The Daily Can an ‘Anarcho-Capitalist’ President Save Argentina’s Economy?
39 snips
Dec 11, 2023 
Jack Nicas, the Brazil bureau chief for The New York Times, dives into Argentina's economic turmoil and the election of Javier Milei, a far-right libertarian with a flair for the dramatic. They discuss Milei's radical plans to dollarize the economy and the personal stories of citizens facing hyperinflation. Voter sentiments reveal a mix of dread and apathy as Argentina grapples with its future. The potential impacts of Milei's austerity measures and the broader implications of his unconventional style highlight the stakes for the nation.
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Hardware Store in Argentina
- Oscar, a Buenos Aires hardware store owner, struggles with Argentina's 140% inflation.
- He checks constantly updating supplier lists for prices and converts pesos to dollars or goods immediately.
Dollarization of Argentina
- Argentinians hold more U.S. dollars per capita than Americans, reflecting the peso's instability.
- Many Argentinians use dollars for major purchases, like houses.
Argentina's Economic Woes
- Decades of economic mismanagement, including expanding social programs without sufficient revenue, have fueled Argentina's economic woes.
- This has led to depleted reserves, massive debt, and currency devaluation.