The reason people come to Substack is to get away from articles like this. This is the opposite of what it’s supposed to be about.
This is a genuinely bad faith take on what is legitimately a complex and interesting topic. Economics is not a science. Austrians are not evil, neither are Keynesians.
Discuss the actual issues - Argentina is in a horrible spot because of monetary policies. You should be able to discuss this quantitatively. Inflation is a massively regressive tax, so what is a government budget that could feasibly be funded in Argentina at this stage? Is it reasonable Aerolinas Argentinas runs $8B cumulative deficit over a decade, where 99% subsidize through inflation the flight of 1% of locals who can afford even the subsidized flight?
If your going to claim to be an economist, be honest, be humble, speak with numbers.
The picture you’re painting of his persona here is extremely inaccurate, arguably downright misleading.
I also think you’re assertions and concerns about dollarization and his economic policies in general (most of which I share with you) are made with a level of confidence that is not guaranteed at all.
I do understand, however, reading he loves “Rothbard” and immediately getting concerned. No doubt.
Your version of the government is an extremely irrational one. A government that can't tell the difference a scenario where they can print money vs a scenario where they can't. A government will behave different knowing they don't have the money printer as a funding source, assuming as well, as it is the case, that external credit is super tight (different scenario from the 90's). It is the point of the dollarization. If you spend more than you have then you will fail at your obligations (paying wages, maintaining public services, etc) so your hand will be forced to prioritize.
The reason people come to Substack is to get away from articles like this. This is the opposite of what it’s supposed to be about.
This is a genuinely bad faith take on what is legitimately a complex and interesting topic. Economics is not a science. Austrians are not evil, neither are Keynesians.
Discuss the actual issues - Argentina is in a horrible spot because of monetary policies. You should be able to discuss this quantitatively. Inflation is a massively regressive tax, so what is a government budget that could feasibly be funded in Argentina at this stage? Is it reasonable Aerolinas Argentinas runs $8B cumulative deficit over a decade, where 99% subsidize through inflation the flight of 1% of locals who can afford even the subsidized flight?
If your going to claim to be an economist, be honest, be humble, speak with numbers.
The picture you’re painting of his persona here is extremely inaccurate, arguably downright misleading.
I also think you’re assertions and concerns about dollarization and his economic policies in general (most of which I share with you) are made with a level of confidence that is not guaranteed at all.
I do understand, however, reading he loves “Rothbard” and immediately getting concerned. No doubt.
Thank you, this was very helpful. I hope what happens is better than predicted.
Your version of the government is an extremely irrational one. A government that can't tell the difference a scenario where they can print money vs a scenario where they can't. A government will behave different knowing they don't have the money printer as a funding source, assuming as well, as it is the case, that external credit is super tight (different scenario from the 90's). It is the point of the dollarization. If you spend more than you have then you will fail at your obligations (paying wages, maintaining public services, etc) so your hand will be forced to prioritize.