“They couldn’t pay back the last loan and now the IMF is lending them another $20bn that they won’t be able to pay back either,” said Joe Stiglitz, the Nobel economist who once handled financial crises in emerging markets.
….
“The country is not on a viable course. There is going to be another crisis sooner or later,” said Prof Stiglitz, speaking at the Festival Gabo in Bogota.
You know, it’s not like Joe has any ideological reasons to think that a free market solution might not work……
I stopped reading AEP a long time ago.
I think the DT sends someone around to take pictures of the crayon scribbles on the walls of his padded cell and gets an intern to write them up.
The only point of an AEP column is to skip to the comments for the LOLs…
“The stated model of the British Conservative Party is now Argentina, a country with a CCC credit rating, 40pc annual inflation, net negative foreign reserves and industrial output at 2005 levels.”
which used to be SD (in default) credit rating, over 100% inflation.
And if he’s talking about GDP, the problem there is that all the parasitic bureaucrats also get counted, don’t they? Firing armies of people looks bad on GDP (why we need a measure that deducts government spending as a cost, not a benefit).
There’s an ETF based around Argentina, Global X MSCI Argentina ETF (ARGT). It’s up 108% since Milei came to power 18 months ago. The FTSE100 achieved the same growth in just under 30 years.
Stiglitz, Krugman, Larry Summers, Robert Reich: the economics trade has certainly churned out arsehole economists in numbers over the years. Mind you, Reich is a lawyer too so I suppose it’s natural that he would be particularly bad.
On the other hand, the accounting trade doesn’t have a good record either, eh?