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Leliqs festival to defer the ordering of the state

The coming inflationary acceleration is not new. It is the result of postponing the reorganization of the State and financing the deficit with monetary printing and debt. It has already happened to Cristina Kirchner and Cambiemos. The question now is whether the opposition this time is ready and willing to organize the State.  (more…)


The festival is about printing pesos, not of imports

The Minister of Economy resigned in the context of a strong exchange rate instability. The Vice-President blames it on the “festival of imports”. The evidence shows that there is no excess of imports, but an excess of monetary emission due to the disorder of the State. This is what puts pressure on the dollar. (more…)


Fiscal imbalance amounts to 6,2% of GDP

In the context of the crisis acceleration, a new renewal of the national cabinet was abruptly announced. The main change is the appointment of a minister of the economy with more political support. However, the success of his administration will depend on whether the leadership will be used to address the fiscal problem.  (more…)


Inflation increased three times more than the official dollar

A large part of the political system adheres to the idea that fiscal balance is not essential because inflation is a multi-causal phenomenon. Without denying the multi-causality, the truth is that –in the case of Argentina– the enormous disorder of the State is the main cause of recurrent inflationary crises.  (more…)


Peso debt is not less risky than dollar debt

It is unlikely that the Treasury will be able to roll over all the peso debt maturing in the coming months. This will force the Central Bank to add money printing –additional to the already allocated– to finance the fiscal deficit. It is demonstrated that debt in pesos is as traumatic as debt in dollars.  (more…)


No quality employment has been generated in the las decade

The discussion between the vice-president and the piqueteros movement confirms that welfare is useful for clientelism and corruption, but not for the poor. Social assistance should be decentralized to local governments. However, the most important thing is to create the conditions to generate more quality jobs.  (more…)


Progressive polices need and orderly state

The exponential increase in energy subsidies accelerates fiscal destabilization. The government’s incoherent tariff segmentation mechanism will not solve the problem. This is further evidence that in order to implement progressive public policies, an orderly and professionalized State is needed. (more…)


Mismanagement in the state explains Vaca Muerta´s pipelline dalays

The Néstor Kirchner Gas Pipeline is a source of controversy both for the enormous costs caused by the delays in its construction and for the political conflict it generates. But the most important thing is that it reveals the deep and structural management deficit of the State. (more…)


Soybean price at record high

The war in Ukraine opens opportunities for foreign trade. Although exports grow, reserves are lost because the increase in imports and tourism abroad is greater. The poor organization and mismanagement of the State once again lead to the failure to take advantage of an unprecedentedly favorable international context. (more…)


Public spending is growing well above inflation

The public finances in the first four months of the year show a growing fiscal imbalance. While tax collection varies at the pace of inflation, spending increases well above prices. With this bad management of public spending, inflation will inevitably continue to accelerate. (more…)