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Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

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Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#211

Post by Panzer04 »

Daishiman wrote: post #182
Panzer04 wrote: post #135

Earlier quoted context omitted.

Whatever the stupidity around this memecoin, it's hard to argue he isn't doing something to help the argentinian economy. It turns out it doesn't take much to appear to be an economic genius - just stop spending money the government doesn't have and get rid of onerous market regulations (eg. rent controls). I'm in support of social spending to support those in need, but it's clear Argentina was moving ever-further aw…

> Whatever the stupidity around this memecoin, it's hard to argue he isn't doing something to help the argentinian economy. Installed industrial capacity at its lowest, real cost in USD through the roof, large corporations that have been around for _decades_ shutting down because of a lack of demand, the shutdown of government programs for vaccine distribution and HIV immune therapy, the complete and absolute mismana…

Real cost in USD going up because they're releasing the artificial peg that most people can't access anyway?

No one says it's going to be all sunshine and roses, but fixing inflation and housing/rental prices seems like a pretty solid start, as well as moving towards eliminating a currency peg.

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#212

Post by Panzer04 »

karparov wrote: post #162
Panzer04 wrote: post #135

Earlier quoted context omitted.

Whatever the stupidity around this memecoin, it's hard to argue he isn't doing something to help the argentinian economy. It turns out it doesn't take much to appear to be an economic genius - just stop spending money the government doesn't have and get rid of onerous market regulations (eg. rent controls). I'm in support of social spending to support those in need, but it's clear Argentina was moving ever-further aw…

> stop spending money the government doesn't have That shows quite the misconception about what "money" actually is.

Sure, but Argentina wasn't doing ING what an MMT theorist would advocate for (which is balancing government spending with available productive capacity). This is evident because they had an out of control inflation rate.

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#213

Post by notahacker »

comp_throw7 wrote: post #151
xrd wrote: post #15

Earlier quoted context omitted.

Sorry, when you are the president you don't get that leeway to make mistakes and then correct them by saying "sorry, my bad!" No way. If I'm just a blogger on Twitter, then sure. It is hard to tell whether the US president is more than an effective tweeter. That distinction is important to me.

> Sorry, when you are the president you don't get that leeway to make mistakes and then correct them by saying "sorry, my bad!" No way. What does "don't get to" mean? Descriptively, this is false; normatively, this seems like a completely impossible standard to hold presidents to. You want them to literally never make any mistakes?

I think not endorsing specific crypto rugpulls as a solution to help small businesses [on the day they rugpull] in the first place isn't a particularly high normative standard to hold public officials to, especially not public officials who claim to be experts in economic revitalisation. Owning mistakes feels like "with hindsight, I probably shouldn't have pursued this tax policy", not "with hindsight I probably shouldn't have been the prime pumper in a pump and dump scam, but now I'd like to put this experience behind me"...

(cf some fashion blogger with no understanding genuinely being able to claim that promoting crypto was an easily-made mistake)

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#214

Post by seu »

coffeebeqn wrote: post #187
JavierFlores09 wrote: post #146

Earlier quoted context omitted.

> If he made such a blunder in finance which supposedly is one of his specialties just imagine how incompetent he and most of the government right now is on other matters. This is a hasty generalization; while I agree on the fact that Milei was incompetent in promoting a memecoin as a financial instrument, that doesn't necessarily mean he is a bad economist all of the sudden, nor that the things he has done for Argen…

How would he not be? If he did zero due diligence on this and then pitched it to his countrymen as an investment. Incredibly poor judgement no?

And not only as an investment, but as one that can lead to the salvation of the country...

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#215

Post by pjc50 »

timy2shoes wrote: post #55
tombert wrote: post #39

Earlier quoted context omitted.

[flagged]

A for-profit media company that foreign interests can pile money into for a quid pro quo, that’s somehow not legally a quid pro quo anymore.

Meanwhile there's a quid pro quo to avoid prosecuting Eric Adams for bribery if he changes his policies. Absolute banana republic stuff.

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#216

Post by zone411 »

Daishiman wrote: post #182
Panzer04 wrote: post #135

Earlier quoted context omitted.

Whatever the stupidity around this memecoin, it's hard to argue he isn't doing something to help the argentinian economy. It turns out it doesn't take much to appear to be an economic genius - just stop spending money the government doesn't have and get rid of onerous market regulations (eg. rent controls). I'm in support of social spending to support those in need, but it's clear Argentina was moving ever-further aw…

> Whatever the stupidity around this memecoin, it's hard to argue he isn't doing something to help the argentinian economy. Installed industrial capacity at its lowest, real cost in USD through the roof, large corporations that have been around for _decades_ shutting down because of a lack of demand, the shutdown of government programs for vaccine distribution and HIV immune therapy, the complete and absolute mismana…

You meant utilization not capacity. Your other points are similarly confused.

Argentinians disagree.

"The percentage of Argentines who say their standard of living is getting better (53%) has inched above the majority level for the first time since 2015." https://news.gallup.com/poll/654089/javier-milei-argentina-c...

"Argentina's monthly inflation rate dropped to 2.2% in January, its lowest since mid-2020 after libertarian President Javier Milei took office just over a year ago ushering in austerity measures that have helped stabilize the embattled economy." https://www.reuters.com/world/americas/argentina-inflation-r...

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#217

Post by argentinian »

Daishiman wrote: post #182
Panzer04 wrote: post #135

Earlier quoted context omitted.

Whatever the stupidity around this memecoin, it's hard to argue he isn't doing something to help the argentinian economy. It turns out it doesn't take much to appear to be an economic genius - just stop spending money the government doesn't have and get rid of onerous market regulations (eg. rent controls). I'm in support of social spending to support those in need, but it's clear Argentina was moving ever-further aw…

> Whatever the stupidity around this memecoin, it's hard to argue he isn't doing something to help the argentinian economy. Installed industrial capacity at its lowest, real cost in USD through the roof, large corporations that have been around for _decades_ shutting down because of a lack of demand, the shutdown of government programs for vaccine distribution and HIV immune therapy, the complete and absolute mismana…

Poverty statistics are showing an improvement

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#218

Post by pjc50 »

tombert wrote: post #17

Christ, why is it just ok for politicians to outright create and promote Ponzi and Pump 'n Dump schemes? It doesn't seem that long ago that this would have been a scandal but now with the moron in the Oval Office creating his own meme coins without even trying to hide his business interests, and now the president of Argentina is doing the same shit? Is this really the world that we want? I mean, I guess the answer is…

The finances of Argentina are probably unfixable, but the sad thing is that the United States is now collapsing to Latin American standards of governance. I expect there to be Brazil-style duelling sets of corruption cases after every future election.

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#219

Post by argentinian »

Daishiman wrote: post #184
otherme123 wrote: post #160

Earlier quoted context omitted.

> he's helping Argentina's economy, and that cannot be further from the truth sadly. If he made such a blunder in finance which supposedly is one of his specialties just imagine how incompetent he and most of the government right now is on other matters. Oh, could he be a lot further from the truth! He could have done at least a couple of orders of magnitude worst with inflation (it was 300% and rising in its peak la…

> In the same link, economy is growing/expected at 4.5% this year. We have had these projections for every government since 2001 that have been sheer conjecture just like in 2017. This means nothing. > This is the fallacy of composition: "is he was wrong about this then it is wrong about absolutely everything he does" Is is obvious that you have never seen the man tweet or be interviewed about anything of substance.…

Can you share some link proving that Universidad de Belgrano is a third rate university? I believe it has a good reputation in the country

Re: Javier Milei backtracks on $4.4B memecoin after 'insiders' pocket $87M

#220

Post by hawk_ »

coffeebeqn wrote: post #187
JavierFlores09 wrote: post #146

Earlier quoted context omitted.

> If he made such a blunder in finance which supposedly is one of his specialties just imagine how incompetent he and most of the government right now is on other matters. This is a hasty generalization; while I agree on the fact that Milei was incompetent in promoting a memecoin as a financial instrument, that doesn't necessarily mean he is a bad economist all of the sudden, nor that the things he has done for Argen…

How would he not be? If he did zero due diligence on this and then pitched it to his countrymen as an investment. Incredibly poor judgement no?

Finance, Dealmaking and Economics are vastly different fields. Just because one is bad at one of them doesn't mean they can't be good at the others.
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