by Jose Nino, Big League Politics:
In February, Argentina’s annual inflation rate topped 100%, per figures from the country’s statistics agency that were released on March 14, 2023. According to a Reuters report, this is the first since Argentina’s hyperinflationary episode in 1991.
Inflation recorded over a 12-month period was around 102.5%, with an alarming 6.6% monthly increase in the Consumer Price Index (CPI), and a 13.1% year-to-date increase.
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While Argentina pales in comparison to its counterpart in Venezuela in terms of inflation, it could potentially fall down a hyperinflationary path if it doesn’t get its fiscal and monetary affairs in order. Latin America is a region that is rife with economic instability and political corruption. Currency collapses are something to expect during any given decade. Argentina may just be the next country to experience an explosion in its currency, the Argentine peso.
Once one of Latin America’s crown jewels and a country that could rival European nations in terms of wealth and technological development at the first half of the 20th century, Argentina is a case study of what happens to countries that embrace the voodoo economic policy that is easy money. Unfortunately, US political elites have no desire to tame the evil beast that is the Federal Reserve.
Instead, they prefer to maintain a warfare/welfare state that requires heavy taxation and mass inflation to keep this unconstitutional machine rolling. However, all big spending projects eventually come to an end as economic realities begin to rear their ugly heads. At this pace, the US could easily become the Argentina of the North American continent.
A rational political class is needed to avoid such a fate.
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