Research Summary (2025)

TBD...

Argentina Trip Highlights (2021)

• Food highlights
  • TBD tbd..
• Top takeaways
  • TBD tbd..
• Private tour notes
  • IMF Influence Some Argentines feel the IMF has too much power

Final Thoughts from Argentina Trip (2022)

Argentina has run large and persistent government fiscal deficits for many years. Money printing has been used, but his has fueled high inflation, Borrowing has also been used, including repeated programs with the IMF.

Table of Contents

1. My travel notes - Dec 2022

My travel notes - Dec 2022

History

• Argentina had early success - however, war and corruption led to massive wealth disparity
• Corruption - easy to skim things off the top when things are going well
  • But when things start slowing down, that is when systems collapse
• Great depression - foreign investment and migration suddenly stopped
• Argentina had good relations with Germany, Spain, and Italy. Britain was an enemy at the time.
  • Juan Peron helped smuggle fugitives into Argentina
• 1980s - American backed military coup
• Wealth split between few people - so large GDP
• Huge agricultural economy
• History - poor education in 1920s - why did government not do anything to fix? Elites were profiting off export economy. Low incentive to improve educational system as it educated workforce not needed
• Chile has much smaller amount of natural resources
• Mortality rates and education rates = LOW

YouTube: Argentina Was Never 'Rich': The Myth of Economic Decline

• Argentina's history has a lot of power and resources owned by a few
• Land owners accumulated land
• Argentina late in industrializing
• Land owning oligarchy - agriculture based economy centered on live stock
• Lots of land concentrated in hands of a few
• Because Argentina sparsely populated, it invested hugely in exports

Journal

• SATURDAY

  • Arrived at EZE airport in the morning. Tony greeted me at the airport. Originally from France. Moved here twelve years ago. People nicer here than in Europe. Inflation at around 100%. Tony helped me exchange money at the back of a small shoe store. Seemed like most people exchanging money and not buying shoes.

• SUNDAY

  • First day was just exploring on my own. Very few people know English, even in tourist areas of Buenos Aires. Even when buy some smaller items atvstores, they do not like bigger bills. So they ask you in Spanish if you have smaller bills.
  • It seems Palermo is nicer and more modern than Roceleto, based on feedback from locals.

• MONDAY

  • Adrian drove me to the domestic airport, AEP. The following are notes from his conversation.
  • Politicians say many times that they will lower taxes, but never do. This is because the IMF has bailed Argentina out from bankruptcy a few times. IMF has no incentive to lower taxes. So politcians really have no power to lower taxes.
  • Big financial crisis in 2001. Government forcibly took money from citizens bank accounts. Stole it because they ran out of money. They put restrictions on how many USD citizens could exchange. Many Argentinians put their money in Uruguay bank accounts.
  • Poor people receive financial assistance from the government. It is not a lot, but enough to get by without having to work. According to Adrian, this has become a cultural problem. The poor do not understand what work, are not interested in work, and have come to expect checks from govt for no work. Half of the population is unemployed.
  • In addition, the jobs available are low paying and require long hours. So there is not incentive to work long hours for low pay.
  • What about welfare reform? They have tried this in past, but poor people were not interested in working. Even tried tieing education to assistance. But little motivation. It is a cultural problem where people have become accustomed to no work for pay
  • But is it really a problem if pay to poor is very little? Yes. Because half the population does not work.
  • There is also a serious pension problem? Workforce is getting smaller compared to people who are retired.
  • Protests almost every day in Buenos Aires. This one from teachers and airlines staff. Want more money because inflation hurting them.
  • Not a lot international investments in Argentina. Companies came in that started business (e.g., Norwegian airline) but then pulled out due to high taxes. The rules were always changing.
  • One of the reasons for high inflation is the USD.

• Questions

  • Are you better off working hard? How much better off are you?
  • Do Argentinians not like Americans? Why
  • Poor people do not want or know what to work. They have become used to government handouts.
  • Are private hospitals better than public?
  • Are private schools better than public?
  • Is it true kids only in school for four hours per day?
  • My first tour of the trip was by a Brazilian. The following are some of my notes from this tour.
  • Lost half inhabitants when set 1 peso to dollar
  • Paraguay has many more well off
  • Many people who live in Iguazu Falls area live in Paraguay because less taxes.
  • There is also high inflation in Brazil.

• THURSDAY

  • Rodocrosita - national store
  • Had tour with 200 ranked polo player in world. Really buttoned up at first.
  • Drove down street where all theater performances are. Looks like there is a lot of action in that.
  • Tour guide really hesitant to talk about politics. So I kept asking questions about politics. Finally opened up. He said sone tourists get passionate about politics.
  • Common to use terms like negro and chinco. Not originally meant as derogatory.
  • Plaza de mayo - history - pink house, cathedral
  • Obelisk, congress
  • Puerto Madero - modern and expensive part of city. Had steak and red wine. Weird white bridge. Had homeless person come up to our table and ask for money. Apparently swore at us.
  • Pa-ler-mo. Not pal-mer-o. Saw finals of Argentine national sport. Called 'Pato'.
  • Had mate tea. He made me prepare it.
  • Mafalda - learned about this cartoon character
  • La Boca - caminto street most touristic spot
  • Other notes
  • There are two types of work in Argentina, “in the white” (en blanco) and “in the black” (en negro). “White” work is legitimate, on the books, and often requires proper documentation. Foreigners with extended tourist visas, however, will be looking for jobs and work of the “black” variety.
  • Grapefruit juice in mate
  • Cathefaral
  • San olives - peer
  • Tigris
  • 90s Uruguay and Brazil used to much cheaper. Young people used to go there from Tigris
  • Vp charged. Some people think political hit job. People in p
  • Faulkland islands - ppl who lived there - crazy president invaded islands. Everyone celebrated. British came two months. No one from Argentina lives there.
  • Tigris city we are in now. Very pleasant neighborhoods. Lots of nice park.
  • Public schools. Rich go to private. Mostly public.
  • Universities are free.
  • Inflation. Stabilizing. Poor country. Have to borrow. Because we use money to help poor. Everything free. Where do get money?
  • Stabilize means not higher every month. About 90 percent. Hopefully 60 percent. Unions negotiate with inflation.
  • Dog vs dock
  • Fond sherva
  • Tendantis vs tendenetes.
  • Monumento de Los espanoles.
  • Rodocrosita - national store
  • Had tour with 200 ranked polo player in world. Really buttoned up at first.
  • Drove down street where all theater performances are. Looks like there is a lot of action in that.
  • Tour guide really hesitant to talk about politics. So I kept asking questions about politics. Finally opened up. He said sone tourists get passionate about politics.
  • Common to use terms like negro and chinco. Not originally meant as derogatory.
  • Plaza de mayo - history - pink house, cathedral
  • Obelisk, congress
  • Puerto Madero - modern and expensive part of city. Had steak and red wine. Weird white bridge. Had homeless person come up to our table and ask for money. Apparently swore at us.
  • Pa-ler-mo. Not pal-mer-o. Saw finals of Argentine national sport. Called 'Pato'.
  • Had mate tea. He made me prepare it.
  • Mafalda - learned about this cartoon character
  • La Boca - caminto street most touristic spot

• SATURDAY

  • Arrived at EZE airport in the morning. Tony greeted me at the airport. Originally from France. Moved here twelve years ago. People nicer here than in Europe. Inflation at around 100%. Tony helped me exchange money at the back of a small shoe store. Seemed like most people exchanging money and not buying shoes. SUNDAY
  • First day was just exploring on my own. Very few people know English, even in tourist areas of Buenos Aires. Even when buy some smaller items atvstores, they do not like bigger bills. So they ask you in Spanish if you have smaller bills.
  • It seems Palermo is nicer and more modern than Roceleto, based on feedback from locals. MONDAY
  • Adrian drove me to the domestic airport, AEP. The following are notes from his conversation.
  • Politcians say many times that they will lower taxes, but never do. This is because the IMF has bailed Argentina out from bankruptcy a few times. IMF has no incentive to lower taxes. So politcians really have no power to lower taxes.
  • Big financial crisis in 2001. Government forcibly took money from citizens bank accounts. Stole it because they ran out of money. They put restrictions on how many USD citizens could exchange. Many Argentinians put their money in Uruguay bank accounts.
  • Poor people receive financial assistance from the government. It is not a lot, but enough to get by without having to work. According to Adrian, this has become a cultural problem. The poor do not understand what work, are not interested in work, and have come to expect checks from govt for no work. Half of the population is unemployed.
  • In addition, the jobs available are low paying and require long hours. So there is not incentive to work long hours for low pay.
  • What about welfare reform? They have tried this in past, but poor people were not interested in working. Even tried tieing education to assistance. But little motivation. It is a cultural problem where people have become acostumed to no work for pay
  • But is it really a problem if pay to poor is very little? Yes. Because half the population does not work.
  • There is also a serious pension problem? Workforce is getting smaller compared to people who are retired.
  • Protests almost every day in Buenos Aires. This one from teachers and airlines staff. Want more money because inflation hurting them.
  • Not a lot international investments in Argentina. Companies came in that started business (e.g., Norwegian airline) but then pulled out due to high taxes. The rules were always changing.
  • One of the reasons for high inflation is the USD.

• Questions

  • Are you better off working hard? How much better off are you?
  • Do argentinians not like americans? Why
  • Poor people do not want or know what to work. They have become used to government handouts.
  • Are private hospitals better than public?
  • Are private schools better than public?
  • Is it true kids only in school for four hours per day?
  • My first tour of the trip was by a Brazilian. The following are some of my notes from this tour.
  • Lost half inhabitants when set 1 peso to dollar
  • Paraguay has many more well off
  • Many people who live in Iguazu Falls area live in Paraguay because less taxes.
  • There is also high inflation in Brazil.

Analysis

Taxes

• Politicians say many times that they will lower taxes, but never do.
• This is because the IMF has bailed Argentina out from bankruptcy a few times.
• IMF has no incentive to lower taxes. So politicians really have no power to lower taxes

Government Force

• Big financial crisis in 2001. Government forcibly took money from citizens bank accounts.
• Stole it because they ran out of money.
• They put restrictions on how many USD citizens could exchange.
• Many Argentinians put their money in Uruguay bank accounts.

Financial Assistance Programs

• Poor people receive financial assistance from the government.
• It is not a lot, but enough to get by without having to work.
• According to Adrian, this has become a cultural problem.
• The poor do not understand what work, are not interested in work, and have come to expect checks from govt for no work.
• Half of the population is unemployed.

Quality of Jobs

• In addition, the jobs available are low paying and require long hours.
• So there is no incentive to work long hours for low pay.
• There are two types of work in Argentina, “in the white” (en blanco) and “in the black” (en negro). “White” work is legitimate, on the books, and often requires proper documentation. Foreigners with extended tourist visas, however, will be looking for jobs and work of the “black” variety.

Welfare Reform

• What about welfare reform? They have tried this in past, but poor people were not interested in working.
• Even tried linking education to assistance. But little motivation.
• It is a cultural problem where people have become accustomed to no work for pay
• But is it really a problem if pay to poor is very little? Yes. Because half the population does not work.

Pension Problem

• There is also a serious pension problem? Workforce is getting smaller compared to people who are retired.

Protests

• Protests almost every day in Buenos Aires. This one from teachers and airlines staff. Want more money because inflation hurting them.

International Investments

• Not a lot international investments in Argentina. Companies came in that started business (e.g., Norwegian airline) but then pulled out due to high taxes. The rules were always changing.
• One of the reasons for high inflation is the USD.

Funny

• Bitch vs beach