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Thursday, August 11, 2022

Do you think 9% inflation is bad? imagine 90%

It is one of the country’s worst economic crises in decades, and that’s saying a lot for Argentina.

Countries around the world are trying to deal with rising prices, but perhaps no major economy understands how to live with inflation better than Argentina.

The country has been grappling with rapidly rising prices in the last 50 years. During a chaotic period in the late 1980s, inflation reached an incredible 3,000 percent and people scrambled for groceries before clerks armed with price-tagging guns could roam the stores. Now high inflation is back, over 30 percent every year since 2018.

To understand how Argentines come, we spent two weeks in and around Buenos Aires, talking to economists, politicians, farmers, restaurateurs, real estate agents, hairdressers, taxi drivers, money changers, street performers, street vendors and the unemployed. Of.

The economy isn’t always the best topic of conversation, but in Argentina it excites just about everyone with cursing, deep sighs and informed opinions on monetary policy. One woman gleefully shows off her disguise for dollars (an old ski jacket), another tells of how she stuffed cash into her bra to buy a condo, and a Venezuelan waitress wondered if she had settled in the right country. .

One thing became very clear: Argentina has developed a very unusual relationship with its money.

They spend their pesos as fast as they get. They buy everything from TVs to potato peels in installments. They don’t trust banks. They hardly use credit. And after years of constant price increases, they have no idea how much things should cost.

Argentina shows that people will find a way to adjust to years of high inflation, living in an economy that is almost impossible anywhere else in the world. Life is especially manageable for those who have the means to make that chaotic system work. But all those surprising alternative solutions mean that some people in political power during years of economic crisis have paid the real price for their decisions.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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