Today, Explained Who can fix 150% inflation?
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Nov 15, 2023 Ana Lankes, Latin America correspondent for The Economist, dives into Argentina's alarming inflation crisis at 143%. She discusses the upcoming presidential runoff featuring Peronist insider Sergio Massa and the radical economist Javier Milei. Lankes explains how economic woes shape voter sentiment, highlighting Milei's anarcho-capitalism appeal and flamboyant style that captivates younger voters. The complexities of governance amid rampant inflation and deep-seated political challenges are also examined, painting a vivid picture of Argentina's uncertain future.
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Government's Short-Term Fixes
- The current Argentine government, under Sergio Massa, has implemented short-term fixes rather than addressing structural problems.
- These include banning fuel exports to control prices and printing money to cover overspending, worsening inflation.
Peronism's Influence
- Despite presiding over economic hardship, Massa secured the majority of votes due to the powerful Peronist movement's support.
- Peronism's extensive network and mobilization capabilities allow them to maintain influence even during economic downturns.
Massa's Political Opportunism
- Massa's nickname, "the Pancake," reflects his perceived lack of ideology and tendency to align with whoever is in power.
- He has shifted alliances from the hard left to the center right, prioritizing political expediency.