Chapter 1: What is the main topic discussed in this episode?
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Thank you, President Milley. Thank you very much for talking to Bloomberg again. Last year, I think we discussed free market economics, dogs and the Rolling Stones, but this time we are going to begin with Venezuela. You welcomed the removal of President Maduro, but the Trump administration seems quite happy at the with Venezuela's interim president, Delcy Rodriguez, who is loyal to Maduro.
And you very much describe the Maduro regime as a narco-terrorist dictatorship. So what has changed? Are you worried that nothing has changed in Venezuela?
No, it's not that way.
Chapter 2: What are Javier Milei's views on Venezuela's political situation?
First of all, I would like to recognize the tremendous work done by President Trump and Marco Rubio. First, in order to extract the narco-tyrant dictator murderer Maduro, We also made a point of spreading terrorism across the whole region, funding campaigns and financing terrorist acts out on the streets, complicating lives for all governments that were not pro-21st century socialism.
So I warmly welcome that situation.
On the other hand, I think the plan designed by the U.S.
administration in three phases is quite appropriate. The first one has to do with stabilization, which is the current phase. Then will come the reconstruction, and then the transition towards democracy.
The thing is, it wouldn't be possible to do it otherwise.
You know, stabilization needs to be done this way. Our countries in the Americas that have suffered and continue to suffer the encroachment of the hosts of 21st century socialism on the structures of the state. You see, they basically work as if they were police under 21st century socialism. socialism administrations. And when they're not in government, they act as spies.
And they make a point of sabotaging governments that do not belong to the ranks.
It's very difficult.
You see, in Venezuela, that would be the case 100%. So thinking that there could be another possible way of managing the stabilization process truly means not understanding the limits of reality as such. So in my view, the work being done by the United States is excellent. And besides, I think it is working.
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Chapter 3: How does Javier Milei assess the impact of U.S. policies on Venezuela?
Within the band, it is free.
And the bands...
only serve the purpose of showing to the people that the exchange rate will not be just any exchange rate. So then they learn how to float and they lose the fear.
So that's the role of bands, to limit the volatility. But when do you think this year you will be able to say you have learnt, you have discovered what that freedom is like, now try it properly and float, let's float the peso? What is the timing?
Well, from my point of view, that will be when we finally cleaned up the money overhang. We have had this money overhang because of the hangover of previous monetary policy, also due to the capital controls that were put in place in the past. and also as a result of the price control.
Since we have set and fixed the money amount and we only now print against new demand, at one point local inflation will converge towards international levels, which means that at that point you have managed to clean up the money overhang and will be in a position to let the peso float freely without any sort of trouble because along the way, the agents will have learned.
And if there's exchange rate volatility and they want to translate that into the domestic prices, they will have to face Menger's worst face. They will have no demand and will have to deal with it.
The other big test, and it's a fairly simple question, is the international loan markets. You have raised money at home domestically, but as you know very well, your predecessor defaulted on the foreign bonds. The question is very specific. When will you go and raise money in New York or outside Argentina?
Well, strictly speaking, all we should need would just be to roll over as a general framework because Argentina has zero deficit. In fact, the amount related to interest is paid by... Argentina out of surplus. That's the first point. And through the Tax Innocence Act, we hope to really boost and develop the domestic capital market.
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