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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With soy and lithium trade in the balance, Argentina’s Milei has a China conundrum
Earlier this fall, President Joe Biden’s top aides met a pair of progressives who had arrived in the West Wing with reams of data and a private warning: “Bidenomics” wasn’t breaking through.
The alarming news progressive groups delivered to the White House
By Brian Berletic
Source: New Eastern Outlook
As Russia’s special military operation (SMO) approaches two years of intense fighting, having parried Ukraine’s “spring counteroffensive” and with the initiative shifting to Russian forces, Western capitals are now admitting they are reaching the limits to remaining support for Kiev.
The Grim Prospects of US Proxies: Ukraine, Israel, and Taiwan
The first estimate of third quarter real GDP growth in the US was released yesterday. It showed the US economy expanded by an annualised rate of 4.9%. The Financial Times called this a “blistering pace that, not for the first time, defied gloomier predictions from economists.” US Treasury Secretary Janet Yellen commented that “It’s a good, strong number and it shows an economy that’s doing very well,” and she is “not expecting growth at that pace to continue, but we do have good, solid growth.”
US economy expanding?
As Russia’s special military operation (SMO) approaches two years of intense fighting, having parried Ukraine’s “spring counteroffensive” and with the initiative shifting to Russian forces, Western capitals are now admitting they are reaching the limits to remaining support for Kiev.
The Grim Prospects of US Proxies: Ukraine, Israel, and Taiwan
The vultures are ready to “make the economy scream” if Javier Milei wins!*
Argentina election 2023: what you need to know
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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Argentina election: from peso to dollar?
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 »The longer the US helps to prolong the war, it risks the stability of its strategic transatlantic interests.
Sacrificing the health of Western Europe for the sake of Ukraine?
U.S. can ‘certainly’ afford military support to both Israel and Ukraine, Janet Yellen says
“America can certainly afford to stand with Israel and to support Israel’s military needs and we also can and must support Ukraine in its struggle against Russia,” Yellen said, adding that the U.S. economy is doing “extremely well.”
“Inflation has been high and it’s been a concern to households, it’s come down considerably. At the same time, we have about the strongest labor market we’ve seen in 50 years with 3.8% unemployment. And at the same time, America, the Biden administration, has passed legislation that is strengthening our economy in years to come for the medium term.”
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Ticking Time-Bomb: Food Inflation Is Crushing Millions Of Low Income Americans (archived)
And so the debate circles round and round. The US, the “most wealthy nation on the planet”, has a food security problem and is on the verge of an inflationary calamity for millions of low income citizens, all while it spends hundreds of billions of dollars on pointless climate change programs, diversity and inclusion initiatives and proxy wars. Something has to give, and the chances are growing that it will be the American consumer.
Illustration by Greg Groesch/The Washington Times
“As China arrives with a splash in Honduras, the US wrings its hands”- Washington Post, October 2, 2023In a break from its hysterical coverage of the existential threat posed by Donald Trump, the Washington Post – house organ of the Democratic National Committee – cautions us of the other menace, China. “When the leader of this impoverished Central American country visited Beijing in June,” we are warned, “China laid out the warmest of welcomes.”
Humor in the Headlines Over China in Latin America
Related (Archived):
The U.S. Defense Department’s Role in the Honduras Coup
Ms. Cat’s Chronicles 
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