Argentine friends report to EIR that in the week since President Javier Milei has taken office, basic economic markers have gone off the charts. What the government refers to as “repressed inflation” is hyperinflation revealed in the 3,500% annual inflation rate, which in its view, justifies the imposition of
Argentine Economy Out of Control, as Milei Plans To Repress Social Protest
Cynthia Rush
Argentine friends report to EIR that in the week since President Javier Milei has taken office, basic economic markers have gone off the charts. What the government refers to as “repressed inflation” is hyperinflation revealed in the 3,500% annual inflation rate, which in its view, justifies the imposition of the savage austerity package announced three days ago.
Two days after Milei’s Dec. 10 inauguration, the price of meat had risen by 30%, and the total price hike for the week is approaching 100%. This has caused huge panic and shortages, as beef is one of the most important items in the Argentine diet. The price of fuel has increased between 35 and 65%. By Dec. 18 or 19, Milei will present another major package of austerity measures to Congress including higher taxes and a decree on the deregulation of the state. One Buenos Aires-based economist reported that there are no plans to adjust wages to address the higher inflation. Over January and February, subsidies for utilities and transportation will gradually be eliminated.
Anticipating that these austerity measures will provoke social protest, Security Minister Patricia Bullrich announced Dec. 14 a draconian law enforcement protocol to repress any public dissent and “maintain order.” Human rights advocates are charging that the new law violates the constitutional right of free expression and to protest. Since protests in Argentina often take the form of picketing public buildings or blocking streets and highways, Bullrich’s protocol prohibits any such activity and warns that “authors, accomplices or instigators” of such actions will be identified and imprisoned if necessary. “We will ensure the law is enforced,” she vowed
Who could’ve predicted that electing a free market enjoyer would result in the economy collapsing overnight.
When you’re a capitalist shill but create the ideal material conditions for a popular revolutionary movement to grow.
These are typically to type of socio-economic conditions that historically sparked revolutions, right?
And not even a month in too!
If the Marxist-Leninists in Argentina are somewhat well established we could see a revolution during this clown’s presidency, but I don’t know Argentina well enough to say if it is.
If it is though, given the conditions of the US, they probably wouldn’t be able to overthrow it so easily this time around.
Not sure what the state of organization on the left is like in Argentina, but US is definitely in a much weaker position to meddle than they have been in decades. Another factor is that there are multiple Latin American states now that are moving left and working together. This makes it much harder for US to interfere and to use their favorite tactics like economic warfare.