@@wojteks4712 Poland was kept down under communist rule. Not trading ith Western Europe, North America etc normally. Now we see what Poland is/can be. I love in Stockholm Sweden, we had Poles coming ehre when I was a child. Now Poland is a free nation like ours and people move freely inbetween :)
Nobody, ever, in the history of Argentina, has gone to prison for buying USD at Cuevas. It's the most legal illegal activity. It is literally done by everyone, including cops, judges, politicians.
It is a business in which politicians are involved. They are just politicians, known for corruption. That's why there is no jail for buy usd in exchanges. Economy? It doesn't matter. They keep their own business. The currency? Neither. Only if the face of Benjamin is in the bill. Our currency is a lie.
No es legal ni está regulada, no presenta ningún tipo de comprobante por transacción y no es aceptado como origen y licitud de fondos en entidades bancarias. Por algo se le dice mercado informal o "Cueva".
@@fkushano2590 y aun asi no hay policias en las puertas de todas y cada una de las cuevas, te imaginas gente diciendo "vendo droga" o "vaya a comprar droga a esta direccion" gritando en publico? y que entres, compres droga y te vayas tranquilamente? no, no pasa, ese es el punto
@@skylex157 En ningún momento dije que eso pasara, tampoco que haya redadas porque verías gendarmes en cada calle con tantas cuevas. Pero que eso no pase no lo hace legal, por lo tanto sigue siendo verdad lo que dije. El juicio de valor sobre lo que hace cada uno le queda a cada uno, que es ilegal es ilegal.
I'm argentinean and let me tell you NO ONE goes to jail for buying dollars in the black market, everyone knows about it and no one does anything against it. So there is no such "risk" as you said
Housing crisis, health crisis, financial crisis, cost of living crisis, debt crisis, inflation crisis, EU war crisis, middle East crisis. How many crises can a koala bear? I'm approaching retirement with comfortable millions, yet scared of a banking crisis. Where do I best grow my money?
I would advise the counsel of a seasoned financial pro. It may be expensive, but as the old saying goes "You get what you pay for." "Expert solutions require Expert providers" - my mantra.
Agreed, investing with the help of an advisor set me up for life. Retired with about $1.6m in stock portfolio only. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. Supplementing my income with stocks and alternative investments helped me by far beat the retirement age of 65.
Great! mind if I look up your advisor please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retirement.
The advisor am currently working with is Teresa L Athas. I came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
As an Argentinian I would like to ad some more context. 1)We have a very big public jobs problem, most of the jobs in Argentina that are formal employment are public in dead end none productive work, (like having 15 secretaries for the manager of the counselor of the cousin of the politician in charge of some invented minister). 2) Most of the actual productive jobs are in the informal market due to different reasons like irrational amount of taxes not only to business also to workers (even cashiers need to give 50% of their salary in taxes), business exploitation, and in some cases the lack of proper schedules in colleges about students that also need to work. 3) We have some many taxes at nacional, estatal, regional and municipal level that even some workers from the tax administration unofficially support tax evasion in low income self employed workers. 4) Education gets worst each year, most student can't understand basic text even after secondary educational level, 50% of students fail the test entrance to engineering school (the test is about basic physics and math from secondary education) and from the other 50% that enters a 25% drops from college in 6 months, and this applies for most engineering and science careers resting a lot of aggregated value jobs. 5) Bureaucracy in Argentina make the German one blush, we have to much paper work, paying so many permit and waiting in some cases even years that a lot of people abandon projects and decide to invest outside. 6) Syndicates in Europe are a charm compare to Argentinians one, they force workers to join, paralice supplies chains, start riots and extortion both company and workers, they behave like an enforcers of some landlords. 7) People decide to buy dollars in the informal market due to a very 2 important reasons, first you can't draw a single dollar banknote from your account if you buy it legally, and second we have something call it "corralito" in which the government froze money draw from every bank account and can turn your dollar savings into peso savings make it "legally" without asking you first. There are soooooooo much more to mention, the problem is, it would take and entire semester of "what not to do meanwhile running and economy" subject
@@alanmrsic893 Because it's the same here as the dollar, you can buy it legally from the bank but you can't take it back to home with you, it remains in the bank at the risk of being changed into pesos by order of the government, also if you buy it from a second hand like a jewel store they gonna give you ridiculous prices of buy/sale.
There’s a saying in economics: there are four kinds of economies - developed, underdeveloped, Japan and Argentina. No one knows how Japan continued to grow. No one knows why Argentina can’t.
@@jackjones4824 Pfft! Mr. Genius, the saying about the four kinds of economies is meant as a joke. Did you really think that economists actually believe that Japan's economy will always keep growing significantly year-on-year, or that they don't know how it grew in the modern age?
@@jackjones4824 Sorry about the snarky comment! But why are you providing "clarifications" where none are required? The saying is a joke, and the OP meant it as a joke. Why then are you taking it literally and then nitpicking over it? Can't we just chuckle and move on?
Listening this in English makes me think about how we normalized all this problems like it has been always like this. I'm 30 and I don't know how it's like to live without inflation. I really hope I get to live at least a couple of years of stability... Someday...
Yo también, casi 30 y todos los días de mi vida siempre escucho que estamos peor, incluso mí papá se encontraba en situaciones difíciles durante Menem y los Kirchner, con miedo y depresión. Y ahora mismo, yo leo como otros paises de Europa y Asia están mucho mejor y me hace querer vivir allá o que acá pueda parecerse mas a ellos.
Ustedes los argentinos necesitan aprender de Brasil. En los años 90, Brasil pasó por una inflación horrible como la que está pasando Argentina ahora. El ministro Fernando Henrique Cardoso creó una nueva moneda y puso fin a la inflación, se hizo tan popular que poco después llegó a la presidencia.
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in Argentina.
Inflation can have a significant impact on individuals and their cost of living. As a result, it can cause negative market sentiment. It is important for individuals and businesses to find ways to navigate and potentially mitigate the effects of inflation on their finances. The current economic climate, including underperformance of financial markets due to fear of inflation, has led to a decrease in the value of my portfolio. I would appreciate any recommendations on how to potentially increase returns during this market downturn.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over $70k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.
I learned from past mistakes not to rely on rumors and hearsay for market judgments. In 2020, I held worthless positions until I revamped my portfolio with the help of an advisor. Since then, I've scaled up $250k in 2 years, regardless of market conditions. It's all about where you're looking.
We had hyperinflation in Mexico for several years until the central bank got complete independence from the government. It was a nightmare for populist politicans but it worked surprisingly well until now.
Yep, and people still hating those who ended the hyperinflation and their method. FOBAPROA, Autonomy, Privatization, Salinas and Zedillo are words that invoke the devil. But those words represent the end of an era that brought hyperinflation, public/foreign debt, etc. It was a traumatic end that destroyed the old political regime and still we have not have finish processing the trauma.
I lived in Argentina on and off for decades and I can attest that Argentines have simply given up any hope of a future. The brightest and most ambitious of its young people are emigrating.
I can confirm what you say. There are never ending lines in consulates with people trying to get european nationalities. Most of them are either trying to live a better life or they want their sons to live a better life. It's so sad to see most of the people work their butts off to earn just enough money to survive until the next paycheck. Saving money is for a select few. Saving in pesos is losing money and no one is allowed to purchase any foreign currency legally so you´re literally hopeless people are forced to spend their money in order to not lose it.
I said all of that before watching the video. And yet I can see some mistakes. Official exchange is 360 pesos, but there´s no one that can buy that. You have to add a "couple" taxes that are called "impuesto pais", "impuesto a las ganancias" and "impuesto a los bienes personales". All of them add up for a 90% extra. That´s why people don´t even thint about selling their dollars to the central bank. You buy 200 dollars legally (in case you can, theres a lot of barriers to do so, a lot of excuses to not sell them) you pay 670 pesos per dollar. If you go to the bank to try to sell them they give you 360 pesos per dollar, sane happens to foreigners. If they come here and want to exchange their currency, they have to resort to the black market, otherwise they lose a lot of money. There's no incentive to put any money in this economy.
And yet the college kids in the USA want this. They are so brain dead they think socialism is awesome. That government control is awesome. USA college kids aren’t too bright.
I've lived on Argentina my whole life, and i can attest to the fact that this is simply not true, or at the very least not entirely correct. Furthermore, this whole video is pretty much a complete sham, and very badly researched. Argentine politics are far more complex and than it's shown on the video. As for people leaving the country, fair. A lot of people are, mostly people with money. But please don't go around implying that most professionals are prone to leave the country. The disillusionment of the youth is nothing more than a tool from politicians to make us believe we have less value as a country than we do. To make us think that we should sell ourselves, be a colony of a country like the US. And it's working, plenty of young people think like this, and hate their own country despite it being not as bad as they are led to believe. And yet, most professionals tend to eventually understand that they won't belong anywhere else the way they do here; It's not the same to say you *wish* you'd leave your own country, than to actually go ahead and do it and learn a different language and culture. Simply not that many people are willing to do so. Specially not people who don't have more money than most. All of this I say from the point of view of a young, well studied citizen of Buenos Aires slightly below what would be considered middle class. Born and raised in Argentina. Never even stepped in different country. Please, even if you've lived here: don't pretend to speak for me or those like me.
To give you some perspective, this video was uploaded a month ago and is pretty accurate on 2023-09-27 the value of the Illegal dollar was $763. Now a month later this value is $960, an increase of %25. In Argentina, prices are somewhat based on this value and for that reason, for us now simply buying anything is an investment just because you know tomorrow the price of that will rise but your salary will not.
I got to Argentina in 2021ish and the rate was about 250, I immediately exchanged around 5000 dollars worth of pesos all while my argentine friends were laughing at me, they said the rate is definitely going to go up and I said maybe it will go down. Rn I just exchanged 100 dollars for 920 a dollar. I dont think the situation will change anytime soon and it will only get worse depending on the new president.
I'm Turkish and I've known about Argentina for over a decade since me and my friends were using Argentinian websites to purchase online games and services because their regional prices have been cheaper than European prices. Recently Turkey has also fallen into the same inflation spiral as Argentina and the reasons are very similar: untrusted government, decades of bad monetary policies and printing more money etc. Its really depressing to be a part of such a system. I've met many amazing Argentinian friends and I hope Argentinians can recover from this eventually. much love
@@shinnshinna5642Claro, el peronismo que gobernó durante 26 de los últimos 40 años no tiene absolutamente nada que ver, que lindo pensamiento el tuyo.
I thinks it’s important to clarify that the 200 USD limit is actually only available for a very small number of people. There are dozens of ‘exceptions’ that make it almost impossible for anyone to have access to the acquisition of USD. For example, if your employer received any sort of financial aid from the government during the pandemic, then you are banned from buying dollars. The limit also includes any kind of digital subscription or service you may hire. Like Netflix or Disney plus (they all count towards your 200 usd limit) same if you want to buy a video game or a product from abroad (if you want to, say buy a pair of shoes or a pair of jeans from abroad, you have to pay over 50% in taxes (and that’s not including the almost 70% they charge you for using USDs)
I went to Agentina in 2008 and the currency was stable at 4:1 USD: Argentine Peso and they had similar policies in place then. The IMF has turned Argentina into a debt colony where the only possible solution the government has is to print money. Austerity and liberalization has completely collapsed the official Argentine economy and made it impossible to rebuild. The reason you cant buy foreign goods with argentine pesos is because of import restrictions imposed by the imf
@@psrabe7444 I am from Argentina and can tell you that the IMF is not the problem, we are the problem since the IMF is not doing that to Peru, Chile, or many other countries, to fix something you'll need first to understand the problem. And that is where most Argentinians fail.
@@psrabe7444 The IMF put no conditions to our country, the fiscal deficit came when the budget of our country was reduced thanks to the decreasing prices of our agroexport products. And since our goverment never saved not even one dollar in the time we had a commercial superavit. Even more so, the spending of our goverment increased, while we had a smaller budget to paid for it. We ended the last goverment of Cristina with a financial default over the negotiation, or lack of it, with the debt owners arround the world. That's why Mauricio Macri goverment took the loan with the IMF, to pay those people so our country could ask for money again. I personally think that it didn't help our country either, because we asked for more money than we actually needed, but that's another topic. We have one goverment after the other, and they all spend more wealth than what our country creates, which is imposible to maintain. We need a goverment that stop lieyng to our people and that stop the spending machine that only works for our political class to steal to our people, even more so to the people who have the least resources, it's a shamefull and disgracefull tactic to gain leverage from our people, making a big part of our country literal economic slaves of our corrupt leaders.
It's just unbelievable how they totally overlooked the fact that Argentina's foreign debt skyrocketed under the military dictatorship of Videla in 1976, surging from $4.6 billion to a staggering $25.6 billion - an increase of over five times. This dramatic rise in foreign debt during that period had long-lasting economic consequences for the country. It was the military regime who played a pivotal role in shaping the country's financial challenges that persist to this day.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Greetings from Croatia! When I was a kid, during late 80-ties in Yugoslavia, I remember going with my dad to illegally exchange German marks for Yugoslav dinars. There was some dubious looking guy standing near a parking lot who was silently repeating - „Dinari, marke, dinari, marke…“ to passers by. This was common practice, couple of years later Yugoslavia became EX-Yugoslavia. I hope Argentina manages to come out of this crisis!
Trying to explain the problems of argentina without using even once the word Corruption in the whole video, means you didn't understand one thing about our country.
So sad. My parents were US citizens who lived in Argentina for about 20 years. I was born in Salta, in Northern Argentina and spent my early childhood there. I love the people, the culture, the food, the language, and the beauty of the countryside. I feel sad for the people who struggle to get by. Th government combines equal doses of incompetence and corruption. Chile and Uruguay, to the west and east of Argentina, respectively, are largely stable, with low levels of corruption and poverty. Argentina seems cursed to live in perpetual crisis.
Argentina's economy is like my investment strategy before I got serious- all over the place! 😂 Got $332k stacked in my emergency fund, ready to dive into investments, but with this mess, I might need a head start. Anyone else wondering where to even start these days? 🙃
Haha, totally get the vibe! But honestly, even with $332k, going solo in this climate is risky. I’d suggest getting an investment advisor. Mine has helped me navigate through this chaos, and it's been smooth sailing ever since!
Man, I hear you both! Been sitting on my own savings too, thinking about jumping in, but no idea where to find a legit advisor. Any suggestions on who to trust?
There are a handful of CFAs out there. I’ve tried a few over the years, but 'Linda Aretha Reeves' has been my go-to. She’s legit-super impressive track record. Worth checking out!
Im an Argentinian, last year my sister had to emigrate to italy, she had 2 jobs here and still couldn't afford nothing else than rent and food, it was heartbreaking for our entire family to say goodbye to her, but i know that she deserves so much better, so i wished her the best, i miss her everyday and i hope and wish she can return home soon
@@kaiseri.4641Not at all, it´s just that they love the whole cat and mouse game. Besides that, we Argentinian men have a tendency to be quite straightforward with women, we´re not shy, so you have a lot of competition
i'm argentinean, and watching this makes me think how easily we get used to inflation and corruption. prices get higher every month (and it's an overstatement). what bothers me the most is that most of us do not support this, obviously, but the people in power always take the chance to make it worse, and it's been like this for too many years. i hope that now things can be different.
Problem is in the Argentine people. Keep voting populist, Peronist governments because they want handouts and don't take corruption and poor government seriously. The DNA of the average Argentinian and therefore leaders is live today don't worry about tomorrow. Party first work later. Every country is a reflection of its population and culture.
You voted for socialism and the welfare system. So it's all Argentinians fault. You all wanted free stuff for not doing anything now you all pay the price. Welcome to the real world Argentinians.
es como la teoria del pollo al que le sacan una pluma cada vez que come una miga de maiz, para cuando esta sin plumas y cagada de hambre no se da cuenta porque en su cabeza eso siempre fue asi
The last sentence from the grocery store owner was so reflective of the situation: ‘I don’t think thing will get better’. In macroeconomics, expectations of inflation is no less important than the inflation rate itself. When there’s no trust in the central bank effectiveness, Argentineans are living but also manifesting their worst dream.
Thats bs and ignorant comment. they keep printing money and turning it into toilet paper. for many years So how can you believe in your money if you see it is burnning in your hands. the man meant all politicians are the same and they wont stop printing money so things will not get better
It's hard to have any hope when the central bank is tied to the goverment itself with a leash, the current economic minister can just turn on the money printer and wreck everything, as they have done for the last 20 years or so. The cycle goes thus : get 2000000 public employees you can't afford to pay, raise taxes, money is still not enough> turn on the printer to finance yourself with freshly emitted currency>devaluation/inflation happens>raise taxes again>people demand better salaries because devaluation ate the value of their bills>raise salaries>turn on printer to pay those higher salaries. Nobody wants to stop this because it would mean paying the political cost of having to fire a bunch of people from mostly "do nothing" jobs, and so the money printer goes BRRR once again.
That's always be an argentinian thing, we always expect the worst since our economy never gets better 🤷♀️ we have a saying "Is bad but it could be worse"
in argentina we have a major crisis roughly every 20 years, there's no faith anymore, since the central bank of argentina was created they had to take 13 zeros from the currency
In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
Even with the right strategies and assets in place, investment returns can still vary between investors. It's important to recognize that experience is a key factor in achieving success. I came to understand this myself and sought the advice of a market analyst, which helped me grow my account to nearly a million. I wisely withdrew my profits just before the market correction and am now capitalizing on new buying opportunities.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Argentina’s number one industry is corruption. They don’t call it that but that it certainly is. Imagine, if you can, a visitor to NY checking in to a first class hotel, asking the desk agent to please change her currency into dollars at a rate double or triple the prevailing number. This is done routinely in Argentina with no attempt to obscure it. The cost of goods is quoted as two wildly different numbers. One, that day’s value in Pesos, and two, a price in dollars far cheaper for the American visitor than the official conversion rate. During a six week period of visiting Argentine, which I really loved, the reason became clear. In October, a beautiful leather jacket would be immediately quoted at half price when I pulled out dollars. I went to other parts of South America, returning to Argentina to the day one month later, in November. In that 31 day period, the official value of the peso had dropped by half! Of course venders want to be paid in dollars. A dollar is an INVESTMENT in an economy with such inflation. I felt like I was cheating the absolutely beautiful people I met there when in fact they recognized me with gratitude on my return, as my purchase had made them a 100% gain in 31 days. That is unsustainable and bringing the nation to ruin.
The situation you describe captures Argentina's economic reality, where corruption and instability have drastically altered the way financial transactions work. Dual currency pricing and the practice of offering steep discounts for USD reveal how volatile the peso is, with local sellers preferring to receive a stable currency rather than risk holding pesos that are rapidly losing value. This environment benefits visitors who carry dollars, while putting immense pressure on the locals who face spiraling inflation. The rapid depreciation, like the one you witnessed during your visit, highlights how the value of the peso can plunge dramatically, which indeed makes the economic situation unsustainable. It must have been a bittersweet experience-enjoying the country while realizing how deeply the economic crisis is affecting everyday people.
As an Argentinean, you know things have hit a low so deep you can't crawl out of it due to inflation the moment the people give up using pesos and switch to a bartering system. This especially in poor and rural areas like Tierra de Fuego. Family back home tell me "I cannot buy 1 pounds of sugar, so the local supermarket (Like Martha's for example from the video) will break up the pound of sugar into smaller amounts to 1: Help the buyer 2: Make a sale
I'm argentinian. And in 32 years never had I had a feeling of stability, on the contrary, everytime I see how my money runs through my fingers, sometimes I see, how unfair is for turists to burn money in minimal things. For example going out, one empanada 1000 pesos. A LOT, but for them the exchange is on their favor. I visited Brazil, and everything is very expensive, and is frustrating. We are tired, stressed, fed up, because this feeling of uncertainty. I love my country, it has beautiful landscapes, people is really freindly, we have learnt how to get on board and "patear la calle" but, how long?. My mother went to Spain for holidays, I had to put it off because I couldn't afford it and told me for example ; if you wanted to go and have a drink = 20 euros , eat out= up to 40 euros. CRAZY. unfortunately the world, including Argentina is expensive for us. I still havea bit of hope for things to change
It's truly disheartening that I can't freely choose to remain in my home country because of its deteriorating situation, with the love I have for my people and culture. What's even sadder is that this lack of hope isn't limited to just the adults, who have endured various crises and horrifying violent events. Even the youth among us are gripped by despair; we live in constant fear, plagued by insecurity and uncertainty. And it's all the more heartbreaking when we consider the countless people who don't have the opportunity to leave for a country with better governance.
Why does the International Monetary Fund keeps lending to Argentina? So many defaults and they don’t follow the terms for the loans. There’s something fishy about it. I wonder if IMF is so corrupt that its officials make money out of it 🙄
Many are convinced the gov will pay them back with profits from lithium / copper exports which they expect to increase. However, the gov has failed to maintain mining infrastructure
USA control. IMF is USA's tool to directly influence emerging economies around the world to take policies that favor the US. If it benefits the US, they will find a way to lend to questionable local leaders, so later they have the whole country's economy hostage. The ransom is "do it our way or crash in chaos", so the country is obligated to comply with US favoring policies for decades.
This is heartbreaking. If you visit Argentina its truly a beautiful country and the people are lovely. It seems unfair that the political class can do this
@@codycastNo more peronists, Javier Milei easily will win the elections. Patricia Bullrich started as a peronist and had close ties to the "montoneros" militia, many of the same politicians behind the two main political parties are the same ones who destroyed the country and never leaved the State. Both political parties were damaging the justice system as well, one of the main goals of Milei's government is to reduce the number of ministers and give total independance to the justice system unlike how it is right now.
@@gabbsdy8741 Democracy is the biggest lie that exists, it is a disguised monarchy. They make us believe that we can choose, they make us believe that we are free, but in reality we are slaves to a perverse system. They have little time left, I know. 
Brazil ended hyperinflation in 1994, so the younger generation of Brazilians can't understand the real size of Argentina's problem. We were also lucky because Getúlio Vargas (the Brazilian Perón) didn't make such a big impression on the political debate here. It's sad to see such an important economic partner in this situation. I would say that a common problem between Argentina and Brazil is excessive protectionism - we have very few trade agreements with other countries.
Brazuca querido, como van con Lula? Estás conforme con él? Milei seguramente sea presidente, y el tipo dijo varias veces que mientras Lula sea presidente va a cortar lazos con Brasil 😔
@ebyanmapper2058 Both Lula and the former president Jair Bolsonaro are weak rulers. Both have strong support of about 30% of voters while the rest hate both. As a result the power shifted to the House of Representatives, and they only care about their self interest. I predict that public spending will skyrocket, as each deputy will have millions at their disposal to transfer to their constituencies.
The problem isn't protectionism, it's the dependent position of the economy in the global market. Look up teoria da dependência, especially the work of Furtado, Tavares and Marini. We (Brazilians) were able to solve our chronich inflation with the Plano real, then the commodity boom and the re-organization of the economy from Lula one.
I visited Argentina in 2015 and the "blue dollars" traders openly announced their service. The same happened in Brazil for a long time (late 70s until early 90s). There's something I've only seen in Argentina, though: official institutions forging national statistics like, for instance, inflation.
It happens in Turkey too. They try so hard to show official inflation lower than the real inflation so that they don't have to increase the wages according to real values.
Gosto muito da Argentina. País incrível. Aqui no Brasil por muitos anos sofremos uma situação muito parecida. Em 1994 veio o ajuste fiscal. Doeu mas hoje inflação não eh um problema. Desejo boa sorte!
Its worth clarifying that there's effectively zero risk of legal repercussions for trading currency in the 'black' market, since it's not enforced at all.
Yes, The Economist is truly way off here, and it's the first thing they say in this video. I immediately looked to see if the video perhaps was years old, but it's pretty recent. Changing USD to Peso and vice versa is as normal as buying a carton of milk. Amazed how misinformed The Economist is here.
Gosto muito da Argentina. Seu povo, paisagens, vinho, carne, cultura, artes, enfim, tudo ali me faz querer voltar para uma próxima visita. Desde o início dos anos 90, quando fiz a primeira viagem a Buenos Aires, até 2020, quando de minha ultima viagem pra lá, foram entre 15 e 20 viagenss, parte delas a trabalho, e é com pesar que vejo as coisas cada vez piores por lá. De tudo o que ja li sobre os problemas da economia da Argentina, o déficit do governo é sempre o principal. Como diz a matéria, o ajuste fiscal deverá ser feito e tudo ficará pior antes de melhorar. Foi o que fizemos aqui no Brasil desde FHC e funcionou. Foi um ajuste difícil e doloroso, mas um país não pode seguir gastando mais que arrecada indefinidamente. Boa sorte aos Argentinos.
Hermano, Bolsonaro prendió fuego el 25% del Amazonas, patrimonio del mundo, no podés hablar. Metieron a Lula a la cárcel en un juicio que fue un circo. Bajaron a la presidenta Dilma con un lawfare. No hables de mi país como si en el tuyo estubiera todo bien
When I was a young child on a prairie farm in Alberta Canada. I heard for the first time of Argentina on the local radio farm report. I have always longed to go and when I arrived in Buenos Aires in June 2022. And stepped out of the airport I felt like I was home. Returning to Canada has been very difficult. Despite the harsh reality I plan on returning as soon as possible.
Typical honeymoon period stuff. Always happens when you move to a new country. Lasts three weeks to six months, depending on your personality. Afterward, comes the rejection and culture shock period, when you hate everything and don't think you could ever fit in. Never make any long term decisions based upon such short term effects.
I lived in China for 5 years (I'm from Ukraine). I fell in love with this country from the minute I stepped out of the airport to the last look at my boyfriend in the last minute of being in that country. My story ended and that was the most beautiful and tragic part of my life. @@משה-ב1ט
The system is failing as a result of both government and federal policy. In the next days, the banking crisis would have to be epic and gigantic for the FED to decide not to raise interest rates. This won't happen; an increase and a crash are coming. There will be more negative portfolios this 2nd half of 2024 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?Read more
Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder
Very true, you can be passively involved in the markets and still amass wealth-gains using an investment advisor. I first dabbled in stocks late 2019, just before the pandemic, and that same year gained over 150% with no prior investing experience, basically all I was doing was following directions of my advisor. We are working on a retirement ballpark of $3m and I’m certain my goal isn’t farfetched after subsequent investments and tremendous returns so far.
Sonya lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
In 2000, I moved from India to New York for work. There I met an Argentinian for the first time in my life. She was my banker Teresa. Since we were both immigrants in a foreign country, we got talking about where we both came from. That was the first time I heard the word conundrum. That’s how she had described her country. She had said that the conundrum of Argentina is that it has super bright people who can’t seem to run their country. I have always followed the Argentina story since then because I had always found it so intriguing. It is really such a pity that things have not gotten better there even after 23 years.
@@joedennehy386 It's impossible for people to even try it. I went to a public school and I remember in history classes they taught us that the state must be super intrusive
It's quite concerning to see the various challenges our economy is facing right now, from uncertainties to housing issues, bad weather conditions, foreclosures, global fluctuations, and the aftermath of the pandemic, all contributing to instability. The rising inflation, slow growth, and trade disruptions definitely require immediate attention from all sectors to bring back stability and promote growth. How do you think these issues can be effectively addressed?
It's a bit unsettling to see the US dollar losing value due to inflation while other currencies are gaining momentum, creating a sense of uncertainty. Despite this, there's still a level of trust in the perceived safety of the dollar. I understand your concern about your $420,000 retirement savings potentially losing value. Exploring alternative options for securing your money sounds like a wise move. Have you considered any specific alternatives or strategies to safeguard your retirement savings?
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
This is definitely considerable! Do you think you could suggest any professionals or advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.
I'm grateful for your help. After looking up her name online and checking out her credentials, I must say, I'm really impressed. I reached out to her because I could really use all the help I can get. We've set up a call for further discussion.
"It will be difficult to convince a disillusioned populataion that short-term pain will bring long-term prosperity" This rings true, and not just for Argnetina.
Once before lock down I visited Argentina in 2020 and got exchanged some euros to pesos for the black market from local guys. They people are beautiful and friendly. Love from India
It's not a "trust issue", it's a technical issue. Brazil had gigantic inflation for decades. Within ONE MONTH of the implementation of the Real Plan, inflation was controlled and purchasing power rose. In two years, the population in extreme poverty fell by 18.47%. In 1994 inflation in Brazil was 2,075.89%, in 1996 it was 15.76%.
Real Plan was resisted for technical reasons. A policy of these characteristics has a technical and a political side as it really needs to recompose public trust in the monetary institutions. Many other plans similar to Real Plan have failed or have been short-lived. At the time of the implementation of Real Plan, Argentina had another policy, similar in many aspects to Plan Real, that kept inflation extremely low for almost a decade (Convertibilidad), at the cost of producing the greatest crisis in the country
@@pippo1734 that's kinda wrong. Convertibilidad failed because it was implemented in Argentina, so we kept spending more money than we were earning. This deficit was then covered by taking more loans, until the debt became extremely huge and impossible to repay.
It is also a trust issue. The world doesn't trust Argentina. No company or start up, nor even their citizens,except for those that got benefited by the government through either welfare such as the poor, or throught subsidy such as some hand-picked companies of the government. Which are often friends and family
The Argentina economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average Argentinean. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
IMF is a geopolitical extension tool of the West. They would deb trap and have very stringent conditions attached to some developing countries, while to others like Argentina, Egypt with inflation it's super easy to get loans. All to further geopolitical interest and control of the West.
I lived in Argentina in 2018/2019. When I arrived one dollar was 20 pesos, when I left it was 60, and a few weeks after I returned to Canada it was 100. My rent was literally $160 CAD
I'm Italian and it's absolutely impressive to see how many Argentinian people are trying to get Italian citizenship. Small cities' offices are submerged by their requests.
@@dens3096escaping from the economy of your country doesnt mean you stop being from where you are. Italians made exactly the same in the 1930’s. So whats the complain?
I have an Argentinian friend in Cordoba. He lived in LA for a while and created a US software company and gets paid in US dollars. He and his family live really well, employ a lot of locals, the countryside is really beautiful, I'd never felt so welcome in a place when I visited. I was thinking about hiring some Argentinian programmers for my business and live down there during the Northern Hemisphere winter and build a cabin ( Bariloche is gorgeous) and keep my US base station for financial/tax purposes. Could be fun. A win win. I'd need an Argentinian girlfriend to improve my Spanish. . :)
Well, I'm studying a career called "Licenciatura en Sistemas" which it's similar to "Systems engineering". I'm currently in my second year of college, but if you need a programmer you can contact me 😂.
Me and my whole family left argentina in 2001 , it was one of the saddest days of my life . Me being 10 years old and leaving everything behind and now 2 decades later seeing my country worse than ever . Really breaks my heart 😢💔
it's so sadly, I'm from Venezuela and I emigrated to Argentina when my country passed for the same situation (9 years ago), right now I'm watching this movie again 😔😔
How is the situation back in Venezuela by the way? Just getting worse and worse? Do you think there is any hope? Or is PDVSA pretty much ruined at this point?
@Crying-Croc Yeah, I even watched a vlog from Bald and Bankrupt (a popular RUclipsr) and in his Colombian blog, he walked in a public park and encountered a Venezuelan woman who was just loitering. Sad :/
Venezuelans have the most number of people migrating to the US illegally. When you risk your life trekking through Central America, that tells you how bad their country still is.
There is a difference, Venezuela is a dictatorship, Argentina is a democracy and has free elections and the current government that ruined the economy so much will be soon gone
Treasury rates are rising quickly, the markets are collapsing, inflation is skyrocketing, and the Fed is imposing a significant interest rate hike-all of which will result in further losses for portfolios this quarter. How can I take advantage of the present market volatility? I'm still undecided about whether to sell my $125,000 worth of bonds and stocks.
The strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
Yes, I've been in constant touch with a Financial Analyst for approximately 8 months. You know, these days it's really easy to buy into trending stocks, but the task is determining when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. Can’t say I regret it, I’m 40% up in profits just in 5months with my initial capital of $160k.
I work with Alicia Ann Jordan, a licensed fiduciary. Simply look up the name. The information you need to work with a letter to schedule an appointment would be included.
It is indeed a mess, I traveled there for 40 days this year and I assume the economy is pure chaos. However, for us Europeans, is paradise. I had amazing dinners with delicious wine and meat for only 7€ at fancy places, traveled the whole country for 40 days, and only spent (in hotels, food, and transport) 680€ and I did everything I could.
Jamaica went through something similar, but we decided that the bitter medicine would make us better in the long run. Someone just needs to tell them you have hard years ahead if you want to see a better day. You can't fix 20-30 years of mess in couple months or a year.
Jamaica went through nothing like that in Argentina. In addition, Jamaica, ranked second on the brain-drain chart, is no better than Argentina. JA $154.54 = U.S. $1, where's the improvement?
Finally, a video that explains correctly the exact problems we have, the only thing you left out and a really important one is entire governments stealing from the people, not caring about the country and doing their best to fill their pockets Thank you for covering this topic
Mencionaron a la Kristi y todo el quilombo con ella. Para un video bastante resumido, fueron directo al grano. No se van a poner en detalles de como cada presidente robó y de que forma..
@@bluewolf7111 Creo que la enorme cantidad de dinero invertido en planes sociales, que incluso a veces son suficientes para que algunos puedan llegar a fin de mes sin básicamente trabajar, merecía al menos ser mencionado.
@@charlie172011 Todo lo que son planes, pensiones y tal esta dentro de lo que en ingles se llama welfare, lo cual mencionaron como el mayor gasto del pais. Como dije, no hace falta que vayan al detalle, si vamos al caso el problema no es UN plan en especifico, UN subsidio en especifico. El problema es todo junto, siendo un derroche inmenso de guita, mientras que no queda un centavo para insentivar el mercado, y venimos asi hace decadas. Cuando ya no da mas estos boludos recurren al FMI para cubrir la infraestructura que deberiamos estar pagando con esa plata, y aca estamos con esa deuda que nunca se va a pagar. Y despues le hechan la culpa a macri por lo del FMI, mientras que estos peronchos son los que gastan la plata que deberia ir a la infraestructura y el mercado.
My fellow Americans: A glimpse of our future in 10-20 years if we don't get our spending under control. If the dollar wasn't the world's reserve currency we would already be seeing this. A growing deficit with a growing economy is a VERY bad signal.
Socialism and Communism destroys the economy every time its tried. We need to return to capitalism, a small government and what our founding fathers created in the US Constitution.
So basically a band aid on top of a band aid, on top of more band aids. I went to Spanish school in Argentina in the early 2000's. I was there when they unpegged the peso to the dollar and watched the prices fluctuate by the minute. I truly felt, and still feel, for both the citizens and the all those that I have became life long friends with. A country full of great people that have been subjected to failed policies.
What happened after Perón Economist? You’re not going to mention the actual authoritarian military regime that came to power? Did they not also play a role in the current economic state with the needless war in the Malvinas?
Exactly, It's just unbelievable how they totally overlooked the fact that Argentina's foreign debt skyrocketed under the military dictatorship of Videla in 1976, surging from $4.6 billion to a staggering $25.6 billion - an increase of over five times. This dramatic rise in foreign debt during that period had long-lasting economic consequences for the country. It was the military regime who played a pivotal role in shaping the country's financial challenges that persist to this day.
This is The Economist a magazine (though they like to pretend to be a newspaper for some reason) that champions neoliberal policies and is owned by wealthy people, they do not mention the military dictatorship because is not convenient to the promotion of this ideas.
"There 4 types of economies: Developed, undeveloped, Japanese (nobody knows why it grows) and Argentinian (nobody knows why it shrinks)" -Simon Kuznets (Nobel Prize in Economics)
This perpetuates a myth, we do know full well why Argentina failed. If anything, it's some politicians around the world that do not want people to learn from the warnings coming from countries that succumbed to government overspending.
Attributing all of Argentina's problems exclusively to Peronism is simplistic, given that the country's history includes a variety of governments and factors. Argentina has faced military dictatorships, global economic crises, neoliberal policies in the 1990s, and structural dependencies on commodity exports, all of which have influenced its current situation. Issues such as social inequality and corruption are pervasive and predate Peronism. Moreover, we should not forget the social achievements of Peronism, which have had a lasting positive impact.
She mentioned Peron, but she did not mention the dictatorships that were the ones that put the country in debt the most, she speaks English well but she has very little education in economic history. I clarify, because here it is necessary to clarify everything I AM NOT a Peronist, but omitting certain historical facts does not make you more intelligent, quite the opposite.
It looks silly but I think it's about if police can successfuly identify him, not just recognize him - and no (democratic) court would agree that this video is such proof. If it was about being identified by the general public, I'm pretty sure we wouldn't see even a bit of his face and his voice would be distorted too.
I'm in awe after watching this! I feel so proud of argentinians and their resillience. They have all they need to get better and despite all the continuous setbacks I deeply know Argentina will always be the best country in the world. Wish everyone of us world citizens could learn from such incredible people as they are. Greetings from Almagro!
John Desmond Heppolette has been a significant step in my financial life journey, providing valuable knowledge, actionable advice, and motivational content. His supportive community has boosted my confidence, work engagement and has inspired me to strive for excellence. His guidance is a secret weapon for serious financial growth, and his on-line presence is a must-see for anyone looking to improve their financial situation. Look up his name and see his on-line presence..
Many in South America think they have nothing to lose as they are poor. This state of mind is a sort of addiction that gives you a false high when actually you are in misery. They do not care about death and that makes them stop living as there is no purpose. People are seriously insecure about losing this status. They are worried like, "What will happen to me if I come out of poverty?" The answer is you will start living your life with body, soul and spirit. After which death does not matter to you. Or, who knows? You can live a happy life and still live longest like many all around the world do these days!
This is exactly what happens in Nigeria. The difference e is that you can legally buy dollar from the black market. What's more disturbing is that banks are in on it, they prefer selling to the black market than to individuals because they gain from the black market rates, and even though the banks have their own rate, they still charge international payment done with the Naira card at the black market rate. And all of these are completely overlooked and appears legal!
@@boulderbash19700209Nope, it's worse. The exchange rate is determined by the individuals who sell at the black market. And these guys are basically illiterates with no business or economic background and literally just buy and sell FX based on personal opinions.
@@boulderbash19700209 The black market here is runned by people who buy and people who sell, there are no intromision of the banks, mosly because the banks cant touch a big part of the pesos and dollars they have in deposits after 2001 crisis, its forbidden (it's called "encaje"). They must give it to federal reserve but can keep a low % of total deposits for daily operations. Black market is not legal, but its common as a lot of illegal things here.... The official rate is declared by the government here... as the other 20 rates of the same currency they have for any kind of bussiness. You can check it in the video, dollar qatar, coldplay, soja, credit card, MEP, CCL (wich is the one that follow the black market), and long list of different prices for the same dollar (or any currency)
There's an issue in your argument. The goverment controls who can bought the official dolar, and only that one can buy 200 hundred dollars, but buying that amount of dollars, that one can't imports products. All the banks must deposite the dollars on the Argentina's Central Bank.
It's well known in my family that if we have the money for a goal, to not hesitate on buying it because the prices get higher every day. The things you dont enjoy, buy and spend before the next day or week is just lost money by that time. It feels like we have a constant offer runtime for everything all the time that we must take before it gets worse.
I've heard political commentators say that it's not a secret the pain that such changes will cause if implemented. The issue is when a candidate does make that proposal, another candidate sees that as an opportunity to state that under their stewardship it won't be necessary. That candidate usually wins and the economic changes never get implemented. But boy how profitable $$$ their tenure!!!
So many people seem to campaign for countries like US and UK to go this direction. I feel bad for the ordinary people of Argentina and I don't understand why so many people think that they won't end up in the same position, if their governments act in a similar way.
I think it's due to both have gov that want to spend more money. Free money for votes. Meanwhile the board has to enact measures to stop inflation which mostly affect the poor
Some group of economists have projected that both the U.S and parts of Europe could slip into a recession for a portion of 2023. A global recession, define as a contraction in annual global per capita income, is more rare because china and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
It’s a delicate economical season, so you can do nothing or little on your own. Hence, I will suggest you get yourself a financial advisor that can provide you with valuable financial information and assistance.
That’s why I always make it a point to speak with a financial advisor before choosing any investments. Apparently , I’ve been using one since the pandemic, using profits oriented tactics and minimizing risks as a buffer against inevitable downtrends.
__ Your advisor really seem to know this stuff. I found his online-page when I made a google search of his full names online, read through his resume, educational background and qualifications, it was really impressive. I left him a note and booked a call session with him..
@@grimaffiliations3671 The joke is that Japan is so developed, but also very stagnant, that it's "post-capitalist", and Argentina has been economically hovering above developing nations while still being not quite a well-functioning developed country that it's "post-industrial pre-capitalist". Really though both are in there own undefinable categories.
Argentina is one of my favorite places to visit! Love being there for vacations and will go back anytime; it´s very sad to see that the economy is a complete mess, Argentines are such wonderful, heart-warming people and I feel bad seeing them struggling just to make it to the end of the month.
@@JamalW239 yes my suggestion would be to bring 100 dollar bills since they have a higher exchange rate; for some reason they don’t like to exchange lower denominations
I visited Argentina few years ago and I did the black market dollar swap. Didn´t know how risky it was. But how lovely country it is. The people, the food. Excelence.
They're really overstating the risk for dramatic effect. It's a very common thing. You'll walk through the microcenter and there's at least 3 guys per block advertising for exchanges
@@rodrigodelafuente4080 what does that mean? Any foreigner can exchange their currency at the Central Bank rate from bank. You can get a legitimate exchange from a bank, why they choose the illegal one black market?
An economist who has no prior experience in the political field but is very loud ly and proactively trying to fix the economic situation has a very high chance of becoming president in the next couple of weeks.
@tomasb.7175 im just hoping that if he happens to win, he actually improves argentina's economy and brings something better to the country Either that or he'll be remembered as just another clown that hated women and public schools
When they equalised the Peso with the US dollar back in 90's also including the heavy debt due to the war with the UK in the 80's that's when the troubles began. On mass people lost their savings with the banks, that did a runner with the peoples money. I was there in 2003 and was able to see for myself what was happening to the economy. A lot of Argentineans who have historic ties with Spain, by parentage and blood, took advantage of the new law in Spain called the historical memory law to give them the right to apply for Spanish citizenship thus allowing them to leave Argentina legally for Spain to make a new life.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." - Thomas Jefferson
It’s an image perception problem. Most people are unaware the average American household doesn’t have money to cover a $400 emergency nor understand our credit card debit itself is over a trillion
The only difference between Argentina and the US. Argentina does not print the world reserve currency. Thus its budget deficit manifests right away in its currency inflation.
Investing in alternate income streams should be the top priority for everyone right now especially given the global economic crisis we are currently experiencing, Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Because the people want to. Now 1Usd costs 1300 pesos, when last month was like 700 pesos. And today the people voted for the minister of economy to run the country 💀 It's a mess because we want it
That's what happens when you lower interest rates instead of raising them in the first place. Now it's decades too late for Argentina after the fact. Canada is right where Argentina was before they made that fateful mistake by lowering interest rates instead of raising them. Canada will be the next Argentina.
The mindset in LatAm, and particularly in Argentina, is that fiscal responsibility is a kind of colonialism-imperialism imposed by US/EU/IMF. So, they are using creative and heterodox ways of managing economy, causing these disasters.
“Argentia has been running a fiscal deficit for the last 13 years; if you are in a difficult time for 13 years in a row, well, you have a big problem.” Between 1970 and 2023, the United States did not have a budget deficit, only in 1998, 1999, 2000, and 2001. We (the U.S.) have been running a fiscal deficit in 49 out of the last 53 years. However, the U.S. dollar is still the king of all currencies. How do the experts from the Economist explain that?
As an American living in Argentina, no one has ever gotten in trouble for exchanging money, in the main streets if a cop walks by a person yelling cambio cambio (meaning you can change money here) they either ignore it or ask the rate and exchange.
Ecuador dollarised in the early 2000's and, despite recent issues, their economy has grown steadily in the last two decades, bringing the country out of poverty and into middle income status. Argentina is not exactly poor by Latin American standards but they could certainly use the stability, investment and trade opportunities that dollarisation would bring.
Ecuador has grown at the same rate of Peru or Colombia in recent decades, dollarisation of the economy did bring exchange stability, but it can be achieved without giving up on economic tools an sovereignty, just as it's neighbors like Peru, Colombia, México or Chile... What I mean is: dollarisation is not the magic solution, it's just the easy way to reach exchange rate stability, inflation can still occur, and in that case the central government has no tools to fight it
@@Diegallo90cuando casi toda la historia del país a estado en crisis por las mismas causas, quiere decir que realmente no se puede confiar en los politicos para manejar correctamente una diviza nacional y eso es lo que piensa mucha gente en argentina.
@@dondion7913 así es, el país lleva en crisis un siglo, pero ninguna de las crisis fue causada por la existencia del peso argentino, sino por las malas decisiones económicas, decisiones que se van a seguir tomando, excepto que esta vez no habrá inflación, simplemente habrá pobreza porque no habrá suficientes dólares circulando
If they were more friendly to business Argentina would generate far more revenue than they currently do and increased employment/business would lessen the need for subsidies to the populace. They could pay off some national debt too and actually get better loans
Not going to happen if the people are so negative towards people making profitable businesses and over tax over 'regulate' with beaurocratic nonsense that inherently leads to corruption and wasted potential. Crab in a bucket mentality.
I think it is also related to the previous experiences the people have had historically. This is going to sound strange, but in order for an economy to actually be strong the people who work within that economy have to have confidence in many things - the banking system, the currency, and the overall leadership of the country are three of those. An economy might be able to remain stable with some weak or strong pillars, but when all of the pillars appear to be weak confidence then plummets and the economy does too.
That's why dollarization works so well. Whole lot easier to have confidence in the currency when your currency is the mighty US Dollar, which none of your populist politicians can print.
What a strikingly poor article. It seems neither of the people explaining the situation in Argentina had the faintest idea about what is causing the problems and instead resorted to a mere statement of their respective ideologies. If inflation were simply caused by 'printing money', we'd have had much more of it in the US, UK and Europe as a result of QE. It quite clearly isn't that simple. But it doesn't stop commentators simply repeating this mantra. It's a poor showing for a respected magazine that calls itself The Economist.
Soy bean taxes are near 70%, not 33%. Taxes on almost anything is around 40% and 60%. Argentina moves a huge amount of money, but taxes takes a huge parrt out of the people. Plus inflation it is the biggest scam on the people.
A country that never misses an opportunity to miss an opportunity 😂
U won't believe I saw your comment the moment he said that😂😂😂😂😂😂😂
Poland had only one chance and was in much deeper trouble in 91, we survived hard reforms and we have been growing for 25 years
@@wojteks4712 Poland was kept down under communist rule. Not trading ith Western Europe, North America etc normally.
Now we see what Poland is/can be. I love in Stockholm Sweden, we had Poles coming ehre when I was a child. Now Poland is a free nation like ours and people move freely inbetween :)
Brazil is more like that
What a interesting and funny comment
Nobody, ever, in the history of Argentina, has gone to prison for buying USD at Cuevas. It's the most legal illegal activity. It is literally done by everyone, including cops, judges, politicians.
If the goverment really enforced that law, that would make the country explode in a social and economic crisis (Im from argentina)
It is a business in which politicians are involved. They are just politicians, known for corruption. That's why there is no jail for buy usd in exchanges.
Economy? It doesn't matter. They keep their own business.
The currency? Neither. Only if the face of Benjamin is in the bill.
Our currency is a lie.
No es legal ni está regulada, no presenta ningún tipo de comprobante por transacción y no es aceptado como origen y licitud de fondos en entidades bancarias. Por algo se le dice mercado informal o "Cueva".
@@fkushano2590 y aun asi no hay policias en las puertas de todas y cada una de las cuevas, te imaginas gente diciendo "vendo droga" o "vaya a comprar droga a esta direccion" gritando en publico? y que entres, compres droga y te vayas tranquilamente? no, no pasa, ese es el punto
@@skylex157 En ningún momento dije que eso pasara, tampoco que haya redadas porque verías gendarmes en cada calle con tantas cuevas. Pero que eso no pase no lo hace legal, por lo tanto sigue siendo verdad lo que dije. El juicio de valor sobre lo que hace cada uno le queda a cada uno, que es ilegal es ilegal.
I'm argentinean and let me tell you NO ONE goes to jail for buying dollars in the black market, everyone knows about it and no one does anything against it. So there is no such "risk" as you said
You can actually ask the police where are the arbolitos (blue dollar dealers) and they will help you out...
There are police officers guarding the dealers 😅
I even know of a couple of "exchange houses" that have a direct alarm to the police station as a security method...
Lol what a joke
@@brankobelfranin8815 Welcome to Argentina!!
Housing crisis, health crisis, financial crisis, cost of living crisis, debt crisis, inflation crisis, EU war crisis, middle East crisis. How many crises can a koala bear? I'm approaching retirement with comfortable millions, yet scared of a banking crisis. Where do I best grow my money?
I would advise the counsel of a seasoned financial pro. It may be expensive, but as the old saying goes "You get what you pay for." "Expert solutions require Expert providers" - my mantra.
Agreed, investing with the help of an advisor set me up for life. Retired with about $1.6m in stock portfolio only. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. Supplementing my income with stocks and alternative investments helped me by far beat the retirement age of 65.
Great! mind if I look up your advisor please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retirement.
The advisor am currently working with is Teresa L Athas. I came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
As an Argentinian I would like to ad some more context.
1)We have a very big public jobs problem, most of the jobs in Argentina that are formal employment are public in dead end none productive work, (like having 15 secretaries for the manager of the counselor of the cousin of the politician in charge of some invented minister).
2) Most of the actual productive jobs are in the informal market due to different reasons like irrational amount of taxes not only to business also to workers (even cashiers need to give 50% of their salary in taxes), business exploitation, and in some cases the lack of proper schedules in colleges about students that also need to work.
3) We have some many taxes at nacional, estatal, regional and municipal level that even some workers from the tax administration unofficially support tax evasion in low income self employed workers.
4) Education gets worst each year, most student can't understand basic text even after secondary educational level, 50% of students fail the test entrance to engineering school (the test is about basic physics and math from secondary education) and from the other 50% that enters a 25% drops from college in 6 months, and this applies for most engineering and science careers resting a lot of aggregated value jobs.
5) Bureaucracy in Argentina make the German one blush, we have to much paper work, paying so many permit and waiting in some cases even years that a lot of people abandon projects and decide to invest outside.
6) Syndicates in Europe are a charm compare to Argentinians one, they force workers to join, paralice supplies chains, start riots and extortion both company and workers, they behave like an enforcers of some landlords.
7) People decide to buy dollars in the informal market due to a very 2 important reasons, first you can't draw a single dollar banknote from your account if you buy it legally, and second we have something call it "corralito" in which the government froze money draw from every bank account and can turn your dollar savings into peso savings make it "legally" without asking you first.
There are soooooooo much more to mention, the problem is, it would take and entire semester of "what not to do meanwhile running and economy" subject
Sounds like Canada on steroids.
This is a specific question but what percentage of Argentines do you think invest in stocks/ETFs ? Is there a culture of investing in your country ?
Why people do not consider buying gold, to protect against the inflation?
@@alanmrsic893 Because it's the same here as the dollar, you can buy it legally from the bank but you can't take it back to home with you, it remains in the bank at the risk of being changed into pesos by order of the government, also if you buy it from a second hand like a jewel store they gonna give you ridiculous prices of buy/sale.
that's so unfortunate. thanks for sharing
There’s a saying in economics: there are four kinds of economies - developed, underdeveloped, Japan and Argentina. No one knows how Japan continued to grow. No one knows why Argentina can’t.
My first thought is the Resource Curse, right now, Argentina has China buying up its mining resources while they steal the fish from its EEZ.
I know why Argentina doesn't grow: Peronismo/Kirchnerismo.
Everybody knows why Argentina’s economy doesn’t grow. The real puzzle is why it doesn’t shrink (much).
@@jackjones4824 Pfft! Mr. Genius, the saying about the four kinds of economies is meant as a joke. Did you really think that economists actually believe that Japan's economy will always keep growing significantly year-on-year, or that they don't know how it grew in the modern age?
@@jackjones4824 Sorry about the snarky comment! But why are you providing "clarifications" where none are required? The saying is a joke, and the OP meant it as a joke. Why then are you taking it literally and then nitpicking over it? Can't we just chuckle and move on?
Listening this in English makes me think about how we normalized all this problems like it has been always like this. I'm 30 and I don't know how it's like to live without inflation. I really hope I get to live at least a couple of years of stability... Someday...
durísimo tu comentario, y comparto, nunca viví una vida sin inflación
Yo también, casi 30 y todos los días de mi vida siempre escucho que estamos peor, incluso mí papá se encontraba en situaciones difíciles durante Menem y los Kirchner, con miedo y depresión. Y ahora mismo, yo leo como otros paises de Europa y Asia están mucho mejor y me hace querer vivir allá o que acá pueda parecerse mas a ellos.
yo vivi un año en Japón, y chabon, es una locura no ver subir los precios de nada
Ustedes los argentinos necesitan aprender de Brasil. En los años 90, Brasil pasó por una inflación horrible como la que está pasando Argentina ahora. El ministro Fernando Henrique Cardoso creó una nueva moneda y puso fin a la inflación, se hizo tan popular que poco después llegó a la presidencia.
@@viniciussantana9786 Pa, eso lo hicimos 3 veces en la historia ya, y siempre llegamos a lo mismo
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in Argentina.
Inflation can have a significant impact on individuals and their cost of living. As a result, it can cause negative market sentiment. It is important for individuals and businesses to find ways to navigate and potentially mitigate the effects of inflation on their finances. The current economic climate, including underperformance of financial markets due to fear of inflation, has led to a decrease in the value of my portfolio. I would appreciate any recommendations on how to potentially increase returns during this market downturn.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over $70k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.
I learned from past mistakes not to rely on rumors and hearsay for market judgments. In 2020, I held worthless positions until I revamped my portfolio with the help of an advisor. Since then, I've scaled up $250k in 2 years, regardless of market conditions. It's all about where you're looking.
@@williamDonaldson432 This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
@@williamDonaldson432 Could you kindly elaborate on the advisor's background and qualifications?
We had hyperinflation in Mexico for several years until the central bank got complete independence from the government. It was a nightmare for populist politicans but it worked surprisingly well until now.
Yep, and people still hating those who ended the hyperinflation and their method. FOBAPROA, Autonomy, Privatization, Salinas and Zedillo are words that invoke the devil. But those words represent the end of an era that brought hyperinflation, public/foreign debt, etc. It was a traumatic end that destroyed the old political regime and still we have not have finish processing the trauma.
There should not be a central bank. It can only do harm
Same in Brazil
@@felipejnntbut the current populist government in Brazil is against it
Socialist governments use central banks to implement ever more socialism through inflation.
I lived in Argentina on and off for decades and I can attest that Argentines have simply given up any hope of a future. The brightest and most ambitious of its young people are emigrating.
I can confirm what you say. There are never ending lines in consulates with people trying to get european nationalities. Most of them are either trying to live a better life or they want their sons to live a better life. It's so sad to see most of the people work their butts off to earn just enough money to survive until the next paycheck. Saving money is for a select few. Saving in pesos is losing money and no one is allowed to purchase any foreign currency legally so you´re literally hopeless people are forced to spend their money in order to not lose it.
I said all of that before watching the video. And yet I can see some mistakes. Official exchange is 360 pesos, but there´s no one that can buy that. You have to add a "couple" taxes that are called "impuesto pais", "impuesto a las ganancias" and "impuesto a los bienes personales". All of them add up for a 90% extra. That´s why people don´t even thint about selling their dollars to the central bank. You buy 200 dollars legally (in case you can, theres a lot of barriers to do so, a lot of excuses to not sell them) you pay 670 pesos per dollar. If you go to the bank to try to sell them they give you 360 pesos per dollar, sane happens to foreigners. If they come here and want to exchange their currency, they have to resort to the black market, otherwise they lose a lot of money. There's no incentive to put any money in this economy.
Brightest? More like spoiled brats with rich parents
And yet the college kids in the USA want this.
They are so brain dead they think socialism is awesome. That government control is awesome. USA college kids aren’t too bright.
I've lived on Argentina my whole life, and i can attest to the fact that this is simply not true, or at the very least not entirely correct. Furthermore, this whole video is pretty much a complete sham, and very badly researched. Argentine politics are far more complex and than it's shown on the video.
As for people leaving the country, fair. A lot of people are, mostly people with money. But please don't go around implying that most professionals are prone to leave the country.
The disillusionment of the youth is nothing more than a tool from politicians to make us believe we have less value as a country than we do. To make us think that we should sell ourselves, be a colony of a country like the US. And it's working, plenty of young people think like this, and hate their own country despite it being not as bad as they are led to believe.
And yet, most professionals tend to eventually understand that they won't belong anywhere else the way they do here; It's not the same to say you *wish* you'd leave your own country, than to actually go ahead and do it and learn a different language and culture. Simply not that many people are willing to do so. Specially not people who don't have more money than most.
All of this I say from the point of view of a young, well studied citizen of Buenos Aires slightly below what would be considered middle class. Born and raised in Argentina. Never even stepped in different country. Please, even if you've lived here: don't pretend to speak for me or those like me.
To give you some perspective, this video was uploaded a month ago and is pretty accurate on 2023-09-27 the value of the Illegal dollar was $763. Now a month later this value is $960, an increase of %25. In Argentina, prices are somewhat based on this value and for that reason, for us now simply buying anything is an investment just because you know tomorrow the price of that will rise but your salary will not.
I got to Argentina in 2021ish and the rate was about 250, I immediately exchanged around 5000 dollars worth of pesos all while my argentine friends were laughing at me, they said the rate is definitely going to go up and I said maybe it will go down. Rn I just exchanged 100 dollars for 920 a dollar. I dont think the situation will change anytime soon and it will only get worse depending on the new president.
@@seamusgardner this legit made my sad
It’s 930 on WU, but I got 910
1200 pesos 1 dollar if you count non government media.
and now more than a 1000 pesos
I'm Turkish and I've known about Argentina for over a decade since me and my friends were using Argentinian websites to purchase online games and services because their regional prices have been cheaper than European prices. Recently Turkey has also fallen into the same inflation spiral as Argentina and the reasons are very similar: untrusted government, decades of bad monetary policies and printing more money etc. Its really depressing to be a part of such a system. I've met many amazing Argentinian friends and I hope Argentinians can recover from this eventually. much love
The reason is a debt with the IMF take it but a non Peronist president
Same but pakistan
@@shinnshinna5642Claro, el peronismo que gobernó durante 26 de los últimos 40 años no tiene absolutamente nada que ver, que lindo pensamiento el tuyo.
I thinks it’s important to clarify that the 200 USD limit is actually only available for a very small number of people. There are dozens of ‘exceptions’ that make it almost impossible for anyone to have access to the acquisition of USD. For example, if your employer received any sort of financial aid from the government during the pandemic, then you are banned from buying dollars. The limit also includes any kind of digital subscription or service you may hire. Like Netflix or Disney plus (they all count towards your 200 usd limit) same if you want to buy a video game or a product from abroad (if you want to, say buy a pair of shoes or a pair of jeans from abroad, you have to pay over 50% in taxes (and that’s not including the almost 70% they charge you for using USDs)
😢😢😢why these rules ?????
@@ana8908Because without them, they can't take that money from us. Saddly that's what our state is, a big thief.
I went to Agentina in 2008 and the currency was stable at 4:1 USD: Argentine Peso and they had similar policies in place then. The IMF has turned Argentina into a debt colony where the only possible solution the government has is to print money. Austerity and liberalization has completely collapsed the official Argentine economy and made it impossible to rebuild. The reason you cant buy foreign goods with argentine pesos is because of import restrictions imposed by the imf
@@psrabe7444 I am from Argentina and can tell you that the IMF is not the problem, we are the problem since the IMF is not doing that to Peru, Chile, or many other countries, to fix something you'll need first to understand the problem. And that is where most Argentinians fail.
@@psrabe7444 The IMF put no conditions to our country, the fiscal deficit came when the budget of our country was reduced thanks to the decreasing prices of our agroexport products. And since our goverment never saved not even one dollar in the time we had a commercial superavit.
Even more so, the spending of our goverment increased, while we had a smaller budget to paid for it.
We ended the last goverment of Cristina with a financial default over the negotiation, or lack of it, with the debt owners arround the world.
That's why Mauricio Macri goverment took the loan with the IMF, to pay those people so our country could ask for money again.
I personally think that it didn't help our country either, because we asked for more money than we actually needed, but that's another topic.
We have one goverment after the other, and they all spend more wealth than what our country creates, which is imposible to maintain.
We need a goverment that stop lieyng to our people and that stop the spending machine that only works for our political class to steal to our people, even more so to the people who have the least resources, it's a shamefull and disgracefull tactic to gain leverage from our people, making a big part of our country literal economic slaves of our corrupt leaders.
I lived in Argentina for a year -- what an amazing country, the people and the culture are just sublime - so sad the economy is such a mess.
They have three world cups at least
Y vos cuantas copas tenes?
Rather than keeping a dying economy forever, they should let it die fully, so when it revives, it will be in a fresh state
@@heliocuevas4614 Y puedes comer estas copas?
@@heliocuevas4614y eso a quien le importa? Por Dios.
It's just unbelievable how they totally overlooked the fact that Argentina's foreign debt skyrocketed under the military dictatorship of Videla in 1976, surging from $4.6 billion to a staggering $25.6 billion - an increase of over five times. This dramatic rise in foreign debt during that period had long-lasting economic consequences for the country. It was the military regime who played a pivotal role in shaping the country's financial challenges that persist to this day.
This!! Thank you so much to point out this
They never intended to pay it back
It's an English channel, obviously they won't tell about it...
La deuda en argentina no se invento en el 76
@@saltruis2432 no pero se disparó a partir del 76
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
Could you possibly recommend a CFA you've consulted with?
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
Greetings from Croatia! When I was a kid, during late 80-ties in Yugoslavia, I remember going with my dad to illegally exchange German marks for Yugoslav dinars. There was some dubious looking guy standing near a parking lot who was silently repeating - „Dinari, marke, dinari, marke…“ to passers by. This was common practice, couple of years later Yugoslavia became EX-Yugoslavia.
I hope Argentina manages to come out of this crisis!
Is there still war in Croatia? I would like to visit but scared
Yes, don't come.
@@luciferin22 Bro war ended in 1995, no war since then 😅
It was same in Slovenia, shady characters on every town square, full of Deutsche marks :)
@@vladimirpopovic8136 are u sure?
Trying to explain the problems of argentina without using even once the word Corruption in the whole video, means you didn't understand one thing about our country.
So sad. My parents were US citizens who lived in Argentina for about 20 years. I was born in Salta, in Northern Argentina and spent my early childhood there. I love the people, the culture, the food, the language, and the beauty of the countryside. I feel sad for the people who struggle to get by. Th government combines equal doses of incompetence and corruption. Chile and Uruguay, to the west and east of Argentina, respectively, are largely stable, with low levels of corruption and poverty. Argentina seems cursed to live in perpetual crisis.
Un chorri un voto loco!
Chile an Uruguay never got the Peronismo virus, they were lucky. There is no vaccin against that.
Probably karma for the Black and indigenous population that were annihilated with gen0cide 💯
Cursed because of their historical crimes, but Argentines think they're better than the rest of South America 🤣
@@miamitten1123 exactly 😂. Those gen0cidal Nahzees think we the world will forget..
Argentina's economy is like my investment strategy before I got serious- all over the place! 😂 Got $332k stacked in my emergency fund, ready to dive into investments, but with this mess, I might need a head start. Anyone else wondering where to even start these days? 🙃
Haha, totally get the vibe! But honestly, even with $332k, going solo in this climate is risky. I’d suggest getting an investment advisor. Mine has helped me navigate through this chaos, and it's been smooth sailing ever since!
Man, I hear you both! Been sitting on my own savings too, thinking about jumping in, but no idea where to find a legit advisor. Any suggestions on who to trust?
There are a handful of CFAs out there. I’ve tried a few over the years, but 'Linda Aretha Reeves' has been my go-to. She’s legit-super impressive track record. Worth checking out!
Just looked her up-Linda Aretha Reeves seems like exactly what I need to finally get my investments on track. Thanks for the tip!
Watched Linda Aretha on the Bloomberg Finance Summit a few years back. Her presentation was 🔥! No surprise she’s crushing it!
Im an Argentinian, last year my sister had to emigrate to italy, she had 2 jobs here and still couldn't afford nothing else than rent and food, it was heartbreaking for our entire family to say goodbye to her, but i know that she deserves so much better, so i wished her the best, i miss her everyday and i hope and wish she can return home soon
If you wish her to return then you don’t really care about her. Her leaving Argentina for Italy was probably the best decision she’d ever had.
@@diegomcfly4326 what a ridiculous comment.
@@diegomcfly4326 I think he meant to return home for a visit.
Hey, why argentinian girls are so hard to date ? Do you date only with each other ?
@@kaiseri.4641Not at all, it´s just that they love the whole cat and mouse game. Besides that, we Argentinian men have a tendency to be quite straightforward with women, we´re not shy, so you have a lot of competition
i'm argentinean, and watching this makes me think how easily we get used to inflation and corruption. prices get higher every month (and it's an overstatement).
what bothers me the most is that most of us do not support this, obviously, but the people in power always take the chance to make it worse, and it's been like this for too many years. i hope that now things can be different.
Problem is in the Argentine people. Keep voting populist, Peronist governments because they want handouts and don't take corruption and poor government seriously. The DNA of the average Argentinian and therefore leaders is live today don't worry about tomorrow. Party first work later. Every country is a reflection of its population and culture.
@@aldozilli1293bruh buy crypto
maybe you need more penalties
You voted for socialism and the welfare system. So it's all Argentinians fault. You all wanted free stuff for not doing anything now you all pay the price. Welcome to the real world Argentinians.
es como la teoria del pollo al que le sacan una pluma cada vez que come una miga de maiz, para cuando esta sin plumas y cagada de hambre no se da cuenta porque en su cabeza eso siempre fue asi
The last sentence from the grocery store owner was so reflective of the situation: ‘I don’t think thing will get better’. In macroeconomics, expectations of inflation is no less important than the inflation rate itself. When there’s no trust in the central bank effectiveness, Argentineans are living but also manifesting their worst dream.
underrated comment. The belief in money in itself is a confidence game.
Thats bs and ignorant comment.
they keep printing money and turning it into toilet paper. for many years So how can you believe in your money if you see it is burnning in your hands.
the man meant all politicians are the same and they wont stop printing money so things will not get better
It's hard to have any hope when the central bank is tied to the goverment itself with a leash, the current economic minister can just turn on the money printer and wreck everything, as they have done for the last 20 years or so.
The cycle goes thus : get 2000000 public employees you can't afford to pay, raise taxes, money is still not enough> turn on the printer to finance yourself with freshly emitted currency>devaluation/inflation happens>raise taxes again>people demand better salaries because devaluation ate the value of their bills>raise salaries>turn on printer to pay those higher salaries.
Nobody wants to stop this because it would mean paying the political cost of having to fire a bunch of people from mostly "do nothing" jobs, and so the money printer goes BRRR once again.
That's always be an argentinian thing, we always expect the worst since our economy never gets better 🤷♀️ we have a saying "Is bad but it could be worse"
in argentina we have a major crisis roughly every 20 years, there's no faith anymore, since the central bank of argentina was created they had to take 13 zeros from the currency
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Please can you leave the info of your investment advisor here? I’m in dire need for one
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Argentina’s number one industry is corruption. They don’t call it that but that it certainly is. Imagine, if you can, a visitor to NY checking in to a first class hotel, asking the desk agent to please change her currency into dollars at a rate double or triple the prevailing number. This is done routinely in Argentina with no attempt to obscure it. The cost of goods is quoted as two wildly different numbers. One, that day’s value in Pesos, and two, a price in dollars far cheaper for the American visitor than the official conversion rate.
During a six week period of visiting Argentine, which I really loved, the reason became clear. In October, a beautiful leather jacket would be immediately quoted at half price when I pulled out dollars. I went to other parts of South America, returning to Argentina to the day one month later, in November. In that 31 day period, the official value of the peso had dropped by half! Of course venders want to be paid in dollars. A dollar is an INVESTMENT in an economy with such inflation.
I felt like I was cheating the absolutely beautiful people I met there when in fact they recognized me with gratitude on my return, as my purchase had made them a 100% gain in 31 days. That is unsustainable and bringing the nation to ruin.
We know we live in the United States
@@robertstoddard3626 Umm… ok.
The situation you describe captures Argentina's economic reality, where corruption and instability have drastically altered the way financial transactions work. Dual currency pricing and the practice of offering steep discounts for USD reveal how volatile the peso is, with local sellers preferring to receive a stable currency rather than risk holding pesos that are rapidly losing value. This environment benefits visitors who carry dollars, while putting immense pressure on the locals who face spiraling inflation. The rapid depreciation, like the one you witnessed during your visit, highlights how the value of the peso can plunge dramatically, which indeed makes the economic situation unsustainable. It must have been a bittersweet experience-enjoying the country while realizing how deeply the economic crisis is affecting everyday people.
@@ZdenekMicke69 Bittersweet describes it exactly.
As an Argentinean, you know things have hit a low so deep you can't crawl out of it due to inflation the moment the people give up using pesos and switch to a bartering system. This especially in poor and rural areas like Tierra de Fuego.
Family back home tell me "I cannot buy 1 pounds of sugar, so the local supermarket (Like Martha's for example from the video) will break up the pound of sugar into smaller amounts to 1: Help the buyer 2: Make a sale
Vivo en Córdoba y no sabía lo del intercambio. Qué bueno que allá se haya encontrado una "curita" para esta situación, supongo :'/
Sugar is bad for you anyway.
I'm argentinian. And in 32 years never had I had a feeling of stability, on the contrary, everytime I see how my money runs through my fingers, sometimes I see, how unfair is for turists to burn money in minimal things. For example going out, one empanada 1000 pesos. A LOT, but for them the exchange is on their favor. I visited Brazil, and everything is very expensive, and is frustrating. We are tired, stressed, fed up, because this feeling of uncertainty. I love my country, it has beautiful landscapes, people is really freindly, we have learnt how to get on board and "patear la calle" but, how long?. My mother went to Spain for holidays, I had to put it off because I couldn't afford it and told me for example ; if you wanted to go and have a drink = 20 euros , eat out= up to 40 euros. CRAZY. unfortunately the world, including Argentina is expensive for us. I still havea bit of hope for things to change
It’s only marketed as money. Its used to add on waste to transactions done in other ways. Wirelessly monitoring the central nervous system is old.
“ Argentina is a country that never misses the opportunity to miss an opportunity”
It's truly disheartening that I can't freely choose to remain in my home country because of its deteriorating situation, with the love I have for my people and culture.
What's even sadder is that this lack of hope isn't limited to just the adults, who have endured various crises and horrifying violent events. Even the youth among us are gripped by despair; we live in constant fear, plagued by insecurity and uncertainty.
And it's all the more heartbreaking when we consider the countless people who don't have the opportunity to leave for a country with better governance.
Lol Chen?😂
Chinese ?
continúa votando en socialistas.
Chyna slaves get to travel to work in other countries
@@reaux3921typical argentine culture racism. Cant wait to move to brasil
A country that never misses an opportunity to miss an opportunity ...well said
Why does the International Monetary Fund keeps lending to Argentina? So many defaults and they don’t follow the terms for the loans. There’s something fishy about it. I wonder if IMF is so corrupt that its officials make money out of it 🙄
Many are convinced the gov will pay them back with profits from lithium / copper exports which they expect to increase. However, the gov has failed to maintain mining infrastructure
US dont want to see a commnist dictator so rather do something to protect democracy,
@@Cordycep1
Explain Cristina Fernandez-Kirchner.
If they don’t give them money…Argentina will be crash 💥 & go full mode disaster….
USA control. IMF is USA's tool to directly influence emerging economies around the world to take policies that favor the US.
If it benefits the US, they will find a way to lend to questionable local leaders, so later they have the whole country's economy hostage. The ransom is "do it our way or crash in chaos", so the country is obligated to comply with US favoring policies for decades.
This is heartbreaking. If you visit Argentina its truly a beautiful country and the people are lovely. It seems unfair that the political class can do this
I agree. But they’re also voting for these people
@@codycastNo more peronists, Javier Milei easily will win the elections.
Patricia Bullrich started as a peronist and had close ties to the "montoneros" militia, many of the same politicians behind the two main political parties are the same ones who destroyed the country and never leaved the State.
Both political parties were damaging the justice system as well, one of the main goals of Milei's government is to reduce the number of ministers and give total independance to the justice system unlike how it is right now.
@@codycast Then who can they vote for? They will all become corrupt!
There aren't as many alternatives as you think, not even in your country. Those who govern are always the same and desire human suffering. Greetings
@@gabbsdy8741 Democracy is the biggest lie that exists, it is a disguised monarchy. They make us believe that we can choose, they make us believe that we are free, but in reality we are slaves to a perverse system. They have little time left, I know.

Brazil ended hyperinflation in 1994, so the younger generation of Brazilians can't understand the real size of Argentina's problem. We were also lucky because Getúlio Vargas (the Brazilian Perón) didn't make such a big impression on the political debate here. It's sad to see such an important economic partner in this situation. I would say that a common problem between Argentina and Brazil is excessive protectionism - we have very few trade agreements with other countries.
Brazuca querido, como van con Lula? Estás conforme con él? Milei seguramente sea presidente, y el tipo dijo varias veces que mientras Lula sea presidente va a cortar lazos con Brasil 😔
@ebyanmapper2058 Both Lula and the former president Jair Bolsonaro are weak rulers. Both have strong support of about 30% of voters while the rest hate both.
As a result the power shifted to the House of Representatives, and they only care about their self interest.
I predict that public spending will skyrocket, as each deputy will have millions at their disposal to transfer to their constituencies.
Milei también quiere cortar lazos con China y otros socios comerciales importantes, o sea, cerrar el país. Sabes que significa,¿No?
@@ebyanmapper2058actually things have improved quite a lot since Lula got elected. Pov: I'm an Economist. Beijos querida
The problem isn't protectionism, it's the dependent position of the economy in the global market. Look up teoria da dependência, especially the work of Furtado, Tavares and Marini.
We (Brazilians) were able to solve our chronich inflation with the Plano real, then the commodity boom and the re-organization of the economy from Lula one.
I visited Argentina in 2015 and the "blue dollars" traders openly announced their service. The same happened in Brazil for a long time (late 70s until early 90s). There's something I've only seen in Argentina, though: official institutions forging national statistics like, for instance, inflation.
It happens in Turkey too. They try so hard to show official inflation lower than the real inflation so that they don't have to increase the wages according to real values.
According to who exactly? Nobody can prove what you say. Because it's a lie.
China, do you really think less than 10,000 people died of COVID in that country?
@@webmasaleit’s not a lie, every Argentinian knows that.. you can be there for a week and you’ll see it even if you are not trying.
that's arguably how the CPI works in the US with the use of owners' equivalent rent and other substitutions.
Gosto muito da Argentina. País incrível. Aqui no Brasil por muitos anos sofremos uma situação muito parecida. Em 1994 veio o ajuste fiscal. Doeu mas hoje inflação não eh um problema. Desejo boa sorte!
Its worth clarifying that there's effectively zero risk of legal repercussions for trading currency in the 'black' market, since it's not enforced at all.
Yea, I chucked at the beginning of the video with the faces being blurred and everything. What a joke. Everyone buys pesos on the black market openly.
Yes, The Economist is truly way off here, and it's the first thing they say in this video. I immediately looked to see if the video perhaps was years old, but it's pretty recent. Changing USD to Peso and vice versa is as normal as buying a carton of milk. Amazed how misinformed The Economist is here.
Gosto muito da Argentina. Seu povo, paisagens, vinho, carne, cultura, artes, enfim, tudo ali me faz querer voltar para uma próxima visita. Desde o início dos anos 90, quando fiz a primeira viagem a Buenos Aires, até 2020, quando de minha ultima viagem pra lá, foram entre 15 e 20 viagenss, parte delas a trabalho, e é com pesar que vejo as coisas cada vez piores por lá. De tudo o que ja li sobre os problemas da economia da Argentina, o déficit do governo é sempre o principal. Como diz a matéria, o ajuste fiscal deverá ser feito e tudo ficará pior antes de melhorar. Foi o que fizemos aqui no Brasil desde FHC e funcionou. Foi um ajuste difícil e doloroso, mas um país não pode seguir gastando mais que arrecada indefinidamente. Boa sorte aos Argentinos.
Gracias por tus amables palabras para Argentina. Ojala se solucione la situacion en Argentina. Saludos
Hermano, Bolsonaro prendió fuego el 25% del Amazonas, patrimonio del mundo, no podés hablar. Metieron a Lula a la cárcel en un juicio que fue un circo. Bajaron a la presidenta Dilma con un lawfare. No hables de mi país como si en el tuyo estubiera todo bien
Gracias Gerardo. Tenemos esperanza con Milei en el gobierno
When I was a young child on a prairie farm in Alberta Canada. I heard for the first time of Argentina on the local radio farm report. I have always longed to go and when I arrived in Buenos Aires in June 2022. And stepped out of the airport I felt like I was home. Returning to Canada has been very difficult. Despite the harsh reality I plan on returning as soon as possible.
So your not Canadian
u're always welcomed here brother
Stay and live in Argentina. Let's see your comments then.
Typical honeymoon period stuff. Always happens when you move to a new country. Lasts three weeks to six months, depending on your personality. Afterward, comes the rejection and culture shock period, when you hate everything and don't think you could ever fit in.
Never make any long term decisions based upon such short term effects.
I lived in China for 5 years (I'm from Ukraine). I fell in love with this country from the minute I stepped out of the airport to the last look at my boyfriend in the last minute of being in that country. My story ended and that was the most beautiful and tragic part of my life. @@משה-ב1ט
The system is failing as a result of both government and federal policy. In the next days, the banking crisis would have to be epic and gigantic for the FED to decide not to raise interest rates. This won't happen; an increase and a crash are coming. There will be more negative portfolios this 2nd half of 2024 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?Read more
Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder
Very true, you can be passively involved in the markets and still amass wealth-gains using an investment advisor. I first dabbled in stocks late 2019, just before the pandemic, and that same year gained over 150% with no prior investing experience, basically all I was doing was following directions of my advisor. We are working on a retirement ballpark of $3m and I’m certain my goal isn’t farfetched after subsequent investments and tremendous returns so far.
Mind if I ask you to recommend this particular coach you using their service?
Sonya lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
In 2000, I moved from India to New York for work. There I met an Argentinian for the first time in my life. She was my banker Teresa. Since we were both immigrants in a foreign country, we got talking about where we both came from. That was the first time I heard the word conundrum. That’s how she had described her country. She had said that the conundrum of Argentina is that it has super bright people who can’t seem to run their country. I have always followed the Argentina story since then because I had always found it so intriguing. It is really such a pity that things have not gotten better there even after 23 years.
Theres a saying that if U leave Argentina for a couple months everything has changed but if U leave for 10 years everything is the same
@@SantiagoAntonutti Cyclic? Yeah that right!
The government should get out of the way, and stop trying to manage the economy. The market will decide
@@joedennehy386 It's impossible for people to even try it. I went to a public school and I remember in history classes they taught us that the state must be super intrusive
Socialism 🤷♂️
"A country that never misses an opportunity to miss an opportunity." Well said
I really hope that Argentina can stop inflation and rebuild the economy 😢. 🇲🇽❤️🇦🇷
Put Lionel Messi on the job! He listens to the suffering people!😅
inflation and bad economy don't go away based on hope.
imf wants inflation
👍
before we can rebuild we have to destroy!
It's quite concerning to see the various challenges our economy is facing right now, from uncertainties to housing issues, bad weather conditions, foreclosures, global fluctuations, and the aftermath of the pandemic, all contributing to instability. The rising inflation, slow growth, and trade disruptions definitely require immediate attention from all sectors to bring back stability and promote growth. How do you think these issues can be effectively addressed?
It's a bit unsettling to see the US dollar losing value due to inflation while other currencies are gaining momentum, creating a sense of uncertainty. Despite this, there's still a level of trust in the perceived safety of the dollar. I understand your concern about your $420,000 retirement savings potentially losing value. Exploring alternative options for securing your money sounds like a wise move. Have you considered any specific alternatives or strategies to safeguard your retirement savings?
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
This is definitely considerable! Do you think you could suggest any professionals or advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.
Just research the name Stacy Lynn Staples. You’d find necessary details to work with a correspondence to set up an appointment.
I'm grateful for your help. After looking up her name online and checking out her credentials, I must say, I'm really impressed. I reached out to her because I could really use all the help I can get. We've set up a call for further discussion.
"It will be difficult to convince a disillusioned populataion that short-term pain will bring long-term prosperity"
This rings true, and not just for Argnetina.
Once before lock down I visited Argentina in 2020 and got exchanged some euros to pesos for the black market from local guys. They people are beautiful and friendly. Love from India
I love how they tried making it sound dangerous.
We love u Indians, we know you guys like Messi as much as we do, that's more than enough to become our ally against the dangerous chileans
It's not a "trust issue", it's a technical issue. Brazil had gigantic inflation for decades. Within ONE MONTH of the implementation of the Real Plan, inflation was controlled and purchasing power rose. In two years, the population in extreme poverty fell by 18.47%. In 1994 inflation in Brazil was 2,075.89%, in 1996 it was 15.76%.
Real Plan was resisted for technical reasons. A policy of these characteristics has a technical and a political side as it really needs to recompose public trust in the monetary institutions. Many other plans similar to Real Plan have failed or have been short-lived. At the time of the implementation of Real Plan, Argentina had another policy, similar in many aspects to Plan Real, that kept inflation extremely low for almost a decade (Convertibilidad), at the cost of producing the greatest crisis in the country
@@pippo1734 that's kinda wrong. Convertibilidad failed because it was implemented in Argentina, so we kept spending more money than we were earning. This deficit was then covered by taking more loans, until the debt became extremely huge and impossible to repay.
Is a political corruption problem
@@tachy635 That's it.
It is also a trust issue. The world doesn't trust Argentina. No company or start up, nor even their citizens,except for those that got benefited by the government through either welfare such as the poor, or throught subsidy such as some hand-picked companies of the government. Which are often friends and family
The Argentina economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average Argentinean. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
I find your situation fascinating. Would you be willing to suggest a trusted advisor you've worked with?
I live in Egypt, and its situation is very similar to that of Argentina, with salaries, a weak currency, extreme prices, and everything
che guevara was a mas murderer
@@jsedusjung461 Learn first then talk
i know more than you about that murderer for sure@@salvadorguevara4835
IMF is a geopolitical extension tool of the West. They would deb trap and have very stringent conditions attached to some developing countries, while to others like Argentina, Egypt with inflation it's super easy to get loans. All to further geopolitical interest and control of the West.
@@jsedusjung461oh no, a guy who fought in revolutions killed people
I lived in Argentina in 2018/2019. When I arrived one dollar was 20 pesos, when I left it was 60, and a few weeks after I returned to Canada it was 100. My rent was literally $160 CAD
Now is 880..
@@tremu777dj 945
1000 today
@@DaleCooper222Time b0mb..
I'm Italian and it's absolutely impressive to see how many Argentinian people are trying to get Italian citizenship. Small cities' offices are submerged by their requests.
But as soon as Messi plays they all claim to be pure Argentinians 😂
es logico, si a la argentina llegaron 3 millones de italianos.
@@dens3096escaping from the economy of your country doesnt mean you stop being from where you are. Italians made exactly the same in the 1930’s. So whats the complain?
@@dens3096The majority of pure argentinians have had italian blood for more than a century now bro
Surprise. We all claim Spanish and Italian passports because Italians and Spanish moved to Argentina first lol
I have an Argentinian friend in Cordoba. He lived in LA for a while and created a US software company and gets paid in US dollars. He and his family live really well, employ a lot of locals, the countryside is really beautiful, I'd never felt so welcome in a place when I visited. I was thinking about hiring some Argentinian programmers for my business and live down there during the Northern Hemisphere winter and build a cabin ( Bariloche is gorgeous) and keep my US base station for financial/tax purposes. Could be fun. A win win. I'd need an Argentinian girlfriend to improve my Spanish. . :)
Well, I'm studying a career called "Licenciatura en Sistemas" which it's similar to "Systems engineering". I'm currently in my second year of college, but if you need a programmer you can contact me 😂.
Me and my whole family left argentina in 2001 , it was one of the saddest days of my life . Me being 10 years old and leaving everything behind and now 2 decades later seeing my country worse than ever . Really breaks my heart 😢💔
well from 2003 to 2008/2010 it was kinda stable, but after that everything went downhill.
Where did you move ?
@@willjames915 we moved to Canada
La mejor decision que tomaron en sus vidas.
Never to late to move back.
Argentine people are turly amazing and the country has such huge potential. It's a pity to see it in such horrible economic situation
but Argentines think they're better than the rest of South America 🤣 so I don't see it happening.
@@miamitten1123 you already said that, nobody cares. Anda pa ya bobo.
@@miamitten1123first the Venezuelans thought that and then they got a reality check and now the Argentines
the ss felt that way as well
You say that as if their dire situation was brought on to them by foreigners 🤦🏿♂️🤦🏼♀️🤦🏾♂️🤦🏻♀️🤦🏽♂️🤦♀️🤦🏼♂️🤦🏿♀️🤦🏻♂️🤦🏾♀️🤦♂️🤦🏽♀️
it's so sadly, I'm from Venezuela and I emigrated to Argentina when my country passed for the same situation (9 years ago), right now I'm watching this movie again 😔😔
maybe you are the problem
nah just kidding :v
How is the situation back in Venezuela by the way? Just getting worse and worse? Do you think there is any hope? Or is PDVSA pretty much ruined at this point?
@Crying-Croc Yeah, I even watched a vlog from Bald and Bankrupt (a popular RUclipsr) and in his Colombian blog, he walked in a public park and encountered a Venezuelan woman who was just loitering. Sad :/
Venezuelans have the most number of people migrating to the US illegally. When you risk your life trekking through Central America, that tells you how bad their country still is.
There is a difference, Venezuela is a dictatorship, Argentina is a democracy and has free elections and the current government that ruined the economy so much will be soon gone
Treasury rates are rising quickly, the markets are collapsing, inflation is skyrocketing, and the Fed is imposing a significant interest rate hike-all of which will result in further losses for portfolios this quarter. How can I take advantage of the present market volatility? I'm still undecided about whether to sell my $125,000 worth of bonds and stocks.
The strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
Yes, I've been in constant touch with a Financial Analyst for approximately 8 months. You know, these days it's really easy to buy into trending stocks, but the task is determining when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. Can’t say I regret it, I’m 40% up in profits just in 5months with my initial capital of $160k.
I work with Alicia Ann Jordan, a licensed fiduciary. Simply look up the name. The information you need to work with a letter to schedule an appointment would be included.
This is a scam for anyone wondering
usa has many issues too , those usa is not a example to follow , edit ... not even rusia china
It is indeed a mess, I traveled there for 40 days this year and I assume the economy is pure chaos. However, for us Europeans, is paradise. I had amazing dinners with delicious wine and meat for only 7€ at fancy places, traveled the whole country for 40 days, and only spent (in hotels, food, and transport) 680€ and I did everything I could.
Only 7€
Misuse of commas.
Yes that’s because our minimum salary is 200usd.. so you are welcomed.
Vengan Europeos a pasear que necesitamos esos 7 Euros!
@@JavierChiappanot anymore due to the current high crime rate.
Jamaica went through something similar, but we decided that the bitter medicine would make us better in the long run. Someone just needs to tell them you have hard years ahead if you want to see a better day. You can't fix 20-30 years of mess in couple months or a year.
But we can start to do it the change, otherwise it will be worst and without hope.
We have more like 70-90 and some people would argue over 100 years of mess
Macri tried that and 4 years later got voted out. Argentinian's don't seem to know how to do hard.
You can, just abolish the State.
Jamaica went through nothing like that in Argentina. In addition, Jamaica, ranked second on the brain-drain chart, is no better than Argentina. JA $154.54 = U.S. $1, where's the improvement?
Finally, a video that explains correctly the exact problems we have, the only thing you left out and a really important one is entire governments stealing from the people, not caring about the country and doing their best to fill their pockets
Thank you for covering this topic
Mencionaron a la Kristi y todo el quilombo con ella. Para un video bastante resumido, fueron directo al grano. No se van a poner en detalles de como cada presidente robó y de que forma..
@@bluewolf7111 Creo que la enorme cantidad de dinero invertido en planes sociales, que incluso a veces son suficientes para que algunos puedan llegar a fin de mes sin básicamente trabajar, merecía al menos ser mencionado.
@@charlie172011 Todo lo que son planes, pensiones y tal esta dentro de lo que en ingles se llama welfare, lo cual mencionaron como el mayor gasto del pais.
Como dije, no hace falta que vayan al detalle, si vamos al caso el problema no es UN plan en especifico, UN subsidio en especifico. El problema es todo junto, siendo un derroche inmenso de guita, mientras que no queda un centavo para insentivar el mercado, y venimos asi hace decadas.
Cuando ya no da mas estos boludos recurren al FMI para cubrir la infraestructura que deberiamos estar pagando con esa plata, y aca estamos con esa deuda que nunca se va a pagar.
Y despues le hechan la culpa a macri por lo del FMI, mientras que estos peronchos son los que gastan la plata que deberia ir a la infraestructura y el mercado.
@@bluewolf7111 Sisi pero digo que lo pasaron muy por arriba cuando se podría haber especificado un poco más el nivel en el que se realiza.
perhaps an intent
My fellow Americans: A glimpse of our future in 10-20 years if we don't get our spending under control. If the dollar wasn't the world's reserve currency we would already be seeing this. A growing deficit with a growing economy is a VERY bad signal.
Socialism and Communism destroys the economy every time its tried. We need to return to capitalism, a small government and what our founding fathers created in the US Constitution.
You are right. We are already seeing big inflation due to the Democrats’ love of spending. The same happened with Dem President Carter.
An economy propped up by a digital currency is not one built on a solid foundation.
So end the waste humans. Theres no government, religion, healthcare or security outside of fiction.
1000%
So basically a band aid on top of a band aid, on top of more band aids.
I went to Spanish school in Argentina in the early 2000's. I was there when they unpegged the peso to the dollar and watched the prices fluctuate by the minute. I truly felt, and still feel, for both the citizens and the all those that I have became life long friends with.
A country full of great people that have been subjected to failed policies.
What happened after Perón Economist? You’re not going to mention the actual authoritarian military regime that came to power? Did they not also play a role in the current economic state with the needless war in the Malvinas?
Exactly, It's just unbelievable how they totally overlooked the fact that Argentina's foreign debt skyrocketed under the military dictatorship of Videla in 1976, surging from $4.6 billion to a staggering $25.6 billion - an increase of over five times. This dramatic rise in foreign debt during that period had long-lasting economic consequences for the country. It was the military regime who played a pivotal role in shaping the country's financial challenges that persist to this day.
This is The Economist a magazine (though they like to pretend to be a newspaper for some reason) that champions neoliberal policies and is owned by wealthy people, they do not mention the military dictatorship because is not convenient to the promotion of this ideas.
as said in the video... argentina has had opportunities to turn it around... and they missed them.@@caroline-lux
They basically run the economy the Peron way, so it's still Peron's legacy.
"There 4 types of economies: Developed, undeveloped, Japanese (nobody knows why it grows) and Argentinian (nobody knows why it shrinks)"
-Simon Kuznets (Nobel Prize in Economics)
He said this 60 years ago I wager. nonsense.
Japanese economy has been stagnant for more than 20 years, when was this even said? Lol
We know why it shrinks. We have the worst and most delincuency politicians in the word -> peronismo, kirchnerismo
We know exactly why Japan's economy grows
This perpetuates a myth, we do know full well why Argentina failed. If anything, it's some politicians around the world that do not want people to learn from the warnings coming from countries that succumbed to government overspending.
Attributing all of Argentina's problems exclusively to Peronism is simplistic, given that the country's history includes a variety of governments and factors. Argentina has faced military dictatorships, global economic crises, neoliberal policies in the 1990s, and structural dependencies on commodity exports, all of which have influenced its current situation. Issues such as social inequality and corruption are pervasive and predate Peronism. Moreover, we should not forget the social achievements of Peronism, which have had a lasting positive impact.
She mentioned Peron, but she did not mention the dictatorships that were the ones that put the country in debt the most, she speaks English well but she has very little education in economic history. I clarify, because here it is necessary to clarify everything I AM NOT a Peronist, but omitting certain historical facts does not make you more intelligent, quite the opposite.
It's intentional. The worst forms of manipulation are the things you DON'T say.
Totalmente. Y yo tampoco soy peronista, pero omitir a la dictadura es imperdonable
I love how poor they tried to hide his identity 😂
It looks silly but I think it's about if police can successfuly identify him, not just recognize him - and no (democratic) court would agree that this video is such proof. If it was about being identified by the general public, I'm pretty sure we wouldn't see even a bit of his face and his voice would be distorted too.
Pretty sure they used an actor aha... hope so
I was going to say that!
hiding milei political belief?
He did it was pseudo legal, so, plausible deniability lol
I'm in awe after watching this! I feel so proud of argentinians and their resillience. They have all they need to get better and despite all the continuous setbacks I deeply know Argentina will always be the best country in the world. Wish everyone of us world citizens could learn from such incredible people as they are. Greetings from Almagro!
John Desmond Heppolette has been a significant step in my financial life journey, providing valuable knowledge, actionable advice, and motivational content. His supportive community has boosted my confidence, work engagement and has inspired me to strive for excellence. His guidance is a secret weapon for serious financial growth, and his on-line presence is a must-see for anyone looking to improve their financial situation. Look up his name and see his on-line presence..
this one drank the kool-aid
Many in South America think they have nothing to lose as they are poor. This state of mind is a sort of addiction that gives you a false high when actually you are in misery. They do not care about death and that makes them stop living as there is no purpose. People are seriously insecure about losing this status. They are worried like, "What will happen to me if I come out of poverty?" The answer is you will start living your life with body, soul and spirit. After which death does not matter to you. Or, who knows? You can live a happy life and still live longest like many all around the world do these days!
Me, an Argentine living in Buenos Aires, clicking on this and preparing myself to continue to be traumatized
This is exactly what happens in Nigeria. The difference e is that you can legally buy dollar from the black market. What's more disturbing is that banks are in on it, they prefer selling to the black market than to individuals because they gain from the black market rates, and even though the banks have their own rate, they still charge international payment done with the Naira card at the black market rate. And all of these are completely overlooked and appears legal!
Love u guys i missed Nigeria so much the last worldcup
Wait ... that means the banks declare the rate just for fun 😮
@@boulderbash19700209Nope, it's worse. The exchange rate is determined by the individuals who sell at the black market. And these guys are basically illiterates with no business or economic background and literally just buy and sell FX based on personal opinions.
@@boulderbash19700209 The black market here is runned by people who buy and people who sell, there are no intromision of the banks, mosly because the banks cant touch a big part of the pesos and dollars they have in deposits after 2001 crisis, its forbidden (it's called "encaje"). They must give it to federal reserve but can keep a low % of total deposits for daily operations.
Black market is not legal, but its common as a lot of illegal things here....
The official rate is declared by the government here... as the other 20 rates of the same currency they have for any kind of bussiness. You can check it in the video, dollar qatar, coldplay, soja, credit card, MEP, CCL (wich is the one that follow the black market), and long list of different prices for the same dollar (or any currency)
There's an issue in your argument. The goverment controls who can bought the official dolar, and only that one can buy 200 hundred dollars, but buying that amount of dollars, that one can't imports products. All the banks must deposite the dollars on the Argentina's Central Bank.
It's well known in my family that if we have the money for a goal, to not hesitate on buying it because the prices get higher every day. The things you dont enjoy, buy and spend before the next day or week is just lost money by that time. It feels like we have a constant offer runtime for everything all the time that we must take before it gets worse.
I've heard political commentators say that it's not a secret the pain that such changes will cause if implemented. The issue is when a candidate does make that proposal, another candidate sees that as an opportunity to state that under their stewardship it won't be necessary. That candidate usually wins and the economic changes never get implemented. But boy how profitable $$$ their tenure!!!
So many people seem to campaign for countries like US and UK to go this direction. I feel bad for the ordinary people of Argentina and I don't understand why so many people think that they won't end up in the same position, if their governments act in a similar way.
I think it's due to both have gov that want to spend more money. Free money for votes. Meanwhile the board has to enact measures to stop inflation which mostly affect the poor
Some group of economists have projected that both the U.S and parts of Europe could slip into a recession for a portion of 2023. A global recession, define as a contraction in annual global per capita income, is more rare because china and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
My major concern now is how can we generate more revenue during quantitative times? I can’t afford to see all my savings crumble to dust.
It’s a delicate economical season, so you can do nothing or little on your own. Hence, I will suggest you get yourself a financial advisor that can provide you with valuable financial information and assistance.
That’s why I always make it a point to speak with a financial advisor before choosing any investments. Apparently , I’ve been using one since the pandemic, using profits oriented tactics and minimizing risks as a buffer against inevitable downtrends.
__
Your advisor really seem to know this stuff. I found his online-page when I made a google search of his full names online, read through his resume, educational background and qualifications, it was really impressive. I left him a note and booked a call session with him..
@@MichealTanner141Gregory is a fraud
"...There are 4 types of countries: Developed, in Developent, Japan and Argentina..." Simon Kuznets (Laureate 1971)
Japan is a developed country.
@@grimaffiliations3671 but with a cronic stanflation.Not poor but not growing
@@underverse7 Yeah they aren't growing as fast as countries like the US, but that is only because the insist on large consumption taxes
@@grimaffiliations3671 The joke is that Japan is so developed, but also very stagnant, that it's "post-capitalist", and Argentina has been economically hovering above developing nations while still being not quite a well-functioning developed country that it's "post-industrial pre-capitalist". Really though both are in there own undefinable categories.
But at least Japan is doing well
Why is Argentina’s economy such a mess? Because argentinians voted since ever socialists.
Argentina is one of my favorite places to visit! Love being there for vacations and will go back anytime; it´s very sad to see that the economy is a complete mess, Argentines are such wonderful, heart-warming people and I feel bad seeing them struggling just to make it to the end of the month.
I have not been there, but i dream of Argentina, because i love the film Evita.
I love the Argentinian people! Cheers from Tero violado, Chaco
Do you take dollars as your main form of currency?
Takes 2 to Tango, who really is at the other end of the Tango?😮
@@JamalW239 yes my suggestion would be to bring 100 dollar bills since they have a higher exchange rate; for some reason they don’t like to exchange lower denominations
I visited Argentina few years ago and I did the black market dollar swap. Didn´t know how risky it was. But how lovely country it is. The people, the food. Excelence.
They're really overstating the risk for dramatic effect. It's a very common thing. You'll walk through the microcenter and there's at least 3 guys per block advertising for exchanges
Why not use the official exchange rate instead of the black market exchange?
@@online420 it is not accessible for the common people.
@@online420 I did that also by using the ATM at times
@@rodrigodelafuente4080 what does that mean? Any foreigner can exchange their currency at the Central Bank rate from bank. You can get a legitimate exchange from a bank, why they choose the illegal one black market?
To be an economist in Argentina must be WILD
An economist who has no prior experience in the political field but is very loud ly and proactively trying to fix the economic situation has a very high chance of becoming president in the next couple of weeks.
You graduate of economist at the same moment that you step into argentina's soil
@tomasb.7175 im just hoping that if he happens to win, he actually improves argentina's economy and brings something better to the country
Either that or he'll be remembered as just another clown that hated women and public schools
@@aishasky33 You, me and about 30% of voters
@@aishasky33it's all we can hope for but he is still basically a clown and a corporate puppet
When they equalised the Peso with the US dollar back in 90's also including the heavy debt due to the war with the UK in the 80's that's when the troubles began. On mass people lost their savings with the banks, that did a runner with the peoples money. I was there in 2003 and was able to see for myself what was happening to the economy. A lot of Argentineans who have historic ties with Spain, by parentage and blood, took advantage of the new law in Spain called the historical memory law to give them the right to apply for Spanish citizenship thus allowing them to leave Argentina legally for Spain to make a new life.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." - Thomas Jefferson
What are you saying? It's Argentina's government who impoverished Argentines.
Mtfkr jus watched a video showing him the opposite...
It’s an image perception problem. Most people are unaware the average American household doesn’t have money to cover a $400 emergency nor understand our credit card debit itself is over a trillion
Low IQ primate detected.
@@boulderbash19700209 The FMI does with the illegal loan ( against their own rules )
Argentina has so much potential.
The only difference between Argentina and the US. Argentina does not print the world reserve currency. Thus its budget deficit manifests right away in its currency inflation.
I have been visiting Argentina twice a year from 2005 and NEVER had an issue changing dollars.
Every family has that one person who will break the family's financial struggle, I hope you become the one 😊
Investing in alternate income streams should be the top priority for everyone right now especially given the global economic crisis we are currently experiencing, Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Starting early is the best way to getting ahead of build wealth, investing remains the priority
Having a job doesn't mean security rather having different investments is the real deal
I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings
@@mirabellelia9996 her availability is on (face book) 👇
Because the people want to.
Now 1Usd costs 1300 pesos, when last month was like 700 pesos. And today the people voted for the minister of economy to run the country 💀
It's a mess because we want it
exactly. and his opposition is a specialist in economy but without no experience in political stuff.
That's what happens when you lower interest rates instead of raising them in the first place. Now it's decades too late for Argentina after the fact. Canada is right where Argentina was before they made that fateful mistake by lowering interest rates instead of raising them. Canada will be the next Argentina.
The mindset in LatAm, and particularly in Argentina, is that fiscal responsibility is a kind of colonialism-imperialism imposed by US/EU/IMF. So, they are using creative and heterodox ways of managing economy, causing these disasters.
No, you can't erase Juan Domingo Peron from history.
George Orwell warned us for a reason.
The IMF literally ruined every country it touched. It's history.
“Argentia has been running a fiscal deficit for the last 13 years; if you are in a difficult time for 13 years in a row, well, you have a big problem.”
Between 1970 and 2023, the United States did not have a budget deficit, only in 1998, 1999, 2000, and 2001. We (the U.S.) have been running a fiscal deficit in 49 out of the last 53 years. However, the U.S. dollar is still the king of all currencies. How do the experts from the Economist explain that?
As an American living in Argentina, no one has ever gotten in trouble for exchanging money, in the main streets if a cop walks by a person yelling cambio cambio (meaning you can change money here) they either ignore it or ask the rate and exchange.
Huge misstep on The Economist's part portraying it like this. As if they have no idea what's going on.
We are Americans too. America isnt a country, its a continent.
Like Captain Renault in Casablanca ? ". I'm shocked to
discover that gambling is going on here ! "
As an argentinian, this is just depressing
"Progess happens at the speed of trust."
It has been going on for decades! I've heard Argentina's inflation problem since 80's.
Ecuador dollarised in the early 2000's and, despite recent issues, their economy has grown steadily in the last two decades, bringing the country out of poverty and into middle income status. Argentina is not exactly poor by Latin American standards but they could certainly use the stability, investment and trade opportunities that dollarisation would bring.
Ecuador has grown at the same rate of Peru or Colombia in recent decades, dollarisation of the economy did bring exchange stability, but it can be achieved without giving up on economic tools an sovereignty, just as it's neighbors like Peru, Colombia, México or Chile... What I mean is: dollarisation is not the magic solution, it's just the easy way to reach exchange rate stability, inflation can still occur, and in that case the central government has no tools to fight it
at least argentina is white, the only thing they are proud of, they can go hungry but at least they're white
corrupt politicians dont like dollarisation, it means less opportunity for plundering public money
@@Diegallo90cuando casi toda la historia del país a estado en crisis por las mismas causas, quiere decir que realmente no se puede confiar en los politicos para manejar correctamente una diviza nacional y eso es lo que piensa mucha gente en argentina.
@@dondion7913 así es, el país lleva en crisis un siglo, pero ninguna de las crisis fue causada por la existencia del peso argentino, sino por las malas decisiones económicas, decisiones que se van a seguir tomando, excepto que esta vez no habrá inflación, simplemente habrá pobreza porque no habrá suficientes dólares circulando
If they were more friendly to business Argentina would generate far more revenue than they currently do and increased employment/business would lessen the need for subsidies to the populace. They could pay off some national debt too and actually get better loans
but Argentines think they're better than the rest of South America 🤣
Not going to happen if the people are so negative towards people making profitable businesses and over tax over 'regulate' with beaurocratic nonsense that inherently leads to corruption and wasted potential. Crab in a bucket mentality.
Wishing Argentina the best of success.
Argentina's economy struggles with deep-rooted mismanagement, leading to hyperinflation, heavy debt, and a lack of trust in government and markets.
I´m from Argentina. Happy to say that soon, things will change for the better....
There is little left, very little...
And what do you think about the upcoming election?
Argentina needs Pinochet.
Que lindo país que es Argentina y que agradable su gente ❤ Saludos desde Argentina 😎🫶🏼
I think it is also related to the previous experiences the people have had historically. This is going to sound strange, but in order for an economy to actually be strong the people who work within that economy have to have confidence in many things - the banking system, the currency, and the overall leadership of the country are three of those. An economy might be able to remain stable with some weak or strong pillars, but when all of the pillars appear to be weak confidence then plummets and the economy does too.
This is fine but have in mind that confidence is not the root of the problem, it's just a consequence of it, which makes it worse.
@@MrTomyCJ you nailed it
That's why dollarization works so well. Whole lot easier to have confidence in the currency when your currency is the mighty US Dollar, which none of your populist politicians can print.
What a strikingly poor article. It seems neither of the people explaining the situation in Argentina had the faintest idea about what is causing the problems and instead resorted to a mere statement of their respective ideologies. If inflation were simply caused by 'printing money', we'd have had much more of it in the US, UK and Europe as a result of QE. It quite clearly isn't that simple. But it doesn't stop commentators simply repeating this mantra. It's a poor showing for a respected magazine that calls itself The Economist.
Soy bean taxes are near 70%, not 33%. Taxes on almost anything is around 40% and 60%. Argentina moves a huge amount of money, but taxes takes a huge parrt out of the people. Plus inflation it is the biggest scam on the people.