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By Newser Editors and Wire Services Dec 10, 2023 It wasn't the most uplifting of inaugural addresses. Rather, President Javier Milei presented figures to lay bare the scope of Argentina's economic emergency and sought to prepare the public for a shock adjustment with drastic public spending cuts, the AP reports. "We don't have alternatives, and we don't have time. We don't have margin for sterile discussions. Our country demands action, and immediate action. The political class left the country at the brink of its biggest crisis in history," he said in his address Sunday to thousands of supporters in the capital, Buenos Aires, on Sunday. |
South America's
second-largest economy is dealing with 143% annual inflation, the
currency has plunged, and four in 10 Argentines are impoverished. The
nation has a yawning fiscal deficit, a trade deficit of $43 billion and a
daunting $45 billion debt to the International Monetary Fund, with
$10.6 billion due to the multilateral and private creditors by April.
"There's no money," is Milei's common refrain. He repeated it Sunday to
explain why a gradualist approach to the situation, which would require
financing, was not an option. But he promised that the adjustment would
almost entirely affect the state rather than the private sector, and
that it represented the first step toward regaining prosperity...............To Read More....
Milei speaks and Argentina waits - December 11, 2023 By Silvio Canto, Jr. - There are two things
that no one would have predicted on July 1st. First, that the Texas
Rangers would win the World Series on Bruce Bochy's first season back
from retirement. Second, no one in Argentina thought that Javier Milei
would be sworn in as President. Well, the Rangers are champs and Javier
Milei won a landslide election. Down in Buenos Aires, President Milei addressed his country for the first time. He did not hold back:............I heard portions of the speech in Spanish and his demeanor was assertive
but realistic. His line about there is no money got the loudest
applause. It's obvious that many agree because all they have are
inflated and worthless pesos.......
My Take - What's really mind boggling is those who were in power had to know all that, and yet kept doing everything in their power to stay in power, to keep destroying Argentina. Clearly they somehow believe the disaster they were creating wasn't gong to impact they or their children? Why isn't that insanity? What's more insane is this is a pattern that's playing out all over the world. The national debt in America is 33 trillion dollars. The international debt is over 300 trillion dollars, and a lot of that debt cannot be paid.
Milei will face the problem Trump faced. A legislature controlled by
the opposition, and I have no doubt they will do everything in their
power to thwart his plans. This will be one of the biggest stories of 2024.
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