Argentina – American Conservative Movement https://americanconservativemovement.com American exceptionalism isn't dead. It just needs to be embraced. Thu, 26 Sep 2024 10:03:06 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://americanconservativemovement.com/wp-content/uploads/2022/06/cropped-America-First-Favicon-32x32.png Argentina – American Conservative Movement https://americanconservativemovement.com 32 32 135597105 This Is What Happened When Javier Milei Dumped Rent Controls https://americanconservativemovement.com/this-is-what-happened-when-javier-milei-dumped-rent-controls/ https://americanconservativemovement.com/this-is-what-happened-when-javier-milei-dumped-rent-controls/#respond Thu, 26 Sep 2024 10:03:06 +0000 https://americanconservativemovement.com/this-is-what-happened-when-javier-milei-dumped-rent-controls/ As Kamala Harris’s economic plan evolves around a failed communist policy of rent controls, Javier Milei ditched them in Argentina.

When Javier Milei was elected President of Argentina, one of his first orders was to scrap the country’s onerous rent controls. According to The Wall Street Journal, here’s what happened next.

Landlords are rushing to put their properties back on the market, with Buenos Aires rental supplies increasing by over 170%. While rents are still up in nominal terms, many renters are getting better deals than ever, with a 40% decline in the real price of rental properties when adjusted for inflation since last October, said Federico González Rouco, an economist at Buenos Aires-based Empiria Consultores.

Before that, they preferred to keep them empty.

In Buenos Aires—a city dubbed the Paris of the South for its broad avenues and cafe culture—many apartments long sat empty, with landlords preferring to keep them vacant, or lease them as vacation rentals, rather than comply with the government’s rent law.

In 2022, there were some 200,000 empty properties in Buenos Aires, up 45% from 2018, according to a report by Cedesu, a Buenos Aires-based policy group that focuses on urban development. Finding an affordable apartment under the rent-control law was difficult.

Harris’s economic plan will fail. It is the exact wrong thing to do.

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‘New World Order:’ International Coalition Led by China, Russia Admits Six New Members https://americanconservativemovement.com/new-world-order-international-coalition-led-by-china-russia-admits-six-new-members/ https://americanconservativemovement.com/new-world-order-international-coalition-led-by-china-russia-admits-six-new-members/#respond Thu, 24 Aug 2023 21:48:05 +0000 https://americanconservativemovement.com/?p=195962 DCNFBrazil, Russia, India, China and South Africa (BRICS), a group of emerging countries combatting traditional Western dominance, added six new member countries, it announced at its summit on Thursday.

Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the UAE are the six new countries BRICS welcomed into the coalition and they will become official members on January 1, South African President Cyril Ramaphosa said at the summit hosted in his country, according to Reuters. Leaders of the original BRICS countries described the historical and geopolitical significance of the new member additions and suggested this is only the beginning.

“BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous,” Ramaphosa said, according to Reuters. “We have consensus on the first phase of this expansion process and other phases will follow.”

Dozens of other countries including Bolivia, Cuba and Kazakhstan also want to join BRICS, according to Reuters.

“This membership expansion is historic,” Chinese President Xi Jinping, said, according to Reuters. “It shows the determination of BRICS countries for unity and cooperation with the broader developing countries.”

Russian President Vladmir Putin did not attend the summit because of an International Criminal Court arrest warrant for his alleged crimes in Russia’s war with Ukraine, according to Reuters.

“BRICS is not competing with anyone,” Putin said in remotely recorded remarks, according to Reuters. “But it’s also obvious that this process of the emerging of a new world order still has fierce opponents.”

The BRICS coalition, which has expanded to encompass 11 nations, consists of a combined population of 3.7 billion people including three authoritarian states, two autocratic monarchies and a theocracy, according to The New York Times.

Representatives from several countries railed against the dollar, suggesting a desire to decrease dependence on the U.S. currency at the summit on Tuesday, according to reports.

Sound off about this development on our Economic Collapse Substack.

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De-Dollarization Intensifies: IMF Hints That Countries Will Soon Be Able to Repay Debt Using Chinese YUAN Currency https://americanconservativemovement.com/de-dollarization-intensifies-imf-hints-that-countries-will-soon-be-able-to-repay-debt-using-chinese-yuan-currency/ https://americanconservativemovement.com/de-dollarization-intensifies-imf-hints-that-countries-will-soon-be-able-to-repay-debt-using-chinese-yuan-currency/#comments Sat, 22 Jul 2023 18:46:59 +0000 https://americanconservativemovement.com/?p=195086 Following Argentina’s recent debt repayment in the Chinese yuan, the International Monetary Fund (IMF) has hinted that it may soon accept the yuan from all countries that need to settle their debt obligations.

IMF spokesperson Julie Kozack confirmed that Argentina paid off $1.1 billion of its $2.7 billion debt using the yuan, and that it may soon become the norm for other countries to do the same.

“As we have stated in the past, the Argentine authorities continue to remain current on their financial obligations to the IMF,” Kozack said at a press briefing.

“The RMB is one of the five freely usable currencies that members can and have used to settle their obligations with the IMF,” she added, RMB referring to the official name of China’s currency, renminbi.

Negotiations on the $44 billion program are still ongoing, Kozack clarified, rejecting the claim that the IMF received a letter from China stating that it would allow Argentina to use a swap line with the Chinese Central Bank to pay off its IMF dues.

“Our team has been working intensively with the Argentine authorities to make progress toward the completion of the fifth review,” she added. “And to help the authorities address a very complex and challenging situation.”

“In terms of the details of those discussions, because the teams are still in discussion, I will not pre-empt those discussions, and I will not get into the details other than to say that the discussions are frequent, and they are aimed at advancing the program.”

Argentina shifts away from U.S. dollar as sole official reserve currency

Last month, Argentina’s central bank forged a deal with China to renew the 130-billion-yuan ($18.4 billion) swap line for another three years, doubling the amount of freely accessible funds from 35 billion yuan ($5 billion) to 70 billion yuan ($10 billion).

The Argentine Ministry of Economy said the single-tranche swap will be freely available for any type of financial use, adding that the country hopes to promote more yuan spot and future operations.

While it used to be that the United States dollar was the sole official reserve currency of Argentina, the country’s banks will now accept deposits of Chinese yuan in savings and checking accounts.

“Financial entities will thus be enabled to open bank accounts denominated in renminbi yuan,” Argentine authorities explained, signaling a shift away from the U.S. dollar as the sole official reserve currency of the country.

The move comes as Argentine crops are failing due to severe drought, grain exports being Argentina’s major source of dollar earnings. The losses have caused the South American country’s foreign currency reserves to plummet, not to mention the fact that the peso currency has weakened dramatically due to 109 percent annual inflation.

Earlier this year, Argentina’s neighbor Brazil signed an agreement with China to allow for trade and investments to occur in their own currencies rather than in U.S. dollars. This has further weakened the U.S. dollar’s world dominance.

Despite all this, “the yuan is a long way from an international reserve currency such as the dollar,” claims Milton Ezrati, chief economist at Vested, a New York-based communications firm.

According to Ezrati, China lacks the financial markets to supports financial arrangements in the yuan, this being one of the requirements for a world reserve currency.

“If you are the world’s reserve currency, as the dollar is, then traders all over the globe have to hold your currency because that’s the way they do their business,” Ezrati says. “If they hold your currency, they want a place to invest it.”

It will not be long before the world’s fiat Ponzi schemes crumble into dust. Learn more at Collapse.news.

Sources for this article include:

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