Unions are meeting to discuss their response to an adjustment plan whose burden, they warn, will fall on the working class: ‘A total social tsunami is coming’
Yearly inflation for December 2023 has been 160% (stuff that used to cost 100, now costs 260)
A 50% devaluation, is the same as a 100% inflation: stuff that used to cost 100, now costs 200.
Milei has promised a reduction in inflation for the next year, from the 160% to just 60% (stuff that used to cost 100, plus through the 50% devaluation now costs 200, will end up costing just another 60% more, or 320“160”).
Meaning: instead of having to anounce a 220% inflation for 2024, he’s split it into “50% devaluation, plus 60% inflation”.
…see? He promised to reduce inflation, and he did! 🎉🤡 /s
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That’s helpful, but why declare a 50% devaluation? Isn’t that just determined once you peg to the dollar and float your currency?
He said he would do something abrupt to literally kill the Argentinian peso as he wants to “dollarize” the country
Yearly inflation for December 2023 has been 160% (stuff that used to cost 100, now costs 260)
A 50% devaluation, is the same as a 100% inflation: stuff that used to cost 100, now costs 200.
Milei has promised a reduction in inflation for the next year, from the 160% to just 60% (stuff that used to cost 100, plus through the 50% devaluation now costs 200, will end up costing just another 60% more, or
320“160”).Meaning: instead of having to anounce a 220% inflation for 2024, he’s split it into “50% devaluation, plus 60% inflation”.
…see? He promised to reduce inflation, and he did! 🎉🤡 /s