How Javier Milei is turning Argentina's economy around | Ian Bremmer | Quick Take
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Published 2024-05-06
Check in the comments to watch Ian's initial prediction on Milei's approach to saving Argentina's economy.
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Ian Bremmer's Quick Take: A Quick Take to kick off your week. And today, I want to take us to Argentina, where newly elected President Javier Milei deserves a round of applause, at least for where we see the country so far in his administration.
We've had a first budget surplus that Argentina has enjoyed in over a decade. And monthly inflation, which has been significant highs and impossible for the people, is actually slowing down. Now, that's a really big deal. After several administrations in Argentina doing their damnedest to destroy the economy, Milei is turning the place around. He's succeeding. And by the way, this was not what I expected when the elections were happening. When he was first elected, I wrote, “expect more economic collapse imminently. ” And clearly that didn't happen. And that's a great thing. for the Argentinean people. I'm happy to be wrong about this. And by the way, I'll be very happy if I could be wrong about Ukraine getting partition, that seems like a tougher one. But nonetheless, what happened and why has he been more successful than I expected? It's worth thinking about.
Well, first of all, what the challenges were. Milei’s party has a thin minority in Congress, so he's had to use presidential decrees to push most of his ambitious economic reforms. He's the weakest president in institutional terms that Argentina has had in modern times. So he's swimming against a really strong current. And the Peronists who control a lot of power in Congress and among mayors and governors and the trade unions. I mean, these are people that would love to see Milei fail. So, first of all, my expectation was that no matter how smart well-thought through his economic policies were likely to be, the desire of the kleptocracy that's been in place for such a long time in having this guy fail and come back to power themselves, would be so strong that he wouldn't have any chance to get anything through.
#argentina @MILEIPRESIDENTE #javiermilei
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All Comments (21)
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Why Ian Bremmer said: "Argentina's economy will get a lot worse before it gets better" - https://youtu.be/_VxUcCEwJeo
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I spent four weeks in Argentina in February and March. Literally everyone I talked to loved him except government workers lol
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Rarely to see a public figure willing to admit they are wrong
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Monthly inflation in Argentina was 25% in December and now it's just over 10% and expected to drop into single digits in April. This is a direct result of the 'economic shock therapy' Melia has delivered.
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Milei is a legend, he is the man to do the job.......fingers crossed he turns Argentina around!
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Finally, someone is looking at this economic and political experiment with the proper attention that it deserves. Milei is no Trump nor a Bolsonaro, he is an economist who understands economic theory and is smart enough to have a plan and to know how to go about getting a broken economy back on its feet and flourish. It is indeed an experiment that if successful will make Milton Friedman a hero once again and become an economic model that other countries may well want to learn from.
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Good to see someone’s ego isn’t big enough to stop him from admitting that they’re wrong
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Milei is economic professor first class, he was God Given to Argentina, his immediate take down of government size by decisively cutting down government jobs is golden class wisdom. Argentina has a lot to thank him, he is not dictator at this stage. He is worth 6 legions of army
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Too soon to tell. I hope the best for Argentina.
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He is successful because he isn't afraid of his personal interest he is keeping interest of country first this austerity measures will cost him shirt term politically but he will become legend in Argentinian history
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Prayers for Argentina and Milei!
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A lot of respect is due for the integrity of changing your mind and discussing it publicly! We need more of this!
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The problem with Argentina is a always a political one. Argentina is not exactly a poor country, but a very unstable economically. They’re not as rich as other white countries like Canada or Australia, but not exactly poor. Surprisingly quite developed too
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The fall of living standards was always going to happen with an overly inflated currency which is why previous governments avoiding doing it. I do think Milei is actually what was needed despite it being temporarily painful
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Ian i really appreciate that you changed your ideas on this instance. I would like you to give the same benefit of doubt when it comes to US foreign policy alternatives and not just the establishment views. Thank you.
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Respect 🙏 subbing for the honesty and integrity of your talk.
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Incredible what Miele has achieved with a mimority government
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Your honesty has made me a subscriber. Good work!Good luck to Argentina!
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Very classy Ian, I respect you so much for your consistent sincerity.
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God bless you in the Name of Jesus ❤❤❤❤❤❤❤ Greetings from Argentina 😊
