The problem for democracies fixing systemic problems that they become baked into the behavior of the population and their culture... this is the thing not given enough consideration. You simply cannot drag people to a new perspective. It is a generational project at best. And that is why a communist country like China, as long as it has a country like the US to loot from, can succeed in a long-range plan... it can wait for a generation or two while sucking on the lifeblood of the successful free and creative countries.
There is a lesson in this for democracies... never let the systemic problems grow and fester. Nip them in the bud immediately. Good luck with that.
Javier Milei reminds me of Carlos Menem who did everything right and still ended up in a ditch. Argentina is doomed because no country can operate without a banking system, and no rational person would ever deposit his money in an Argentine bank even if it is a branch of UBS. If it's in pesos you know it will be inflated away and if it's in dollars you now there will be a forced conversion into pesos at an unfavorable rate. Or your bank can go bust and default on its deposits. The Argentines deposit their money in the UBS branch in Montevideo or Miami.
I was very flattered, but when I finally rose to the top I was already in the hospital. And I can tell you that if you are dying you want to be in Walter Reed and not the Kremlin Clinic.
I have been waiting nearly two years for Milei to make the switch to the dollar—and have been fearing that the failure to do so would doom his ambitious and absolutely necessary experiment. Thanks for explaining why this has not yet happened.
Would the author be less critical if Milei had remained true to his libertarian ideas rather than accepting necessary compromise? It seems to me that what was accomplished in the first year was extraordinary and that the country is surely somewhat better off than it was before Milei.
The article states clearly that the first year was extraordinary, and showed many of his critics to have been wrong. At least initially. The problem now is the the positives have gone and his country is being bailed out by the US. How is that a good thing?
No its not a good thing. I just know that all the MSM was so anti-Milei and sure that he would fail. I am waiting to see what happens. Would like to hear from ordinary people in Argentina.
In the private sector, the only time when true change in corporate culture is even possible is when there is no alternative. Perhaps, it is the same in government, and this time Milei was given a choice - at least for now - and took it.
The problem for democracies fixing systemic problems that they become baked into the behavior of the population and their culture... this is the thing not given enough consideration. You simply cannot drag people to a new perspective. It is a generational project at best. And that is why a communist country like China, as long as it has a country like the US to loot from, can succeed in a long-range plan... it can wait for a generation or two while sucking on the lifeblood of the successful free and creative countries.
There is a lesson in this for democracies... never let the systemic problems grow and fester. Nip them in the bud immediately. Good luck with that.
Javier Milei reminds me of Carlos Menem who did everything right and still ended up in a ditch. Argentina is doomed because no country can operate without a banking system, and no rational person would ever deposit his money in an Argentine bank even if it is a branch of UBS. If it's in pesos you know it will be inflated away and if it's in dollars you now there will be a forced conversion into pesos at an unfavorable rate. Or your bank can go bust and default on its deposits. The Argentines deposit their money in the UBS branch in Montevideo or Miami.
Always a surprise to come across the wisdom of Time Magazine's 1983 Man of the Year.
I was very flattered, but when I finally rose to the top I was already in the hospital. And I can tell you that if you are dying you want to be in Walter Reed and not the Kremlin Clinic.
Also, he has great hair.
Revolutions are easy. Governing is hard. Very hard.
I have been waiting nearly two years for Milei to make the switch to the dollar—and have been fearing that the failure to do so would doom his ambitious and absolutely necessary experiment. Thanks for explaining why this has not yet happened.
Would the author be less critical if Milei had remained true to his libertarian ideas rather than accepting necessary compromise? It seems to me that what was accomplished in the first year was extraordinary and that the country is surely somewhat better off than it was before Milei.
The article states clearly that the first year was extraordinary, and showed many of his critics to have been wrong. At least initially. The problem now is the the positives have gone and his country is being bailed out by the US. How is that a good thing?
No its not a good thing. I just know that all the MSM was so anti-Milei and sure that he would fail. I am waiting to see what happens. Would like to hear from ordinary people in Argentina.
Great piece. Thanks.
For a different perspective read Nobel Prize economist Paul Krugman's https://paulkrugman.substack.com/p/why-is-trump-bailing-out-argentina . I would love to see Persuasion set up an online discussion with Krugman and toro discussing Argentina in more detail.
In the private sector, the only time when true change in corporate culture is even possible is when there is no alternative. Perhaps, it is the same in government, and this time Milei was given a choice - at least for now - and took it.