BUENOS AIRES, Argentina — It wasn’t the most uplifting of inaugural addresses. Rather, Argentina’s newly empowered President Javier Milei presented figures to lay bare the scope of the nation’s economic “emergency,” and sought to prepare the public for a shock adjustment with drastic public spending cuts.
In first speech, Argentina’s Javier Milei warns nation of painful economic shock
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The vultures are ready to “make the economy scream” if Javier Milei wins!*
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Far-right libertarian Javier Milei is leading the polls ahead of Argentina’s Oct. 22 presidential vote, but it remains a tight race between the top three candidates, three surveys showed.
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But dollarisation would also mean immediate recession and slump. It would have to start with a massive devaluation of the domestic peso monetary base. In a very optimistic scenario, if Argentina received a loan of say $12 billion from the IMF and used $5 billion as a reserve for the banking system and $7 billion to dollarise the monetary base, the domestic peso monetary base would still have to be reduced by nearly 400%. Argentine salaries (then in US dollars) would become among the lowest globally and poverty would rise to unprecedented levels. And Argentina is already in a recession with real GDP expected to drop by around 2% this year. So either way: peso or dollar, Argentine households would pay the price in living standards.
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Desperation has driven many Argentines to consider a ‘libertarian, anarcho-capitalist’ as president. If this were to happen, it will be going down another blind alley. Argentina’s capitalist economy will continue to fail.
Just scratching the surface:
Read More »Workers who can’t afford crippling energy prices are being forced to pay even higher rates by the vulture providers.
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The human suffering in Ukraine is predicated on massive U.S. military aid, and is transforming an ailing country into a bankrupt failed state
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One of the most prominent intellectuals in the contemporary world was named to the list of the “Top 100 Global Thinkers” in Foreign Policy magazine in 2012. He shares this distinction with the likes of Dick Cheney, Recep Tayyip Erdoğan, Benjamin Netanyahu, and former Mossad director Meir Dagan. The theorist’s best idea—according to this well-known publication that is a virtual arm of the U.S. State Department—is that “the big revolution the left is waiting for will never come.”
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Thousands of Zimbabweans on Tuesday gathered outside the United States Embassy compound in Harare, Zimbabwe’s capital, to protest against sanctions imposed on the southern African nation by Western countries over two decades ago.
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Citizens across much of the continent are marching in the streets, protesting against inflation, the Western proxy war in Ukraine, as well as the Washington-led sanctions blitz
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Cue false flag operation!
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So, where is all of this heading, you ask?
To more conflict, more confrontation, higher prices, lower standards of living and, eventually, a disintegration of the prevailing order. That much is certain. The problem, of course, is that the China hawks now control the levers of power in Washington which means that the attacks on China will intensify, decoupling will accelerate, and a massively-destabilizing international crisis will soon follow.
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With both the UK economy and Conservative Party in meltdown, Liz Truss has been ousted from office – part of an establishment coup to regain control of the Tories. But further explosions lie ahead, as the crisis of British capitalism deepens.
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Ms. Cat’s Chronicles 
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