Inflation is in Argentina is still high. Yet, President Javier Milei approval rating is still above 50 percent. Why? And what about the US?
What’s the Proper Focus?
Should we focus on Milei’s disapproval rating or approval rating? I suggest the latter.
Donald Trump (46%), Joe Biden (40%), Kamala Harris (44%) would love to have 50 percent approval ratings.
French president Emmanuel Macron (26%), Canadian Prime Minister Justin Trudeau (31%), and German Chancellor Olaf Scholz (18%) would be singing halleluiah if they could get to 35 percent.
Milei Lays Out Clearer Currency Path
Bloomberg comments Milei Lays Out Clearer Currency Path as His Popularity Begins to Dip.
Argentine President Javier Milei outlined the government’s path out of currency controls in greater detail Monday, a policy decision that could have a big impact on his wavering approval ratings.
In his Wall Street debut as president, Milei told investors at the New York Stock Exchange restrictions would be lifted “when the rate of inflation in the macroeconomic program is zero,” according to a transcript of his remarks sent by his press office hours after the event. He didn’t specify when that would be exactly.
Then the libertarian economist clarified his thinking. He explained that monthly inflation today is actually around 1.5% if you subtract the impact of “induced inflation” on Argentine prices from the current headline figure of around 4%. He listed international inflation, the crawling peg currency devaluation and capital controls as driving factors of the phenomenon.
“When that 1.5% disappears,” Milei said, “the money overhang will have disappeared and, without any problem, we’ll be able to open up the currency controls.”
Argentines enduring another grueling recession this year are growing increasingly impatient with Milei. Although still high historically, the president’s approval rating ticked down in September to 53% while his disapproval rating rose four percentage points to 47%, the highest since he took office, according to the latest monthly poll published by Buenos Aires-based consulting firm Poliarquia.
With inflation cooling dramatically on Milei’s watch, Argentines now see unemployment — not price increases — as the country’s biggest problem, according to the survey. Nearly half of respondents said their incomes aren’t enough to make it to the end of the month.
Musk Rings NYSE Opening Bell Meets Milei
Earlier today Milei rang the opening bell on the New York Stock Exchange (NYSE).
Then he met with Elon Musk.
Wow – Play that.
Javier Milei Takes a Chainsaw to Argentina’s Gov’t, Eliminating Half as Promised
Flashback December 12, 2023: Javier Milei Takes a Chainsaw to Argentina’s Gov’t, Eliminating Half as Promised
The newly elected president of Argentina, Javier Milei, just took a chainsaw to Argentina’s government. Congratulations to Milei for keeping a promise. The US desperately needs to do the same!
Amazing Performance
That Milei has approval ratings above 50 percent despite inflation, recession, and unemployment is nothing short of amazing.
Although inflation in Argentina is still high, it has dropped remarkably.
This is a result of Milei’s Libertarian program coupled with honesty about what it would take to get Argentina on track. He promised to slash government, then did so, immediately.
Well done Mr. Milei, and congrats!
Meanwhile, back in the US, Trump Proposes a Cap on Credit Card Interest, So Does AOC and Bernie
What a sorry hoot.
If we had a real leader who started cutting spending and unnecessary bureaucracy, which we need to save the country, the socialists controlling the media would go on overdrive putting out fear mongering the world is gonna end, stories, and of course a bunch of people would believe the lies, so it’s totally natural that there would be substantial negative “approval” by uninformed people who have been lied to by the socialists. Sure it would be tough but do we want to save the country or not? It’s ironic how the country was started and succeeded (except the slavery part) by going against the senseless lies that are now the policies of the major parties.
The only way to kill inflation is seize all black money or invalidate all existing currency and only issue new currency to people who haven’t laundered money.
The real way to cut inflation is stop deficit spending, start cutting the debt, stop interest rate suppression.
Who really believes approval ratings from banana republics
Every Charlatan in Argentine history, has held high “approval ratings” for a year or so. Peron lasted plenty longer than a year.
As for the Argentine “economy”, it’s even worse now, than when this latest clown took over. The State is not in any way smaller. Rather the opposite. Pretending to reduce the size of government by clownery of the getting rid of prisons; while; nudge-nudge-wink-wink; handing out “licenses” to operate “private” ones to those who lobby you; kind, didn’t reduce government in America neither….
There are more arbitrary “laws” in Argentina now than ever before. And lots more arbitrary enforcement of even the nonsensical ones which were there before. More “permits” required. More nonsense to fill out. More emboldened ambulance chasing trash on the make to waste time and resources trying to route around…. Nothing has improved. Just a has been the case in Argentina Every.Single.Year for almost an entire century by now. It is, literally, THE basket case nation. The one that even Venezuelans crack jokes about. Nothing has changed. And nothing will, as long as the indoctrinated gullibles keep insisting on falling for one Peron/Milei Dear Leader after another.
Argentina did win the world cup last year. That’s why they’re more generous to the clown on TeeVee than they usually are. They’re still poorer. More oppressed. Robbed of even more. Living life even more bent over. But hey: They may not have anything else left, but they did “have” Messi!!
That’s news to me. I thought he really was slashing spending and unnecessary bureaucracy. My fav athlete is from there, Many Ginobili.
What a bunch of lies, aren’t you a Mexican?
Under Milei we are improving our numbers and he is really slashing gov spending. De-regulating all he can, even with the oposition of the congress and judges.
private sector workers are better, that is a fact.
The only ones suffering are the politicians and their followers which lost most of their priviledges.
“private sector workers are better, that is a fact.”
After having salaries devalued overnight by 50%? How many “private sector” Argentinians; in particular productive ones, as opposed to BA”finance” and “legal” and “advisory” leeches; had their salaries doubled? Only to, at best, tread water…
“our numbers” are only improving, if you conveniently forget to divide by two, to account for the straight up devsaluation. Compare the number of ounces of Gold; or number of rounds of premium .38 ammo; an Argentinian say, nurse, or autoshop worker, can buy for his/her after tax, after rent, after “mandates”, after necessities… -income today, vs pre-Milei…. Or, compare those guys’ housing stock: You reckon it has improved markedly, price/performance? As opposed to just having decayed for another year, while getting, if anything, MORE expensive?
Not that there’s anything unusually, nor surprisingly bad about Milei. He’s just another one of the standard issue complete hacks, that Argentinians for some reason can’t help themselves falling for. Only difference is him having a hairdressing ritual consisting of little more than banging his head into brick walls in Israel.
Which is why, pretty much Every.Single.Year since Peron; the above referred to number of ounces of Gold has gotten lower and lower, and lower… Milei’s no worse than the Kirchners, nor anyone else. But no better, neither. Heck, not even meaningful different. Just more of the same one-way decay, dressed up as something he is not.
I realize he _may_ change. Maybe he just needs to “consolidate” power and secure influence among the “deep state” before showing his “true” Libertarian colors. Problem is: Statistically, in Argentina….. eh, not very likely, is it? Kind of down there with Trump somehow magically doing the same.
Ok. Well from my little familiarity, the ~50% devaluation you’re talking about was just removing any remaining artificial prop or on the currency and returning it to its supposedly true value. Yes, it sucked but now trade can commence on even terms. But I could be wrong.
he can STOP inflation by simply LIMITING Argentine money printing to a “constant’ rate. Shitcoin is good example> just declare the Number/limit of units of your currency, and BAM…a steadier “currency”
Printing of base money has completely and totally ceased as of July. It always takes a while to reach consumer prices: 6-18 months is the conventional wisdom. Also keep in mind private credit, though low, is roaring back. It was dead when he first took office.
I’m rooting for him. I imagine all the people who were on the dole will disapprove of him, but in the long run their economy will be much better by reducing the burden of government.
From what I can tell, the poorer parts of the country support him the most. Government employees are more opposed to him. At this time, his policy on welfare is not to eliminate it, and indigent people with children actually saw increased payments, in real terms, when he took office.
Argentina President Javier Milei approval rating is still above 50 percent, and I would suggest it’s deserving. Miles does something most, if not all, American Politicians don’t do, and that’s say what “He Means” without regard and worry about backlash (Like Eliminating 1/2 The Government ((Trump will hopefully do as well, as I called for 25%)). You can do that when you, either Don’t Have an Agenda, and/or you’re truly looking for what’s best for Your Country, And It’s Citizens.
Unfortunately in America, France, Canada, UK, Germany, amongst Manu Other Countries, don’t DARE do such a thing, or they would be gone in a minute, with few exceptions, and Yes “I do think” Trump Happens To Be One (Obama was too, but for the opposite reasons, as He Was Propped Up, as Most American (and most other Countries as well) Politicians Are (Harris being the latest example obviously), as they fill, the Politicians in charge, Agendas!! It’s really that simple…
With Milei, the focus should be, and apparently is, on His Approval, and 100% for the reasons I eluded too. He tells His Country the Truth, In His Eyes, and if you’re seeing the same as he does and Argentinians do, then you will Follow such a Leader. The closest we have come to this type of Leader, in quite sometime IMO (Reagan comes to mind as the last), is obviously Trump, which is why he is admired by so many, and if you Love Your Country, You do as well, as do so many!
All I know, is an Agenda Free, Honest and Upfront, Truth Telling, Country Loving, and Citizen Caring For, Man OR Woman running for office “Will Get Elected” which is why I am voting for Trump at this point, because He comes the closest, By Far, than any other Candidate I see, except perhaps Trumps VP, but that remains to be seen…
I truly wish Argentine President Javier Milei well, and hope he stays in charge for a bit, and gets to work alongside the next American President! We need more Leaders looking out for There Country, and Not There Wallets!!!
M – Well done Mr. Milei, and congrats! > I could not possibly agree more Mish!!
Money supply has been cut off for a year now.
Inflation rate is still over 200%. GDP has been negative for 3 consecutive quarters.
Although improving figures that’s massive stagflation.
GOOD LUCK!
Consumer price inflation is hovering close to 4% per month since May, which is 60% annualized. The previous administration went 22 months in a row without a single month where prices rose only 4% or less. As for GDP, its highest peak was all the way back in 2017. There’s a lot to clean up here.
According to Trading Economics, Argentina’s August inflation rate is 236.7%.
In Argentina:
Disapproval = Those with Public Pensions.
Millei set the pace but USA could lay off more than 50% of government employees without harm to health, wealth, and the general welfare.
Call it the Elon solution.
Large bureaucracy cuts would help a lot but Elon was saying we should cut rates, so that tells me he favors socialism, I don’t think I trust him.
Milei promised to cut gov spending and he did. He promised to radically cut inflation and he did. When people Expect lower inflation they will behave accordingly. When people Expect more rate cuts the US economy will thrive. The Fed should cut slowly, stay the course for several years and not change its mind. If the gov will cut its size by 2%/3% annually, not radically ==> debt might drop from $35T to $25T/$29T, while the GDP flips from $29T to $35T/$40T, in nominal terms. It will be easier if we get recession, or a major correction.
You really need to take a step back and look at the big picture. Everyone can suffer from the forest for the trees issue, and you’re no exception. The reason Milei, Trump, and all anti-establishment candidates are popular is because they stand against the non-sense being pushed by the WEF, Neocons, and the establishment that will do anything to maintain their perks and power – https://www.armstrongeconomics.com/international-news/great-reset/milei-stands-alone-against-united-nations/.
As much as the establishment wants to make it about race, sex, religion and whatever divisive topic they can conjure up, the real battle worldwide is between citizens and their overtly corrupt, self-interested, govt’s, which in the US is represented by Harris.
Trying to objectively discuss economic differences between Harris and Trump gives credence to Harris’ inept insanity. Even if Trump proposes something that does not make sense, it doesn’t matter because there is ZERO chance of saving the US under Harris. At least with Trump there is a chance at peace and cushioning the coming debt implosion.
The reason you loose viewers when you badmouth Trump is the same reason the Weekly Standard went belly up and the ratings of the MSM are in the toilet. IT’S NOT ABOUT TRUMP. IT’S ABOUT THE NUTJOBS ON THE OTHER SIDE THAT SUPPORT THE MOTHER WEF’ERS, NEOCONS, NATO, UN, AND THE OTHER NON-ELECTED BUREAUCRATS THAT WANT GLOBAL COMMUNISM (OR WILL ACCEPT IT IF THEY THINK IT WILL SAVE THEIR JOB).
It’s about prioritization, and job one is preventing WWIII, which the puppet masters behind Biden and Harris will insure happens – maybe by Jan if they can’t assassinate Trump beforehand. Don’t be surprised if Trump’s plane is targeted by a shoulder-fired rocket and they blame it on Iran or China. One should also not be surprised if the Left buys it hook, line, and sinker. It’s called ideological subversion, and the recovery is worse than heroin – https://www.youtube.com/watch?v=bX3EZCVj2XA.
The weekly standard closed because its owner didn’t like that the staff were anti Trump.
“when the rate of inflation in the macroeconomic program is zero.”
He didn’t stick to the central banker mantra of 2% equals price stability. Hasn’t he been to Jackson Hole (a group thinkers hangout), yet?
“Although inflation in Argentina is still high, it has dropped remarkably.”
Would be interesting to see charts on Argentina inflation or overall economy performance.
I expect it would take more than 9 months to turn an economy around that took 100 years to malign.
They are just starting the efforts needed … regardless of Inflation rate, they are past “Step 1” (admit your problem).
https://tradingeconomics.com/argentina/inflation-cpi
Thanks. Interesting that inflation increased significantly after Melei was elected and only now starting to decrease. Looked like his initial efforts made things worse.
The initial efforts were to eliminate some price controls, reduce certain subsidies, and put the “official” peso exchange rate much closer to its black market rate. (“Exchange rate” is difficult to explain since Argentina has byzantine and strong capital controls, somewhat like China.) Every one of these first steps has an almost immediate impact of increasing measured consumer prices.
The next step was to eliminate the printing of money to finance the treasury, which happened in January when the first fiscal surplus was achieved. But then they also needed to clean up the central bank’s short-term debts, which took until late July. These latter steps have already taken inflation down to levels that hadn’t been seen for a couple years.
Yes, there’s MUCH further to go, though.
Asked, and answered. Go to https://www.economia.gob.ar/datos/ , find the “Precios” heading, and click “Descargar datos.” This gives you an excel file. The second tab (“4.1.1 IPC NG”) has general price levels. Column J show month-over-month consumer price index changes.
A great, unfolding story that gets almost zero coverage in the (left-controlled) US.
John Kerry (80 y/o) had an interest comment at WEF last week re: First Amendment. I’ll admit that most old-folks tend to lose their filter (aka DGAF).
Good to listen to Jay:
https://x.com/DrJBhattacharya/status/1840255832451363049
That damn First Amendment. Always gettting in the way of true liberty.
PS – orig comment was the Milei story that doesn’t get much coverage.