Lots of inaccuracies in the video. For instance, the nationalization of YPF took place because the previous owner, Repsol, was prioritizing the export of barrels from existing oil fields, instead of prospecting new ones. This policy would've been emptied the national oil reserves quickly if no action was taken. The delayed development of Vaca Muerta is in fact a direct result of private sector mismanagement. Nothing, absolutely NOTHING of what Javier Milei is proposing hasn't been done before in the 20th century. Privatization of state companies already took place in the 1990s, and the 2001 crisis started at least in part as a consequence of this.
before watching this video i will admit i do not know much about Argentina, but i understand that during WW2 it bet everything on Germany winning the war and when it lost it, the downfall of Argentina began for having been on the loser's side.
At 36:00 The inflation is not caused by printing more money. The funny thing is you already mentioned the cause of this inflation without realizing it: When people dont get paid enough money, they are more careful with it and buy only where its cheaper forcing stores to keep prices low or else they wont sell anything. But when you increase the WAGES people stop caring about being careful and will just go to either the nearest ever tho its twice price of the one further away or they will start wanting the more expensive ones to show off or feel good. By doing this, stores are able to increase their prices and still keep selling and THAT is what causes inflation. Simply printing money wont inflate anything, but giving more money to people without increasing production will inflate it. Even if you start burning money and stop all printing, your money will keep losing value because you are still increasing wages for nothing in return.
IT WAS NEVER AN ECONOMIC GIANT. I'm so tired of this misconception. It's just like that statement that China was the economic power. Dude, they just had more arable land and people under one government. Don't belittle the word economy like that. Argentina was never innovative, scientific or entertainment leader. Just like India was never a country.
@@GrandTerr La calle más larga El río más ancho Las minas más lindas del mundo El dulce de leche El gran colectivo Alpargatas, soda y alfajores Las huellas digitales Los dibujos animados Las jeringas descartables La birome La transfusión sanguínea El seis a cero a Perú Y muchas otras cosas más
@@GrandTerr Ashoka weeps in Mauryan Empire. Also the Maratha were doing a good run of conquering the subcontinent until the British meddled. Hell... the Maratha HELPED the British after the British lost to the Mysore TWICE.
You've done a great job summarising the history of Argentina, far surpassing more popular channels and even news outlets. As an Argentinian, I wish to recognize your effort in researching the history of the country in order to produce an accurate explanation of the events that got us to this point.
That seems to be happening everywhere. You would be shocked at how bad the schools are in the US now. Graduates can't even read much less know any history.
@@scottrondaadey7214 true there is more information now than when you were in school so that SHOULD happen and probably does in your country. But if you saw the international exams on our children right now in Argentina it's depressing.
I have a question. The commentator talks about Argentina's phenomenal development then skips to 'bankruptcy' without giving a cause. What caused the Argentinan economy to fail?
Argentina has a bottleneck that it can’t escape from. High dependency on few resources controlled by few, with high levels of corruption. Ultimately a successful economy must be diversified, easy to form businesses, the backbone of a successful economy and fair taxation not corrupted. The governments job is to facilitate this commercial situation with infrastructure, education, and sound financial systems and supporting many industrial sectors. It remains to be seen if they can get off their mental drugged state, which impacts their power structures and everything else.
>"It remains to be seen if they can get off their mental drugged state, which impacts ... everything" I hope so!!! There is so much potential and drugs bring it all to slums of 0 except welfare or unemployment and bread lines. A man can do more in four hours without drugs than two weeks on mental drugs. Here's hoping!!!! Source: currently on mental drugs with economic output of $0. Was supposed to start a job two days ago but could not due to mental drugs. Not anyone's fault, just a fact of the country I'm in! I believe there is work and justice available if I can get out of the drug industry. Don't need it and don't want it. I go to my psychiatrist once a week voluntarily, she helps me solve my problems like a pro. Thanks for cheering for me, I cheer for you too and still have hope for great things for us both.
Sorry pal... i don't think your conclusion is completely correct. The main problem Argentina has is mostly cultural. They are inmensively rich and vast on natural resources but with a High state dependency and astronomical levels of corruption. It won't matter what you may apply to this country the results will be mostly the same because of theirs idiosyncrasy. That's what they're trying to change now. They call it "la batalla cultural" .....the cultural battle.
I have watched many videos talking about argentinas story of going from riches to rags and trying to compare them to my experience living in Argentina and the history I learned in school there. All I have to say is this video not only met my expectations but exceeded them 10 times over. It explained history going back to the colonial era which no one does, it went into vast details about how powerful the elites of Argentina were no matter how many times power switched hands, and it even explained so many factors that my argentine professors ignored when I was there. This is by far the best video on Argentina's economic woes I've ever watched.
Yeah. Public schools are never going to teach an objective accounting of history. Only an outsider will. Every other country is the same. National history as taught in public schools is basically a new version of mythology.
@@key_____03p basically Juan Perón is considered a fascist leader for many of his political views and policies. His political movement Peronism can be considered a fascist movement but if it were up to me I would say it flips depending on who's in charge. Like how Kirchner is in charge now and she is hardcore leftist, so currently the movement is considered leftist.
Japan no longer exists in that wierd catagory this was a popular joke in 70s when economists said they don't know why the hell Japan is growing and why argentina is falling, now Japan is in a stagnant position for 2 decades
@@KanzlerOttoVonBismarckSuper power with currency domination can easily make a country rich or poor, just play with the value your currency and exchange rate of export in trades
@@hillfortherstudios2757 The legal tender is the argentine peso, big purchases like homes are often priced in usd but daily transactions are made with pesos
@@hillfortherstudios2757 People don't use foreign currency to buy common goods like groceries, but they choose to save in it as it loses less value over time. Foreign currency is also used to buy property, or imported luxury goods. The preferred foreign currency is the US dollar. Argentina is one of the countries that holds the most USD in the entire world, outside of the US. This comes out of estimations done by several economists, as most of this money is privately owned and hidden away from the government.
The most accurate historical take on Argentine history there is on UA-cam at the moment and for a long time if not for ever. Great video! Met my expectations and surpassed them many times over.
The Chileans say God created Argentina he made a fertile land with a good climate and abundant riches. The Angels complained that the land was too blessed. To which God replied you have not seen me create the Argentines then!
Another thing Chileans say about their neighbour: Argentinians are Italians who speak Spanish who want to be English. PS Respect to Argentines good luck, you’ll get there. ☮️⚖️
I was beginning to wonder why you hadn’t uploaded in several months, and that when you did finally did upload again, the video being over an hour would mean it had a lot of padding, but now I understand. Mfg what a messy story! I already had a basic understanding of many of the really big events over the last century, like the unbelievable success up until the Great Depression, Peron and the extreme instability, the antics of the 1976-1983 dictatorship, Alfonsi and the return to democracy/political stability, and a little bit about the crisis of the last few years, but as usual, you put it and much more all together to paint a picture I hadn’t really considered before. Very well done!
As we all argentine know, back in the day, if you didn't wear black and mourn her passing, you risked going to jail! Be my guest and look it up.... From nuts to bonkers!
Everyone in Canada, the United States, and Australia should be interested in their lost sister country of Argentina - what with a similar history of European settlement and massive European and other immigration in a temperate-zone land.
@@burningmisery This is, unfortunately, quite also true. But going back to the plus side, all four of those countries at least historically have been massive food exporting countries, including of wheat and beef.
I lived and played Jazz piano in Copenhagen for 6 years ending in Dec 2021. During that time I met many young people from Argentina, they were educated cultured and appreciated instrumental music, so I often found myself in conversation Argentinians. They are seeking options beyond their once prosperous homeland .
As an Argentinean myself, watching this video hits close to home. It's both heartbreaking and enlightening to see our country's complex history laid out in such detail. We've experienced the highs of prosperity and the lows of economic turmoil, and it's crucial to acknowledge and learn from both. Despite the challenges we've faced, there's a resilient spirit among us, a determination to rebuild and thrive once again. This video serves as a powerful reminder of our past, but also ignites a sense of hope for a better, more stable future for Argentina. ¡Vamos Argentina! Juntos podemos superar cualquier desafío.
"no one trusts the government" would mean NOBODY TRUSTS BELIEVES THE POLICE or COURTS or JUDGES and thus everybody would BE AN ANARCHIST. "No one trusts the government" means in a conflict between environmentalists vs the government or climate activists vs the government, everybody would side with the environmentalists and the climate activists and minority parties like the Communist Party and ANY TRUE contrarians to the status quo. Stop throwing around MEANINGLESS BULLSHIT GENERALIZATIONS like "no one trusts the government" unless you are prepared to LOGICALLY FOLLOW THROUGH to the LOGICAL CONCLUSIONS of such generalizations.
I feel for you. My home country, Mexico, has also gone through very rough time. And even if today it has a very stable economy and relatively health GDP I am so afraid to go and visit because of its terrible security such as rampant violence (narcos, cartels, and so on). Very sad.
@@benedicttv5058 I don't believe it's 100% true. Look at Chile. Despite its past historical turmoil Chile has become of of South America's success stories!
@@Kangaroojack1986not some cities, the country as a whole has been functioning on a non-sustainable economy for decades. Over spending combined with trickle down is going to catch up soon and the pain will be pretty bad.
Jefferson stated it well in the Declaration of Independence “Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.”
As an Argentine, I've seen dozens of videos talking about the decline of my country, none of them explained it as good as this one. Milei is particularly popular among young people like me. Learning about the continuous, unending economic cycle our country has suffered during its almost entire history, Milei emerges as our last hope to make our life in Argentina and not separate us from our family thousands of kilometers away, most probably, in the land of our ancestors as many of us also hold european citizenships. I myself, took a plane a few months ago with the idea to start a new and better life in Spain (planning to move to another country like Netherlands later) but the idea of watching my grandparents aging through a screen knowing I could see them only once a year (or two), the immense pressure of having to economically support my mom and learning to live a independent life in another country, the crazy renting situation going on in Spain and being separated with my girlfriend and friends, among other things, hurt me so much that I decided to return, even though I planned that whole project and worked day and night to make it right for 5 years, while the average salary was 200 dollars per month. I truly hope Milei succeeds. I don't want to go through that kind of pain again.
Milei’s success depends on the success of every individual, so I truly believe his project of minimal govt is the best way. However, I’m also nervous since many of the founders of my country (USA) made the point that allowing citizens of a country to maintain very high levels of personal freedom can only succeed if there remains another, higher authority to which the citizens are accountable. “Our Constitution was made only for a moral and religious people. It is wholly inadequate for the government of any other.” -John Adams I’ve spent a lot of time in conversations with libertarians and somehow the discussions always turn religious. It’s as if, in the theorized Ancapistan, everyone wants maximal freedom but they also instinctively know they can only trust another person who subjects themself to a higher moral authority. How do I know you’re not going to do me harm, fellow citizen? Either the govt restricts your freedom to enact violence (*and no one wants that because then the govt is violent*) or you willingly submit your own freedom to an external ideal authority, and then we can cooperate peacefully. There’s also a problem in Ancapistan of the progressive concentration of capital in fewer and fewer hands, but as we saw in this video, that’s been happening in Argentina for years. And wealth concentration is secondary to the moral problem. I wish you all the very best, I really do.
Ever since I heard of Milei I have been rooting for him, though I never honestly expected him to become president. I am British, but I have lived in Spain for 27 years. Here we keep a close track of what's happening in Argentina, as there are close ties between the two countries. I have several Argentinian friends, and they all say the same thing about their country: the government is not the solution, the government is the PROBLEM. So if Milei's plan to downsize the government works, hopefully Argentina can start repaying its debt and get back to the path that leads to prosperity. God bless +++
Moral of the story: DO NOT call any country or city the 'Paris' of ANYTHING. You did that to Hanoi, Beruit, and now Buenos Aires and look at what happened afterwards. NOT COOL and have you seen the actual Paris anyway?
❤ - The longest YT video (1 hour) I've watched in a while. Many historical clips inside first half. Many maps, many economics charts. - I then spent 2-3 hours reading and liking over 1,000 top level comments. All high-quality. - Comments showed that absolute experts suggest going even deeper by reading deep books on the subject. - One mentioned the disparity between spending 80% of the video on 80 years leaving just 20% of the video (12 minutes) on the remaining 80 years. - One commenter said that this was too MUCH history, that these author went back too far. - Another pointed out that this was like reading all of the Wikipedia page. Which is actually the highest form of praise that can be said for the UA-cam video about the history of a whole country's economy. A few people pointed out the lack of native pronunciation of the names, however the video was in English so I think this shows that those commenters had no more fundamental objections! Overall, watching this as someone who had little prior knowledge of the history of Argentina besides the general knowledge everyone has about its hyper inflation, I think I learned a solid lesson in its history. Thank you so much for producing this video, which also included many important clips which served as primary sources. It was a solid introduction to the entire economic history of a country. I don't think I have the patience for another 1 hour introduction like this but it was an amazing overview. Three commenters even rewarded this massive work with monetary tips ($2-$15). It is the first time I have noticed anyone do this in the past 10+ years I've watched UA-cam (I am not sure how long the feature has been available.) This is one of the top videos ever produced.
Visité Buenos Aires hace unos años, una ciudad increíble, hermosa, cosmopolita y con una gastronomía maravillosa. Como latinoamericano, apoyo la recuperación y el éxito pleno de nuestros hermanos argentinos. ¡Saludos desde Brasil!
I had chills and goosebumps throughout all the video and now my eyes are all watery after watching. This video is perfect, every topic is told and developed with an incredible accuracy not a single argentine historian has ever been capable of. I already knew everything told in this documentary but hearing and watching it all at once so well compiled and narrated by a foreigner makes me truly realize like never before the absolute tragedy that our country is. Thank you for your work, this material you've made should be translated and shown in every single school in Argentina. May God help us. As you also told and for obvious reasons, every young men and women with some kind of college degree, decent level of english and the luck of having european passport becouse of their ancestors are all planning to leave the country if not already did.
What a truly amazing comment! I’m sure @casualscholar will appreciate your thoughts and opinions. It must have been painstakingly researched and expertly presented! 👍🏻👏🏻
As an argentine I always click on these overviews of Argentina’s political and economic history and this has to be by far the best researched and most complete one I’ve seen to date. Great job! I’m 21 so I never lived through the worst times in our history. Nowadays there’s no war, no dictatorship, there’s free speech and so on.. But still, looking at history it feels like we’re a uroboros, just going in circles eating our own tail. If Milei can’t produce results in his term and becomes another corrupt failure and the same old kirchner dynasty gets back to power I’m done hoping. That will be the signal that we’re trapped in an actual endless cycle of mediocrity and failure.
A lot of people think it's as simple as "communism vs capitalism" but Argentina had this weird mix of ideologies that didn't really fit any of the familiar molds. The most popular one and the one that "broke" the country is called Peronism, and it was a weird mix of labor unionism, fascism, and capitalism, and it positioned itself against both communism and capitalism. Ultimately, though, the main problem with Argentina in the 20th century was its embrace of a "benevolent" authoritarian who reoriented the state to serve himself and his cronies, family, and proteges. If Argentina had gone the way of the Nordic social democracies, I don't think it would be in its current situation, but at the same time, Argentina had so much inequality at the time that it's hard to imagine that social democracy would've been possible. The Nordics adopted social democracy b/c their countries' economies had been deeply affected by WWII and their inequality dropped as a result making support for reform of capitalism more popular than complete revolutionary overhaul. That never happened in Argentina.
A lot of what gets missed in the "capitalism vs. communism" debate(though, really it's more of a "capitalism vs anything that is not capitalism" debate) is that regardless of which economic system you have, if the political system allows for a small group of unnacountable yet all powerful people at the top, you wind up with the same results. Present day "global" free-market capitalism more or less has produced a lot of the same problems the Soviet system did(corruption, gerontocracy, crumbling infrastructure and institutions, rising authoritarianism, etc.)
It’s simple- and it is a de facto “communism vs capitalism”. Had the capitalist just paid a fair wage and protected their employees, the country would never made the moronic move to nationalized and control prices. Communism never works but many of its traits were forced upon them leading to their downfall.
This video does miss certain important factors, like the Spanish-inspired economic system favouring the elites being fully retained on account of the British loss of 1807.
Excellent video. Corruption as a way of life leads to the problems Argentina has. Happens in every country where those in power use their power to steal from the populace. Bribery as standard practice, theft of state owned assets, theft from the populace, violent oppression of anyone who stands in the way of the criminal elite:- the elite of a criminal society can look rich and successful while the base of the real economy is being destroyed. Note: The theft of state assets is often disguised through layering and placement similar to money laundering, eg "great deals" for buyers of public assets with kickbacks to the politicians who are being used as front men. The violent oppression is often presented as law enforcement. When not done directly at gunpoint, the theft from individuals can be disguised as economic misfortune, emergency taxes, punishment for crimes, or confiscation of assets alleged to have been associated with the commission of a crime etc.
good comment! i wish the video explained it like this more. there is a small elite in argentina who has been stealing and murdering the majority for over 100 years
Milei seems like quite a character, and I'm not a libertarian, but this video does a great job of laying out why many Argentinians would look to a libertarian leader to fix their issues. Many of the common themes in this history are also libertarians' favorite enemies: inflation, deficit, and inefficient state-owned enterprises, just to name a few.
Too bad his policies directly lead to another 50% inflation of the currency which the poster of this video conveniently glossed over. Or that opinion on milei has soured a ton after he took office
@@aridianknight3576 he just adjusted the pesos value to its market value (dolar blue) and not the fake central bank rate no ordinary person could even get
@@aridianknight3576 Where did you hear those things? Neither of them is true. If you are talking about the devaluation that was done, it did not generate inflation. Inflation was at a monthly rate of 30% when he took office and the last measurement was 13% (The first time in many years that Argentina's inflation has dropped). And his supposed drop in popularity upon taking office is not true either; just last month he fell to 50% and he remains the politician with the greatest positive image in the country.
I kinda disagree with the summery. The prevalent issue I've noticed throughout was corruption. No matter who implemented what strategy it all ended with people in power embezzling money. No wonder none of it worked. It's not the issue of policy. If the new guy continues the trend, nothing will change.
The greatest difficulty is that President Milei cannot fully succeed going forward without getting the full cooperation of the legislative, and judiciary branches.
I agree. The other points might be fair but corruption is the facet that was left out of the summary. Corruption poisons all plans regardless of how wise or foolish, how libertarian or socialist. It's not a policy, it's not a monetary theory, it's a culture. Good luck weening an entire nation off the teet they've been sucking on for well over a hundred years. That said, I hope the Argentinian people find the will and the leadership to pull it off.
Using this logic I would say that nationalizing everything was another major problem. Turns out giving the corrupt government tons of power over the economy isn't a good idea.
This was outstandingly informational. An exceptional video. My wife's family immigrated to the US from Argentina in 1980. My father-in-law was in charge of Fiat sales in the country and after his office was targeted by guerrillas and his colleague was assassinated that was the last straw. My brother in law and his wife still live there so I am hopeful that despite the ten percent cohort in the congress, this new president can carry on with the reforms.
shits and giggles aside, this is EXACTLY what is currently happening here in South Africa. There are a few things that have not happened yet, but they are definitely on the way. It is elections next month, and for the first time since the last elections - have been no rolling power cuts in the last 10 days.
27:42 they were not just "fascist leaning" they were openly full blown fascists (many of whom were supporters of that 1 German regime). They were a full blown extremist-right fascist party. That entire group, one of whom was Peron, openly supported all fascist regimes in Europe (even after WW2 ended). 30:58 It's a common misconception, said annual "bonus" is calculated by dividing your annual income by 13, each of those is a salary, and half of the 13th one is given to you as this "bonus". You don't get more pizza by cutting it in more slices. 36:21 While he did technically win elections (even though his party engaged in widespread voter suppression and similar tactics), his second term was unconstitutional. At the time, you would hold the presidency for 6 year terms, with no possibility of consecutive terms. In 1949, there was an illegitimate reform, where Peron's party passed a reform WITHOUT meeting the 2/3 requirement (the requirement was 2/3 of all the seats). Why is this distinction important? Because Peron's party sent violent "shock mobs" to threaten political opponents, in order to not allow them to show up to vote against it. The Constitutional reform "passed" with 2/3 of the people present, but not of the total seats, thus making it an illegitimate reform. Since the 1949 reform did not pass legitimately, Peron's second presidency was unconstitutional, and thus illegitimate.
@@Arcticwind-xw6qg right wing collectivists, but still right wing. I don't think you know the sort of people that call them socialist, but in case you are not one of them, you DO NOT want to be associated with them.
My country was part of the Axis and then fell under the Iron Curtain. It was USSR propaganda that Only called the Fascists "imperialists" after they attacked the USSR. Socialism created thousands of ideas and thoughts schools but at the beginning of the 21st century these currents started to clash and only 3 remained Leninism Fascism and Maoism. (I often like to compare Socialism to Christianity since both seek a better world)
@@S85B50Engineedit: Better punctuation, re-phrasing. First off, I want to say: Don't poison the well. Arguments should be treated as such, don't tackle the individuals behind it. If you really feel the need to tackle the people who use this argument, at least explain the logical conclusions of this argument or hypocrisy on the opponent. Second, "right-wing collectivist". Honestly, what are you even blabbering? I sincerely and respectfully want to understand your definition of right and left-wing. If it's for the economic system, that's absolutely preposterous. Since capitalism is individualism by definition, even the so-called Authoritarian Right (Arguably Monarchists) view it this way. I will explain to you why collectivist ideology isn't supportive of capitalism in one short sentence. Who holds power above your properties, the individual or the collective state? (I will not dwell on libertarian left, since I hope both of us can agree it's an utopia, or at least a dystopia) If you're following the distorted Stalinist view on left or right then yes, WW2 GER is right wing, as well Nikolai Bukharin, Leon Trotsky, and such. It still is highly accepted by actual historians after the 1960s and even before that: WW2 GER isn't right wing nor left wing. It tries its own system, full of contradictions. Same with Fascism. Instead, the only historians who don't fully grasp the era are the activists who studied stalinist papers on such matters instead of actual research with real evidence, using semantics and fallacious arguments to hold this view even today. But it's equally wrong to say that Fascism didn't have a socialist basis. Three things: Fascism =/= Nazism; Mussolini was socialist; he was banned from the socialist party for reasons I've forgotten. Fascism is syndicalism; it isn't socialism, but it's further away from capitalism.
When I was a kid, my teacher told us that Argentina was going to become the United States of South America. It is shocking what has happened in the over fifty years since I heard this statement.
If Trump's 2024 election is stolen by Biden, then the US will become the the Argentina of North America. 55% government workers, 25% on the dole and 20% workers.
I'm Argentine, I don't have even 16 years yet and I already have to think what to do with my future, if I should stay and finish school first or if I should leave and go to Italy now (luckly I have Italian citizenship), and not just me but many other of my friends, Some plan to go to Uruguay or Brazil due to the proximity of these countries to Argentina, but many others plan to live the American dream or go to Spain. So yeah, this country is currently shit honestly (sorry for bad english)
It's interesting to see that we get into the details of the story only when the timeline reaches closer and closer to present day. In a way things in this world are going on just like they have for thousands of years. We tend to pay more detailed attention to things near to us in time and space. True knowledge is knowing that everything comes and goes, rises and falls except this pure consciousness that observes all this drama forever.
59:25 Trust me as an Argentinian blackouts are very common even more common in the summer whrn energy consumption sharply increases with temperature one time with about 30-35 °C for about all midday there was no power we suffered that day, and i am from the middle class
@@dizzxk1 i live in southern Cordoba and they are terrible in the summer, trust me. You because you live in a colder area but in here in summer it is around 25-32°C and everyone uses air conditioning
i never studied socioeconomic or political stuff in depth & this video is the most astonishing history lesson containing relentless mis-organisation of a gigantic famous nation I think I’ve ever learnt from a screen since first noticing tv in 1969. I’d be amazed if a single Argentinian person ever died of the effects of boredom given the potentially lethal effects surviving daily amidst emotional uncertainty for the future let alone baggage of previous upheaval or worse…. Best Wishes to them from AW England
It’s genuinely so depressing how many opportunities Argentina has been given, only to be squandered by corrupt politicians and elite. Argentinians, you guys have been robbed constantly by your own government. We can only hope Argentina can once again become the prosperous nation it was supposed to be.
Reminds me of Goodfellas you see it coming through the front door but its going out the back door. Running up a bunch of debt and then burming the place down.
It's crazy that Argentina is by all means collapsing or something, yet their cities seemingly have less dudes dying on the streets doing super drugs than my city here in first class USA.
The answer is that Argentina was neither rich nor advanced. Some people were rich, but because they controlled those key exports, and it was never advanced because it has never been a hub for technology and value adding industries.
That's not entirely accurate. They did have a rich middle and working class. At the very least rich enough to attract a very high number of immigrants. Which is the ultimate bellweather for how an economy is doing. If people are willing to immigrate to a particular country, it says a lot about how well the economy is doing.
Look at Biden Harris. Every speech from day 1. Were are sending Ukraine. 500 million . On a war. Biden was responsible for all for war profit . Then let in 20 million people. Putting them in hotels. Biden halted oil production. To go green. That mean we buy oil. From places that hate USA. For double And ship it 6,000 miles. That’s green$$$.
Exactly my thoughts. There seems to be always an elite having unchecked power, whether it be Spanish colonial masters, creole elites, Peronists or the military, that got rich at the expense of the poor majority. That kind of distribution of power cannot really bring prosperity; the fact that Argentina was prosperous at some point seems more like a set of lucky circumstances than a logical development under such a system.
No.clue how I spent an hour learni g the entire financial history if Argentina up until today. Wow.. what a ride that wS. Thanks to all in its productkon.
Ironic that Britain built Argentina into thatalmost richest on earth and then SOCIALISM beef industry British built capital city British built rail network British built Argentina rugby British built Argentina football British built
minutes 20 to 25, explains the real situation about Argentina, the myth of "the most rich country in the world" is demolished in that short explanation. Thank you! Was not the peronism, the peronism just tried to equiperate the previous big and unfair social difference, the rest is history.
Developed, Underdeveloped, -China- Japan, and Argentina (a country burned to the ground because of WW2, small pool of resources and land, still gets up and keeps floating as an economic figure --> *Japan* , vs a country who has ample pools of resources and land, reached an opulent position at some point in history, yet it lost that shine due to embracing socialism and populism, mixed with high grades of corruption --> *Argentina* ).
@@konnikchiwa The economist coming up with it didn't make a fifth category, South Africa, but I'm doing that, as oftentimes in the 1960s/1970s, South Africa was often regarded as "developed" despite having many "underdeveloped" characteristics.
Between 1945-1975 the gdp per capita growth trend is practically the same as that of 1891-1929 (just over 2% per year). Peronism was clearly not the beginning of our “decline”. If we had grown between 1975-2015 as we did between 1945-75 today we would have the GDP per capita of countries like Italy/Spain. Furthermore, between 1964-74 (the so-called “golden age” of Argentine industry) we accelerated growth significantly. If we had grown between 1975-2015 in the same way as 1964-74, today we would have a GDP per capita equal to or greater than that of the USA. 1964-74 had a particularity: not only did we grow strongly, but for the first and only time in Argentine history industrial exports grew faster (three times) than industrial imports, minimizing the chronic tendencies towards trade deficits in a context of growth. Logically, since we started with very low industrial exports, we were still in deficit, but if the trend had continued over time we could have eliminated the industrial trade deficit (in fact, in 1974 we had eliminated it in several branches such as automobiles, agricultural machinery, office machinery, textiles, footwear or furniture; we were still in deficit in chemicals and steel, because investments in these branches were still being made, which would see the light of day in the late 1970s and early 1980s).
It is still possible to get rich on raw products, what happened is people started relying more and more on government intervention on the economy, which has been making such resource exploitation less efficient because of regulation.
I didn’t understand why people liked Mille until I watched this video. His ideas seemed incredibly radical, but they’re actually pretty appropriate given the circumstances
As someone not familiar with Argentine history that was a lot of information, not necessarily fast-paced but unrelenting. I will have to watch this video a second time to recap. It is the election of Javier Milei that brought me here. His sensationalist shock therapy may or may not succeed, but many are hopeful of his efforts. After 4 months of upheaval and more uncertainty, will Argentina survive? The fact that he has estranged himself from the LATAM movement and has raised the salaries of the ruling government may be a mistake. The next 2 years may get unbearably harsh.
He did not raised them, in fact he tried to stop deputies and senators from raising their salaries. But take into account inflation, though it's currently descending, in January was 20%, feb 13%, mar 12%, april... will see
@@circelucia6530 I'm sorry, I have read that inflation is up to 140% in January, and he did raise government salaries and increased the power of the police, and taken funds from many worker collectives and the film industry. The more I discover the worse it gets,
@@dimik3855 Where are you getting your data? Its extremely biased. Milei didn't raise the salary of politicians it was the senators who voted in favor. The 7 libertarian senators that belong to his party voted against raising the salary but they werent majority
That's a horribly vague and useless summary, frankly. Here's a better one: "Over a century of various forms of power-buying in lieu of organic development has made Argentina's economy a repeated, consistent cycle of bubble-then-bust disasters created by endless layers of financial duct-taping."
Suprised I watched it all. Argentina sure is a economical roller coaster of a country, If i learned anything it gets good then it goes horribly wrong when corruption becomes maxed out.
After making a superb video on Argentina's economic woes you should be in a great position to create one about the policies needed to make any country successful!
I'm sure of this: In 3 years or less the world will be talking about "The Argentinian miracle". This time we will grow on a solid foundation. We will be great again, thanks to the freedom ideals that Javier Milei taught us. VLLC!!! 🇦🇷💪
What a nice video, u want to check a Lot of sources nowb😮. Would Love to translate this to spanisch. Maybe will Sound funny but Nobody teaches this today in Argentina, i remember reading about it in my old granpa Bibliothek
I went to Argentina in the early 90s it was so beautiful 😍, architecture landscape. I remember being able to use US dollar as it was pegged to the dollar. I would love to check it out all these years later.
It's the first time I saw a video get cash. I would like to make my own informative videos, and would like to understand what would motivate someone to tip cash. Could you describe what aspects of the video made you decide to tip cash to the creator? Please be detailed so others can learn what makes content good enough to pay for. Thank you!
@@Anti-CornLawLeague Argentina was by no means industrialized by the 1930s. It had many industries, but they were mostly foreign owned. There were almost no major industries based and owned by argentines, until the 1940s-50s. Industrial GDP only surpassed agricultural GDP in 1943, which is like 100 or 150 years later than every industrial nation of that time.
Excellent video! Congratulations, you've managed to comprise my country's history very accurately. Thank you 👏👏 I dearly love my country but it's a mess, I wouldn't flee, but I understand those who do. There's nothing that could get us by surprise by now. I hope with all my heart Milei succeeds 💪🇦🇷
What an excellent essay on the economic history through the years. Though I’m sure supporting video images are scarce and some of these are more generally depicting current historical passages through images, you’ve done a lot with not much available , as far as moving images go. Does anyone know what the background music is from, or who’s the artist??
Thank you informing and teaching me. Freddy Chavré of Maple Valley It's nice to see the comments from locals. It tells me I didn't waste my time on a non truth. More importantly, it tells me that your Country will emerge and succeed. Well done ❣️
this is so interesting. never learned much of world history in school, apart from american and european history. now i’m in college and want to learn as much as i can. super interesting watch.
I don't recall it being mentioned, but it can't be overstated how the US repealing the Sherman act in 1893 effected silver-based economies around the world. Argentina was negatively effected by it and lost a lot.. more than I had known!
The Spanish didn't slave local populations, they exploited and paid some, and allied themselves with others. Enslavery means capturing, owning, buying and/or selling people.
Facts. The Spanish strategy was unique amongst the other colonial powers of the era. They didn't even restrict marriage to local populations, hence why the average citizen of Hispaniola is genetically 64% European.
I was going to comment on how awful the Argentinian leaders have been, but in recent years my country has had Cameron, May, Johnson, Truss, and Sunak. A sorry stream of substandard politicians. No moral high ground to shout from!
Lol, you and I share the inability to sit perched atop our high horses, as I’m from the US and we have NO room to speak. Regardless how far you’d like to go back, suffice to say we’ve had everything from “spineless cowards who were mostly harmless but who enriched themselves through policies intended to harm no one and help no one” to “evil scum who cared about personal wealth more than everything else”, with a little “utter idiot unable to form coherent sentences” mixed in. Total joke!
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Just so you know, it's NOT for returning players. Haven't played war thunder in over a year. Must be for only new players. Don't waste your time
Lots of inaccuracies in the video. For instance, the nationalization of YPF took place because the previous owner, Repsol, was prioritizing the export of barrels from existing oil fields, instead of prospecting new ones. This policy would've been emptied the national oil reserves quickly if no action was taken. The delayed development of Vaca Muerta is in fact a direct result of private sector mismanagement. Nothing, absolutely NOTHING of what Javier Milei is proposing hasn't been done before in the 20th century. Privatization of state companies already took place in the 1990s, and the 2001 crisis started at least in part as a consequence of this.
Loved the work you put into this. Could you add the music used to the description or add it here in the comments?
before watching this video i will admit i do not know much about Argentina, but i understand that during WW2 it bet everything on Germany winning the war and when it lost it, the downfall of Argentina began for having been on the loser's side.
At 36:00 The inflation is not caused by printing more money. The funny thing is you already mentioned the cause of this inflation without realizing it: When people dont get paid enough money, they are more careful with it and buy only where its cheaper forcing stores to keep prices low or else they wont sell anything. But when you increase the WAGES people stop caring about being careful and will just go to either the nearest ever tho its twice price of the one further away or they will start wanting the more expensive ones to show off or feel good. By doing this, stores are able to increase their prices and still keep selling and THAT is what causes inflation.
Simply printing money wont inflate anything, but giving more money to people without increasing production will inflate it. Even if you start burning money and stop all printing, your money will keep losing value because you are still increasing wages for nothing in return.
As one commentator said, Argentina's governments never disappoint in their capacity to disappoint.
Luckily the commies are out of power so we have a lot to look forward to
IT WAS NEVER AN ECONOMIC GIANT.
I'm so tired of this misconception. It's just like that statement that China was the economic power. Dude, they just had more arable land and people under one government. Don't belittle the word economy like that. Argentina was never innovative, scientific or entertainment leader. Just like India was never a country.
@@GrandTerr La calle más larga
El río más ancho
Las minas más lindas del mundo
El dulce de leche
El gran colectivo
Alpargatas, soda y alfajores
Las huellas digitales
Los dibujos animados
Las jeringas descartables
La birome
La transfusión sanguínea
El seis a cero a Perú
Y muchas otras cosas más
@@GrandTerrAverage Peronist, denying Argentinians economic success
@@GrandTerr Ashoka weeps in Mauryan Empire.
Also the Maratha were doing a good run of conquering the subcontinent until the British meddled. Hell... the Maratha HELPED the British after the British lost to the Mysore TWICE.
Take a shot every time the military overthrows the government
*dies of alcohol poisoning*
But I want to live
and smoke a joint very time they go into default :)
I don’t drink poison like monkies.
@@Fx_- Interesting comment, considering (actual non-human) monkeys actually get intentionally drunk sometimes.
You've done a great job summarising the history of Argentina, far surpassing more popular channels and even news outlets. As an Argentinian, I wish to recognize your effort in researching the history of the country in order to produce an accurate explanation of the events that got us to this point.
Totally Agree! 🙏🏻
Bro I'm from Argentina and I have to say this is a better summary of our history than what we currently get in almost any highschool. Thank you.
That seems to be happening everywhere. You would be shocked at how bad the schools are in the US now. Graduates can't even read much less know any history.
@@scottrondaadey7214 true there is more information now than when you were in school so that SHOULD happen and probably does in your country. But if you saw the international exams on our children right now in Argentina it's depressing.
@@The_Empty_Box nop.
I have a question. The commentator talks about Argentina's phenomenal development then skips to 'bankruptcy' without giving a cause. What caused the Argentinan economy to fail?
@@BirthingBetterSkills did you skip the while video? If not, in wich year did he skip?
Argentina has a bottleneck that it can’t escape from. High dependency on few resources controlled by few, with high levels of corruption. Ultimately a successful economy must be diversified, easy to form businesses, the backbone of a successful economy and fair taxation not corrupted. The governments job is to facilitate this commercial situation with infrastructure, education, and sound financial systems and supporting many industrial sectors. It remains to be seen if they can get off their mental drugged state, which impacts their power structures and everything else.
>"It remains to be seen if they can get off their mental drugged state, which impacts ... everything"
I hope so!!! There is so much potential and drugs bring it all to slums of 0 except welfare or unemployment and bread lines. A man can do more in four hours without drugs than two weeks on mental drugs. Here's hoping!!!! Source: currently on mental drugs with economic output of $0. Was supposed to start a job two days ago but could not due to mental drugs. Not anyone's fault, just a fact of the country I'm in!
I believe there is work and justice available if I can get out of the drug industry. Don't need it and don't want it. I go to my psychiatrist once a week voluntarily, she helps me solve my problems like a pro. Thanks for cheering for me, I cheer for you too and still have hope for great things for us both.
If you send Ukraine 500 billion you will magically have more money and. Spend two Trillion on gen studies. You will have more it’s like magic
Sorry pal... i don't think your conclusion is completely correct. The main problem Argentina has is mostly cultural. They are inmensively rich and vast on natural resources but with a High state dependency and astronomical levels of corruption. It won't matter what you may apply to this country the results will be mostly the same because of theirs idiosyncrasy. That's what they're trying to change now. They call it "la batalla cultural" .....the cultural battle.
I have watched many videos talking about argentinas story of going from riches to rags and trying to compare them to my experience living in Argentina and the history I learned in school there. All I have to say is this video not only met my expectations but exceeded them 10 times over. It explained history going back to the colonial era which no one does, it went into vast details about how powerful the elites of Argentina were no matter how many times power switched hands, and it even explained so many factors that my argentine professors ignored when I was there.
This is by far the best video on Argentina's economic woes I've ever watched.
@wotermelon_ Fascist leader? 🤔
Yeah. Public schools are never going to teach an objective accounting of history. Only an outsider will. Every other country is the same. National history as taught in public schools is basically a new version of mythology.
@wotermelon_ ahh yes all those fascist governments that champion social justice right?
That's because Casual Scholar is truly passionate about the subjects he covers and wants to educate the world on historical successes and failures.
@@key_____03p basically Juan Perón is considered a fascist leader for many of his political views and policies. His political movement Peronism can be considered a fascist movement but if it were up to me I would say it flips depending on who's in charge. Like how Kirchner is in charge now and she is hardcore leftist, so currently the movement is considered leftist.
There are 4 economies in the world : Developed, Underdeveloped, Japan and Argentina.
You haven't heard about the Nigerian Economy, have you?😂
Japan no longer exists in that wierd catagory this was a popular joke in 70s when economists said they don't know why the hell Japan is growing and why argentina is falling, now Japan is in a stagnant position for 2 decades
No one ever explains why japan and argentina are different, so I'll do it:
Japan: no one knows why it's rich
Argentina: no one knows why it's poor
@@KanzlerOttoVonBismarck
Japan is rich because of its lucrative industrial sector and the insane work ethic.
Argentina is not.
@@KanzlerOttoVonBismarckSuper power with currency domination can easily make a country rich or poor, just play with the value your currency and exchange rate of export in trades
Im Argentinenan. I was born in inflation, you merely adopted inflation. I was mold by it, shape by it...
Out of curiosity, do you end up doing most transaction in a foreign currency in Argentina? Usd or euros or the like?
@@hillfortherstudios2757 The legal tender is the argentine peso, big purchases like homes are often priced in usd but daily transactions are made with pesos
@@hillfortherstudios2757 People don't use foreign currency to buy common goods like groceries, but they choose to save in it as it loses less value over time. Foreign currency is also used to buy property, or imported luxury goods. The preferred foreign currency is the US dollar. Argentina is one of the countries that holds the most USD in the entire world, outside of the US. This comes out of estimations done by several economists, as most of this money is privately owned and hidden away from the government.
@@hillfortherstudios2757 the more valuable, like cars and houses.
😂😂😂😂😂😂
The most accurate historical take on Argentine history there is on UA-cam at the moment and for a long time if not for ever. Great video! Met my expectations and surpassed them many times over.
Agreed! 👏🏻
The Chileans say God created Argentina he made a fertile land with a good climate and abundant riches. The Angels complained that the land was too blessed. To which God replied you have not seen me create the Argentines then!
Thought this was said about Bolivia
@@leosaucedo Chileans told me that joke in the 1970s when they were political refugees from Chile, and worked with me in a factory.
Of course it is a joke, basically saying how arrogant Argentineans are 😂😂
There’s a version of this joke all over the world, in Ireland it’s made about counties Cork and Kerry
Another thing Chileans say about their neighbour: Argentinians are Italians who speak Spanish who want to be English. PS Respect to Argentines good luck, you’ll get there. ☮️⚖️
What a Herculean task to tell Argentine history in one video!
It’s extremely over-simplified tho.
And biased too...
..and WRONG, from the get go, too.
@@locuacidadsindiluir1696 You're free to point out the errors.
Would be great to get another view.
@@ickebins6948 The statement "SPAIN´s TYPICAL STRATEGY OF ENSLAVING....." was the only thing I needed to hear to stop watching the vid.
I was beginning to wonder why you hadn’t uploaded in several months, and that when you did finally did upload again, the video being over an hour would mean it had a lot of padding, but now I understand. Mfg what a messy story! I already had a basic understanding of many of the really big events over the last century, like the unbelievable success up until the Great Depression, Peron and the extreme instability, the antics of the 1976-1983 dictatorship, Alfonsi and the return to democracy/political stability, and a little bit about the crisis of the last few years, but as usual, you put it and much more all together to paint a picture I hadn’t really considered before. Very well done!
So when Eva said 'don't cry for me Argentina' Argentina said 'don't worry I won't'. (ok I quote the movie and song by Madonna lol but)
Nice
As we all argentine know, back in the day, if you didn't wear black and mourn her passing, you risked going to jail! Be my guest and look it up.... From nuts to bonkers!
I have zero interest in Argentina, and I have no idea why I watched this, but I did, start to finish. Great video!
We can always learn something from history!
Everyone in Canada, the United States, and Australia should be interested in their lost sister country of Argentina - what with a similar history of European settlement and massive European and other immigration in a temperate-zone land.
@tomasruival9804 What a great idea! thank you.
It looks like a very interesting place :)
@@yodorob
You mean with almost identical histories in genocide of natives? Yes.
@@burningmisery This is, unfortunately, quite also true. But going back to the plus side, all four of those countries at least historically have been massive food exporting countries, including of wheat and beef.
I lived and played Jazz piano in Copenhagen for 6 years ending in Dec 2021. During that time I met many young people from Argentina, they were educated cultured and appreciated instrumental music, so I often found myself in conversation Argentinians. They are seeking options beyond their once prosperous homeland .
Exactly-!!?😉. Their once prosperous homeland-!!?😳. @ least they had once experienced that prosperity-!!!🤗
As an Argentinean myself, watching this video hits close to home. It's both heartbreaking and enlightening to see our country's complex history laid out in such detail. We've experienced the highs of prosperity and the lows of economic turmoil, and it's crucial to acknowledge and learn from both. Despite the challenges we've faced, there's a resilient spirit among us, a determination to rebuild and thrive once again. This video serves as a powerful reminder of our past, but also ignites a sense of hope for a better, more stable future for Argentina. ¡Vamos Argentina! Juntos podemos superar cualquier desafío.
"no one trusts the government" would mean NOBODY TRUSTS BELIEVES THE POLICE or COURTS or JUDGES
and thus everybody would BE AN ANARCHIST. "No one trusts the government" means in a conflict between environmentalists vs the government or climate activists vs the government, everybody would side with the environmentalists and the climate activists and minority parties like the Communist Party and ANY TRUE contrarians to the status quo. Stop throwing around MEANINGLESS BULLSHIT GENERALIZATIONS like "no one trusts the government" unless you are prepared to LOGICALLY FOLLOW THROUGH to the LOGICAL CONCLUSIONS of such generalizations.
Keep on dreaming! Any country that has been a Spanish colony is bound to be like this.
like chile and uruguay? @@benedicttv5058
I feel for you. My home country, Mexico, has also gone through very rough time. And even if today it has a very stable economy and relatively health GDP I am so afraid to go and visit because of its terrible security such as rampant violence (narcos, cartels, and so on). Very sad.
@@benedicttv5058 I don't believe it's 100% true. Look at Chile. Despite its past historical turmoil Chile has become of of South America's success stories!
Starting a war with Thatcher 😂😂😂
The ultimate case of mistaken identity… 😂
Amazing. Decades doing the same thing over and over again. WTF ???.
Human nature, sadly.
@@MephiticMiasma It's really sad.
La sociedad argentina tiene un cáncer llamado peronismo, por eso
It's like some cities in America, doing the same thing for decades and just getting worse and worse.
@@Kangaroojack1986not some cities, the country as a whole has been functioning on a non-sustainable economy for decades. Over spending combined with trickle down is going to catch up soon and the pain will be pretty bad.
“[The cure] remains largely unpopular.” Yeah, Bryan Caplan has an interesting theory on this phenomenon; The Myth of the Rational Voter.
Jefferson stated it well in the Declaration of Independence
“Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.”
Like so many other countries sitting on rich natural resources Argentina failed to industrialize and relied on cattles rather than humam capitals.
As an Argentine, I've seen dozens of videos talking about the decline of my country, none of them explained it as good as this one.
Milei is particularly popular among young people like me. Learning about the continuous, unending economic cycle our country has suffered during its almost entire history, Milei emerges as our last hope to make our life in Argentina and not separate us from our family thousands of kilometers away, most probably, in the land of our ancestors as many of us also hold european citizenships.
I myself, took a plane a few months ago with the idea to start a new and better life in Spain (planning to move to another country like Netherlands later) but the idea of watching my grandparents aging through a screen knowing I could see them only once a year (or two), the immense pressure of having to economically support my mom and learning to live a independent life in another country, the crazy renting situation going on in Spain and being separated with my girlfriend and friends, among other things, hurt me so much that I decided to return, even though I planned that whole project and worked day and night to make it right for 5 years, while the average salary was 200 dollars per month.
I truly hope Milei succeeds. I don't want to go through that kind of pain again.
Milei está acelerando la destrucción y hundimiento de argentina...
Young, d*mb and full of fash-is-m.
Milei’s success depends on the success of every individual, so I truly believe his project of minimal govt is the best way. However, I’m also nervous since many of the founders of my country (USA) made the point that allowing citizens of a country to maintain very high levels of personal freedom can only succeed if there remains another, higher authority to which the citizens are accountable.
“Our Constitution was made only for a moral and religious people. It is wholly inadequate for the government of any other.” -John Adams
I’ve spent a lot of time in conversations with libertarians and somehow the discussions always turn religious. It’s as if, in the theorized Ancapistan, everyone wants maximal freedom but they also instinctively know they can only trust another person who subjects themself to a higher moral authority. How do I know you’re not going to do me harm, fellow citizen? Either the govt restricts your freedom to enact violence (*and no one wants that because then the govt is violent*) or you willingly submit your own freedom to an external ideal authority, and then we can cooperate peacefully.
There’s also a problem in Ancapistan of the progressive concentration of capital in fewer and fewer hands, but as we saw in this video, that’s been happening in Argentina for years. And wealth concentration is secondary to the moral problem.
I wish you all the very best, I really do.
Best wishes for your future sir 🙏 🤲
Ever since I heard of Milei I have been rooting for him, though I never honestly expected him to become president. I am British, but I have lived in Spain for 27 years. Here we keep a close track of what's happening in Argentina, as there are close ties between the two countries. I have several Argentinian friends, and they all say the same thing about their country: the government is not the solution, the government is the PROBLEM. So if Milei's plan to downsize the government works, hopefully Argentina can start repaying its debt and get back to the path that leads to prosperity. God bless +++
Thank you for an explination that doesen't start & stop with Eva Peron.
Moral of the story: DO NOT call any country or city the 'Paris' of ANYTHING. You did that to Hanoi, Beruit, and now Buenos Aires and look at what happened afterwards. NOT COOL and have you seen the actual Paris anyway?
A fair point
😂😂😂 Well said
It's like a pre planned destruction signal.
And now Paris
Bucharest was the Paris of Eastern Europe at one point...
You have boiled down a four month course of study to a single hour. My deepest respect, sir!
❤
- The longest YT video (1 hour) I've watched in a while. Many historical clips inside first half. Many maps, many economics charts.
- I then spent 2-3 hours reading and liking over 1,000 top level comments. All high-quality.
- Comments showed that absolute experts suggest going even deeper by reading deep books on the subject.
- One mentioned the disparity between spending 80% of the video on 80 years leaving just 20% of the video (12 minutes) on the remaining 80 years.
- One commenter said that this was too MUCH history, that these author went back too far.
- Another pointed out that this was like reading all of the Wikipedia page. Which is actually the highest form of praise that can be said for the UA-cam video about the history of a whole country's economy.
A few people pointed out the lack of native pronunciation of the names, however the video was in English so I think this shows that those commenters had no more fundamental objections!
Overall, watching this as someone who had little prior knowledge of the history of Argentina besides the general knowledge everyone has about its hyper inflation, I think I learned a solid lesson in its history.
Thank you so much for producing this video, which also included many important clips which served as primary sources. It was a solid introduction to the entire economic history of a country.
I don't think I have the patience for another 1 hour introduction like this but it was an amazing overview. Three commenters even rewarded this massive work with monetary tips ($2-$15). It is the first time I have noticed anyone do this in the past 10+ years I've watched UA-cam (I am not sure how long the feature has been available.)
This is one of the top videos ever produced.
Great comments! I agree! 👍🥰
Agreed!
And great, comprehensive review!
Visité Buenos Aires hace unos años, una ciudad increíble, hermosa, cosmopolita y con una gastronomía maravillosa. Como latinoamericano, apoyo la recuperación y el éxito pleno de nuestros hermanos argentinos. ¡Saludos desde Brasil!
I had chills and goosebumps throughout all the video and now my eyes are all watery after watching. This video is perfect, every topic is told and developed with an incredible accuracy not a single argentine historian has ever been capable of. I already knew everything told in this documentary but hearing and watching it all at once so well compiled and narrated by a foreigner makes me truly realize like never before the absolute tragedy that our country is. Thank you for your work, this material you've made should be translated and shown in every single school in Argentina. May God help us. As you also told and for obvious reasons, every young men and women with some kind of college degree, decent level of english and the luck of having european passport becouse of their ancestors are all planning to leave the country if not already did.
What a truly amazing comment! I’m sure @casualscholar will appreciate your thoughts and opinions. It must have been painstakingly researched and expertly presented! 👍🏻👏🏻
As an argentine I always click on these overviews of Argentina’s political and economic history and this has to be by far the best researched and most complete one I’ve seen to date. Great job!
I’m 21 so I never lived through the worst times in our history. Nowadays there’s no war, no dictatorship, there’s free speech and so on.. But still, looking at history it feels like we’re a uroboros, just going in circles eating our own tail. If Milei can’t produce results in his term and becomes another corrupt failure and the same old kirchner dynasty gets back to power I’m done hoping. That will be the signal that we’re trapped in an actual endless cycle of mediocrity and failure.
Well said!
Milei will only make things worse, far worse.
@@SuperDirk1965leftie American?
@@busonkey4413I object to the insult of being called American.
@@AboveBoardBeyondControlWhen are these stories about people who would be footnotes going to start being told?
A lot of people think it's as simple as "communism vs capitalism" but Argentina had this weird mix of ideologies that didn't really fit any of the familiar molds. The most popular one and the one that "broke" the country is called Peronism, and it was a weird mix of labor unionism, fascism, and capitalism, and it positioned itself against both communism and capitalism. Ultimately, though, the main problem with Argentina in the 20th century was its embrace of a "benevolent" authoritarian who reoriented the state to serve himself and his cronies, family, and proteges. If Argentina had gone the way of the Nordic social democracies, I don't think it would be in its current situation, but at the same time, Argentina had so much inequality at the time that it's hard to imagine that social democracy would've been possible. The Nordics adopted social democracy b/c their countries' economies had been deeply affected by WWII and their inequality dropped as a result making support for reform of capitalism more popular than complete revolutionary overhaul. That never happened in Argentina.
Amen to that.
It's not socialism's fault.
A lot of what gets missed in the "capitalism vs. communism" debate(though, really it's more of a "capitalism vs anything that is not capitalism" debate) is that regardless of which economic system you have, if the political system allows for a small group of unnacountable yet all powerful people at the top, you wind up with the same results.
Present day "global" free-market capitalism more or less has produced a lot of the same problems the Soviet system did(corruption, gerontocracy, crumbling infrastructure and institutions, rising authoritarianism, etc.)
It’s simple- and it is a de facto “communism vs capitalism”. Had the capitalist just paid a fair wage and protected their employees, the country would never made the moronic move to nationalized and control prices. Communism never works but many of its traits were forced upon them leading to their downfall.
Nothing casual about this presentation. It is an extraordinary summary of Argentine history and its economy. Bravo.
I agree 100%!
This video does miss certain important factors, like the Spanish-inspired economic system favouring the elites being fully retained on account of the British loss of 1807.
Excellent video. Corruption as a way of life leads to the problems Argentina has. Happens in every country where those in power use their power to steal from the populace. Bribery as standard practice, theft of state owned assets, theft from the populace, violent oppression of anyone who stands in the way of the criminal elite:- the elite of a criminal society can look rich and successful while the base of the real economy is being destroyed.
Note: The theft of state assets is often disguised through layering and placement similar to money laundering, eg "great deals" for buyers of public assets with kickbacks to the politicians who are being used as front men. The violent oppression is often presented as law enforcement. When not done directly at gunpoint, the theft from individuals can be disguised as economic misfortune, emergency taxes, punishment for crimes, or confiscation of assets alleged to have been associated with the commission of a crime etc.
good comment! i wish the video explained it like this more. there is a small elite in argentina who has been stealing and murdering the majority for over 100 years
Milei seems like quite a character, and I'm not a libertarian, but this video does a great job of laying out why many Argentinians would look to a libertarian leader to fix their issues. Many of the common themes in this history are also libertarians' favorite enemies: inflation, deficit, and inefficient state-owned enterprises, just to name a few.
Too bad his policies directly lead to another 50% inflation of the currency which the poster of this video conveniently glossed over. Or that opinion on milei has soured a ton after he took office
Right wing trash
@@aridianknight3576 he just adjusted the pesos value to its market value (dolar blue) and not the fake central bank rate no ordinary person could even get
Afuera!!!
@@aridianknight3576 Where did you hear those things? Neither of them is true. If you are talking about the devaluation that was done, it did not generate inflation. Inflation was at a monthly rate of 30% when he took office and the last measurement was 13% (The first time in many years that Argentina's inflation has dropped). And his supposed drop in popularity upon taking office is not true either; just last month he fell to 50% and he remains the politician with the greatest positive image in the country.
This is the only comprehensive video I've seen that fully explains Argentina's economic situation. Thank you.
I kinda disagree with the summery. The prevalent issue I've noticed throughout was corruption. No matter who implemented what strategy it all ended with people in power embezzling money. No wonder none of it worked. It's not the issue of policy. If the new guy continues the trend, nothing will change.
The greatest difficulty is that President Milei cannot fully succeed going forward without getting the full cooperation of the legislative, and judiciary branches.
I agree. The other points might be fair but corruption is the facet that was left out of the summary. Corruption poisons all plans regardless of how wise or foolish, how libertarian or socialist. It's not a policy, it's not a monetary theory, it's a culture. Good luck weening an entire nation off the teet they've been sucking on for well over a hundred years. That said, I hope the Argentinian people find the will and the leadership to pull it off.
Using this logic I would say that nationalizing everything was another major problem. Turns out giving the corrupt government tons of power over the economy isn't a good idea.
Yes left tards socialist dictators
Burning that $100 bill cost the filmmaker about $23 of 2020 dollars.
Watching this video was like watching a skit with Bob Hale from Horrible Histories - "but not for long!". Disaster after disaster.
Pretty sure my dog has a better grasp of economics than Argentinian Governments.
This was outstandingly informational. An exceptional video. My wife's family immigrated to the US from Argentina in 1980. My father-in-law was in charge of Fiat sales in the country and after his office was targeted by guerrillas and his colleague was assassinated that was the last straw. My brother in law and his wife still live there so I am hopeful that despite the ten percent cohort in the congress, this new president can carry on with the reforms.
shits and giggles aside, this is EXACTLY what is currently happening here in South Africa. There are a few things that have not happened yet, but they are definitely on the way. It is elections next month, and for the first time since the last elections - have been no rolling power cuts in the last 10 days.
27:42 they were not just "fascist leaning" they were openly full blown fascists (many of whom were supporters of that 1 German regime).
They were a full blown extremist-right fascist party.
That entire group, one of whom was Peron, openly supported all fascist regimes in Europe (even after WW2 ended).
30:58 It's a common misconception, said annual "bonus" is calculated by dividing your annual income by 13, each of those is a salary, and half of the 13th one is given to you as this "bonus".
You don't get more pizza by cutting it in more slices.
36:21 While he did technically win elections (even though his party engaged in widespread voter suppression and similar tactics), his second term was unconstitutional.
At the time, you would hold the presidency for 6 year terms, with no possibility of consecutive terms. In 1949, there was an illegitimate reform, where Peron's party passed a reform WITHOUT meeting the 2/3 requirement (the requirement was 2/3 of all the seats).
Why is this distinction important? Because Peron's party sent violent "shock mobs" to threaten political opponents, in order to not allow them to show up to vote against it.
The Constitutional reform "passed" with 2/3 of the people present, but not of the total seats, thus making it an illegitimate reform.
Since the 1949 reform did not pass legitimately, Peron's second presidency was unconstitutional, and thus illegitimate.
WW2 Germany was not right wing. They were socialists. That is left.
@@Arcticwind-xw6qg right wing collectivists, but still right wing.
I don't think you know the sort of people that call them socialist, but in case you are not one of them, you DO NOT want to be associated with them.
The national socialist workers party, who ruled Germany prior to and during ww2, was not socialist?
My country was part of the Axis and then fell under the Iron Curtain.
It was USSR propaganda that Only called the Fascists "imperialists" after they attacked the USSR. Socialism created thousands of ideas and thoughts schools but at the beginning of the 21st century these currents started to clash and only 3 remained Leninism Fascism and Maoism. (I often like to compare Socialism to Christianity since both seek a better world)
@@S85B50Engineedit: Better punctuation, re-phrasing.
First off, I want to say: Don't poison the well. Arguments should be treated as such, don't tackle the individuals behind it. If you really feel the need to tackle the people who use this argument, at least explain the logical conclusions of this argument or hypocrisy on the opponent.
Second, "right-wing collectivist". Honestly, what are you even blabbering? I sincerely and respectfully want to understand your definition of right and left-wing. If it's for the economic system, that's absolutely preposterous. Since capitalism is individualism by definition, even the so-called Authoritarian Right (Arguably Monarchists) view it this way. I will explain to you why collectivist ideology isn't supportive of capitalism in one short sentence. Who holds power above your properties, the individual or the collective state? (I will not dwell on libertarian left, since I hope both of us can agree it's an utopia, or at least a dystopia) If you're following the distorted Stalinist view on left or right then yes, WW2 GER is right wing, as well Nikolai Bukharin, Leon Trotsky, and such.
It still is highly accepted by actual historians after the 1960s and even before that: WW2 GER isn't right wing nor left wing. It tries its own system, full of contradictions. Same with Fascism. Instead, the only historians who don't fully grasp the era are the activists who studied stalinist papers on such matters instead of actual research with real evidence, using semantics and fallacious arguments to hold this view even today.
But it's equally wrong to say that Fascism didn't have a socialist basis. Three things: Fascism =/= Nazism; Mussolini was socialist; he was banned from the socialist party for reasons I've forgotten. Fascism is syndicalism; it isn't socialism, but it's further away from capitalism.
When I was a kid, my teacher told us that Argentina was going to become the United States of South America. It is shocking what has happened in the over fifty years since I heard this statement.
If Trump's 2024 election is stolen by Biden, then the US will become the the Argentina of North America. 55% government workers, 25% on the dole and 20% workers.
In the not too distant future the United States will be the English speaking version of Brazil .
( English and Spanish ! )
I'm Argentine, I don't have even 16 years yet and I already have to think what to do with my future, if I should stay and finish school first or if I should leave and go to Italy now (luckly I have Italian citizenship), and not just me but many other of my friends, Some plan to go to Uruguay or Brazil due to the proximity of these countries to Argentina, but many others plan to live the American dream or go to Spain.
So yeah, this country is currently shit honestly (sorry for bad english)
It's interesting to see that we get into the details of the story only when the timeline reaches closer and closer to present day.
In a way things in this world are going on just like they have for thousands of years. We tend to pay more detailed attention to things near to us in time and space.
True knowledge is knowing that everything comes and goes, rises and falls except this pure consciousness that observes all this drama forever.
59:25
Trust me as an Argentinian blackouts are very common even more common in the summer whrn energy consumption sharply increases with temperature one time with about 30-35 °C for about all midday there was no power we suffered that day, and i am from the middle class
I live in Neuquen and we didnt ever had a unscheduled blackout. And we are on the same country
@@dizzxk1 i live in southern Cordoba and they are terrible in the summer, trust me. You because you live in a colder area but in here in summer it is around 25-32°C and everyone uses air conditioning
i never studied socioeconomic or political stuff in depth & this video is the most astonishing history lesson containing relentless mis-organisation of a gigantic famous nation I think I’ve ever learnt from a screen since first noticing tv in 1969.
I’d be amazed if a single Argentinian person ever died of the effects of boredom given the potentially lethal effects surviving daily amidst emotional uncertainty for the future let alone baggage of previous upheaval or worse….
Best Wishes to them from AW England
It’s genuinely so depressing how many opportunities Argentina has been given, only to be squandered by corrupt politicians and elite.
Argentinians, you guys have been robbed constantly by your own government. We can only hope Argentina can once again become the prosperous nation it was supposed to be.
😂damn went hard on Argentina in the title
hard on
Reminds me of Goodfellas you see it coming through the front door but its going out the back door. Running up a bunch of debt and then burming the place down.
It's crazy that Argentina is by all means collapsing or something, yet their cities seemingly have less dudes dying on the streets doing super drugs than my city here in first class USA.
The answer is that Argentina was neither rich nor advanced. Some people were rich, but because they controlled those key exports, and it was never advanced because it has never been a hub for technology and value adding industries.
That's not entirely accurate. They did have a rich middle and working class. At the very least rich enough to attract a very high number of immigrants. Which is the ultimate bellweather for how an economy is doing.
If people are willing to immigrate to a particular country, it says a lot about how well the economy is doing.
Government. Went crazy spending on nonsense like most government s
Look at Biden Harris. Every speech from day 1. Were are sending Ukraine. 500 million . On a war. Biden was responsible for all for war profit . Then let in 20 million people. Putting them in hotels.
Biden halted oil production. To go green. That mean we buy oil. From places that hate USA. For double And ship it 6,000 miles. That’s green$$$.
Elitist and corruption, no matter which economic system was used.
Exactly my thoughts. There seems to be always an elite having unchecked power, whether it be Spanish colonial masters, creole elites, Peronists or the military, that got rich at the expense of the poor majority. That kind of distribution of power cannot really bring prosperity; the fact that Argentina was prosperous at some point seems more like a set of lucky circumstances than a logical development under such a system.
No.clue how I spent an hour learni g the entire financial history if Argentina up until today. Wow.. what a ride that wS. Thanks to all in its productkon.
Schools: The British were oppressive colonisers!
Spain: Hold my Paella.
Ironic that Britain built Argentina into thatalmost richest on earth and then SOCIALISM beef industry British built capital city British built rail network British built Argentina rugby British built Argentina football British built
Long wtory short: They had a commodities boom then proceeded to make terrible choices for the next 100 years. Tue end.
One of the best foreing videos explaining my country's story i've seen
Been waiting on this video for a long time
So Leo Dicaprio is actually rescuing those hot 22 year old Argentine models 🤣
Lord's work.
minutes 20 to 25, explains the real situation about Argentina, the myth of "the most rich country in the world" is demolished in that short explanation. Thank you! Was not the peronism, the peronism just tried to equiperate the previous big and unfair social difference, the rest is history.
There are 4 economies in the world : Developed, Underdeveloped, China, and Argentina.
Developed, Underdeveloped, -China- Japan, and Argentina (a country burned to the ground because of WW2, small pool of resources and land, still gets up and keeps floating as an economic figure --> *Japan* , vs a country who has ample pools of resources and land, reached an opulent position at some point in history, yet it lost that shine due to embracing socialism and populism, mixed with high grades of corruption --> *Argentina* ).
@@konnikchiwa The economist coming up with it didn't make a fifth category, South Africa, but I'm doing that, as oftentimes in the 1960s/1970s, South Africa was often regarded as "developed" despite having many "underdeveloped" characteristics.
Masterfully done; clearly explaining the problems and obstacles in Argentina, but also, in other countries in South America.❤
Surprisingly little focus on the IMF. What gives?
Between 1945-1975 the gdp per capita growth trend is practically the same as that of 1891-1929 (just over 2% per year). Peronism was clearly not the beginning of our “decline”. If we had grown between 1975-2015 as we did between 1945-75 today we would have the GDP per capita of countries like Italy/Spain.
Furthermore, between 1964-74 (the so-called “golden age” of Argentine industry) we accelerated growth significantly. If we had grown between 1975-2015 in the same way as 1964-74, today we would have a GDP per capita equal to or greater than that of the USA. 1964-74 had a particularity: not only did we grow strongly, but for the first and only time in Argentine history industrial exports grew faster (three times) than industrial imports, minimizing the chronic tendencies towards trade deficits in a context of growth.
Logically, since we started with very low industrial exports, we were still in deficit, but if the trend had continued over time we could have eliminated the industrial trade deficit (in fact, in 1974 we had eliminated it in several branches such as automobiles, agricultural machinery, office machinery, textiles, footwear or furniture; we were still in deficit in chemicals and steel, because investments in these branches were still being made, which would see the light of day in the late 1970s and early 1980s).
Before WW2 it was possible to get rich on raw products, afterwards it was not. Something happened, I don't know what.
It is still possible to get rich on raw products, what happened is people started relying more and more on government intervention on the economy, which has been making such resource exploitation less efficient because of regulation.
I didn’t understand why people liked Mille until I watched this video. His ideas seemed incredibly radical, but they’re actually pretty appropriate given the circumstances
Sl many parallels with Italy. A culture of (short term) Leaders unable to push through umpopular opinion
As 2/3rds have Italian origins, the link is perhaps unsurprising!
As someone not familiar with Argentine history that was a lot of information, not necessarily fast-paced but unrelenting. I will have to watch this video a second time to recap. It is the election of Javier Milei that brought me here. His sensationalist shock therapy may or may not succeed, but many are hopeful of his efforts. After 4 months of upheaval and more uncertainty, will Argentina survive? The fact that he has estranged himself from the LATAM movement and has raised the salaries of the ruling government may be a mistake. The next 2 years may get unbearably harsh.
If he raised govt salaries, he's not a Libertarian.
He did not raised them, in fact he tried to stop deputies and senators from raising their salaries. But take into account inflation, though it's currently descending, in January was 20%, feb 13%, mar 12%, april... will see
@@circelucia6530 I'm sorry, I have read that inflation is up to 140% in January, and he did raise government salaries and increased the power of the police, and taken funds from many worker collectives and the film industry. The more I discover the worse it gets,
@@dimik3855 Where are you getting your data? Its extremely biased. Milei didn't raise the salary of politicians it was the senators who voted in favor. The 7 libertarian senators that belong to his party voted against raising the salary but they werent majority
One of your best videos I’ve seen.👍
Great video! I left Argentina 12 years ago, and I'm not sure I'll ever go back. I hope I can see some change in my lifetime.
The 80's generation did promote literacy and separate government from State. There is an underliying problem with society.
It’s sad as they got everything going for them
Until the socialist entered and ruined everything, same as now they are ruining north america and europe.
An entrenched oligarchy has historically proved to be the destabilizing of any country
Really enjoyed this. Very informative
It’s called believing in your own positive self assessment and giving yourself a big raise.
Canada is well on the same path for this century.
Not so much the path of Argentina, for Canada has a far more egalitarian land distribution system. Maybe the path of Italy.
Very good description based historical facts video. Thank you.
TL:DR By failing to develop sound foundations, it was inevitable that Argentina's prosperity couldn't be sustained.
Exactly, it was a one off success of a new resource rich country
And what do they do? Elect a radical that promises swift and radical remedies. But I am sure this time it will work out.
Tl:dr socialism/communism kills economically and civilly
@@Benzi514 So it is radical to suggest that a nation will prosper by instituting economic and personal freedoms? Good to know.
That's a horribly vague and useless summary, frankly. Here's a better one:
"Over a century of various forms of power-buying in lieu of organic development has made Argentina's economy a repeated, consistent cycle of bubble-then-bust disasters created by endless layers of financial duct-taping."
Suprised I watched it all. Argentina sure is a economical roller coaster of a country, If i learned anything it gets good then it goes horribly wrong when corruption becomes maxed out.
This video prove that javier Milei is right, argentina was destroyed by socialisim and has to change
After making a superb video on Argentina's economic woes you should be in a great position to create one about the policies needed to make any country successful!
I can see a lot of the shananigans in play in other countries right now. I wonder what the real formula is to hold a country together if there is one?
The real formula is to step in to prevent abuse, and GTFO otherwise.
I'm sure of this: In 3 years or less the world will be talking about "The Argentinian miracle". This time we will grow on a solid foundation. We will be great again, thanks to the freedom ideals that Javier Milei taught us. VLLC!!! 🇦🇷💪
Nice video.
What a nice video, u want to check a Lot of sources nowb😮. Would Love to translate this to spanisch. Maybe will Sound funny but Nobody teaches this today in Argentina, i remember reading about it in my old granpa Bibliothek
I went to Argentina in the early 90s it was so beautiful 😍, architecture landscape. I remember being able to use US dollar as it was pegged to the dollar. I would love to check it out all these years later.
Excellent narration! Brilliant video! ❤❤❤❤❤❤❤
Thanks!
It's the first time I saw a video get cash. I would like to make my own informative videos, and would like to understand what would motivate someone to tip cash.
Could you describe what aspects of the video made you decide to tip cash to the creator?
Please be detailed so others can learn what makes content good enough to pay for. Thank you!
I've tipped videos before. A contribution to my needs and spured by the influence of reciprocity have made me a video tipper.
I’m so glad a real hour long documentary on Argentina’s economic history is up. BadEmpanada’s was so misleading.
Loool he's an angry internet man. U have to take his words with skepticism
@@MateusChristopher “Argentina never industrialized before the 30s. I’m terrible at Argentine economic history.”
@@Anti-CornLawLeagueProve it lmao. Where's your proof that Argentina was an industrial economy?
@@MateusChristopher Facts do not care about your feelings. Prove him wrong. Go on, provide substance
@@Anti-CornLawLeague Argentina was by no means industrialized by the 1930s. It had many industries, but they were mostly foreign owned. There were almost no major industries based and owned by argentines, until the 1940s-50s. Industrial GDP only surpassed agricultural GDP in 1943, which is like 100 or 150 years later than every industrial nation of that time.
An hour very well spent. I look forward to more videos.
Excellent video! Congratulations, you've managed to comprise my country's history very accurately. Thank you 👏👏 I dearly love my country but it's a mess, I wouldn't flee, but I understand those who do. There's nothing that could get us by surprise by now. I hope with all my heart Milei succeeds 💪🇦🇷
What an excellent essay on the economic history through the years. Though I’m sure supporting video images are scarce and some of these are more generally depicting current historical passages through images, you’ve done a lot with not much available , as far as moving images go.
Does anyone know what the background music is from, or who’s the artist??
You know it's a good day when casual scholar drops a video
We could do with a few less fake self-congratulatory comments that they cook-up for themselves for each video.
What's the music in the background???? It's enchanting!
Came here looking for this. Specifically at around 31 mins
Thank you informing and teaching me. Freddy Chavré of Maple Valley
It's nice to see the comments from locals. It tells me I didn't waste my time on a non truth. More importantly, it tells me that your Country will emerge and succeed. Well done ❣️
And emerge and succeed, and emerge and succeed, and emerge and succeed, etc.
this is so interesting. never learned much of world history in school, apart from american and european history. now i’m in college and want to learn as much as i can. super interesting watch.
I don't recall it being mentioned, but it can't be overstated how the US repealing the Sherman act in 1893 effected silver-based economies around the world. Argentina was negatively effected by it and lost a lot.. more than I had known!
The Spanish didn't slave local populations, they exploited and paid some, and allied themselves with others. Enslavery means capturing, owning, buying and/or selling people.
Facts. The Spanish strategy was unique amongst the other colonial powers of the era. They didn't even restrict marriage to local populations, hence why the average citizen of Hispaniola is genetically 64% European.
Thank you
At 1:16 -- meteors don't rise; they fall. So the "meteoric rise" occurred in the 1960s, when the country declined quickly.
dictionary
This was a really good look at Argentina's history. Thank you. Your narration was very easy to listen to.
Super video. South American history remains obscure to the non Spanish world. More please and thanks.
I was going to comment on how awful the Argentinian leaders have been, but in recent years my country has had Cameron, May, Johnson, Truss, and Sunak. A sorry stream of substandard politicians. No moral high ground to shout from!
Yes true. But they’re nothing compared to these clowns. The British people are civil and master managers.
And that's how you grind a great country to dust. But Britain had many bad leaders since WW2, you left out many, atrocious Labour PM's.
Hey we have been stuck with Dementia Biden
Lol, you and I share the inability to sit perched atop our high horses, as I’m from the US and we have NO room to speak. Regardless how far you’d like to go back, suffice to say we’ve had everything from “spineless cowards who were mostly harmless but who enriched themselves through policies intended to harm no one and help no one” to “evil scum who cared about personal wealth more than everything else”, with a little “utter idiot unable to form coherent sentences” mixed in. Total joke!
They seem to be doing the opposite - excessive austerity instead of excessive spending.