Josh Sigurdson talks with author and economic analyst John Sneisen about the most recent economic news out of Argentina as once again, the Argentinian Peso sees massive devaluation and inflation runs amok.
Argentina has seen hyperinflation and mega inflationary events countless times throughout history. Most of the past 104 years the country has dealt with out of control inflation due to their over the top central planning of the economy.
Between 2002 and May 2018, Argentina has seen 502.98% inflation. That's an average yearly inflation of 31.43%. While the inflation is dragging the economy down, the central bank is simply increasing centralization. With interest rates going 675 bps to 40%, this is more than a massive rise, this is astronomical and it will result in catastrophe.
The problem is caused by centralization and in order to prop it up for a longer period of time, much like Venezuela, they simply centralize it more. How crazy is that?
As the monetary manipulation continues, people in Argentina are going to have a more and more difficult time putting food on their tables and keeping a roof over their heads. The main solution to this very common but horrible problem is self sustainability, self sufficiency, financial responsibility. Individualism becomes crucial in a coercive collectivist state where people are forced into debt servitude. Gold, silver, certain cryptocurrencies can all protect in our opinion. People must however do their own due diligence.
We will continue to cover this quickly escalating issue. Stay tuned for more from WAM!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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