Topic: Closing Central Bank is Non-negotiable says pro-bitcoin Argentina Pres Milei (Read 457 times)

Why do you people see everything in black and while? It is either 0% or 100% for you, isn't it?
In the real world there is a lot of other options between bending over to all Russian demands and bending over for all US demands!

There are a lot of countries in this world that are like "proxies" and have to act like one. That means they should never lean to either side for too long but remain in the middle (different from being neutral). I don't know the technical term but we call it "Pendulum Policy" and the best example of it is Turkey which I mentioned already and sadly you just ignored it.
Turkey has been performing this policy beautifully and for many years. A very dependent country that can not afford to fully lean to either side. This is exactly why Turkey never shut its door to Russia despite the Western pressures. Everything about Turkey is "in the middle", from geography to culture and politics. The US F-35 versus Russian S-400 game they played is an excellent example. That's how the "pendulum" goes back and forth between two sides bringing benefits for the country from both sides while not going fully against either side.

History is filled with cases like this too. I'd say the most significant one is Cuba. Have you heard about Operation Mongoose? A campaign of terrorist attacks against civilians and various operations inside Cuban soil carried out by the US regime.
Why did United States commit terrorism in Cuba? Because Cuban government did in the 60's what Ukraine government did in the 2000's. They allowed the enemy of their neighbor to use their soil for its own operations! As they say "those who do not learn from history are doomed to repeat it".
Didn't "freedom and the right to free decision" apply to Cubans?!!!

The worst part of all this is that you talk about EU and NATO as if they have not done the same exact thing as Russia one way or another! How many countries has NATO invaded? How many civilians they've killed? Heck even as we speak NATO is supporting an ongoing genocide right across the Mediterranean!

Why did you feel the need to single out these 3 countries? Did you think that if people live in "a censored world" in these countries that automatically means there is no censorship in Europe?!! What kind of logic is that?

Are you talking about Yugoslav Wars? Don't assume what I think. I wouldn't even compare the two. If I wanted to compare I compare Ukraine with Cuba as I did above. And I'm not justifying invasion, I'm just narrating how the world works but you just get so defensive because you don't like a different view than the "status quo".

I already said that I'm comparing the two men based on their lack of experience in political scene and bad decisions they've made in their short political carriers. More specifically all the decisions Zelenskly made from 20 May 2019 to 24 February 2022, not from 24 February 2022 onward.

I've been seeing a lot of policies of this man and I have a lot of questions. How exactly is the country going to function without the central banks? What's the point of banks if there is no central bank? That means they will no longer print more currencies. And who will regulate the banks? How will the fiat be created?
Even if he wants to use the currency of the US, won't they print theirs?

Also, I saw a video where he said a lot of ministries would be eliminated when he was president.  Sports, culture and tourism, environment, public works, science and technology, education, transportation, and health would all be eliminated. I'd like to know how he intends to run the country without these ministries.

I also do not believe he's pro-Bitcoin because he has said nothing of such.

Oh and now just because you don't like this guy Central Banks have become the pillar of a nation, they express the identity of the citizens there, the fiat they print is the blood that runs though our veins, right?


Yes, he actually think so!
He also believes Iran is the world superpower, that Iran has the highest freedom index, the best living standards in the worlds and they live in a prefect democracy, beating women and killing them for not wearing a hijab is normal, men wearing jeans is a sign of decadence and much more  
Not to mention that invading and funding terrorist's is normal and good, it's only bad when somebody else is doing it!

So yeah, just because NATO bombed Serbia in another war, that makes in his mind Croatia the pawn of the USA!


As for the rate, that is nothing burger.
The rate of the ~365 for the dollar was the fake rate established by the government, the actual black market rate was already 1:1000, it is called blue dollar it even has it's own ticker:
https://bluedollar.net/

If you think that the problem is that someone wants to live according to their own rules in their country and not be obedient to someone who thinks that Ukraine should not be part of the EU and NATO, then you do not understand what freedom and the right to free decision are at all. In your opinion, President Zelensky should have agreed to everything Putler asked and become a Russian colony so that the Holodomor would happen to them again?


Do you want to say that all the people of the world except Russia, Iran and maybe North Korea live in a censored world where there is no truth? Unfortunately, I went through what Ukrainians are going through today, and it was even worse because the world imposed sanctions on the import of weapons - but according to you, the Serbian butchers with the war criminal Slobodan Milosevic were positive people who just didn't want NATO at their door, so they did the same what are the Russians doing today?

I don't understand how you can put those two men in the same sentence at all, what does a man who is called a El Loco have in common with a man who fights for the literal survival of their country and the people who live there?

He wants the US dollar to be the main currency of his country, which is why labeling him as "pro-Bitcoin" is a bit misleading, as he is "pro-dollar" first, and pro-Bitcoin after that. It's likely that his policies will make it easier to use Bitcoin in Argentina, but I doubt there will be push for Bitcoin's use as a currency, simply because Bitcoin's scalability won't allow it. And for Bitcoin as a store of value/investment all he needs to do is to tell banks not to ban Bitcoin-related transactions.

crazy Milei shutting down the only institution that holds them to be considered an independent country. but maybe this guy has been talking to Bukele as well like he could also declare BTC as legal tender in Argentina.

but most probably the central bank will be replaced with CBDC as reported they will be using USD. maybe stablecoin as well so they are getting ready to make BTC legal tender too and then go on with stablecoins. if only there were stablecoins for each country which can also be used by the rest of the world the better it would be to close central banks.

I don't think closing their central bank is a good idea. Every country must have a currency that represents them. That's not to say Bitcoin is not good, but I feel bitcoin is meant to serve as an alternative currency.

As for their currency losing value, I don't think switching to Bitcoin would make their country rich, as long as they don't follow the right steps to fix their economy, they will continue to fail. So closing down a central bank is the least of their problem. It's not like he will be there forever, when his term is over, the next president can decide to change that.

The problems with Zelenski is not what he is doing now (what else were he going to do? Give up after the invasion and not send the army forward from the safety of his bunker?!! lol)
The problem is all his naïve actions, statements, incitements and "pokes" that led to the conflict with the neighbor! Everything that could have been avoided if an actual politician were in office and for example instead of bringing Russia's enemy #1 to 400 km from Moscow could took both US and Russia by the balls and milk them both for the benefit of his country and ensure its security.

What do you think Erdogan in Turkey has been doing all these years? More so in the past 2 years...

I know that in Europe there is a dictated status quo but if you spend time studying history of what led to the conflict from sources other than the censored mainstream media you can see that when it comes to lack of experience and naïve and in some cases very suspicious behavior that is harmful to the country, both Milei and Zelenski are pretty similar.

Populists always say what the people want to hear, and does anyone really think that the central bank of Argentina is the main culprit for a decade of crazy policies that destroyed that same country that used to be in the top 10 countries in the world? Foreign interests always have two courses of action when it comes to the "subjugation" of countries, and the first is certainly the economic destruction of the country, and if that doesn't work, the second option is war.

Did you see where Milei went on his first visit and who are his role models? In addition, look at where he appointed the former governor of the central bank and his associates, and then he talks about some kind of savings in the state administration.

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I understand that you don't want to (or can't think differently), but we in Europe consider President Zelensky to be an extremely brave man who is doing everything to defend his country, and thus the rest of Central and Western Europe, from the creation of a new Russian world. Comparing someone with the nickname "El Loco" to a man who stood up to one of the greatest military powers is completely meaningless.

It is still too soon to pass the final verdict but after seeing this post on reddit I thought it is good to share it here as an update regarding the first signs of bad decisions that affect the economy in a severely bad way.

Argentina inflation shot up to 160% and at this rate if they actually try replacing Peso with Dollar at some point in the future, regular people won't be left with much in their pockets because of the low exchange rate.

This is the 5 year chart from google showing Peso exchange rate against USD with the unprecedented recent jump and it's not a good start:


P.S. After typing this a dangerous thought passed my mind. Is it possible that this crash is intentional? We've had similar decisions made elsewhere when the government or the central bank had been facing issues for a long time and wanted to make a change (dump their fiat, replace bank notes, etc.) and they dump the exchange rate like this intentionally. In all cases it crushed the economy and the middle class.

This sounds like the best news update I have heard in recent times, and to think that i just got to know that the newly elected president is a Bitcoin supporter still baffles me. He made no mistakes about his stance on the digital space as his actions are loud enough for the deaf to hear and the blind to see.

Shutting down the central bank of any nation is not a childs play, it has its pros and cons and i believe the president knows this very well. For him to have it shut down shows he has a better plan and I trust it to be geared towards the digital space.. Great move if you ask me

These are very simplistic statements for something very complicated but I understand what you are trying to imply. However, a country dropping their own currency and using another country's currency would be giving up being a monetary sovereign. If this country decides to use the American dollar, similar to El Salvador, then the country will become a servant of the government of America. They would presently need to borrow or acquire dollars to use and spend. They would also suffer dollar inflation and interest rates. This is contrary to before where the country was the issuer of their own currency.

Well, it is obvious that their Central Bank are useless and that it is dragging down their economy, so it will be better to shut it down, before it leads to an inevitable collapse.

The problem is still the political decisions that are made.. that are contributing to their bad economy. They should also know that the World Bank will pull it's loans to the country, if they drop Fiat currencies, because that is the hold that they have over countries. 

Experience does play a role, but not necessarily in politics. I don't need to be in politics to know someone who can effectively handle the health sector, or football sector etc. In the end it's all down to a blend of both sides of the coin.

If I had the option to choose between an experienced politician who has failed repeatedly in the past and an untested and inexperienced politician with promise, I will go with the latter option every single time.

That's true but then again experience comes in handy here too. One needs to have built connections and know "people" to be able to choose their advisors wisely and not end up with malicious behind the scene actors giving them malicious advice for personal gains.

No, I wouldn't categorize Bukele as inexperienced. He has studied Law and became Mayor in 2012 and remained in politics until his election as president in 2019. That's at least 7 years of good experience in office with an important position (ie. mayor) doing actual work.

In comparison Milei studied economics and the only involvement he had in politics has been insulting others in interviews and creating controversies, and finally joining a right-wing political coalition (radicals) that led to his election. That is zero actual experience.

I agree that only time would tell but right now we are only speculating based on the data we have.

I reckon Nayib Bukele can be placed in a category of inexperienced politician, however, he is doing good for his country. Is he not? It depends on the person sitting on the executive seat and while there are disadvantages on Javier Milei's decision to drop their currency and redollarize Argentina, we have not witnessed what he can really do for his country. We should wait before we make negative assumptions. I have learned this when I gave my own negative assumptions on Bukele. I have admitted this mistake already hehehe.

I beg to disagree here. If that experience has failed time and again even if all the factors to succeed were present then it simply means that, experience does not equate to results. It's also about the willingness and desire to do what's right and make the hard decisions.
Leaders do not lead in isolation, they have advisers, people handling different aspects of the nation and economy, if you can get the best hands on the job, with no political bias involved, you are more than likely to succeed as a leader.

Well it's a shame politics does not have a special training or requirements so it can't be likened to coding of any other skill jobs.

A lot do not even have a choice at all, but that's a whole different topic.

I thought they were going to use the dollar, so excuse my ignorance but why would they need a central bank if they on the dollar. Not that I'm defending the dollar, I get the evils of the dollar and all fiat and central banks are slave owners. Just not sure what the central bank would do without a currency to manipulate. I'm sure I'm missing a lot, and would be so cool if they were going on Bitcoin standard. On Dollar standard not sure what central banks role would be, so not sure what this news means.

Someone who has spent a large portion of their lives in politics has the most important thing: experience. Even if a large number of existing politicians have been incompetent and have messed up, that still doesn't mean we should look outside and bring people in who have zero experience in politics and in leading a country!

It's like if developers of a project weren't coding well and the project had bugs, and to solve it we decide to kick them out and bring in people who have never written a single line of code in their lives!

The point is that there is a third option between choosing among the existing incompetent politicians and new inexperienced and volatile people. Unfortunately a lot of countries are choosing the later these days because these "celebrities" are proficient in gaining "followers" by advertising themselves.

This is a very headhshaking comment, I reckon. There are clearly are advantages and disadvantages, however, using the dollar will certainly be switching from being a monetary sovereign to something similar as an underling to the American government.

It might be better to fix their monetary problems internally and to not concede currency sovereignty because this would certainly place them under the fiscal instability of America.