Top Three Videos – November 5, 2023

Influence of Money on Politics in Argentina

• The nature and history of money in Argentina have had a significant influence on the political sphere.
• Abolishing income tax in Argentina ahead of the presidential election reveals that printing money is a way to avoid explicit taxation and highlights inflation as a hidden tax imposed without transparency or legislation.
• Argentina became one of the richest countries in the world by installing classical liberal ideology and enshrining it in their constitution.
• The constant changes in the Argentine currency reflect the economic instability and crises faced by the country throughout its history.
• The story of Argentina’s economic struggles and inflation needs to be told to raise awareness and serve as a warning to other countries.
• Argentina has experienced chronic inflation since the 1950s, with multiple currencies being hyperinflated and new ones being issued in their place.
• Ignorance of economics and attempts to force-fit market dislocations through price fixing can lead to disastrous outcomes, as seen in Argentina’s repeated struggles with inflation and economic instability.

Rise of Bitcoin in Argentina

•  The rise of Bitcoin: From being considered a joke to now being a major topic of discussion and even the primary point of a political candidate’s platform, Bitcoin has gained significant traction in just a few years.
• Argentina’s economy is already heavily dollarized, as people prefer to save in dollars rather than the local currency.
• Argentines have to save in dollars and go through the black market to buy them, as they are only allowed to purchase $200 per month legally, making it difficult to save enough to buy a house.
• “The only way you can truly own your Bitcoin is by having it in self custody.”
• There is a large portion of Argentines who turned to Bitcoin as a way to protect their money from government corruption and debasement.
• The existence of a black market for currency exchange in Argentina, known as the “blue dollar,” creates a significant gap between the official and unofficial exchange rates, allowing individuals to exploit this difference for personal gain.

Controversial Figures and Views in Argentine Politics

• Despite being disliked by the mainstream, Javier Milei’s controversial views have garnered significant media attention and free publicity, making him a prominent figure in Argentine politics.
• Juan Domingo Peron, influenced by Mussolini and Hitler, came into power through a military coup and aligned himself with the workers, establishing a Workers Party.
• The real reason politicians want to regulate the economy is because inside information allows them to steal money.
• “Getting rid of the regulations and Arbitrage opportunities for insiders is what allows people to prosper and flourish economically.” – Aguilar argues that removing regulations and leveling the playing field can lead to economic prosperity and decentralization.