Meta Econ Takeover Day 37
1272 sats \ 10 comments \ @Undisciplined 22 Nov 2023 meta
Here's Mark Moss' take on Javier Milei's win. If nothing else, it's a big deal that someone saying the things he's saying ("Buy Bitcoin Motherfucker!", for instance) won a major elected office.
Central Bank Nemesis Wins Argentina Election
"Central bank nemesis wins the Argentina election. Now, we just saw a central bank nemesis. I'm talking about Javier; it's merely a win. The presidential election in Argentina. This is a big deal, bigger than most people realize, for three reasons. Two are very positive, but the other, he's been accused of being controlled opposition!"
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231 sats \ 1 reply \ @grayruby 22 Nov 2023
He wants to dollarize so I am not sure it will be a huge boon to Bitcoin but he has spoken positively about what Bukele has done in El Salvador so maybe we will see some sort of Bitcoin adoption in the future. At very least, Argentinians won't have an anti-bitcoin government.
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100 sats \ 0 replies \ @Undisciplined OP 22 Nov 2023
When you persistently have 100%+ inflation, the dollar is basically gold.
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231 sats \ 0 replies \ @elvismercury 22 Nov 2023
This is a microcosm of how I think about everything -- certain ideas need to be in the global consciousness for btc to take the next step. The fact that he's elected at all is a massive accelerant to that, he doesn't even have to accomplish anything. The new paradigm needs the right soil to take root.
The only bad thing would be if he turned comic-book-villain in the way many people fear, then some of those ideas will take on some of that stink. IMO, all he has to do is not become a comic book villain, and it's a giant step forward.
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231 sats \ 3 replies \ @siggy47 22 Nov 2023
This isn't scientific, but I see all the positives, like libertarian leaning, his opposition to central banks, possible positive feelings about bitcoin being offset by the WEF connection. So, I plan to ignore the guy and hope I'm pleasantly surprised.
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42 sats \ 2 replies \ @Undisciplined OP 22 Nov 2023
The video is pretty dismissive of that WEF "connection". To me though, the important thing is that his message was popular enough to win. That might mean some of those policies get pushed through, just because they're popular now. It might just mean Bitcoin gets a bunch more publicity and CBDC's take a big PR hit.
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231 sats \ 1 reply \ @siggy47 22 Nov 2023
I guess it really can't be seen as a negative no matter how you slice it. Argentina is better off than it was a week ago.
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210 sats \ 0 replies \ @Undisciplined OP 22 Nov 2023
There are a bunch of government programs that are known to be fiscally untenable, but they don't get reformed because it's assumed to be politically impossible. I hope this is a signal that there is more popular support for cutting government than was realized.
Of course, I have no idea why he won. Maybe it was just a reaction to the crazy inflation Argentinians are always going through. I'm excited to watch this play out, though.
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42 sats \ 0 replies \ @Undisciplined OP 22 Nov 2023
Here's an article about one of our favorite topics: spillover effects of fiat money.
Easy Money Undermines Social Mobility By Karl-Friedrich Israel "The right way to tackle the problem of inequality is to end inflationary monetary policies. A fortune made through production is a fortune made by serving others. But a fortune made from inflation is a fortune made at the expense of others."
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0 sats \ 0 replies \ @Undisciplined OP 22 Nov 2023
Moral hazard is often discounted by nice sounding political solutions.
Fear of Failure is Vital to the Success of a Free Market Economy By Artis Shepherd "What lies behind the attempt to bypass fear of failure is the perceived lack of any substantial cost to failure. The illusion lasts only for so long before economic reality prevails."
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0 sats \ 0 replies \ @Undisciplined OP 22 Nov 2023
Here's some more on Milei:
The United States Needs Its Own Javier Milei By Connor O'Keeffe "While the United States has not fallen as far economically as Argentina, the fact is that the present economic policies are ruinous. We need someone like Javier Milei to speak the truth about what is happening."
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