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60 sats \ 9 replies \ @cryotosensei 12h \ on: My Direct Account on the Situation in Argentina under Milei's Government Politics_And_Law
Great to see you writing about what you know best. I remember that your first post was about volunteering for Milei’s government.
As Argentina reclaims its strength, do you foresee a situation in which BTC and the peso can co-exist and complement each other?
Thank you buddy :)
Very good question. I do see a future for BTC, but the peso is poised to disappear. Milei despises state-issued money, so the peso will be taken out of circulation in a couple of years. He wants to leave that to private mint houses. Pretty much like the current initiatives of Amazon and Walmart. He wants minters to compete freely on who delivers the best coin or token for what, and to that effect, his stated aim is to allow free competence of currency. One of them will naturally be BTC, who will gain its place by its own weight.
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What about dollars? He campaigned on replacing peso with dollar like Panama and El Salvador?
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Yes he will. That's his strategy to get rid of the peso in a viable manner. But then, he wants private mints to take the lead. It's all middle steps towards his ancap utopia.
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Eliminate central bank?
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Yes Sr, that's one of his biggest promises and greatest ambitions. He is not only explicit about it, his eyes shine when he says it.
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I like the sound of that!
Hope he can succeed and Argentina can escape the deadly rentseeking debt slavery chains of the IMF.
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The IMF is a cute harmless baby compared to what our own soviet state did to us. They have actually been the lesser of evils. Milei despises structures as the IMF but never put any blame on them simply because our past government recurred to it to keep the welfare party on. The IMF has even being lessening the interest rate the more Milei keeps performing well. We put on our own chains ourselves. Milei broke that ill socialist hypnosis on the youth and snapped them back to reality (boomers and elders are terminally lost).
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I disagree on the IMF being a cute harmless baby, even in comparison to what previous governments of Argentina did to Argentina- those previous governments took the mechanism of the IMF and placed the nation of Argentina under massive and extreme debt obligation to the IMF- that is a massive compromising of the sovereignty of Argentina by those governments and the IMF.
The IMF enables the corrupt and inept misgovernment of nations like Argentina and that enables the IMF to impose all sorts of rentseeking and injurious policies upon nations so indebted and obligated even long after those governments have changed.
Without the IMF those previous governments would not have been as able to entrap the nation in such chronic debt.
The IMF has imposed severe restrictions upon El Salvadors government program to implement Bitcoin as a MoE and Sovereign reserve. If as you say, Milei hopes to enable Bitcoin as a MoE in Argentina, be aware that the IMF will use its considerable leverage to obstruct such a policy...because allowing Bitcoin as a MoE would seriously undermine the IMFs entire model of global fiat debt power and leverage.
The IMF may be purring like a kitten now as Milei looks like improving the dire state of the Argentine economy and the probability of Argentinas debt being repaid, but they will not be accommodating of any plan to allow Bitcoin as a MoE. They will use all of their significant debt leverage over Argentina to prevent it.
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