Most people criticizing Milei have no concept of what 300% inflation looks like. That means prices are going up about 25% every month. There central bank had a 133% peak interest rate, compared to the 3.5-3.75% rate in the US that Trump desperately wants cut.
Argentina was staring down hyperinflation like Zimbabwe or Weimar Germany. Bad things were coming either way.
I’ve been there when inflation was still around 100%. Stores looked full but when you started browsing it was all full of couple local products. No imports so no choice. Shrinkflation was also terrible. Candy bars were the size of single square of chocolate. To pay for a couple of days in a hotel you had to carry stack of bills that didn’t even fit in the wallet. Paying with card was not an option because the government established some fake exchange rates that made everything 2x more expensive as when paying with cash. You could tell everyone was resigned and only expecting things to get worse.
Most people criticizing Milei have no concept of what 300% inflation looks like. That means prices are going up about 25% every month. There central bank had a 133% peak interest rate, compared to the 3.5-3.75% rate in the US that Trump desperately wants cut.
Argentina was staring down hyperinflation like Zimbabwe or Weimar Germany. Bad things were coming either way.
I’ve been there when inflation was still around 100%. Stores looked full but when you started browsing it was all full of couple local products. No imports so no choice. Shrinkflation was also terrible. Candy bars were the size of single square of chocolate. To pay for a couple of days in a hotel you had to carry stack of bills that didn’t even fit in the wallet. Paying with card was not an option because the government established some fake exchange rates that made everything 2x more expensive as when paying with cash. You could tell everyone was resigned and only expecting things to get worse.