support their citizens for free.
Nothing comes for free, some things are paid triple in times of crises when you have least money available and most need for that support.
I was there on vacation. I had to avoid the big trucks with water cannons.
My fishing guides parents were wiped out.
Capital controls would have helped
I just want to give some context for people who aren't from Argentina, behind all those politicians there are honest working people who were left without anything after the looters of december 2001, people were robbed by the politicians but people also turn against themselves and they neighbours I was 11 at the time and I remember people running in the streets with carts full of expensive electronics fresh out of the robbed stores, imagine the LA riots but without so many weapons.
20 years later we are still in the same place or worse, moral is low as it can be, add to that mix the pandemic and all the bad measures that the politicians made in the most vulnerable time of need. I can't see a future here, I can't get to a future elsewhere, we are more than 40m. people doomed and slowly going down with a country that has no salvation.
It's easy to analize a country when you separate it from it's people I just want to make people remember that we are still humans and most of us have little to no way of chance the course of action of this hellhole.
Have a nice day everyone and sorry for the grammar mistakes, i've tried my best.
I'm shocked that Argentina hasn't fallen like Lebanon or Venezuela yet
I hope that you will overcome these crisis and triumph soon.
@@HShango it's just a matter of time I think. Another big thing that this types of videos often miss is the amount of mafias we have, it's really hard to govern in a country where people can literally stop your production line and sadly this people are tied to the popular politic party.
@@aducaale328 Thank you I appreciate the good thoughts.
until the people decide enough is enough, the cycle will continue.
I am waiting for someone to say "Bitcoin is the solution" lol
I think it would be better for argentina than what they currently have
@@kelper205 It it works for El Salvador, it will work for every countries. We will see.
Bitcoin's even less stable than the peso.
It only works for those with technical expertise and access.
My grandma's not going to be using bitcoin...
Waiting for someone to tell me about a great bitcoin investor who works miracles in the financial market.
@@NotKimiRaikkonen "Bitcoin's even less stable than the peso."
True, but at least it has a chance to go up, or not crash through the floor every single year as argentinian money is.
It will happen to us all
Isn't there a rather obvious thread that connects the way a lot of countries end up like this?
Lol
The best thing the Argentinian public can do is completely move to a combination of US dollars and crypto currencies.
This would give the public a stable reliable currency outside of the local governments control while crypto side steps the issues of being seized and inflated away by the government.
How can you imagine, the population moved faster, and currently Argentina is one of the countries with higher degree of adoption of cryptos in Latinamerica.
🤦♂️
Crypto is effectively the global paedophiles' currency.
When usa ask for lending of 35trillion us dollar or china ask for lending of 45trillion us dollar is the day IMF cease to exist in this world🤣🤣
@@trumpfuckbidentrumpfuckbid4859 the US won’t ask for anything. To do so would collapse it’s currency and economy. Reality it won’t happen because the US is about to enter a second golden age in roughly a decade. With the US in the process of withdrawing from the world and global trade and unlike China can continue to demographically grow everything you thought you knew will change. We’re seeing the beginning of the US going through a second industrial revolution.
Greece: I present to you our best seller- Tragedy!
Argentina: I'll take it all!
Greece: All? well, there's plenty for every-
Argentina: SHUT UP AND TAKE MY MONEY!!!
Greece: Perhaps a little of comedy to balance out?
Argentina: Ewww, no thanks
Greece: I'd rather not take your money do you have something more stable? Maybe monopoly money?
@@ANIMEFANXDLOL
Argentina: Carajo, I should have known you won't be so gullible like the others...
How about I trade you some Siesta?
Greece: Well I am being slaved by the Germans for my debt, so I can't.
Argentina: OK, so transfer that German debt to me with the tragedy, I sure know how to deal with debt.
No country will solve this problem until the government reduces spending. Politicians aren't willing to do this, it decreased the size of government and takes away their power.
And get them into trouble with people dependent on them for their livelihoods (public-sector workers, pensioners, welfare-recipients, etc.).
As a half Brazilian half Portuguese I can tell you that you could replace the word Argentina with any of my countries and most statements would apply
Within a century, Argentina turned from one of the wealthiest countries in the world to an economic basket case.
Grant also forgot that VisualPolitik loves China 🤣🤣🤣🤣🤣🤣🤣
I'm global politics, the US, Germany, and China are the keys players, so it makes sense that they are always in the global news.
Argentina on the other hand...
We might soon see this happening all over the globe...
Now i know why so many people in Argentina use Bitcoin