{"id":47769,"date":"2019-08-13T07:17:25","date_gmt":"2019-08-13T12:17:25","guid":{"rendered":"https:\/\/olduvai.ca\/?p=47769"},"modified":"2019-08-13T07:18:52","modified_gmt":"2019-08-13T12:18:52","slug":"blains-morning-porridge-aug-13-argentina-legarde-and-europe","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=47769","title":{"rendered":"Blain’s Morning Porridge – Aug 13 – Argentina, Legarde and Europe"},"content":{"rendered":"\n

Blain’s Morning Porridge – Aug 13 – Argentina, Legarde and Europe<\/a><\/h3>\n\n\n\n
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\u201cI\u2019m going down to Yasgur\u2019s farm, gonna join me a rock and roll band.\u2026\u201d <\/em><\/p>\n\n\n\n

Global Credibility Under Pressure \u2013 We\u2019ve been Tangoed!<\/strong><\/p>\n\n\n\n

This morning\u2019s headlines are screaming how Argentina and President Mauricio Macri have precipitated yet another crisis upon the stressed geopolitical battlefront\u2026  Relax. We are more than used to dealing with Argentina defaults\u2026 But, its far more complex than that.  The latest Argentina Dance Macabre is all about Global Credibility.  It\u2019s another Massive Fail! <\/p>\n\n\n\n

What does it say about the credibility of Global Institutions and Policy when Argentina\u2019s whole market collapsed following a primary for an election in December?  Ex-IMF president, and soon to be head of the ECB, Christine Lagarde personally staked her support for President Mauricio Macri\u2019s pro-market government when she steamrollered through the IMF\u2019s biggest ever bailout of $56 billion for Argentina last year. <\/p>\n\n\n\n

It now looks an extremely poor call on Lagarde\u2019s part.  Macri won a mere 32% of the vote, while former president Cristina Fernandez de Kirchner won 47%.  Don\u2019t Cry for Me Argentina indeed\u2026  Domestic Argentine Politics have left the IMF looking stupid.<\/strong><\/p>\n\n\n\n

There are three major issues to consider here: <\/p>\n\n\n\n

First<\/strong> there is the absolute predictability of what\u2019s just happened in Argentina: <\/p>\n\n\n\n

In return for the 2018 Bailout, the IMF demanded its usual pound of flesh policies: Austerity, Austerity and Austerity, spiced with inflation-targeted monetary policy, fiscal tightening, currency controls, and the keys to the Peso printing presses.  Give Lagarde some credit \u2013 she did give lip service to the people with a smattering of minor austerity mitigants in terms of gender equality and social provision.  But, essentially the IMF\u2019s answer to yet another predictable Argentinian crisis was more of the same programme.  You know the definition of madness\u2026 <\/p>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Blain’s Morning Porridge – Aug 13 – Argentina, Legarde and Europe \u201cI\u2019m going down to Yasgur\u2019s farm, gonna join me a rock and roll band.\u2026\u201d  Global Credibility Under Pressure \u2013 We\u2019ve been Tangoed! This morning\u2019s headlines are screaming how Argentina and President Mauricio Macri have precipitated yet another crisis upon the stressed geopolitical battlefront\u2026  Relax. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2251,15674,23143,4835,26516,379,434,21502,22663],"class_list":["post-47769","post","type-post","status-publish","format-standard","hentry","category-economics","tag-argentina","tag-bill-blain","tag-blains-morning-porridge","tag-credibility","tag-global-credibility","tag-government","tag-international-monetary-fund","tag-mauricio-macri","tag-morning-porridge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47769"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47769\/revisions"}],"predecessor-version":[{"id":47770,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47769\/revisions\/47770"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}