Miley tells entrepreneurs that at some point they will have to invest from bariloche , chairman xavier miley He ended his speech, which lasted just over an hour, with a strong criticism of the CEOs who were present to hear him. Llao Llao Forum. “At some point they have to buckle down and invest.”the head of state said to the audience at the end of his presentation that lasted more than an hour, to which the audience responded with applause.
Among other points, the head of state talked about the economic and political situation, exchange rate deregulation, restrictions on prepaid pharmaceutical companies, although he avoided definitions of exit from the exchange rate trap or dollarization.
“Guys, at some point you have to get your balls together, you have to invest and they have to play“, this was the entire phrase with which Miley ended her speech in Bariloche this afternoon.
- “We find ourselves from a double deficit to a deficit of 17 points of GDP. These twin deficits included a consolidated fiscal deficit of 15 points of GDP, where 5 belonged to the national treasury and 10 to the central bank. As if that wasn’t enough, Lilix positions, which could be held for 30, 60 or 90, 120, 180, 150 and 180 days, were all changed to one-day passes. This means that at that time we assumed that the monetary base could quadruple in a day.
- “The previous government had released 13 points of GDP directly and indirectly, the base of which today is 2.6. This involved multiplying by five, meaning we added four times more monetary base. That means we would be talking about an inflation rate of about 15,000%. Although this may seem exaggerated, the reality is that prices were already rising at a rate of 1% per day during the first week of December. That’s up 3,700% year over year. The rally was so rapid that prices were already rising at a rate of 7,500% annually. “In fact, we were on our way to hyperinflation.”
- “This government made the biggest financial adjustment in humanity.” “Politics with shortage legislation. That is to say, the dollars disappear, capital controls are imposed and then the one who escapes is now a criminal, he is a hero. Joe Fuga is a hero: he managed to escape from the clutches of the state.
Xavier Miley, President of the Nation - “We inherited $25,000 million and debt maturities equivalent to $90,000 million in pesos. The imbalances we had at the monetary level were worse than before Rodrigozo, the financial position of the Central Bank was much worse than before the hyperinflation of ’89. And our social indicators were also worse than in 2001. We were really facing the mother of all evils because we had them all together. “All together on December 10th.”
- “To do gradualism, above all, you must have time and financing (two aspects we did not have). Do you think I would have time if I had the possibility to triple the monetary base in one day? No, there was no time. But as if all this were not enough, if you want to do serialization, it is also essential that you have financing. And if the agreement with the International Monetary Fund was broken Argentina would not have had financing. In that sense, the truth is that there was no option other than shock.”
- “I don’t believe in a strict economy. I’m a libertarian, a libertarian, I’m going to deal with getting the macro right. Do you need to fix a microphone, what should I do with the microphone? Enough of the stupidity we have been doing for 100 years: we cause mass disasters and then politicians pick winners, which is also a source of massive corruption. So let us tell you what is the liberal rule in this? Don’t pick winners. “We are creating the conditions for Argentina to grow again, you will take care of the rest.”
- “When you go from a hyper-socialist economy to a market economy you may have additional problems specific to this transition.”
- “Why do they want to touch the exchange rate? The first thing you have to understand is that I’m going to say this analysis of the real exchange rate in Latin, Pablo’s teacher would say, this is nonsense because they grab and take a series of real exchange rates. The question is, what is the reference year? I mean, someone explain to me why they take specific reference years on which they calculate the average. I say explain to him. No, they don’t explain it. Not only this. When you look, there are moments when the real exchange rate is greatly devalued and there are moments when it is greatly appreciated.
- “The DNU and the Bases law have only one flaw: they go against the jobs of politicians. What they did was clearly seen when they overturned it in the Senate. Obviously the biggest champions of jobs are going to say, ‘No, this order is unconstitutional.’ Fortunately, after a few things, the Court is now back on track, has regrouped itself and has now ruled in favor of DNU in two cases.
The President took a few minutes to greet a dog during a security operation - “The increase in the number of senators was not a defeat for Miley, it was a victory: he was once again vindicated. We are going to destroy them in 2025 and people are exposing these criminals who only care about being in politics to work. It’s very good. This is to say that what we are experiencing is an amazing moment of revelation. All the political nonsense is coming out, we are exposing it all. “In 2025, we are going to crush them outright.”
- “I’m not going to compromise by being like Germany, I want to be like Ireland. I want a deep liberal revolution. I would like to go for a GDP per capita that is 50% higher than that of the United States. This is the revolution we are proposing, the true revolution of freedom. And in that sense and in that sense. Some things are interesting, because it is true that amidst the adjustments we are making, 75% of Argentines think we are worse off. That is, they clearly understand that we are worse.”
- “The first part of growth will be a rebound, growth driven by decentralization of capitalization and a decline in the inflation rate. Get ready, because we are going to destroy you. And there we will have the structure of the chambers we need to make the reforms necessary for Argentina to become great again. But that is not all. When all this is over, the fiscal adjustment will be 15 points of consolidated GDP, that is, 15 points of GDP that the government took. To finance parasitic activities and now that savings will convert into productive investment and this will give at least four to five points additional growth to the economy.
- “The 15% of GDP that was previously taken up by the state in fiscal deficit for parasitic activities is returned to the private sector for productive investment.”
- “Those who have the power to move Argentina forward, change the future and create wealth are businessmen, entrepreneurs, not politicians.”
- “The future will be one with much lower taxes.”