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This move is a necessity in Argentina's Political and Economical situation, by shutting down the Central Bank (and subsequently moving to Dollars) Milei is killing the Politicians' (long standing and abused) Ability to finance themselves with monetary emissions (their Agendas and Deficient governments just to not say corrupt money laundering), which is the cause of inflation, which makes all Argentines poorer by the hour.
It is if not his biggest, one of the major promises on his campaign and the one most people voted him for, Argentines understand (as seen trough Random Street interviews) that this will create major hiccup on Economy while they transition to dollar, but given it's long tern effects are willing to put up with it
Sounds like they want to heal the country by murdering it's economy.
Amputating a Cancer-Infected Leg to save a whole body is a common practice. The prosthetic replacement comes later
But they are doing it with a chainsaw and set to let the patient bleed out.
Like we have been for the past 2 decades!
Best of luck with that.
The long term effects are going to be serious whiplash. The monetary regime would go from severe inflation to super low inflation (below what Argentina needs). They will essentially be using Argentinian Government funds to buy US dollars, thereby helping the US keep its inflation under control.
That's good for the US, but Argentina may fall into a recession. Growing economies need a growing money supply or businesses will not be able to borrow money to expand. By essentially hitching their economy to the slower growing US economy, Argentina is ensuring that their businesses pay high interest rates to borrow money. The US government is paying you 5%, risk free. Why tf would anyone loan money to Argentina less than 10-15%?
Remember how US tech companies all fired people at the same time when the Federal Reserve increased interest rates (it happened)? That's what will happen to many companies in Argentina at the same time.
Edit: lol, he was just lying about "dollarization" for votes because it's nuts:
https://news.yahoo.com/finance/news/milei-economic-team-led-former-175214678.html
Yes, its gonna be serious and difficult, but like said they are willing to put up with it... with they I mean the 55% that voted him of course...
And no, the dollarization was not a lie, like he said (his whole campaign...) it's for the long term, first comes solving the gigantic Economical Deficit the State currently generates, then it's Public Organization's and then cutting taxes, only then he'll move forward with it obviously because otherwise is suicide.
And this is very important to remark: News Outlets other than Javier Milei's Official Twitter Account or the Government's Official Channel (after December 10) ARE NOT TO BE TRUSTED. You may think this is just him shielding against media "calling him out" but there is a serious issue with Argentina's News outlets: They are funded by the current government and are VERY functional to it. Other International Media arent necessarily but yeah it's obviously more profitable to report "Argentina's new president is A NAZI" than "Argentina's New President Denies the Made up Number of Dictatorship deaths" (which just in case, the authorities that made up the number did confess to making it up in national TV)
Hell, its even as bad he's been putting "Official Communication" posts to clarify that what the media is saying about his proposals or plans is false, including those claims of him backing down on Dollarization.
I'm sure crime will not rise up when people have no food because they don't have dollars, I'm sure people will not go out violently on the streets and raise hell, yes the policy may be be beneficial to those who have their on dollar reserve, but the rest? Save my comment, and hope that doesn't happen.
You mean the heists that have happened since August of this year when the dollar was even lower than now? Or are we talking about actual big amounts of people dying for not having money or food and insecurity striving like in the pandemic Two Years ago? (Argentina being one of the worst casualties rate of the world with covid, thanks to the current government)
Yeah that says a lot about Argentina. If you have two brain cells even, just to rub together a little bit, you realize this is an idiotic idea, incompatible with taking part in the modern, global economy.
Except that there's countries that did the exact same thing and are doing fine. There's also the ones that dont and it shows it's a gamble.
Not taking the Gamble however means to take the risk-free secure pathway to Venezuela and luckily majority of Argentines understood that.
Great! A majority of the unwashed masses, half of whom are illiterate. I'm not really interested in what another illiterate person thinks about economics, either. Shows a total lack of appreciation for Argentina's most imminent, existential problems, and now you have a majority of the country tricked by a charlatan, and they're excited about it!
Thanks, social media, for giving know-nothings an "equal" voice. /s
What are you on about with Social Media? For the WHOLE elections Social's were INUNDATED with Ads and Publicity of Fear Campaign against Milei (from the current government and friends which Official Spending numbers could have paid a lot of debt mind you)
The fact that most people voted for him still is a telling that they are not able to be tricked.
Well, yeah that's also what democracy is about, no matter your conditions you have a voice, regardless of how educated that is... cough 45% cough . But most of all why would they need to all be Economists to vote for the guy that IS an economist and his economic proposals at that when his opponents have given 0 Proposals ALL COMBINED
You don't need to be an economist to see he's a moron. Just listen to him for five minutes. Obviously, you got tricked, though, so....
Innumerate and illiterate!
Obviosly he's a Moron, any person with 2 Braincells would run for President, Win and continue the status quo stealing from Argentines like the previous 20 Years politicians have, afterall there's been no consequences for them.
But he's not doing that, instead he's complied with his campaing promises and pushes to break Argentina's decadence with a radical change that so many promised and backed out after winning, putting himself at the stake most of all
So yeah, absolutely crazy from him. Voters? About to be defined