The eccentric far-right populist Javier Milei has failed to win the first round of Argentina’s presidential election, with the centrist finance minister Sergio Massa unexpectedly beating his radical challenger.

Supporters of Milei, a potty-mouthed political outsider described as an Argentinian mashup of Donald Trump, Jair Bolsonaro and Boris Johnson, had hoped he was heading for a sensational outright victory similar to Bolsonaro’s shock triumph in Brazil in 2018.

You are viewing a single thread.
View all comments View context
11 points

I know nothing about economy, but isn’t a bad idea to put all your chips into a currency that you do not hold any control over?

permalink
report
parent
reply
14 points

As Vis mentioned, it is the better option if the government can’t stop itself from printing money and fucks everyone over.

This is the inflation rate of Ecuador before and after they adopted the dollar in 2000.

Milei now wants to do the same. At least this way people will be able to save (and spend their savings), and the government will have to be fiscally responsible.

The world has run directly or indirectly on gold (which can’t be printed) until 1973, so it’s definitely possible for an economy to work with a currency you can’t print.

permalink
report
parent
reply
12 points
*

Ecuador and Puerto Rico already did it. Panamá did something similar.

I totally understand the initiative. Corruption can be so damn high, that you trust gringo central bank more than any institution of your own country.

edit: typos

permalink
report
parent
reply
10 points

Did you conflate Puerto Rico with Costa Rica? Puerto Rico uses USD, and has since the late 1800s when they became a territory of the US.

permalink
report
parent
reply
7 points

Puerto Rico has been using the United States dollar as its official currency since 1898. This change occurred when the United States took control of Puerto Rico as a result of the Treaty of Paris, ending the Spanish-American War. Since then, the U.S. dollar has been the official and only legal tender in Puerto Rico, and the island’s monetary system is fully integrated with that of the United States. Puerto Rico did not choose USD. It was chosen for them when Spain ceded their American colony to the US.

permalink
report
parent
reply
1 point
Deleted by creator
permalink
report
parent
reply
6 points

Puerto Rico is a literal colony. Not the best example

permalink
report
parent
reply
1 point
*

I think they may have confused Puerto Rico with Costa Rica? Costa Rica devalued their currency around 2013-2014 IIRC, and they don’t use USD the way PR does.

permalink
report
parent
reply
1 point
*

Puerto Ricans are (admittedly disenfranchised on the federal level) full USA citizens – they’re Americans. They have self-rule insofar as any other state does, freedom of movement in the USA, etc.

The USA has had colonies in even the “recent” past, but nothing that can really be called that these days.

permalink
report
parent
reply
0 points

Excelent example as it implies the damage to sovereignty it takes.

You know. Pros and cons…

permalink
report
parent
reply
1 point

El Salvador was the other one aside from Ecuador and Panamá.

Puerto Rico is a us Territory and uses USD. Costa Rica has their own currency with cute sloths and monkeys on their notes.

permalink
report
parent
reply
0 points

Trusting the central bank of a country that gave permission, founding and training to the military juntas all over South America to commit crimes against humanity is pretty darn stupid if you ask me…

permalink
report
parent
reply
4 points

we have problems with governments over printing. this shit has happened again and again for decades and it won’t stop.

permalink
report
parent
reply
2 points

Yes, but the alternative is what we have now.

permalink
report
parent
reply
1 point

Normal people have zero control over the US Dollar, but also have zero control over the Argentinian Peso… and the Argentinian Peso has 140% inflation per year.

permalink
report
parent
reply
1 point

A few nations of this: Ecuador, El Salvador, East Timor, Zimbabwe, etc

permalink
report
parent
reply

World News

!world@lemmy.world

Create post

A community for discussing events around the World

Rules:

  • Rule 1: posts have the following requirements:

    • Post news articles only
    • Video links are NOT articles and will be removed.
    • Title must match the article headline
    • Not United States Internal News
    • Recent (Past 30 Days)
    • Screenshots/links to other social media sites (Twitter/X/Facebook/Youtube/reddit, etc.) are explicitly forbidden, as are link shorteners.
  • Rule 2: Do not copy the entire article into your post. The key points in 1-2 paragraphs is allowed (even encouraged!), but large segments of articles posted in the body will result in the post being removed. If you have to stop and think “Is this fair use?”, it probably isn’t. Archive links, especially the ones created on link submission, are absolutely allowed but those that avoid paywalls are not.

  • Rule 3: Opinions articles, or Articles based on misinformation/propaganda may be removed. Sources that have a Low or Very Low factual reporting rating or MBFC Credibility Rating may be removed.

  • Rule 4: Posts or comments that are homophobic, transphobic, racist, sexist, anti-religious, or ableist will be removed. “Ironic” prejudice is just prejudiced.

  • Posts and comments must abide by the lemmy.world terms of service UPDATED AS OF 10/19

  • Rule 5: Keep it civil. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.

  • Rule 6: Memes, spam, other low effort posting, reposts, misinformation, advocating violence, off-topic, trolling, offensive, regarding the moderators or meta in content may be removed at any time.

  • Rule 7: We didn’t USED to need a rule about how many posts one could make in a day, then someone posted NINETEEN articles in a single day. Not comments, FULL ARTICLES. If you’re posting more than say, 10 or so, consider going outside and touching grass. We reserve the right to limit over-posting so a single user does not dominate the front page.

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.


Lemmy World Partners

News !news@lemmy.world

Politics !politics@lemmy.world

World Politics !globalpolitics@lemmy.world


Recommendations

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

Community stats

  • 12K

    Monthly active users

  • 15K

    Posts

  • 249K

    Comments