Javier Milei

Yes, I'm in contact with her.

We are friends.

Well, the first thing we need to understand is that when you come into office and need to run a country, it's not that you start from scratch.

You need to obviously face history, and Argentina bears a very bad history on its shoulders.

Argentina has removed 13 zeros from its currency.

It has had three hyperinflations without a war.

So there is...

a primary problem regarding the currency in Argentina, and that is the mechanism by which agents, economic agents, form expectations.

If we were to work with a traditional rational expectations model, like the one we've all studied, we have so much celebrated Robert Lucas Jr., well, so much so,

You know, I've named two of my four-legged children after him.

Besides, I have even much more liberal, libertarian versions of me.

But I would like to note that under normal pressure and temperature conditions, so to speak, the price level in the economy would be governed by the money amount.

And the exchange rate is one more price in the economy.

Strictly speaking,

We have set the money amount.

This was in mid-2024.

And what we are getting to feel now is the effect, the hangover effect, after the monetary disaster of the previous administration, which printed money

in an amount according to 28% of GDP, and all the more so during the last few months before they left office to win the election.

You know, this is the sort of sequence that prices follow that I'm going to explain.

Let's suppose you have