100 Days Into Milei's Economic Experiment in Argentina

100 days into his first term, Argentina President Milei is looking to still make big changes, but he's trying to find support. John Micklethwait, Bloomberg's editor-in-chief, spoke to Milei in Buenos Aires. He's on "Bloomberg Surveillance" with a recap of their conversation.
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[@NunYa953]

This isn't an experiment. It's common sense.

[@teebone2157]

And it actually know it is an experiment because no country has 100% given themselves over to one financial ideology. It may backfire tremendously and if hope he'll just quit his position and move to the united states like they all do

[@metois1]

Common sense is the experience from the past, to put this past experience into reality in a new setting can be a experiment.

[@jimmyhalo1975]

I was literally about to post the same thing. The headline is highly indicative of conditioning to the belief that every time there a problem, government needs to do something. Economics is like math.

[@goldengate2369]

you don't even understand that those policies lead to privatization and faster collapse of the economy. all the economic theory backing Milei up is based on assumptions which are not present in reality

[@cliffolsen56]

It’s silly to expect the new government to fix the mess that took 80 years to make. This journey will take time and I hope Argentines can remain patient. This transition to free markets and smaller national government is going to hurt for the next few years. I believe the payoff will be worth it.

[@Bob-qo7pu]

as it turns out when you dont spend a bunch of money on nonsense you save money.

[@johnfreeman9358]

And you get lots of unemployment

[@reinisdravnieks]

@@johnfreeman9358 for useless people who live in their bubble or safe space

[@ronaldom2239]

@@johnfreeman9358 and maybe people move on to actual productive jobs that contribute the economy and not gov jobs that suck on the soul of the economy

[@thelucasexp]

who would have thought?

[@johnfreeman9358]

@@ronaldom2239 that’s the problem, there is no productive jobs that they can move on.

[@dadaistaingegniere]

There's no "experiment". Milei is taking back Argentina to its very roots: freedom.

[@Bizarro_na_chapa]

Completely agree... Argentina does not need such swedish muppet cooker speecher

[@nazyork]

Their economy is way worse than when he took office. He talks a bunch but isn’t accomplishing anything. Hes gonna drive the already fragile Argentine peso to the ground. $1 was 200 pesos before him now its over 800.

[@drewbrees22]

Anarcho capitalism is doomed

[@larryc1616]

Cry for Argentina 😢

[@aldomarquez2002JCDVLLC]

​@@drewbrees22 grasias yo tambien soy anarcocapitalista y dime de que estamos condenados??

[@tangablenothingness]

Man it seems the entire world absolutely refuses to say the names Rothbard, Misses, and Hayek. You always hear Freedman who was a student of Rothbard. It’s like they don’t want you to know what Austrian economics is. That feels like a reason to dig for that material.

[@subieguy00]

That type of society would take away their power/control..

[@blakeblack9892]

God Bless Millei!!!

[@peterponcedeleon3368]

Milei is a hero of freedom. Freedom has always meant freedom from government.

[@robm2681]

Milei is saving Argentina from itself. Give it a year or two and Argentina will be a strong free market economy.

[@gt63628]

Logically.

[@johnfreeman9358]

Not really, poverty has increased exponentially under him and unemployment

[@robm2681]

@johnfreeman9358 He said this before he even started. How do people not understand this? Obviously, if the department of gender or diversity has 20,000 useless and unproductive employees, and you shut down the department, you will have a short-term rise in the unemployment. 20,000 more people unemployed. Your solution of just keep the people there doing nothing useful does not build an efficient, productive economy. He's been saying since the beginning that there will be initial shocks to the economy. If there's a bubble in your economy, yes, popping the bubble will hurt. That doesn't mean the best thing to do is to continue trying to inflate it.

[@drewbrees22]

​@@robm2681Just watch. Anarcho-Capitalism is doomed to fail. It is idiotic.

[@larryc1616]

Cry for Argentina 😪

[@Ken-wg4zy]

Not shocked at the way reporter dismissed new presidents reforms. Give him 3 years to get his plan rolling.

[@lukek1949]

This reminds me of a video I recently saw of Thatcher early in her term (around 1980), where people were asking her to compromise on her reforms. She replied: “Turn if you want to. The lady’s not for turning!” We really need more politicians of principles. I pray Milei will be be the real deal, and he will make Argentina great!

[@englishincontext4025]

What is irrefutable is the fact that former Argentine governments, economics advisors snd 'experts' have singularly failed to save Argentina but have dragged it deeper into the mire. Despite their protestations they have no valid basis for condemning Miléi.

[@dziprick3204]

The longer the party, the bigger the hangover. Argentina has to deal with the hangover. There is no way around it. We will see it here too.

[@gastonvolpe4811]

As an Argentinean I must say: Milei is kicking asses every single day. He never stops, the market is bullish AF. Third month with economic superavit, inflation falling as a rock (April is estimated with only one digit). He's image is higher than ever. Getting deals and contracts all over.

[@WillieFungo]

Capitalism always wins!

[@lukek1949]

A hundred years ago, Argentina was the 4th richest country! That statement alone tells you that if anyone says socialism works, then tell them this statement.

[@ferriswheeler08]

"just saw your pension drop by 30% in a year"... but nothing about how inflation destroyed the value of that pension years ago which is why public employees weren't even showing up for work LOL. Only a fool would believe that your 1000 peso pension was safe when this year it was a months rent, then next month buys you a chocolate bar LOL

[@andresdiospatriahogar2640]

Viva la libertad carajoooo

[@aram3556]

Cual libertad? Se la acaba de vender a los yankee

[@tsancio]

Milei has moved the Argentinean economy from "extremely chaotic" to "awful". The next step is to move towards "good". Good luck to Argentina.

[@ChrisGrande]

No reason that they can’t be as successful as chile. Natural resources, solid population size, national pride. Be open to new business formation and begin the process of currency confidence.

[@gilescaver8841]

Biden, Trump and Powell aren’t fit to walk Milei’s dogs

[@dadaistaingegniere]

Based.

[@larryc1616]

His wife and kids?

[@gilescaver8841]

@@larryc1616 If Milei was married with children, Biden, Trump and Powell would be unfit to walk them as well 👊

[@davidanalyst671]

Milei named his dogs after better people than Biden trump and powell

[@jameslutian1977]

Go Milei, Go!!!

[@yongchen8204]

why cant america, europe, japan and others come and invest in argentina, why only china come and invest in argentina. how irony is that! geopolitics is more important to argentina or bussiness & investment? it is up to its leader to make choose.

[@debiagungte9466]

Because Arjentina government follow protection policy , arjentina government more emphasis on rural areas , arjentina government did not focus on manufacturing and survice sector and Argentina government have to make more business policies then world will invest in Argentina

[@robertdavis9246]

The bureaucratic swamp will, of course, try to stop any attempt to slow government spending. The government is the problem and Mr. Milei knows that and that is very much what I respect.

[@Darkstarr-ud2go]

I hope he’s right …. But let’s not confuse success in 100 days a victory…. I see a lot of people saying he’s won …. Way too early for that …. If he doesn’t pull it off it’s going to get ugly . … Argentina is a rich country…. It needs to corral corruption and grift and the state needs to do what’s best for the population….

[@1nigoM]

Milei: Best President Ever.

[@larryc1616]

Of Afghanistan

[@billgoedecke2265]

Tying the Argentine economy to the US dollar didn’t work last time they tried it.

[@johnwilson9666]

Need to take a hard look at this. He's got the general population behind him OMG 😲

[@hanooi7450]

Problem is the us dollar is going the way of the peso.

[@zaidshaikh1855]

100 days is too short a time. We would only know in 3 years.

[@maxamillion8384]

30 % REDUCTION in pensions ...13 per month inflation so what ?

[@Decoy0527]

"The ONLY thing Milei has going for him" is 80 years of economic problems. Now I would say that Milei doesn't need anything more than that.

[@user-em5wy8zx7o]

The most problematic part of the anti-paper money / fiat ideology is the fact that it is not just the central bank that prints money. Today with the fraction system, all banks have printed money. In fact, they print more money than the central bank. Will libertarians ban the fraction system in Argentine banking practices? If they do, then where will the banks find the funds to lend in equal amounts to those available through the fraction system?

[@andresdiospatriahogar2640]

Block chain?

[@dojan]

13%? What was it before? You are not lying. You just don’t tell the full story.

[@manimalworks7424]

Dollar is not printed by some “central bank “?

[@MichaelEnright-gk6yc]

This has been done before and it jumping out of the fry pan into fire.

[@MarkMiller304]

It’s showed that the dollar is a trap.

[@UCN2027]

There is not going to be dollarization in Argentina. Or at least the private Argentine banking sector does not believe on the plan. The private Argentine banks are purchasing foreign banks and increasing their balance sheets. If a dollaritizating would be posible, the foreign bank should be purchasing the Argentine banks.

[@jimknowlton342]

Pretty bad when balancing the budget is an extraordinary experiment. Printing money only benefits those who already have assets. They are broke, and these idiots are complaining he's trying to fix it by - gasp - reducing gubbermint!

[@aromero5000]

About the situation in Argentina? Simple, what is the interest of the richest argentines in investing in their own country? I answer: none, better to add dollars, or euros. And for the average Argentine? inflation, income in pesos and expenses in dollars.

[@billgoedecke2265]

I don’t agree with the Argentine president’s approach but he has ideas and a plan. I am in the US - I listen to what Trump says - he doesn’t have any ideas and the Argentine president is not Trumpian except for some theatrics I guess. Trump does not have any economic theory - he is simply self-serving whereas Milei is an idea guy

[@todorkolev7565]

which president actually has a plan of their own? Even a mundane program to research efficiency in an unimportant department (EG Department of sports in the ministry of education) will be an 800 page treatment. If a president wants to be hands-on, they might not even have enough time to solve 4-5 minor issues, let alone a whole economy (with some extremely gnarly problems). Presidents are all about winning elections and appointing their people to do the actual work. I guess that's how things ought to be until we employ AI to have a holistic and accurate view of everything at once :)

[@billgoedecke2265]

@@todorkolev7565 thanks for the reply. Yeah I think US presidents often provide broad-stroke visions with some detail - the best examples I can think of are Franklin D Roosevelt, Lyndon Johnson with his great society plans, or Ronald Reagan. I listened to Biden’s state of the union speech and I found plenty of detail in it and he was able to articulate it. But Trump’s speeches have been very odd lately - he isn’t saying much.

[@Ken-wg4zy]

❤

[@well-blazeredman6187]

Buenos Aires: well worth a week's visit.

[@papi8659]

Its just a tacky copy of Madrid, nothing special or unique.

[@columbiforme1]

Riots menem???? Riots delarua!! 2001

[@jamesrosemary2932]

He was talking about the 1989 riots that brought down Alfonsin's presidency.

[@teebone2157]

It's I pray he does not sell all of the land and state's possessions to corporations

[@Ikaros23]

Pray all you want, the plan is to sell 😂

[@shoelrana9887]

🇵🇸🇵🇸🇵🇸🇵🇸🇵🇸🇵🇸🇦🇷🇦🇷🇦🇷

[@juanarkantos]

These reporters dont have the faintest idea to begin with. "People are loosing their savings" wtf man. This is not the usa. WE ALL SAVE IN DOLLARS. The problem is produxts goimg up in price. Nobody saves in pesos ffs we are no that dumb

[@truthful3777]

Countries around the world are dedollarised due to high exchange rate.. Argentina with weak Peso wants to dollarised.. It is madness8. Imagine you go borrow money from the highest interest rate banks..

[@marievam]

yes agree...they are ruled by a mad man and still a majority of the population is under the spell of this psyco

[@alaindumas1824]

You may think that US$ interest rates are high, but Argentina's inflation rate of 48% in 2021, 72% in 2022 and 133% in 2023 make it impossible to write down a loan in pesos. The $ has long been the de facto currency in Argentina.

[@Thatsrelatable2]

Hates central banks but want to use the currency of the worlds largest central bank

[@bradsmith9189]

Horrible, horrible, horrible interview. Not even a single mention of the unbelievable, historic, unparalleled economic success he’s had in putting the country back into the black on record time. Yes, challenges still remain his creating a budget surplus is talk the world over. BUT All Bloomberg wants to do is rain on that in any way possible. Pathetic reporting…

[@peterweng4800]

Don't insult him by calling him Trumpient.

[@carlosav997]

He hates central banks printing money but he wants to dolarize. What a contradiction.

[@peterp7541]

He hates central banking money printing, in particular, in the hands of the Argentinean politicians who are a bunch of crooks and have always squeezed it to fund the gigantic and parasite populist state.....to win elections and steal public money.

[@joaquingarciadelrio3123]

He doesnt want to dollarize. He wants to go into a system of currency competition. Where Argentinians can do legal transactions and sign contracts in whatever currency they want, but taxes would be in american dollars. Argentina's politicians would lose the ability of printing money. And if the dollar devaluates, Argentinians can still move to another currency if they choose to.

[@fede77]

Currency competition, not dollarize

[@leandrogabrielsalviagarram9224]

Why is it a contradiction??

[@davida.taylor8444]

@@joaquingarciadelrio3123 Is this, I assume, so that they can't "print their way out of debt" while simultaneously causing inflation? That makes sense since even though the US has a central bank, at least then, Argentina doesn't control it and thus can't just print more money.

[@papi8659]

Chinese know how to build a rich economy - the Argentians should shut up, listen and learn.

[@jedfuller5322]

W vid

[@MR-te5fk]

These journalists, man they are so far removed from reality. It's so sad to see these guys puking up garbage all day long.

[@krokodilen31]

Reduced inflation yeah he started with devaluation with over 50% and many salaries have been lowered with over 10%........so no wonder inflation has a dip....... Question is.....what will happen in a few months.

[@tuff9486]

In a few months the economy will have recovered so much we are no longer at risk of collapsing as a country

[@Beachroller]

This is the worst stand up I've ever seen. I know less about Argentina now, than when the video started.

[@RuthBrown-tm2gt]

Very poor Quality reporting. He said Argentine's Govt. Debt as percentage of GDP is 37%. Britain's, Govt. expenditures are 45% of GDP. The difference is that US, British and EU govts can sell and finance debt internationally in their own currencies. Argentina cannot, they have to borrow in US dollars. Give them time, the pain is inevitable, however the outcome is good.

[@maverick214]

The reporting wasn't poor, your understanding of economics is poor. He didn't say Argentina's government debt was 37% of GDP. He said that the Argentine State was 37% of GDP. Do you need a lesson in 101 Economics?

[@RuthBrown-tm2gt]

You are right. I did not hear it correctly. I reviewed and agree. That, however, does not justify your statement of an understsnding of economics 101 as you stated. A Govt. as percentage of GDP at 37% is not an issue in Western economies. It is actually quite moderate. The issue is that the debt is owed in US$ not Argentine currency. No major Western economy finances debt in US$, ie Australia, Canada, Italy, Germany. ​@maverick214

[@psm767]

câtă mită a luat reporterul ?

[@sergioholzmann9824]

M. A. G. A Javier Mieli Make Argentina Great Again Donal Trump Make America Great Again

[@soldatinconnu1804]

America is a continent, to be more precise, Americas constitute a whole continent. Stop disrespecting your fellow North and South Americans please.

[@Mendoza1414]

@@soldatinconnu1804 what about Central Americans and Caribbean islands

[@GotoHere]

@@soldatinconnu1804 Zerox is a copying machine and American s say zerox. Stop nitpicking a nations way of speaking.

[@williamclayton9566]

@@soldatinconnu1804 United States of AMERICA is the only country in either North or South America that has AMERICA in its name. That's why we're not called united Statesians, and instead called AMERICANS.

[@Waterenjoyer1308]

Milei is libertarian

[@LuStoessel]

This guys doesn’t know 💩 is just another guy who gets paid and doesn’t investigate anything and just watch the news in the TV

[@leandrogabrielsalviagarram9224]

He interviewed Milei and he knows a lot just check out the interview!

[@stantheman9072]

@@leandrogabrielsalviagarram9224 Yeah, but his economic knowledge and theories are nonsense. He’s biased against Milei’s entire viewpoint and motivation. Journalists at establishment media only care about establishment interests and motivations. They view everything else, like individual freedom, as a danger and a threat. Argentina has been going down the wrong economic road for four generations now. Of course Milei is going to upset entrenched interests.

[@leandrogabrielsalviagarram9224]

@@stantheman9072 yes, Argentina is a whole different world. Argentina doesn't even have much of a market economy as most of its legal employment is public, at the same time its got one of the highest tax pressure in the region and is the 4th in the world in terms of fiscal evasion, and we don't have an independent central unlike the rest of latin america.

[@marievam]

no support for a president that is not looking after the well being of Argentineans!

[@TheMaxCloud]

Milei is the only one who cares though.

[@GotoHere]

Trump 2024.

[@larryc1616]

Make Prison Great Again!

[@davidanalyst671]

Javier Milei 2024

[@Casnazer]

We get to see this play out in real time like Venezuela. Quick, where is Sean Penn?!

[@davidanalyst671]

Sean Penn is travelling to Russia to talk about how great a president Putin has been. lolz

[@user-qc9rr9rq2t]

Javier Milei is President of a bangkrupt economy . Inflation at boiling point . Argentina currency is toilet paper.

[@aaronallblacks]

He inherited a bankrupt economy lmao