Economy Argentina just suffered the 2nd-biggest crash since 1950 for any stock market

[Beaver Brownlee]

Because he might get charged with terrorism, and win a terrorist prize?

By this metric China would be terrorists for pulling out of the US economy and devaluing the yuan.
Sound logic there.

 

[phoenixikki]

No Argentinian president has ever received a pristine country, even the Kirchners came into power after the Menem disaster.

You said specifically that Macri was doing "fine" and that he was improving the country, and he did neither, and thus he is paying for it.

He should had prioritized fiscal and macroeconomic stability over all.

I never said that it was doing fine. That's especifically what I wrote:

The economy was slowly recovering under Macri.

Which multiple sources confirm. It's a fact.

 

[Rod1]

Like Trump?

Taj Mahal inspire allot of confidence?

Trump cant do anywhere near as much damage as the rulers of third world countries with less institutional strenght can do.

Also as long as the US dollar remains the world currency, its not like people can do away with the US financial system.

 

[Rod1]

Which multiple sources confirm. It's a fact.

It wasnt recovering.

Recovering would implies that damage was being reversed, the fact remains that debt was piling upon debt.

https://www.ceicdata.com/en/indicator/argentina/government-debt--of-nominal-gdp

 

[phoenixikki]

It wasnt recovering.

Recovering would implies that damage was being reversed, the fact remains that debt was piling upon debt.

https://www.ceicdata.com/en/indicator/argentina/government-debt--of-nominal-gdp

You are taking only one indicator to judge the whole economy? That's laughable. Come back after you attend some Economy classes.

 

[Rod1]

You are taking only one indicator to judge the whole economy? That's laughable. Come back after you attend some Economy classes.

Considering this is a currency crisis triggered by a sovereign debt crisis then yes, its the most important indicator.

But we can also go for inflation.

Argentina is basically Greece, but without the EU to bail them out.

 

[Ruprecht]

Considering this is a currency crisis triggered by a sovereign debt crisis then yes, its the most important indicator.

But we can also go for inflation.

Argentina is basically Greece, but without the EU to bail them out.

The people touting "recovery" under Macri seem to value deregulation, privatisation and trade liberalisation as ends in themselves.

 

[chardog]

This is crazy, i was just recommending Argentina to a friend as a vacation option.

now it would be a good reason wouldnt it? Dollar to ARS increase in your favor. Not bad for everyone.

 

[DespicablePeep]

Seems Macri did not make the reforms, raised public spending and Argentina had the worst draught last year. But don´t worry Christina Kirchner will fix everything


Argentina is fucked

 

[Rod1]

The people touting "recovery" under Macri seem to value deregulation, privatisation and trade liberalisation as ends in themselves.

Except nothing of that happened under Macri either.

 

[Ruprecht]

Except nothing of that happened under Macri either.

Are they wrong? They are touting his removal of export duties, import authorisations, foreign exchange controls and his pension reform (I thought that was privatisation, but maybe it was something else).

 

[Rod1]

Are they wrong? They are touting his removal of export duties, import authorisations, foreign exchange controls and his pension reform (I thought that was privatisation, but maybe it was something else).

Wrong how? Argentine is a pretty closed economy even under Macri.

Just because he was a little more flexible than his predecesor doesnt makes him an example of the failure of liberalization when the country wasnt liberalized.

The foreign exchange control was pretty much unsustainable and he still borrowed a lot to pay up for deficits.

 

[Ruprecht]

Wrong how? Argentine is a pretty closed economy even under Macri.

Just because he was a little more flexible than his predecesor doesnt makes him an example of the failure of liberalization when the country wasnt liberalized.

The foreign exchange control was pretty much unsustainable and he still borrowed a lot to pay up for deficits.

Well they (mostly the CFR) talked about Macri's "economic recovery" mostly in terms of those neoliberal policies and "gradualism".
It mostly seems like the "recovery' they refer to is those changes in themselves.

 

[Cuzcatlan]

Cristina coming back to finish her job of destroying the country. Nice

 

[HunterSdVa29]

i'm sure it will be ultimately good for US equities
as literally every single major national bank and INSTL investor has been artificially propping up our Stock Market for years now

This is going to continue, this worldwide currency and stock market trend, as the circular debt crises is starting to rear it's head once again, this time it could be worse. Turkey is about to default on it's balloon debt payments, as Greece already did, and those that lent them money (read: the strong countries in EU) will be shafted.

On top of that, the former Emerging Markets kings BRICS are all suffering mightily.

The US is the only thing singlehandledly staving off another global recession as we speak

 

[robotsonic]

Ultimately I've got very little pity for the Argentines, they had 10x the infrastructure of a place like Chile and yet have fallen behind them massively economically due to their constant xenophobic outbursts of expropriation. How many times did they think they were going to be allowed to bite the hand that feeds them?

 

[Rod1]

Well they (mostly the CFR) talked about Macri's "economic recovery" mostly in terms of those neoliberal policies and "gradualism".

But they arent neoliberal policies, they were just less shittier closed economy policies.

Argentina ranks 149 out of 180 in terms of economic freedom.

https://www.heritage.org/index/ranking

And is still considered a frontier market by most investment rating agencies.

It mostly seems like the "recovery' they refer to is those changes in themselves.

By recovery i presume is that Argentina started to look more like an emergent market under Macri, but this crisis just proves its not and with Peronism its definitively going backwards.

 

[VivaRevolution]

Trump cant do anywhere near as much damage as the rulers of third world countries with less institutional strenght can do.

Also as long as the US dollar remains the world currency, its not like people can do away with the US financial system.

Look man, that maybe partially true.

But you are going to have a hard time convincing me that a crash this big happened because a bunch of individuals pulled out based on speculation, and no facts.

 

[VivaRevolution]

By this metric China would be terrorists for pulling out of the US economy and devaluing the yuan.
Sound logic there.

If it kills a bunch of people. Yep.

 

[Ruprecht]

But they arent neoliberal policies, they were just less shittier closed economy policies.

Argentina ranks 149 out of 180 in terms of economic freedom.

https://www.heritage.org/index/ranking

And is still considered a frontier market by most investment rating agencies.



By recovery i presume is that Argentina started to look more like an emergent market under Macri, but this crisis just proves its not and with Peronism its definitively going backwards.

Privatisation and deregulation are neoliberal policies by definition.
A "gradualism" approach doesn't change that.