According to CCTV News on November 20, Argentina will hold the second round of presidential elections on November 19, local time.According to the official final vote count, Congressman Javier Milay, candidate of the far-right electoral alliance “Freedom Forward Party” and congressman, was elected as the new president of Argentina with 55.95% of the vote.Later, his rival Sergio Massa, candidate of the center-left ruling coalition Fatherland and current Economy Minister, gave a speech and admitted that he had failed in the election.
Millais, 52, is an economist by training and the founder and main leader of Argentina’s “Freedom and Progress Party”.
The Argentine presidential election has attracted widespread attention from the outside world. One of the important reasons is the candidacy of extreme right-wing politician Milley. As Argentina’s inflation rate has reached 142.7% and the country’s economic growth has slowed severely over the years,Milley advocates full dollarization.According to a reference news report on August 15,Milley’s campaign pledge was to “blow up” Argentina’s central bank and also proposed drastic cuts in taxes and public spending.
In addition, Milley has caused controversy because of his support for the legalization of organ sales, the implementation of loose gun control policies, and the prohibition of legal abortion.Because he has some things in common with former U.S. President Trump, such as his love of social media and his often surprising remarks, Milley was dubbed “Argentine Trump” by some media.
According to CCTV Finance reports, currently, ArgentinacurrencyDevaluation and high inflation have greatly pushed up local price levels. In order to ease the pressure on living costs, Argentinian people have also begun to look for some ways to save money, and the barter market has become popular again. It is understood that Argentina is facing severe inflationary pressures. On the 13th local time, the Argentine government announced that the October inflation rate reached 8.3%, and the cumulative inflation rate in the past 12 months reached 142.7%, a 32-year high.Argentina’s central bank raises interest rates six times this yearinterest rateIt was raised to 133% to cope with the current complex inflation situation.
Millais, rock musician, economist and other multiple identities
Milais, 53, who was born in Buenos Aires, was dubbed “El Loco” (“The Madman”) by his classmates at school because of his bad temper and aggressive rhetoric. In 1989, Argentina was experiencing a serious inflation crisis, which gave 19-year-old Millay the idea of majoring in economics. After earning a degree in economics, Millais became a university professor and worked in consulting and analysis roles for various businesses and public institutions. There are reports that Millay was once a member of the cover band Everest, which performed covers of Rolling Stones songs.
While working as an economist, Millay also gained exposure through television appearances. In 2018, Milley accepted a total of 235 interviews, becoming the economist with the most television interviews that year.
In 2020, Milais joined the Avanza Libertad party and officially launched his political career. In 2021, Milley will run for a member of the Argentine House of Representatives. Different from other campaign methods, Milley’s campaign cost is very “cheap”, that is, walking in the capital’s neighborhoods and talking to random people to win over voters. Some analysts say that Milai’s voters are mainly young people under the age of 30, as well as people who experienced Argentina’s Great Depression from 1998 to 2002. Local media have reported that during his tenure as a member of Parliament, Milais’ political achievements were not outstanding. Not only did he not initiate any legal proposals, but his attendance rate was only 52%. This has also long caused Milais’ political resume to be questioned by the opposition.
On October 22, Congressman Javier Milay (middle), candidate of the Argentine far-right electoral alliance “Freedom Forward Party” and Congressman, delivered a speech outside the campaign headquarters in the capital Buenos Aires (Photo source: Xinhua society)
According to a report by The Paper on November 19, during the election campaign, Milais said that he would use a “chainsaw to cut through” Argentina’s political and economic status quo, and that only he could reform the country’s economic system. In order to promote his comprehensive dollarization plan, he held a dollar pictorial with his own face on it during the campaign, promoting his views on the liberal economic model: “Taxation is theft!” “The country was invented by the devil and favored by God.” The system is the free market.” Milley’s former neighbor said that he once ran into Milley in an elevator, and the two happened to chat about the economist Keynes. After a disagreement, Milai even cursed at his neighbor: “You are a communist waste.” The neighbor said that Milai “yelled” at her and refused to stop until the elevator reached the 10th floor. Keynes was a well-known economist who advocated that the country adopt expansionary economic policies to stimulate the economy and maintain prosperity by expanding government spending and implementing deficit finance.
110 economists around the world warn of “dollarization” risks
According to Jiemian News on November 10, on November 8, 110 economists from around the world jointly signed an open letter warning that if the radical right-wing economist Milley is elected president, it may bring double economic and social destruction to Argentina. The letter was written by the famous French economist Thomas Pikett, the Indian economist Jayati Ghosh and others, and was received by Ocampo, the former Colombian Finance Minister and the former United Nations Under-Secretary-General for Economic and Social Affairs. Jose Antonio Ocampo and other economists from around the world.
Argentina’s economy is on the verge of collapse. Two-fifths of its citizens currently live in poverty, with annual inflation approaching 140%. For this situation, Millais advocated measures such as abolishing the central bank, dollarizing the economy and drastically cutting public spending. During the campaign, Milley called himself an anarcho-capitalist. He also repeatedly claimed that “taxation is theft” and “the state was invented by the devil, and God’s system is the free market.”
The latest open letter states that the economic vision behind Milley’s proposal purportedly advocates minimal government intervention in the market, but in fact relies heavily on national policies to protect those who already have economic power. Millais economics is a complete departure from traditional economic thinking. It is actually rooted in laissez-faire economics and is “full of risks and may cause great harm to the Argentine economy and people.”
This is not the first time economists have spoken out against Milley. On September 10, a letter signed by 170 global economists stated that the dollarization of Argentina’s economy will lead to rising inflation, repeated economic recessions and high unemployment, while failing to solve the country’s fundamental economic problems.
“We believe that dollarizing the currency would be a misguided attempt to deal with the complex challenges of the Argentine economy.” The economists wrote at the time, and the prospect of Argentina having a stable currency undoubtedly brings hope to the general public, “Foreign The evidence and the domestic situation mean that dollarization is far from a panacea.”
(Source of article: Daily Economic News)
Article source: Daily Economic News
Original title: “Argentine Trump” Milley was elected as the new president. He once said that he would “blow up” the country’s central bank and fully dollarize it.
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