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npub13zcvggl 1 month ago
npub13zcvggl 2 months ago
The well-known socialist Yanis Varoufakis has recognised this incoherence and argued that Javier Milei “is no libertarian” but “beholden to Argentina’s oligarchs.” He stated: If you (unlike me) truly believe in the markets’ superior wisdom, and want to rid Argentina of political constraints placed on the market mechanism, which market do you liberate first? The money market, surely. Which price distortion do you drive your chainsaw through first? The fixed (or bounded) exchange rate, unquestionably. And what is the last thing you do? Precisely what Milei did: borrow zillions of dollars, pile them up on top of an already unbearable heap of public debt, to prevent the money market from choosing freely the exchange rate of your currency. View quoted note →