i kinda brought it up to a finance type guy yesterday and he said that after decades of terrible economic policy, argentina is finally on the right track, even if it's gonna hurt in the short term.
these fuckers will bend reality until it breaks before admitting that maybe people need food to eat.
They have been saying the exact same thing about the former Soviet Union for over thirty years now. Just some short term pain to correct for all the economic mismanagement of socialism. Any day now...
GDP per capita - itself a terrible measure, especially comparing socialism and capitalism - only in recent years got back up to 1991 levels in Russia. Ukraine (even before the SMO) never got back up to the Soviet level. The entire Eastern Bloc would have been better off today in GDP per capita terms if they just had barely above zero economic growth this whole time.
i kinda brought it up to a finance type guy yesterday and he said that after decades of terrible economic policy, argentina is finally on the right track, even if it's gonna hurt in the short term.
these fuckers will bend reality until it breaks before admitting that maybe people need food to eat.
"short term"
The exchange rate devaluation wouldn't have been as much of a issue if he had done it slowly and enacted price controls but noo shock therapy it is.
What does he thinks of Russia and Eastern Europe doing the same policy and failing?
it'll be short for the people that die of hunger...
They have been saying the exact same thing about the former Soviet Union for over thirty years now. Just some short term pain to correct for all the economic mismanagement of socialism. Any day now...
GDP per capita - itself a terrible measure, especially comparing socialism and capitalism - only in recent years got back up to 1991 levels in Russia. Ukraine (even before the SMO) never got back up to the Soviet level. The entire Eastern Bloc would have been better off today in GDP per capita terms if they just had barely above zero economic growth this whole time.
A whole effort post I made on the topic