Join me in spreading the word that we're having a candle vigil for the Banco Central here in Argentina. Chau bebe!
The vibe:
"Put the federal government in charge of the Sahara Desert and in 5 years there'd be a shortage of sand." -Milton Friedman
If Argentina president-elect Javier Milei doesn't successfully eliminate the Argentinian Central Bank then his victory was for nothing.
When (if) he achieves the elimination of the Central Bank I'm going to celebrate in style and officially flip bullish on our chances of digging ourselves out.
Dispatch from Argentina:
The outgoing populist administration that has completely bankrupted the country with degenerate levels of spending is focusing on fucking over the incoming Milei administration.
Rather than focusing on the plight of the average Argentinian, who is now earning approx. $200/month, the Central Bank of Argentina is selling a hyper-financialized product comprised of insurance against future hyperinflation. The math that these products are based upon is a a flat out lie, but there are legal bases for customers to have a claim in the future.
Year-over-year inflation of the peso is now at 150%, but thanks to these horseshit products being offered by the BCRA the value of the peso has actually gained ground on USD in the past week, currently hovering around 940:1.
The end game here is to create the financial version of a booby trap for the incoming administration rather than acknowledge that the insane amounts of debt spending has delved over 50% of the Argentinian people into destitute poverty. The populist bureaucrats are showing their true colors.
Yet as I've previously mentioned, the Argentinian mindset is infected with socialist ideals. The poorly-educated masses feel that handouts from the government will be their saving grace, when in all reality unprecedented levels of austerity are the only way to right this ship.
Regardless of how well Milei digs us out of this Socialist Fever Nightmare, 2024 will inevitably be the culmination of years of corruption, selfishness, and downright evil from the outgoing caste of bureaucrats. The key is to continue to inform people that this is the beginning of a new era of fiscal responsibility in the midst of widespread suffering. The deck is stacked against the country but we will overcome.
Argentinian president-elect Javier Milei was quoted in saying that Argentina is "infected with socialism."
I was out with a girl last night talking about economic matters; upon hearing my stories of a colleague who has launched free Bitcoin education classes that are teaching Cubans how to transact in a money without intermediaries she replies with, "but that's going to ruin Cuba!"
The socialist mind virus runs so deep here that people are supposedly pro-human rights want to keep Cubans suppressed so they can be visited like animals at the zoo.
...also, no, there won't be a second date.
The US media is really whiffing on the whole Milei victory thing. The worst are the outlets (read: entities employed by ignorant digital natives who haven't left the country) calling Milei a "fascist."
That's right, they're calling the man who is gunning to shrink the government by 80% and eliminate the state's ability to print fiat a fascist. The ineptitude of the US's education system is on full display when it comes to anything international, tbh. Take anything you read from the corporate media with a grain of salt, as always, and feel free to ask someone with boots on the ground (ahem) about what's going on.
It's truly astonishing to see Argentinian and global corporate media attempt to paint pro-Bitcoin presidential candidate Javier Milei as a fascist.
The man is literally running on a platform of severely diminishing the power of the government by separating money from the state. This could not be more anti-fascist if he tried.
By all accounts pro-Bitcoin presidential candidate Javier Milei is leading the latest polls in Argentina, with as muchas a 13% lead over degenerate Keynesian economic minister Sergio Massa.
Argentinians are doing their best to escape the crushing inflation caused by rampant printing of the peso:
What they'll do is load up on purchases with their credit cards at the beginning of the month and then hope to pay at cheaper prices in USD terms at the end of the month.
Thus, the peso goes through mini-monthly cycles of boom and bust.
For example, had I attempted to exchange USD for pesos merely a week ago, I would've received 10% less pesos for my dollars, so it behooves me to time my rent payment accordingly.
When money breaks.
Nostr is markedly devoid of moon bois losing their shit over a $4K daily move.