How does a modern country climb out of an insurmountable debt hole, especially if it is already in debt to the IMF and a technical default is not an option (especially since said country has already defaulted nine times).Well, in the case of Argentina which check all of the above boxes, and it has already tried hyperinflation multiple times (like right now for example), the only other option is currency devaluation. Which is precisely what the country's new president, Javier Milei, announced as the first step of his shock therapy to rescue the insolvent south American nation. As Bloomberg reports, the new administration weakened the official exchange rate to 800 pesos per dollar, a 54% devaluation, Economy Minister Luis Caputo said in a televised address after the close of local markets on Tuesday. That compares with a 366.5-per-dollar level before the addrees. ("There Is No More Money": Milei Announces 54% Devaluation Of Argentina Peso As "Shock Therapy" Plan Begins | ZeroHedge (1ft.io)) while not a fan of this site, this is the first I've seen of the devaluation.
Venezuela trades in Bolivars, internally. For out-of-country trade, they use \\ How much is $1 in Venezuela Bolivars? 1 USD = 35.580297 VES Dec 13, 2023 11:18 UTC. Why does Venezuela have two currencies? Key Takeaways. The Venezuelan bolivar (VEB) was the former national currency of Venezuela before being replaced by the bolivar fuente (VEF) in 2008. In 2008, the fuente was replaced by the bolivar soberano and in 2021 Venezuela released a new currency with fewer zeros to address the country's inflation. Also coming soon to the US? Hard to say.
Afraid with the liberal's out of control spending (we'll tax the billionaires! ) and push to make as many people dependent on the government dole as possible, this sort of fix could never work here. Not without massive rioting, by those who have lost their will to work an honest day, and are dependent on the government teat. The Dems have created their own monster, and foolishly believe they are in control of it.
I still think the time is now to move to Argentina. The dollar goes far, good skiing, good wine, good beef, beautiful women...you could live like a King down there. They have everything it takes to make a great nation and they were doing really well until their social government sold them out, time and time again. My wife won't hear of it as she complains she just learned English and isn't learning Spanish...weak excuse. Nevertheless, I think we could really do well down there...not sure what their gun laws are though.
What happens when all of the billionaires and some of the millionaires leave the country and take all of their lovely money with them? Besides, Congress writes the tax code for the benefit of billionaires and millionaires...like themselves, family members, friends/donors. So, while the liberal Dems may talk about taxing the rich, there will always be loopholes written into the tax code for them.
Hell, that is the reason for our ridiculous tax code and the ONLY reason. It will never change due to the corporations, lobbyists, billionaire donors... Our tax code is the most bullshit piece of tripe ever produced by Congress, being inconsistent, garbled, definitely biased, and in general a pile of garbage. "U.S. Internal Revenue Code contains 5,248 pages." I bet you could actually do away with probably 90% of the IRS due to modern computers and a modernized tax code but that will never happen... EDIT: Someday, I would like an explanation and hear the USA government's justification for the Capital Gains tax since it's my taxed money that is invested, my taking the risk and they don't have a damn thing to do with it and if I fail and lose my investment do they take 20+% of the loss like they take the gain? Nope.
