Politics Thread: President Javier Milei - Decree of Necessity and Urgency (DNU) in real-time

[Sunny]

Let's just hope that Elon Musk makes better investments in Argentina than his fiasco with Twitter. He lost a lot of money on that deal.

It looks like Musk isn't the only one to lose money on bad investments. I thought Milei came from a humble background but where did his family get millions to buy/lose in real estate in Miami?

Milei buys real estate in Miami

The Milei family investments in the United States Karina Milei, sister of the president of Argentina, has been at the center of the information after… Continue reading “Milei buys real estate in Miami”

bilbaohiria.com

Article by Mairenis Gómez, not surprising at all.

 

[Avocado]

Article by Mairenis Gómez, not surprising at all.

I am not familiar with Mairenis Gomez. Bad author?

 

[Finance Prof]

Here is President Milei's speech in Los Angeles if anyone is interested.

https://twitter.com/x/status/1787601659469648248

 

[Digital Nomad]

I read this and thought it was a good summary of things.

Argentina under a new government: what are the big economic challenges? - Economics Observatory

With a new administration, Argentina stands at a potential turning point. By implementing aggressive fiscal and monetary reforms, President Milei’s government aims to stabilise the economy and reduce inflation. The likely success of these measures in sparking economic recovery is an open question.

www.economicsobservatory.com

 

[Larry]

Some of you are not seeing reality. Open your eyes. While Milei is saying how great things are and that things will turn around look at the number of jobs that are getting eliminated. Look at Argentina's manufacturing sector. Look at construction activity. Down 42% and it's worst since the covid lock down! Factories are all laying off workers. And over 73% of manufacturing employers planning to layoff employees in the 2nd quarter. How is anyone trying to pretend things are getting better???



(Bloomberg) -- Argentina’s manufacturing sector performed far worse than expected in March, confirming economists’ views that President Javier Milei’s austerity campaign is deepening a looming recession.

Industrial production dropped 21.2% in March from a year ago, worse than the 13.5% decline forecast by analysts surveyed by Bloomberg. Construction activity also plunged 42% in March, its worst annual decline since mid-2020 when the country was in a strict lockdown due to the pandemic. Both indicators fell on a monthly basis too, according to government data published Wednesday.

Economists expect Argentina’s economy to contract 3.5% this year with much of the pain concentrated in the first half of the year, according to the central bank’s monthly survey published Tuesday.

Beyond the drop in activity, factories are anticipating major layoffs. Over 73% of manufacturing employers expect to reduce headcount in the second quarter this year compared to the same period last year, while only 4.6% plan to hire more, while the rest won’t make changes, according to the government figures.

Argentina has lost 48,000 construction jobs from November to February, or 11% of total employment in the sector, according to the most recent figures released Wednesday. Milei took office Dec. 10.

Argentina Industrial Output, Construction Plunge Amid Recession - BNN Bloomberg

Argentina’s manufacturing sector performed far worse than expected in March, confirming economists’ views that President Javier Milei’s austerity campaign is deepening a looming recession.

www.bnnbloomberg.ca

 

[Betsy Ross]

This is a balanced article it seems from a non-Milei fan but he comes across as realistic. Milei has said the first few months will be very painful. But inflation is slowing down. It will be a difficult 2024 especially the first half of it but hopefully things improve. I do agree if things don't improve people's patience will wear off. Hopefully we see a V shaped recovery.

Milei is beating the odds. Will it last?

What happens when a country with triple-digit inflation and chronic fiscal deficits elects a chainsaw-wielding populist with a dead dog for chief counsel as president?

www.gzeromedia.com

 

[Billy Goat]

It is not looking good for the Senate vote.

Government gears up for ‘omnibus’ Senate showdown

Make-or-break vote on sweeping reform bill likely to take place next week; Numbers look challenging for La Libertad Avanza, which will need support of allies to secure passage.

www.batimes.com.ar

 

[Avocado]

People are starting to post about the really horrible situation with Milei and how the pro-Milei media is distorting things. Viggo speaking from Spain about how the people are all suffering.

https://twitter.com/x/status/1788508854369587678

 

[James Bond]

People are starting to post about the really horrible situation with Milei and how the pro-Milei media is distorting things. Viggo speaking from Spain about how the people are all suffering.

https://twitter.com/x/status/1788508854369587678

Yeah not sure what is going on in Spain lately but many Argentines are gathering to protest against Milei.

https://twitter.com/x/status/1788704371418509316

 

[Betsy Ross]

Here is President Milei's speech in Los Angeles dubbed in English for those that are interested.

https://twitter.com/x/status/1788937062722269609

 

[memories]

It is very difficult for those of us that aren't on the ground there in Argentina. News is all over the place. I read articles like this below that say people that voted for him in November regret it. But then I talk to some friends we know there that voted for Milei and they say he is doing a great job and approval ratings are still high. For those of you living there what is the truth?

Milei praises his own administration for its financial surplus

Argentine President Javier Milei Monday highlighted his administration's performance bringing about a financial surplus worth AR$ 276.638 billion (US$ 276.638 million), which constituted a “historical feat.” He also said this achievement of three consecutive surplus-yielding months -something...

en.mercopress.com

 

[Che Vos]

It is very difficult for those of us that aren't on the ground there in Argentina. News is all over the place. I read articles like this below that say people that voted for him in November regret it. But then I talk to some friends we know there that voted for Milei and they say he is doing a great job and approval ratings are still high. For those of you living there what is the truth?

Milei praises his own administration for its financial surplus

Argentine President Javier Milei Monday highlighted his administration's performance bringing about a financial surplus worth AR$ 276.638 billion (US$ 276.638 million), which constituted a “historical feat.” He also said this achievement of three consecutive surplus-yielding months -something...

en.mercopress.com

Truth usually someplace in middle as my father always tells me.

Almost all my family vote against Milei. Half my family hate him and half say give him chance. My family all vote Massa but my father accountant say that definitely we would have hyperinflation for sure. He seem impressed so far but say we have a long way go.

 

[Betsy Ross]

Truth usually someplace in middle as my father always tells me.

Almost all my family vote against Milei. Half my family hate him and half say give him chance. My family all vote Massa but my father accountant say that definitely we would have hyperinflation for sure. He seem impressed so far but say we have a long way go.

Your father sounds like a good guy if he is willing to admit about hyperinflation. Any finance person or accountant even if they didn't vote for Milei tells me the same thing. That the old course was not sustainable. So it is good to read your father also says the same thing even though he did not vote for Milei.

Ask your father if Massa could have pulled off something like this?

La Argentina cumplió las metas con el FMI y aguarda que se anuncie el acuerdo con el staff como paso previo a la reunión del directorio en junio

Los técnicos del Fondo confirmaron que la administración Milei formalizó los compromisos del primer trimestre de 2024 y finalizan la redacción del Staff Level Agreement que aprobaría el board sin mayores complicaciones

www.infobae.com

 

[memories]

Truth usually someplace in middle as my father always tells me.

Almost all my family vote against Milei. Half my family hate him and half say give him chance. My family all vote Massa but my father accountant say that definitely we would have hyperinflation for sure. He seem impressed so far but say we have a long way go.

Yes that is a notion that my husband and I also follow. Truth somewhere in the middle. We have never seen an Argentine president so in the news. Here in the US we see a lot of press about Milei and the mostly good work he is doing. And some in large prominent publications.

This was in today's USA Today.

Argentina's chainsaw 'anarcho-capitalist' leader Javier Milei defies inflation doubters

Javier Milei, self-proclaimed 'anarcho-capitalist' president who says he takes most of his political advice from his dogs, has drawn comparisons to Trump.

www.usatoday.com

 

[earlyretirement]

Yes that is a notion that my husband and I also follow. Truth somewhere in the middle. We have never seen an Argentine president so in the news. Here in the US we see a lot of press about Milei and the mostly good work he is doing. And some in large prominent publications.

This was in today's USA Today.

Argentina's chainsaw 'anarcho-capitalist' leader Javier Milei defies inflation doubters

Javier Milei, self-proclaimed 'anarcho-capitalist' president who says he takes most of his political advice from his dogs, has drawn comparisons to Trump.

www.usatoday.com

I've said it before and I'll say it again. I don't agree with everything President Milei is doing. But the vast majority of what he is doing I approve of. I do think he has to be more aware of the pain the lower and middle class are going through. Some things aren't so cut and dry and you have to be careful in approach but almost everything he is doing he has clearly stated ahead of time he was going to do. Nothing should come as a surprise for those that voted for him. That's why you see his approval ratings still fairly high for as strict of austerity measures that he is doing.

Of course, those that voted against him are more against him than ever. But I think it would be one thing if he was doing things and seeing NO results but it should clearly be another with his actions having success. I've always said the first half of 2024 and maybe much of 2024 will be very painful. But President Milei has also said that. He said it would be very very painful, especially the first 6 months. That is what you are seeing today but inflation is slowing down.

Many of his naysayers from before are even admitting that they were wrong that he would fail so quickly. I'm not saying we are out of the woods yet because clearly there is more pain to come. I know that many locals are suffering. But part of the reason of so much suffering is because previous Presidents made too many mistakes, too much corruption, too much grift and spending money they don't have. It will take time to fix that but if Argentina is going to have a better tomorrow they have to take the steps to fix it today.

Hopefully people can be patient throughout 2024.

 

[Scottishgaucho]

I'd love to know what the Milei naysayers suggest he does to get Argentina out of the massive economic mess previous Governments have left the country in?

 

[Sunny]

It is very difficult for those of us that aren't on the ground there in Argentina. News is all over the place. I read articles like this below that say people that voted for him in November regret it.

You are quoting a USA Today article (which has a high left-leaning bias) written by Kim Hjelmgaard, whose reporting borders on activism.

But then I talk to some friends we know there that voted for Milei and they say he is doing a great job and approval ratings are still high.

Believe your friends.

For those of you living there what is the truth?

Many decades ago, a Finance Minister said, "We must brave this winter" meaning that the recovery would be very hard. All these years later, Argentines find themselves, once again, facing hardship. However, this time around there seems to be light at the end of the tunnel and most Argentines can see that.

When you read articles like Hjelmgaard's, remember the words of Don Quixote: Ladran, Sancho, señal de que cabalgamos. (Let the dogs bark, Sancho, it's a sign that we are on track.)

 

[Vince]

I'd love to know what the Milei naysayers suggest he does to get Argentina out of the massive economic mess previous Governments have left the country in?

Spot on. My friends that aren't Milei supporters I ask them what THEIR solution would be to get Argentina finally out of this mess and they always say they don't know but not what Milei is doing. I ask them to explain what they would do or what Massa would have done and they get angry and tell me things are worse. They are in denial how bad Argentina was due to previous Presidents.

You are quoting a USA Today article (which has a high left-leaning bias) written by Kim Hjelmgaard, whose reporting borders on activism.



Believe your friends.



Many decades ago, a Finance Minister said, "We must brave this winter" meaning that the recovery would be very hard. All these years later, Argentines find themselves, once again, facing hardship. However, this time around there seems to be light at the end of the tunnel and most Argentines can see that.

When you read articles like Hjelmgaard's, remember the words of Don Quixote: Ladran, Sancho, señal de que cabalgamos. (Let the dogs bark, Sancho, it's a sign that we are on track.)

Agree. Some of these reporters are so biased to the point of activism as you mention. When the union thugs are this scared you know that Milei and his team are doing something right. The recovery will be very hard but I do see light at the end of the tunnel. And I am actually delighted to see results so quickly and most of Milei's naysayers are wrong how things would turn out. People should give him a chance to enact his policies and if they don't work so be it. But they don't even want to let him try.

 

[Scottishgaucho]

Spot on. My friends that aren't Milei supporters I ask them what THEIR solution would be to get Argentina finally out of this mess and they always say they don't know but not what Milei is doing. I ask them to explain what they would do or what Massa would have done and they get angry and tell me things are worse. They are in denial how bad Argentina was due to previous Presidents.

Indeed. I suspect these people just can't accept they're easy K funded lifestyle is coming to an end. Good riddance I say, they have contributed nothing to the country.

 

[Digital Nomad]

Indeed. I suspect these people just can't accept they're easy K funded lifestyle is coming to an end. Good riddance I say, they have contributed nothing to the country.

Exactly what my girlfriend's parents and family says about them. It seems like the people that are hardworking want to really see Argentina change in the future. And those that are getting free hand outs are fighting tooth and nail to keep things the same.