Why is Argentina’s economy such a mess?
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- Опубліковано 6 тра 2024
- Rampant inflation, a booming black market for US dollars and crippling debt - welcome to Argentina, one of the world's most dysfunctional economies. How did it end up like this?
00:00 - Argentina’s economy is in crisis
01:21 - What is happening now?
04:16 - Why is this happening?
05:52 - Overspending
07:00 - Printing money
08:03 - Borrowing money
08:51 - Trade controls
11:06 - What are the solutions?
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Meet Javier Milei, the front-runner to be Argentina’s next president: econ.st/3L9zKkk
Javier Milei would be a danger for democracy in Argentina: econ.st/45F8Ys1
Argentina is pushing international lending to its breaking point: econ.st/3qKfDSN
Argentina could get its first libertarian president: econ.st/3L47T4K
Annual inflation of 114% is pushing Argentina to the right: econ.st/3sAJ1eM
Javier Milei, an Argentine libertarian, is rising in the polls: econ.st/3PsqASB
Listen: Argentina’s economic woes push voters to the populist right: econ.st/3PjV88E
A country that never misses an opportunity to miss an opportunity 😂
U won't believe I saw your comment the moment he said that😂😂😂😂😂😂😂
Poland had only one chance and was in much deeper trouble in 91, we survived hard reforms and we have been growing for 25 years
@@wojteks4712 Poland was kept down under communist rule. Not trading ith Western Europe, North America etc normally.
Now we see what Poland is/can be. I love in Stockholm Sweden, we had Poles coming ehre when I was a child. Now Poland is a free nation like ours and people move freely inbetween :)
Brazil is more like that
What a interesting and funny comment
Nobody, ever, in the history of Argentina, has gone to prison for buying USD at Cuevas. It's the most legal illegal activity. It is literally done by everyone, including cops, judges, politicians.
If the goverment really enforced that law, that would make the country explode in a social and economic crisis (Im from argentina)
It is a business in which politicians are involved. They are just politicians, known for corruption. That's why there is no jail for buy usd in exchanges.
Economy? It doesn't matter. They keep their own business.
The currency? Neither. Only if the face of Benjamin is in the bill.
Our currency is a lie.
No es legal ni está regulada, no presenta ningún tipo de comprobante por transacción y no es aceptado como origen y licitud de fondos en entidades bancarias. Por algo se le dice mercado informal o "Cueva".
@@fkushano2590 y aun asi no hay policias en las puertas de todas y cada una de las cuevas, te imaginas gente diciendo "vendo droga" o "vaya a comprar droga a esta direccion" gritando en publico? y que entres, compres droga y te vayas tranquilamente? no, no pasa, ese es el punto
@@skylex157 En ningún momento dije que eso pasara, tampoco que haya redadas porque verías gendarmes en cada calle con tantas cuevas. Pero que eso no pase no lo hace legal, por lo tanto sigue siendo verdad lo que dije. El juicio de valor sobre lo que hace cada uno le queda a cada uno, que es ilegal es ilegal.
The system is failing as a result of both government and federal policy. In the next days, the banking crisis would have to be epic and gigantic for the FED to decide not to raise interest rates. This won't happen; an increase and a crash are coming. There will be more negative portfolios this 2nd half of 2024 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?Read more
Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder
Very true, you can be passively involved in the markets and still amass wealth-gains using an investment advisor. I first dabbled in stocks late 2019, just before the pandemic, and that same year gained over 150% with no prior investing experience, basically all I was doing was following directions of my advisor. We are working on a retirement ballpark of $3m and I’m certain my goal isn’t farfetched after subsequent investments and tremendous returns so far.
Mind if I ask you to recommend this particular coach you using their service?
Sonya lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
i'm argentinean, and watching this makes me think how easily we get used to inflation and corruption. prices get higher every month (and it's an overstatement).
what bothers me the most is that most of us do not support this, obviously, but the people in power always take the chance to make it worse, and it's been like this for too many years. i hope that now things can be different.
Problem is in the Argentine people. Keep voting populist, Peronist governments because they want handouts and don't take corruption and poor government seriously. The DNA of the average Argentinian and therefore leaders is live today don't worry about tomorrow. Party first work later. Every country is a reflection of its population and culture.
@@aldozilli1293bruh buy crypto
maybe you need more penalties
You voted for socialism and the welfare system. So it's all Argentinians fault. You all wanted free stuff for not doing anything now you all pay the price. Welcome to the real world Argentinians.
es como la teoria del pollo al que le sacan una pluma cada vez que come una miga de maiz, para cuando esta sin plumas y cagada de hambre no se da cuenta porque en su cabeza eso siempre fue asi
I'm argentinean and let me tell you NO ONE goes to jail for buying dollars in the black market, everyone knows about it and no one does anything against it. So there is no such "risk" as you said
You can actually ask the police where are the arbolitos (blue dollar dealers) and they will help you out...
There are police officers guarding the dealers 😅
I even know of a couple of "exchange houses" that have a direct alarm to the police station as a security method...
Lol what a joke
@@brankobelfranin8815 Welcome to Argentina!!
There’s a saying in economics: there are four kinds of economies - developed, underdeveloped, Japan and Argentina. No one knows how Japan continued to grow. No one knows why Argentina can’t.
My first thought is the Resource Curse, right now, Argentina has China buying up its mining resources while they steal the fish from its EEZ.
I know why Argentina doesn't grow: Peronismo/Kirchnerismo.
Everybody knows why Argentina’s economy doesn’t grow. The real puzzle is why it doesn’t shrink (much).
@@jackjones4824 Pfft! Mr. Genius, the saying about the four kinds of economies is meant as a joke. Did you really think that economists actually believe that Japan's economy will always keep growing significantly year-on-year, or that they don't know how it grew in the modern age?
@@jackjones4824 Sorry about the snarky comment! But why are you providing "clarifications" where none are required? The saying is a joke, and the OP meant it as a joke. Why then are you taking it literally and then nitpicking over it? Can't we just chuckle and move on?
Managing Money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times, while orders tend to avoid them. Well, at least my advisor does too.
John Desmond Heppolette has been instrumental in helping us achieve financial stability and save for retirement. With his guidance, we earned over 220K during a market dip, revealing the market's complexity. Having an investment adviser, especially for those at risk of losses, is currently the wisest choice...
I found your coach online easily and researched him before our call. His online resume indicates knowledge and expertise.
Thanks to Sir John Desmond Heppolette, my investments have flourished. However, the ultimate determinant is the amount of capital you invest. A significant starting budget increases the potential for higher gains.
I also found his impressive resume on Google. It feels like a blessing to have come across this comment section.
John Desmond Heppolette, is considered the best course of action, particularly for those who are at risk of making losses. It implies that professional advice and guidance can be valuable in navigating the complexities of financial markets and making informed investment decisions.
Treasury rates are rising quickly, the markets are collapsing, inflation is skyrocketing, and the Fed is imposing a significant interest rate hike-all of which will result in further losses for portfolios this quarter. How can I take advantage of the present market volatility? I'm still undecided about whether to sell my $125,000 worth of bonds and stocks.
The strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
Yes, I've been in constant touch with a Financial Analyst for approximately 8 months. You know, these days it's really easy to buy into trending stocks, but the task is determining when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. Can’t say I regret it, I’m 40% up in profits just in 5months with my initial capital of $160k.
I work with Alicia Ann Jordan, a licensed fiduciary. Simply look up the name. The information you need to work with a letter to schedule an appointment would be included.
This is a scam for anyone wondering
usa has many issues too , those usa is not a example to follow , edit ... not even rusia china
As an Argentinian I would like to ad some more context.
1)We have a very big public jobs problem, most of the jobs in Argentina that are formal employment are public in dead end none productive work, (like having 15 secretaries for the manager of the counselor of the cousin of the politician in charge of some invented minister).
2) Most of the actual productive jobs are in the informal market due to different reasons like irrational amount of taxes not only to business also to workers (even cashiers need to give 50% of their salary in taxes), business exploitation, and in some cases the lack of proper schedules in colleges about students that also need to work.
3) We have some many taxes at nacional, estatal, regional and municipal level that even some workers from the tax administration unofficially support tax evasion in low income self employed workers.
4) Education gets worst each year, most student can't understand basic text even after secondary educational level, 50% of students fail the test entrance to engineering school (the test is about basic physics and math from secondary education) and from the other 50% that enters a 25% drops from college in 6 months, and this applies for most engineering and science careers resting a lot of aggregated value jobs.
5) Bureaucracy in Argentina make the German one blush, we have to much paper work, paying so many permit and waiting in some cases even years that a lot of people abandon projects and decide to invest outside.
6) Syndicates in Europe are a charm compare to Argentinians one, they force workers to join, paralice supplies chains, start riots and extortion both company and workers, they behave like an enforcers of some landlords.
7) People decide to buy dollars in the informal market due to a very 2 important reasons, first you can't draw a single dollar banknote from your account if you buy it legally, and second we have something call it "corralito" in which the government froze money draw from every bank account and can turn your dollar savings into peso savings make it "legally" without asking you first.
There are soooooooo much more to mention, the problem is, it would take and entire semester of "what not to do meanwhile running and economy" subject
Sounds like Canada on steroids.
This is a specific question but what percentage of Argentines do you think invest in stocks/ETFs ? Is there a culture of investing in your country ?
Why people do not consider buying gold, to protect against the inflation?
@@alanmrsic893 Because it's the same here as the dollar, you can buy it legally from the bank but you can't take it back to home with you, it remains in the bank at the risk of being changed into pesos by order of the government, also if you buy it from a second hand like a jewel store they gonna give you ridiculous prices of buy/sale.
that's so unfortunate. thanks for sharing
I thinks it’s important to clarify that the 200 USD limit is actually only available for a very small number of people. There are dozens of ‘exceptions’ that make it almost impossible for anyone to have access to the acquisition of USD. For example, if your employer received any sort of financial aid from the government during the pandemic, then you are banned from buying dollars. The limit also includes any kind of digital subscription or service you may hire. Like Netflix or Disney plus (they all count towards your 200 usd limit) same if you want to buy a video game or a product from abroad (if you want to, say buy a pair of shoes or a pair of jeans from abroad, you have to pay over 50% in taxes (and that’s not including the almost 70% they charge you for using USDs)
😢😢😢why these rules ?????
@@ana8908Because without them, they can't take that money from us. Saddly that's what our state is, a big thief.
I went to Agentina in 2008 and the currency was stable at 4:1 USD: Argentine Peso and they had similar policies in place then. The IMF has turned Argentina into a debt colony where the only possible solution the government has is to print money. Austerity and liberalization has completely collapsed the official Argentine economy and made it impossible to rebuild. The reason you cant buy foreign goods with argentine pesos is because of import restrictions imposed by the imf
@@psrabe7444 I am from Argentina and can tell you that the IMF is not the problem, we are the problem since the IMF is not doing that to Peru, Chile, or many other countries, to fix something you'll need first to understand the problem. And that is where most Argentinians fail.
@@psrabe7444 The IMF put no conditions to our country, the fiscal deficit came when the budget of our country was reduced thanks to the decreasing prices of our agroexport products. And since our goverment never saved not even one dollar in the time we had a commercial superavit.
Even more so, the spending of our goverment increased, while we had a smaller budget to paid for it.
We ended the last goverment of Cristina with a financial default over the negotiation, or lack of it, with the debt owners arround the world.
That's why Mauricio Macri goverment took the loan with the IMF, to pay those people so our country could ask for money again.
I personally think that it didn't help our country either, because we asked for more money than we actually needed, but that's another topic.
We have one goverment after the other, and they all spend more wealth than what our country creates, which is imposible to maintain.
We need a goverment that stop lieyng to our people and that stop the spending machine that only works for our political class to steal to our people, even more so to the people who have the least resources, it's a shamefull and disgracefull tactic to gain leverage from our people, making a big part of our country literal economic slaves of our corrupt leaders.
I'm Turkish and I've known about Argentina for over a decade since me and my friends were using Argentinian websites to purchase online games and services because their regional prices have been cheaper than European prices. Recently Turkey has also fallen into the same inflation spiral as Argentina and the reasons are very similar: untrusted government, decades of bad monetary policies and printing more money etc. Its really depressing to be a part of such a system. I've met many amazing Argentinian friends and I hope Argentinians can recover from this eventually. much love
The reason is a debt with the IMF take it but a non Peronist president
Turkey was placed under sanctions, it had nothing to do with printing money.
Same but pakistan
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in US.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over $250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.
@@TomD226 Please pardon me, who guides you on the process of it all?
@@TomD226 Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
we are not a colony pal, we became independent 200 years ago.
You mean ending human slavery? Theres no government, religion or industry outside of fiction. Humans have to be forced to make and keep the waste.
I lived in Argentina on and off for decades and I can attest that Argentines have simply given up any hope of a future. The brightest and most ambitious of its young people are emigrating.
I can confirm what you say. There are never ending lines in consulates with people trying to get european nationalities. Most of them are either trying to live a better life or they want their sons to live a better life. It's so sad to see most of the people work their butts off to earn just enough money to survive until the next paycheck. Saving money is for a select few. Saving in pesos is losing money and no one is allowed to purchase any foreign currency legally so you´re literally hopeless people are forced to spend their money in order to not lose it.
I said all of that before watching the video. And yet I can see some mistakes. Official exchange is 360 pesos, but there´s no one that can buy that. You have to add a "couple" taxes that are called "impuesto pais", "impuesto a las ganancias" and "impuesto a los bienes personales". All of them add up for a 90% extra. That´s why people don´t even thint about selling their dollars to the central bank. You buy 200 dollars legally (in case you can, theres a lot of barriers to do so, a lot of excuses to not sell them) you pay 670 pesos per dollar. If you go to the bank to try to sell them they give you 360 pesos per dollar, sane happens to foreigners. If they come here and want to exchange their currency, they have to resort to the black market, otherwise they lose a lot of money. There's no incentive to put any money in this economy.
Brightest? More like spoiled brats with rich parents
And yet the college kids in the USA want this.
They are so brain dead they think socialism is awesome. That government control is awesome. USA college kids aren’t too bright.
I've lived on Argentina my whole life, and i can attest to the fact that this is simply not true, or at the very least not entirely correct. Furthermore, this whole video is pretty much a complete sham, and very badly researched. Argentine politics are far more complex and than it's shown on the video.
As for people leaving the country, fair. A lot of people are, mostly people with money. But please don't go around implying that most professionals are prone to leave the country.
The disillusionment of the youth is nothing more than a tool from politicians to make us believe we have less value as a country than we do. To make us think that we should sell ourselves, be a colony of a country like the US. And it's working, plenty of young people think like this, and hate their own country despite it being not as bad as they are led to believe.
And yet, most professionals tend to eventually understand that they won't belong anywhere else the way they do here; It's not the same to say you *wish* you'd leave your own country, than to actually go ahead and do it and learn a different language and culture. Simply not that many people are willing to do so. Specially not people who don't have more money than most.
All of this I say from the point of view of a young, well studied citizen of Buenos Aires slightly below what would be considered middle class. Born and raised in Argentina. Never even stepped in different country. Please, even if you've lived here: don't pretend to speak for me or those like me.
Listening this in English makes me think about how we normalized all this problems like it has been always like this. I'm 30 and I don't know how it's like to live without inflation. I really hope I get to live at least a couple of years of stability... Someday...
durísimo tu comentario, y comparto, nunca viví una vida sin inflación
Yo también, casi 30 y todos los días de mi vida siempre escucho que estamos peor, incluso mí papá se encontraba en situaciones difíciles durante Menem y los Kirchner, con miedo y depresión. Y ahora mismo, yo leo como otros paises de Europa y Asia están mucho mejor y me hace querer vivir allá o que acá pueda parecerse mas a ellos.
yo vivi un año en Japón, y chabon, es una locura no ver subir los precios de nada
Ustedes los argentinos necesitan aprender de Brasil. En los años 90, Brasil pasó por una inflación horrible como la que está pasando Argentina ahora. El ministro Fernando Henrique Cardoso creó una nueva moneda y puso fin a la inflación, se hizo tan popular que poco después llegó a la presidencia.
@@viniciussantana9786 Pa, eso lo hicimos 3 veces en la historia ya, y siempre llegamos a lo mismo
"It will be difficult to convince a disillusioned populataion that short-term pain will bring long-term prosperity"
This rings true, and not just for Argnetina.
Me and my whole family left argentina in 2001 , it was one of the saddest days of my life . Me being 10 years old and leaving everything behind and now 2 decades later seeing my country worse than ever . Really breaks my heart 😢💔
well from 2003 to 2008/2010 it was kinda stable, but after that everything went downhill.
Where did you move ?
@@willjames915 we moved to Canada
La mejor decision que tomaron en sus vidas.
Never to late to move back.
We had hyperinflation in Mexico for several years until the central bank got complete independence from the government. It was a nightmare for populist politicans but it worked surprisingly well until now.
Yep, and people still hating those who ended the hyperinflation and their method. FOBAPROA, Autonomy, Privatization, Salinas and Zedillo are words that invoke the devil. But those words represent the end of an era that brought hyperinflation, public/foreign debt, etc. It was a traumatic end that destroyed the old political regime and still we have not have finish processing the trauma.
There should not be a central bank. It can only do harm
Same in Brazil
@@felipejnntbut the current populist government in Brazil is against it
Socialist governments use central banks to implement ever more socialism through inflation.
Im an Argentinian, last year my sister had to emigrate to italy, she had 2 jobs here and still couldn't afford nothing else than rent and food, it was heartbreaking for our entire family to say goodbye to her, but i know that she deserves so much better, so i wished her the best, i miss her everyday and i hope and wish she can return home soon
If you wish her to return then you don’t really care about her. Her leaving Argentina for Italy was probably the best decision she’d ever had.
@@diegomcfly4326 what a ridiculous comment.
@@diegomcfly4326 I think he meant to return home for a visit.
Hey, why argentinian girls are so hard to date ? Do you date only with each other ?
@@kaiseri.4641Not at all, it´s just that they love the whole cat and mouse game. Besides that, we Argentinian men have a tendency to be quite straightforward with women, we´re not shy, so you have a lot of competition
The Argentina economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average Argentinean. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
I find your situation fascinating. Would you be willing to suggest a trusted advisor you've worked with?
Because the people want to.
Now 1Usd costs 1300 pesos, when last month was like 700 pesos. And today the people voted for the minister of economy to run the country 💀
It's a mess because we want it
exactly. and his opposition is a specialist in economy but without no experience in political stuff.
It's just unbelievable how they totally overlooked the fact that Argentina's foreign debt skyrocketed under the military dictatorship of Videla in 1976, surging from $4.6 billion to a staggering $25.6 billion - an increase of over five times. This dramatic rise in foreign debt during that period had long-lasting economic consequences for the country. It was the military regime who played a pivotal role in shaping the country's financial challenges that persist to this day.
This!! Thank you so much to point out this
They never intended to pay it back
It's an English channel, obviously they won't tell about it...
La deuda en argentina no se invento en el 76
@@saltruis2432 no pero se disparó a partir del 76
I lived in Argentina for a year -- what an amazing country, the people and the culture are just sublime - so sad the economy is such a mess.
They have three world cups at least
Y vos cuantas copas tenes?
Rather than keeping a dying economy forever, they should let it die fully, so when it revives, it will be in a fresh state
@@heliocuevas4614 Y puedes comer estas copas?
@@heliocuevas4614y eso a quien le importa? Por Dios.
European electricity $40.00 a month 😂
More like 3-4 times that!
Per person , seems midly accurate especially for E.U. member states
Gosto muito da Argentina. País incrível. Aqui no Brasil por muitos anos sofremos uma situação muito parecida. Em 1994 veio o ajuste fiscal. Doeu mas hoje inflação não eh um problema. Desejo boa sorte!
Greetings from Croatia! When I was a kid, during late 80-ties in Yugoslavia, I remember going with my dad to illegally exchange German marks for Yugoslav dinars. There was some dubious looking guy standing near a parking lot who was silently repeating - „Dinari, marke, dinari, marke…“ to passers by. This was common practice, couple of years later Yugoslavia became EX-Yugoslavia.
I hope Argentina manages to come out of this crisis!
Is there still war in Croatia? I would like to visit but scared
Yes, don't come.
@@luciferin22 Bro war ended in 1995, no war since then 😅
It was same in Slovenia, shady characters on every town square, full of Deutsche marks :)
@@vladimirpopovic8136 are u sure?
To give you some perspective, this video was uploaded a month ago and is pretty accurate on 2023-09-27 the value of the Illegal dollar was $763. Now a month later this value is $960, an increase of %25. In Argentina, prices are somewhat based on this value and for that reason, for us now simply buying anything is an investment just because you know tomorrow the price of that will rise but your salary will not.
I got to Argentina in 2021ish and the rate was about 250, I immediately exchanged around 5000 dollars worth of pesos all while my argentine friends were laughing at me, they said the rate is definitely going to go up and I said maybe it will go down. Rn I just exchanged 100 dollars for 920 a dollar. I dont think the situation will change anytime soon and it will only get worse depending on the new president.
@@seamusgardner this legit made my sad
It’s 930 on WU, but I got 910
1200 pesos 1 dollar if you count non government media.
and now more than a 1000 pesos
Argentina's economy struggles with deep-rooted mismanagement, leading to hyperinflation, heavy debt, and a lack of trust in government and markets.
The big problem Is the money going out of argentina, in spanish we say "la fuga de capitales" And the problem Is just a small group company's with the economic model of speculation. They doesn't want the industry in argentina with our own products, they wants speculation. This model failed in 30s at ghe same time the populism politics and the déficit spending more than the production
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in Argentina.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over $70k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.
I learned from past mistakes not to rely on rumors and hearsay for market judgments. In 2020, I held worthless positions until I revamped my portfolio with the help of an advisor. Since then, I've scaled up $250k in 2 years, regardless of market conditions. It's all about where you're looking.
@@TomD226 This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
@lowcostfresh2266 In fact, I'm not sure whether I'm permitted to say this, but I'd suggest searching for Laurel Dell Sroufe as she gained a lot of attention in 2020. She is both my coach and the manager of my portfolio.
@@TomD226 Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
The last sentence from the grocery store owner was so reflective of the situation: ‘I don’t think thing will get better’. In macroeconomics, expectations of inflation is no less important than the inflation rate itself. When there’s no trust in the central bank effectiveness, Argentineans are living but also manifesting their worst dream.
underrated comment. The belief in money in itself is a confidence game.
Thats bs and ignorant comment.
they keep printing money and turning it into toilet paper. for many years So how can you believe in your money if you see it is burnning in your hands.
the man meant all politicians are the same and they wont stop printing money so things will not get better
It's hard to have any hope when the central bank is tied to the goverment itself with a leash, the current economic minister can just turn on the money printer and wreck everything, as they have done for the last 20 years or so.
The cycle goes thus : get 2000000 public employees you can't afford to pay, raise taxes, money is still not enough> turn on the printer to finance yourself with freshly emitted currency>devaluation/inflation happens>raise taxes again>people demand better salaries because devaluation ate the value of their bills>raise salaries>turn on printer to pay those higher salaries.
Nobody wants to stop this because it would mean paying the political cost of having to fire a bunch of people from mostly "do nothing" jobs, and so the money printer goes BRRR once again.
That's always be an argentinian thing, we always expect the worst since our economy never gets better 🤷♀️ we have a saying "Is bad but it could be worse"
in argentina we have a major crisis roughly every 20 years, there's no faith anymore, since the central bank of argentina was created they had to take 13 zeros from the currency
Hi, thanks for showing our problems to the rest of the world, i'm argentinian, and right now i'm crying, i've been crying for a long time now, waking up everyday knowing how polititians fill their pocket at our expenses, and give the rest of us some pittance just to live through the month, and we can't dare to fight this system, because the truly poor people that live like this can't afford to take a chance on a new government.
FYI, it's widely accepted by the public that our last 2 presidents, Mauricio Macri and Cristina Fernandez have stolen most of the US dollars reserve in our country, and that most of the money borrowed from the IMF has been sent off-shore by polititians.
Argentina doesn't have a powerful military, so you would think by now we as people should be rioting everyday, but we can't because polititians are in cahoots with the various workers unions around the country and they are the ones calling the shots.
cheers everyone!
The precision here is incredible! True craftsmanship.
So sad. My parents were US citizens who lived in Argentina for about 20 years. I was born in Salta, in Northern Argentina and spent my early childhood there. I love the people, the culture, the food, the language, and the beauty of the countryside. I feel sad for the people who struggle to get by. Th government combines equal doses of incompetence and corruption. Chile and Uruguay, to the west and east of Argentina, respectively, are largely stable, with low levels of corruption and poverty. Argentina seems cursed to live in perpetual crisis.
Un chorri un voto loco!
Chile an Uruguay never got the Peronismo virus, they were lucky. There is no vaccin against that.
Probably karma for the Black and indigenous population that were annihilated with gen0cide 💯
Cursed because of their historical crimes, but Argentines think they're better than the rest of South America 🤣
@@miamitten1123 exactly 😂. Those gen0cidal Nahzees think we the world will forget..
Trying to explain the problems of argentina without using even once the word Corruption in the whole video, means you didn't understand one thing about our country.
the more i hear about the situation in argentina the more i think chainsaw boi might have a point.
This is heartbreaking. If you visit Argentina its truly a beautiful country and the people are lovely. It seems unfair that the political class can do this
I agree. But they’re also voting for these people
@@codycastNo more peronists, Javier Milei easily will win the elections.
Patricia Bullrich started as a peronist and had close ties to the "montoneros" militia, many of the same politicians behind the two main political parties are the same ones who destroyed the country and never leaved the State.
Both political parties were damaging the justice system as well, one of the main goals of Milei's government is to reduce the number of ministers and give total independance to the justice system unlike how it is right now.
@@codycast Then who can they vote for? They will all become corrupt!
There aren't as many alternatives as you think, not even in your country. Those who govern are always the same and desire human suffering. Greetings
@@gabbsdy8741 Democracy is the biggest lie that exists, it is a disguised monarchy. They make us believe that we can choose, they make us believe that we are free, but in reality we are slaves to a perverse system. They have little time left, I know.

Argentina’s number one industry is corruption. They don’t call it that but that it certainly is. Imagine, if you can, a visitor to NY checking in to a first class hotel, asking the desk agent to please change her currency into dollars at a rate double or triple the prevailing number. This is done routinely in Argentina with no attempt to obscure it. The cost of goods is quoted as two wildly different numbers. One, that day’s value in Pesos, and two, a price in dollars far cheaper for the American visitor than the official conversion rate.
During a six week period of visiting Argentine, which I really loved, the reason became clear. In October, a beautiful leather jacket would be immediately quoted at half price when I pulled out dollars. I went to other parts of South America, returning to Argentina to the day one month later, in November. In that 31 day period, the official value of the peso had dropped by half! Of course venders want to be paid in dollars. A dollar is an INVESTMENT in an economy with such inflation.
I felt like I was cheating the absolutely beautiful people I met there when in fact they recognized me with gratitude on my return, as my purchase had made them a 100% gain in 31 days. That is unsustainable and bringing the nation to ruin.
We know we live in the United States
@@robertstoddard3626 Umm… ok.
When they equalised the Peso with the US dollar back in 90's also including the heavy debt due to the war with the UK in the 80's that's when the troubles began. On mass people lost their savings with the banks, that did a runner with the peoples money. I was there in 2003 and was able to see for myself what was happening to the economy. A lot of Argentineans who have historic ties with Spain, by parentage and blood, took advantage of the new law in Spain called the historical memory law to give them the right to apply for Spanish citizenship thus allowing them to leave Argentina legally for Spain to make a new life.
No one goes to work and government keeps printing money. That's way.
In 2000, I moved from India to New York for work. There I met an Argentinian for the first time in my life. She was my banker Teresa. Since we were both immigrants in a foreign country, we got talking about where we both came from. That was the first time I heard the word conundrum. That’s how she had described her country. She had said that the conundrum of Argentina is that it has super bright people who can’t seem to run their country. I have always followed the Argentina story since then because I had always found it so intriguing. It is really such a pity that things have not gotten better there even after 23 years.
Theres a saying that if U leave Argentina for a couple months everything has changed but if U leave for 10 years everything is the same
@@SantiagoAntonutti Cyclic? Yeah that right!
The government should get out of the way, and stop trying to manage the economy. The market will decide
@@joedennehy386 It's impossible for people to even try it. I went to a public school and I remember in history classes they taught us that the state must be super intrusive
Socialism 🤷♂️
I visited Argentina in 2015 and the "blue dollars" traders openly announced their service. The same happened in Brazil for a long time (late 70s until early 90s). There's something I've only seen in Argentina, though: official institutions forging national statistics like, for instance, inflation.
It happens in Turkey too. They try so hard to show official inflation lower than the real inflation so that they don't have to increase the wages according to real values.
According to who exactly? Nobody can prove what you say. Because it's a lie.
China, do you really think less than 10,000 people died of COVID in that country?
@@webmasaleit’s not a lie, every Argentinian knows that.. you can be there for a week and you’ll see it even if you are not trying.
that's arguably how the CPI works in the US with the use of owners' equivalent rent and other substitutions.
Many in South America think they have nothing to lose as they are poor. This state of mind is a sort of addiction that gives you a false high when actually you are in misery. They do not care about death and that makes them stop living as there is no purpose. People are seriously insecure about losing this status. They are worried like, "What will happen to me if I come out of poverty?" The answer is you will start living your life with body, soul and spirit. After which death does not matter to you. Or, who knows? You can live a happy life and still live longest like many all around the world do these days!
I'm from Uruguay and I am 25. I remember seeing ads on tv about things like lays at 1 Arg peso when they were 10 Uy pesos here when I was little. I can't believe how much things changed in 20 or so years
cuando una botella de coca cola chica de vidrio costaba 0.50 pesos. o con 100 pesos te comprabas todo en el super...
As an Argentinean, you know things have hit a low so deep you can't crawl out of it due to inflation the moment the people give up using pesos and switch to a bartering system. This especially in poor and rural areas like Tierra de Fuego.
Family back home tell me "I cannot buy 1 pounds of sugar, so the local supermarket (Like Martha's for example from the video) will break up the pound of sugar into smaller amounts to 1: Help the buyer 2: Make a sale
Vivo en Córdoba y no sabía lo del intercambio. Qué bueno que allá se haya encontrado una "curita" para esta situación, supongo :'/
Sugar is bad for you anyway.
Why does the International Monetary Fund keeps lending to Argentina? So many defaults and they don’t follow the terms for the loans. There’s something fishy about it. I wonder if IMF is so corrupt that its officials make money out of it 🙄
Many are convinced the gov will pay them back with profits from lithium / copper exports which they expect to increase. However, the gov has failed to maintain mining infrastructure
US dont want to see a commnist dictator so rather do something to protect democracy,
@@Cordycep1
Explain Cristina Fernandez-Kirchner.
If they don’t give them money…Argentina will be crash 💥 & go full mode disaster….
USA control. IMF is USA's tool to directly influence emerging economies around the world to take policies that favor the US.
If it benefits the US, they will find a way to lend to questionable local leaders, so later they have the whole country's economy hostage. The ransom is "do it our way or crash in chaos", so the country is obligated to comply with US favoring policies for decades.
My fellow Americans: A glimpse of our future in 10-20 years if we don't get our spending under control. If the dollar wasn't the world's reserve currency we would already be seeing this. A growing deficit with a growing economy is a VERY bad signal.
Socialism and Communism destroys the economy every time its tried. We need to return to capitalism, a small government and what our founding fathers created in the US Constitution.
You are right. We are already seeing big inflation due to the Democrats’ love of spending. The same happened with Dem President Carter.
An economy propped up by a digital currency is not one built on a solid foundation.
So end the waste humans. Theres no government, religion, healthcare or security outside of fiction.
1000%
'The State produces nothing, only the Private Sector creates wealth' ✍Javier Milei✍
The dumbest thing anyone ever said.
A country that never misses an opportunity to miss an opportunity ...well said
I live in Egypt, and its situation is very similar to that of Argentina, with salaries, a weak currency, extreme prices, and everything
che guevara was a mas murderer
@@jsedusjung461 Learn first then talk
i know more than you about that murderer for sure@@salvadorguevara4835
IMF is a geopolitical extension tool of the West. They would deb trap and have very stringent conditions attached to some developing countries, while to others like Argentina, Egypt with inflation it's super easy to get loans. All to further geopolitical interest and control of the West.
@@jsedusjung461oh no, a guy who fought in revolutions killed people
Progressive economic policies and the corruption that goes along with it.
Peron didn't introduce the 8 hour workday, It was Hipólito Yrigoyen in 1929
it's so sadly, I'm from Venezuela and I emigrated to Argentina when my country passed for the same situation (9 years ago), right now I'm watching this movie again 😔😔
maybe you are the problem
nah just kidding :v
How is the situation back in Venezuela by the way? Just getting worse and worse? Do you think there is any hope? Or is PDVSA pretty much ruined at this point?
@Crying-Croc Yeah, I even watched a vlog from Bald and Bankrupt (a popular UA-camr) and in his Colombian blog, he walked in a public park and encountered a Venezuelan woman who was just loitering. Sad :/
Venezuelans have the most number of people migrating to the US illegally. When you risk your life trekking through Central America, that tells you how bad their country still is.
There is a difference, Venezuela is a dictatorship, Argentina is a democracy and has free elections and the current government that ruined the economy so much will be soon gone
When I was a young child on a prairie farm in Alberta Canada. I heard for the first time of Argentina on the local radio farm report. I have always longed to go and when I arrived in Buenos Aires in June 2022. And stepped out of the airport I felt like I was home. Returning to Canada has been very difficult. Despite the harsh reality I plan on returning as soon as possible.
So your not Canadian
u're always welcomed here brother
Stay and live in Argentina. Let's see your comments then.
Typical honeymoon period stuff. Always happens when you move to a new country. Lasts three weeks to six months, depending on your personality. Afterward, comes the rejection and culture shock period, when you hate everything and don't think you could ever fit in.
Never make any long term decisions based upon such short term effects.
I lived in China for 5 years (I'm from Ukraine). I fell in love with this country from the minute I stepped out of the airport to the last look at my boyfriend in the last minute of being in that country. My story ended and that was the most beautiful and tragic part of my life. @@user-hg2gt2wb3c
I have an Argentinian friend in Cordoba. He lived in LA for a while and created a US software company and gets paid in US dollars. He and his family live really well, employ a lot of locals, the countryside is really beautiful, I'd never felt so welcome in a place when I visited. I was thinking about hiring some Argentinian programmers for my business and live down there during the Northern Hemisphere winter and build a cabin ( Bariloche is gorgeous) and keep my US base station for financial/tax purposes. Could be fun. A win win. I'd need an Argentinian girlfriend to improve my Spanish. . :)
Well, I'm studying a career called "Licenciatura en Sistemas" which it's similar to "Systems engineering". I'm currently in my second year of college, but if you need a programmer you can contact me 😂.
I have been visiting Argentina twice a year from 2005 and NEVER had an issue changing dollars.
"There 4 types of economies: Developed, undeveloped, Japanese (nobody knows why it grows) and Argentinian (nobody knows why it shrinks)"
-Simon Kuznets (Nobel Prize in Economics)
He said this 60 years ago I wager. nonsense.
Japanese economy has been stagnant for more than 20 years, when was this even said? Lol
We know why it shrinks. We have the worst and most delincuency politicians in the word -> peronismo, kirchnerismo
We know exactly why Japan's economy grows
This perpetuates a myth, we do know full well why Argentina failed. If anything, it's some politicians around the world that do not want people to learn from the warnings coming from countries that succumbed to government overspending.
Its worth clarifying that there's effectively zero risk of legal repercussions for trading currency in the 'black' market, since it's not enforced at all.
Yea, I chucked at the beginning of the video with the faces being blurred and everything. What a joke. Everyone buys pesos on the black market openly.
Yes, The Economist is truly way off here, and it's the first thing they say in this video. I immediately looked to see if the video perhaps was years old, but it's pretty recent. Changing USD to Peso and vice versa is as normal as buying a carton of milk. Amazed how misinformed The Economist is here.
I can't belive that milei won. That makes me have hope again
In midst of all this mess, Argentina still opted out from BRICS. I'm questioning if their lawmakers want to have a stable economy.
I lived in Argentina in 2018/2019. When I arrived one dollar was 20 pesos, when I left it was 60, and a few weeks after I returned to Canada it was 100. My rent was literally $160 CAD
Now is 880..
@@tremu777dj 945
1000 today
@@PashanimForeverTime b0mb..
I'm argentinian. And in 32 years never had I had a feeling of stability, on the contrary, everytime I see how my money runs through my fingers, sometimes I see, how unfair is for turists to burn money in minimal things. For example going out, one empanada 1000 pesos. A LOT, but for them the exchange is on their favor. I visited Brazil, and everything is very expensive, and is frustrating. We are tired, stressed, fed up, because this feeling of uncertainty. I love my country, it has beautiful landscapes, people is really freindly, we have learnt how to get on board and "patear la calle" but, how long?. My mother went to Spain for holidays, I had to put it off because I couldn't afford it and told me for example ; if you wanted to go and have a drink = 20 euros , eat out= up to 40 euros. CRAZY. unfortunately the world, including Argentina is expensive for us. I still havea bit of hope for things to change
It’s only marketed as money. Its used to add on waste to transactions done in other ways. Wirelessly monitoring the central nervous system is old.
Superb video. Straight to the point with facts and information. Pleasure to watch unlike other videos which ramble on and take a long time to get to the point.
I've heard political commentators say that it's not a secret the pain that such changes will cause if implemented. The issue is when a candidate does make that proposal, another candidate sees that as an opportunity to state that under their stewardship it won't be necessary. That candidate usually wins and the economic changes never get implemented. But boy how profitable $$$ their tenure!!!
To be an economist in Argentina must be WILD
An economist who has no prior experience in the political field but is very loud ly and proactively trying to fix the economic situation has a very high chance of becoming president in the next couple of weeks.
You graduate of economist at the same moment that you step into argentina's soil
@tomasb.7175 im just hoping that if he happens to win, he actually improves argentina's economy and brings something better to the country
Either that or he'll be remembered as just another clown that hated women and public schools
@@aishasky33 You, me and about 30% of voters
@@aishasky33it's all we can hope for but he is still basically a clown and a corporate puppet
Brazil ended hyperinflation in 1994, so the younger generation of Brazilians can't understand the real size of Argentina's problem. We were also lucky because Getúlio Vargas (the Brazilian Perón) didn't make such a big impression on the political debate here. It's sad to see such an important economic partner in this situation. I would say that a common problem between Argentina and Brazil is excessive protectionism - we have very few trade agreements with other countries.
Brazuca querido, como van con Lula? Estás conforme con él? Milei seguramente sea presidente, y el tipo dijo varias veces que mientras Lula sea presidente va a cortar lazos con Brasil 😔
@ebyanmapper2058 Both Lula and the former president Jair Bolsonaro are weak rulers. Both have strong support of about 30% of voters while the rest hate both.
As a result the power shifted to the House of Representatives, and they only care about their self interest.
I predict that public spending will skyrocket, as each deputy will have millions at their disposal to transfer to their constituencies.
Milei también quiere cortar lazos con China y otros socios comerciales importantes, o sea, cerrar el país. Sabes que significa,¿No?
@@ebyanmapper2058actually things have improved quite a lot since Lula got elected. Pov: I'm an Economist. Beijos querida
The problem isn't protectionism, it's the dependent position of the economy in the global market. Look up teoria da dependência, especially the work of Furtado, Tavares and Marini.
We (Brazilians) were able to solve our chronich inflation with the Plano real, then the commodity boom and the re-organization of the economy from Lula one.
It has been going on for decades! I've heard Argentina's inflation problem since 80's.
I feel for Argentina, inflation is really bad here in our country (Philippines) too, honestly I think we have it worse.. and what's really depressing is that the people keep voting for the same rotten politicians every elections and yet they are expecting change to happen.. sadly I've accepted the fact that it will be like this until the day I die, and I'm just 29 years old now.
Edit: I hope that with your new government, things will get better for you guys. Love from your hermanos in PH 🇵🇭
Maybe you could try to go abroad and find a job if you are in possibility , there is a lot of Philippines workes in my country (Croatia) but i know that the trip can be expensive ..we like the most workers from Philippines coz they are very hard working and friendly people
@@josiphorvat4447 thank you for your kind words to my countrymen, love from a Filipino to Croatia
It's truly disheartening that I can't freely choose to remain in my home country because of its deteriorating situation, with the love I have for my people and culture.
What's even sadder is that this lack of hope isn't limited to just the adults, who have endured various crises and horrifying violent events. Even the youth among us are gripped by despair; we live in constant fear, plagued by insecurity and uncertainty.
And it's all the more heartbreaking when we consider the countless people who don't have the opportunity to leave for a country with better governance.
Lol Chen?😂
Chinese ?
continúa votando en socialistas.
All-white country is doing just fine 🤣🤣
Chyna slaves get to travel to work in other countries
It's not a "trust issue", it's a technical issue. Brazil had gigantic inflation for decades. Within ONE MONTH of the implementation of the Real Plan, inflation was controlled and purchasing power rose. In two years, the population in extreme poverty fell by 18.47%. In 1994 inflation in Brazil was 2,075.89%, in 1996 it was 15.76%.
Real Plan was resisted for technical reasons. A policy of these characteristics has a technical and a political side as it really needs to recompose public trust in the monetary institutions. Many other plans similar to Real Plan have failed or have been short-lived. At the time of the implementation of Real Plan, Argentina had another policy, similar in many aspects to Plan Real, that kept inflation extremely low for almost a decade (Convertibilidad), at the cost of producing the greatest crisis in the country
@@pippo1734 that's kinda wrong. Convertibilidad failed because it was implemented in Argentina, so we kept spending more money than we were earning. This deficit was then covered by taking more loans, until the debt became extremely huge and impossible to repay.
Is a political corruption problem
@@tachy635 That's it.
It is also a trust issue. The world doesn't trust Argentina. No company or start up, nor even their citizens,except for those that got benefited by the government through either welfare such as the poor, or throught subsidy such as some hand-picked companies of the government. Which are often friends and family
The bill on the thumbnail is the 100 peso bill. It was worth a 20$ not that long ago. Now its worth 10 cents
@7:30 America is following the footsteps of Argentina.
argentina is america bro
It is indeed a mess, I traveled there for 40 days this year and I assume the economy is pure chaos. However, for us Europeans, is paradise. I had amazing dinners with delicious wine and meat for only 7€ at fancy places, traveled the whole country for 40 days, and only spent (in hotels, food, and transport) 680€ and I did everything I could.
Only 7€
Misuse of commas.
Yes that’s because our minimum salary is 200usd.. so you are welcomed.
Vengan Europeos a pasear que necesitamos esos 7 Euros!
@@JavierChiappanot anymore due to the current high crime rate.
I really hope that Argentina can stop inflation and rebuild the economy 😢. 🇲🇽❤️🇦🇷
Put Lionel Messi on the job! He listens to the suffering people!😅
inflation and bad economy don't go away based on hope.
imf wants inflation
👍
before we can rebuild we have to destroy!
Where is the recognition for the main journalist of this report?
I didn't see her name anywhere throughout the footage of the video nor in the details section of the upload.
US dollars are surrounding around the world.
For Quantitative easing has been shown to be effective.
When we line an imbalance occurs between the exchange rate and actual trade, we would like to resolve it by using it as a means of payment.
Currently, the payment issue is a process in which wages and prices are adjusted.
Argentine peso financial resources need to be exchanged with industries with international competitiveness in the market. My opinion is that risk hedging and return taking are serious.
I'm Italian and it's absolutely impressive to see how many Argentinian people are trying to get Italian citizenship. Small cities' offices are submerged by their requests.
But as soon as Messi plays they all claim to be pure Argentinians 😂
es logico, si a la argentina llegaron 3 millones de italianos.
@@dens3096escaping from the economy of your country doesnt mean you stop being from where you are. Italians made exactly the same in the 1930’s. So whats the complain?
@@dens3096The majority of pure argentinians have had italian blood for more than a century now bro
Surprise. We all claim Spanish and Italian passports because Italians and Spanish moved to Argentina first lol
Jamaica went through something similar, but we decided that the bitter medicine would make us better in the long run. Someone just needs to tell them you have hard years ahead if you want to see a better day. You can't fix 20-30 years of mess in couple months or a year.
But we can start to do it the change, otherwise it will be worst and without hope.
We have more like 70-90 and some people would argue over 100 years of mess
Macri tried that and 4 years later got voted out. Argentinian's don't seem to know how to do hard.
You can, just abolish the State.
Jamaica went through nothing like that in Argentina. In addition, Jamaica, ranked second on the brain-drain chart, is no better than Argentina. JA $154.54 = U.S. $1, where's the improvement?
0:44-0:50
Argentina is a country that never misses an opportunity to miss an opportunity 😢😢
Those policies are really bizzare. I'm glad they have Milei now, he knows what he's doing and of course he's right.
Once before lock down I visited Argentina in 2020 and got exchanged some euros to pesos for the black market from local guys. They people are beautiful and friendly. Love from India
I love how they tried making it sound dangerous.
We love u Indians, we know you guys like Messi as much as we do, that's more than enough to become our ally against the dangerous chileans
"A country that never misses an opportunity to miss an opportunity." Well said
one second. where did you get that footage of Charles of england on those £10 notes? we don't have that yet?
NO ONE goes to jail for changing dollars on the “blue” market. I go often to a change house, right next to the national bank 😂🤷🏼♂️🇦🇷
Me, an Argentine living in Buenos Aires, clicking on this and preparing myself to continue to be traumatized
Argentine people are turly amazing and the country has such huge potential. It's a pity to see it in such horrible economic situation
but Argentines think they're better than the rest of South America 🤣 so I don't see it happening.
@@miamitten1123 you already said that, nobody cares. Anda pa ya bobo.
@@miamitten1123first the Venezuelans thought that and then they got a reality check and now the Argentines
the ss felt that way as well
You say that as if their dire situation was brought on to them by foreigners 🤦🏿♂️🤦🏼♀️🤦🏾♂️🤦🏻♀️🤦🏽♂️🤦♀️🤦🏼♂️🤦🏿♀️🤦🏻♂️🤦🏾♀️🤦♂️🤦🏽♀️
Feels like a revolution is bound to happen at some point of time. Just looking at the surface from this video, I don't think debt and borrowing can continue forever, and yet people aren't willing to give up the standard of living.
Open up the country for trade abandon the protectionism bring in supply to meet demand and sell your resources for profit. Revamp the tax system that taxes each class fairly so that the govt can fund its operations without ever thinking about printing money or do what Zimbabwe did and drop the currency and move into the usd but acquiring usd would be tricky part.
they should stop trying to peg their interest rate to the dollar, and then they should pin their interest rate to 0% the 130+% interest rate is why their inflation is so high
What does the cost of borrowing have to do with the velocity of money i.e. the rate at which money exchanges hands at the ground level? If resources are finite and Argentina has played the role of isolationism then it's reasonable to expect that money is chasing too few goods and therefore inflation will be high.
I love how poor they tried to hide his identity 😂
It looks silly but I think it's about if police can successfuly identify him, not just recognize him - and no (democratic) court would agree that this video is such proof. If it was about being identified by the general public, I'm pretty sure we wouldn't see even a bit of his face and his voice would be distorted too.
Pretty sure they used an actor aha... hope so
I was going to say that!
hiding milei political belief?
He did it was pseudo legal, so, plausible deniability lol
This is exactly what happens in Nigeria. The difference e is that you can legally buy dollar from the black market. What's more disturbing is that banks are in on it, they prefer selling to the black market than to individuals because they gain from the black market rates, and even though the banks have their own rate, they still charge international payment done with the Naira card at the black market rate. And all of these are completely overlooked and appears legal!
Love u guys i missed Nigeria so much the last worldcup
Wait ... that means the banks declare the rate just for fun 😮
@@boulderbash19700209Nope, it's worse. The exchange rate is determined by the individuals who sell at the black market. And these guys are basically illiterates with no business or economic background and literally just buy and sell FX based on personal opinions.
@@boulderbash19700209 The black market here is runned by people who buy and people who sell, there are no intromision of the banks, mosly because the banks cant touch a big part of the pesos and dollars they have in deposits after 2001 crisis, its forbidden (it's called "encaje"). They must give it to federal reserve but can keep a low % of total deposits for daily operations.
Black market is not legal, but its common as a lot of illegal things here....
The official rate is declared by the government here... as the other 20 rates of the same currency they have for any kind of bussiness. You can check it in the video, dollar qatar, coldplay, soja, credit card, MEP, CCL (wich is the one that follow the black market), and long list of different prices for the same dollar (or any currency)
There's an issue in your argument. The goverment controls who can bought the official dolar, and only that one can buy 200 hundred dollars, but buying that amount of dollars, that one can't imports products. All the banks must deposite the dollars on the Argentina's Central Bank.
btw, is Argentine's situation as bad as Greece in the 2010s ? if Greece can go thru it, i am sure you can too.
Gosto muito da Argentina. Seu povo, paisagens, vinho, carne, cultura, artes, enfim, tudo ali me faz querer voltar para uma próxima visita. Desde o início dos anos 90, quando fiz a primeira viagem a Buenos Aires, até 2020, quando de minha ultima viagem pra lá, foram entre 15 e 20 viagenss, parte delas a trabalho, e é com pesar que vejo as coisas cada vez piores por lá. De tudo o que ja li sobre os problemas da economia da Argentina, o déficit do governo é sempre o principal. Como diz a matéria, o ajuste fiscal deverá ser feito e tudo ficará pior antes de melhorar. Foi o que fizemos aqui no Brasil desde FHC e funcionou. Foi um ajuste difícil e doloroso, mas um país não pode seguir gastando mais que arrecada indefinidamente. Boa sorte aos Argentinos.
Gracias por tus amables palabras para Argentina. Ojala se solucione la situacion en Argentina. Saludos
Hermano, Bolsonaro prendió fuego el 25% del Amazonas, patrimonio del mundo, no podés hablar. Metieron a Lula a la cárcel en un juicio que fue un circo. Bajaron a la presidenta Dilma con un lawfare. No hables de mi país como si en el tuyo estubiera todo bien
Gracias Gerardo. Tenemos esperanza con Milei en el gobierno
Some group of economists have projected that both the U.S and parts of Europe could slip into a recession for a portion of 2023. A global recession, define as a contraction in annual global per capita income, is more rare because china and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
My major concern now is how can we generate more revenue during quantitative times? I can’t afford to see all my savings crumble to dust.
It’s a delicate economical season, so you can do nothing or little on your own. Hence, I will suggest you get yourself a financial advisor that can provide you with valuable financial information and assistance.
That’s why I always make it a point to speak with a financial advisor before choosing any investments. Apparently , I’ve been using one since the pandemic, using profits oriented tactics and minimizing risks as a buffer against inevitable downtrends.
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Your advisor really seem to know this stuff. I found his online-page when I made a google search of his full names online, read through his resume, educational background and qualifications, it was really impressive. I left him a note and booked a call session with him..
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With the help Sir Gregory Thomas Patchak, I've gained perfectly well from my investment. The quantity of capital you invest, though, ultimately determines everything. With a substantial start-up budget, you could be able to earn more Gains..
I love this video, and yes we are seeing changes that are necessary! The best is yet to come darling. Viva la Libertad Carajo!
Converting your currency into a foreign currency is like selling your country.
So basically a band aid on top of a band aid, on top of more band aids.
I went to Spanish school in Argentina in the early 2000's. I was there when they unpegged the peso to the dollar and watched the prices fluctuate by the minute. I truly felt, and still feel, for both the citizens and the all those that I have became life long friends with.
A country full of great people that have been subjected to failed policies.
"...There are 4 types of countries: Developed, in Developent, Japan and Argentina..." Simon Kuznets (Laureate 1971)
Japan is a developed country.
@@grimaffiliations3671 but with a cronic stanflation.Not poor but not growing
@@underverse7 Yeah they aren't growing as fast as countries like the US, but that is only because the insist on large consumption taxes
@@grimaffiliations3671 The joke is that Japan is so developed, but also very stagnant, that it's "post-capitalist", and Argentina has been economically hovering above developing nations while still being not quite a well-functioning developed country that it's "post-industrial pre-capitalist". Really though both are in there own undefinable categories.
But at least Japan is doing well
Hi, I'm from Iran and I always follow your training, you teach very well and I love you very much, even though I find English hard, but I listen in full detail and learn and use, thank you my friend🚺
Hi to the terrorists and their supporters around the world!
Every family has that one person who will break the family's financial struggle, I hope you become the one 😊
Investing in alternate income streams should be the top priority for everyone right now especially given the global economic crisis we are currently experiencing, Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Starting early is the best way to getting ahead of build wealth, investing remains the priority
Having a job doesn't mean security rather having different investments is the real deal
I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings
@@mirabellelia9996 her availability is on (face book) 👇
I visited Argentina few years ago and I did the black market dollar swap. Didn´t know how risky it was. But how lovely country it is. The people, the food. Excelence.
They're really overstating the risk for dramatic effect. It's a very common thing. You'll walk through the microcenter and there's at least 3 guys per block advertising for exchanges
Why not use the official exchange rate instead of the black market exchange?
@@online420 it is not accessible for the common people.
@@online420 I did that also by using the ATM at times
@@rodrigodelafuente4080 what does that mean? Any foreigner can exchange their currency at the Central Bank rate from bank. You can get a legitimate exchange from a bank, why they choose the illegal one black market?
I know Argentina reasonably well. This video beautifully captures the problems and history. Compelling facts.