Tag: Argentina

Anarcho-Capitalism and Dr. Javier Milei

Guest Post by Dr. Robert Malone

“The greatest danger to the State is independent intellectual criticism; there is no better way to stifle that criticism than to attack any isolated voice, any raiser of new doubts, as a profane violator of the wisdom of his ancestors.  Another potent ideological force is to deprecate the individual and exalt the collectivity of society.  For since any given rule implies majority acceptance, any ideological danger to that rule can only start from one or a few independently thinking individuals. 

The new idea, much less the new critical idea, must needs begin as a small minority opinion; therefore, the State must nip the view in the bud by ridiculing any view that defies the opinions of the mass.  “Listen only to your brothers” or “adjust to society” thus become ideological weapons for crushing individual dissent.  By such measures, the masses will never learn of the nonexistence of the Emperor’s clothes.”

Anatomy of the State, Murray N. Rothbard

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Libertarian Pilgrims Set Sail For Argentina In Search Of A Better Life

Via The Babylon Bee

PORTSMOUTH, NH — Immediately after Argentinians did the unthinkable and elected an actual libertarian to an actual political office, a shipful of libertarian immigrants was seen departing a New Hampshire port Monday morning “in search of a better life in the New World of Argentina.”

The libertarian pilgrims say they hope to find the freedom and liberty America once offered in the strange new country. They boarded the U.S.S. Memeflower with all their goods and possessions — consisting mostly of video games and weed — this morning and set sail for their new life.

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Anti-Woke Central Bank Nemesis Javier Milei Wins Argentina’s Presidential Election

Via ZeroHedge

Javier Milei, the outsider libertarian candidate with radical solutions to Argentina’s economic crisis, has just won Sunday’s presidential runoff against Economy Minister Sergio Massa.

In a surprise outcome, Massa conceded in a speech to supporters in Buenos Aires on Sunday even before the official results were released, saying he called Milei to congratulate him on his victory.

Javier Milei, a 53-year-old far-right economist and former television pundit with no governing experience, claimed nearly 56 percent of the vote, with more than 80 percent of votes tallied. It was a stunning upset over Sergio Massa, the center-left economy minister who has struggled to resolve the country’s worst economic crisis in two decades.

Voters in this nation of 46 million demanded a drastic change from a government that has sent the peso tumbling, inflation skyrocketing and more than 40 percent of the population into poverty. And with Milei, Argentina takes a leap into the unknown — with a leader promising to shatter the entire system, which the locals now correctly realize, is broken.

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TIME TO MOVE TO ARGENTINA?

Via ZeroHedge

Argentina Devalues Peso, Hikes Rates After Libertarian Outsider’s Shock Win In Presidential Primary

The Argentine peso, already at historic lows, puked immediately after far-right political outsider Javier Milei won the country’s primary election on Sunday. He wants a dramatic overhaul of the country’s entire political and economic system, even vowing to ditch the peso.

Milei is a rock-singing libertarian outsider candidate, an admirer of Donald Trump and self-described anarcho-capitalist, and his primary win headed into the October general election is being widely viewed as punishment for Argentina’s two main political establishment blocs – the center-left Peronist coalition and the main Together for Change conservative opposition bloc.

Javier Milei, via the Observador

 

After winning 30% of the vote, beating the main conservative opposition bloc (at 28%) and the ruling Peronist coalition which came in third place, it’s being hailed in Argentine media as a “political earthquake”.

The 52-year old Milei might also be called the Ron Paul of Argentine politics, given his willingness to controversially raze entire longstanding institutions, including pledges to abolish Argentina’s central bank. He has also talked about replacing the peso with the US dollar and privatizing state-run firms.

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One of the best pieces of advice I ever heard

Via Sovereign Man

Thursday, November 29, 2001 felt like any other day in Argentina. People woke up, went to work, and lived their lives. There was nothing really unusual about that day, everything seemed fine.

Sure, Argentina’s economy had been in a severe recession for three years, so life was difficult. But it was still normal.

By the end of the day, however, a major bank run had started in the country, and life changed forever.

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Crisis in Argentina: “The Time to Buy is When There’s Blood in the Streets”

Via International Man

argentina

Doug Casey’s Note: In the following article, my Argentine friends spell out the reasons why now should be a good time to speculate in Argentine bonds. There’s an excellent chance they’re right. Recall that it was only in 2017 the Argentine government floated US$2.75 billion of 100-year bonds—and the issue was oversubscribed. Today they trade at less than 50 cents on the dollar. By the time they come due in 2117, I promise they’ll be worth exactly zero. The dollar probably won’t exist, and very possibly neither will the Argentine government in anything like its present form. It just goes to show how Mr. Market goes from the heights of enthusiastic mania to the depths of black depression.

But we’re not looking out 100 years. Right now, Mr. Market is very bearish on Argentina, so it’s a time to look at values here. As you may know, I spend a lot of time in the country, and am very fond of many things about it. My guess is things could get a bit grimmer before they cyclically improve. We’ll see. The point is that now is the time to pay attention, looking for a bottom.

The authors promise that in the months to come they’ll also take a look at Argentine real estate and stocks. You won’t want to miss it.

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Time Travel to the End of the World

Guest Post by Joel Bowman

The only reason for time is so that everything doesn’t happen at once.
~ Albert Einstein

We write to you today from the past, Dear Reader… and the future, too. Our former and future home city – Buenos Aires – is both a reflection of days gone, and harbinger of things to come.

Neither good, nor bad, it stands as a monument to sentiments ongoing… at once romantic, nostalgic, chaotic and terrific.

Strolling around the city… along her wide-open boulevards and cobbled stone streets… through her lush parks and leafy plazas… around her café corners and restaurant-lined alleys… we don’t see a futuristic megatropolis.

The “Paris of the South” is not a Shanghai or a Dubai. In some parts, it’s barely even a Mumbai.

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Is Argentina in America’s Future?

Guest Post by Bill Bonner

“Never interrupt an enemy when he is making a mistake,” said Napoleon.

In the 1970s, two of America’s biggest rivals were making big mistakes. Russia had been operating a centrally planned economy since the 1920s. China took up central planning after World War II.

Communist central planning was a curse to those who had to live with it. But it was a blessing to those who didn’t. It eliminated competition. Without the price signals coming from honest money and honest markets, the planners were in the dark.

But rather than appreciate their good fortune, U.S. meddlers couldn’t stop themselves. They interfered, spending trillions of dollars over a 40-year period fighting an enemy that was already in the process of destroying itself.

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Doug Casey on the Crisis in Argentina

Via Casey Research

Justin’s note: Argentina is teetering on the edge of a full-blown crisis.

Its currency, the peso, is in free fall. Inflation is skyrocketing. And foreign investors are fleeing the country.

In short, it’s starting to feel like 2001 again. So, it’s no surprise that the Mauricio Macri government is doing everything it can to prevent a repeat of that disaster.

It’s already raised the key interest rate to 40%. It’s unloading the foreign reserves. And Argentina is in talks with the International Monetary Fund (IMF) to secure a massive bailout.

No one knows if these emergency measures will work or backfire. But if there’s anyone who might have an answer, it’s Doug Casey.

Doug isn’t just a student of money. He’s also lived in Argentina for years. So, I recently phoned him to see what he thinks about all of this…

Justin: Doug, what do you make of what’s happening in Argentina? Is the government taking the right steps to prevent a crisis?

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Why you’re likely exposed to one of the dumbest investments in history

Guest Post by Simon Black

Last June, in one of the most egregious displays of economic insanity, Argentina was able to raise $2.75 billion by selling bonds with a ONE HUNDRED YEAR maturity.

Even more miraculously, the bond turned out to be wildly popular with investors.

So basically investors willingly forked over billions of dollars to a country that has a history of defaulting on its debt, confiscating private assets, and engaging in rampant corruption… for an entire century.

It’s as if everyone was oblivious to Argentina’s past. The country has defaulted twice just in the last twenty years, and eight times since its independence in 1816.

So the chances that Argentina DOESN’T default within the next century (or even the next decade) is slim to none. And slim’s out of town.

11 months later, reality is starting to set in.

Investors have begun to realize that Argentina doesn’t actually have any money, that inflation is more than 25%, and the central bank has blown through $8 billion (more than twice the amount of the bond issuance) trying to prop up their weak currency.

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Doug Casey on 100-Year Bonds

Via Casey Research

Justin’s note: Argentina just issued a 100-year bond.

That’s not a typo. South America’s second-biggest country issued a bond that matures 100 years from now.

This is completely nuts. After all, a lot can happen over the course of a century. Not to mention, Argentina doesn’t exactly have the best credit history.

It’s defaulted on its debt seven times since it was founded in 1816. Three of those defaults happened in the last 23 years.

And yet, people lined up to buy these bonds. To make sense of all this, I called up Doug Casey. Below is a transcript of our conversation. We hope you enjoy.

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HUGS

Enormous condor returns to thank man who saved him years before as rescue creates unique bond between unlikely pair

A condor has struck up an unusual friendship with a man who saved the huge creature’s life.

The man nursed the condor back to health after it reportedly fell from a nest as a baby.

And the condor clearly didn’t forget his rescuer, as video footage shows the pair greeting each other with hugs and one big warm embrace, after the condor returned.

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Doug Casey on His Favorite Place in the World

Guest Post by Doug Casey

Reading the news while enjoying a cortado at a café in my favorite place in the world often causes cognitive dissonance.

How, I ask myself, can life here be so tranquil when the rest of the world appears gripped by madness?

As you might suspect, the café is located in Argentina.

Sure, until recently, we had to put up with the antics of La Presidenta, Cristina Kirchner. But she was largely a bad joke ignored by Argentines with any intelligence.

She’s gone now, replaced by the free-market-oriented engineer Mauricio Macri.

While one can never know how these things turn out, from what I’ve seen so far, I think he’s going to make a huge difference in pretty much every way that counts.

Maybe Argentina won’t return to its former position as the sixth-largest economy in the world, as was the case in the early 20th century, but the conditions are right for the economy to do a rocket shot.

That’s usually the result when a new team sweeps away the spaghetti string of truly stupid socialist policies and lets an economy breathe.

China’s decades of stunning growth following Deng’s liberalization provides a useful lesson.

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SORE LOSERS

When your ignorant masses are sustained by nothing but bread and circuses and the bread is running out and the circuses are over, what happens next?

 

REVOLUTION!!!!

 

Thousands of football fans clashed with police in Buenos Aires Sunday after celebrations at the Obelisco turned sour and some began breaking into stores and looting. Police used water canon and tear gas to deter fans.