Argentina foibles (inflation, currency and potential anarcho-capitalist experiments)

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Argentina posts six months of fiscal, financial surpluses​

BUENOS AIRES (Reuters) - Argentina posted primary fiscal and financial surpluses in June, the economy ministry said on Tuesday, showing the fruits of a drastic austerity package rolled out by libertarian President Javier Milei, who took office in December.

Both the fiscal and financial balances are the sixth consecutive monthly surpluses, and June's financial surplus - which includes interest payments by the government - is the first time since 2008 that six in a row have been recorded, the ministry added.

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The mystery of Argentina’s gold: Milei admits that it was transferred abroad, without specifying the quantities or destination​

Buenos Aires - JUL 28, 2024 - 00:05 EDT

Argentina’s reserves, held by its Central Bank, include almost two million troy ounces of gold, valued at about $4.5 billion. But lately, there’s a question that’s on everybody’s lips: where is it? Was it taken out of the country? Did some of it remain within Argentina, while the rest was transferred abroad? Well, the official information only offers partial answers.

The administration of far-right President Javier Milei admitted to the recent transfer of gold abroad, but didn’t specify quantities, the destination, or the purpose for this measure. Nor did the Central Bank provide any details. In a scenario of financial instability — and with the government facing the need to accumulate reserves — the decision generated suspicions and speculation. There are also fears that the gold could possibly be seized, due to long-standing legal cases that have been filed against Argentina by foreign creditors.

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That seems odd. Given Milei's Austrian school economic/monetary policy, what goal is being achieved by expatriating their gold reserves?
 
They sent it to a neutral country so it cannot be seized or confiscated because Argentina has defaulted so many times on debt payment. My WAG is they sent it to Singapore.
 

Is Milei’s Radical Plan to Save Argentina Working?​

Aug 16, 2024 #Argentina #Milei #News

After eight months in office, Argentine President Javier Milei has slashed spending on social security, public wages and consumer subsidies. His austerity measures have won praise from former US President Donald Trump and Elon Musk. Milei also remains largely popular at home, with approval ratings above 50%. But painful reforms can only stay popular for so long. To win midterm elections next year and hang on to power, Milei must lift a cobweb of capital controls to restart the slumping economy without fanning inflation further.


9:28

00:00 Introduction
01:13 Milei’s rise
02:26 Cuts to public spending
05:23 Popularity in Argentina
06:28 Impact of austerity measures
08:10 Milei’s future
 

Inflation: Can President Javier Milei SAVE Argentina from Inflation⁉️🤔

Aug 23, 2024


19:45
 
He may not be perfect but he's on the right path. People seem willing to suffer to get to the other side. Unlike things in the US. We have a huge population of welfare recipients who demand more and more. Not to mention the "refugee and immigration" problem.
 

The mystery of Argentina’s gold: Milei admits that it was transferred abroad, without specifying the quantities or destination​

Buenos Aires - JUL 28, 2024 - 00:05 EDT

Argentina’s reserves, held by its Central Bank, include almost two million troy ounces of gold, valued at about $4.5 billion. But lately, there’s a question that’s on everybody’s lips: where is it? Was it taken out of the country? Did some of it remain within Argentina, while the rest was transferred abroad? Well, the official information only offers partial answers.

The administration of far-right President Javier Milei admitted to the recent transfer of gold abroad, but didn’t specify quantities, the destination, or the purpose for this measure. Nor did the Central Bank provide any details. In a scenario of financial instability — and with the government facing the need to accumulate reserves — the decision generated suspicions and speculation. There are also fears that the gold could possibly be seized, due to long-standing legal cases that have been filed against Argentina by foreign creditors.

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Aaaand... its GONE: President Milei sends TONS of Argentina sovereign Gold to UK​

Premiered 2 hours ago


11:40
 
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Aaaand... its GONE: President Milei sends TONS of Argentina sovereign Gold to UK​

Premiered 2 hours ago


11:40

I don't understand this move. The only place that gold should have been sent is to the mint to mint coins for the people to use.
 
It's pretty simple. He's just another MotherWEF'r plant. Confiscated the countries gold and gave it to London to probably help them keep their game going just a bit longer.
 
 
2/3 of the province are gov employees. No wonder they are broke.
 
 

 
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