Breaking down Argentina's current inflation crisis

Argentina is experiencing rapid economic change under the leadership of new president Javier Milei as the third-largest economy in Latin America continues to suffer from decades of struggles. CBS News' Errol Barnett looks at how Argentina ended up in this economic situation.

[MrTubs]

Argentina has been battling inflation off and on for decades now.

[Chad_Max]

You would think these politicians would learn what hyperinflation does to a country (ie. Germany early 20th century)....

[cjc]

This guy looks like a marvel villain. He should be Dr. Von Doom.

[reecom]

The problem with trying to convert their local markets to the US dollar is they have to buy dollars using the local currency. The value of their currency is constantly dropping which means fewer dollars to circulate in the local market to pay for anything. They tried to increase the amount of their local currencies by printing more money. They need to increase their exports to trade for dollars.

[Mark-wqwd]

He’s doing what he said he was going to. Shocking.😂

[Swift_Jr]

you gotta love how they waited until now to make this video (on top of using that thumbnail), very "subtle"

[psylentrage]

Right. So, basically nothing worse that the new guy can do? He is an economist? He's been there a week. Maybe give it a year or two? You just never know.

[CryingFre]

“Printing money increases inflation.”Hmmm, I wonder where else this has been happening.

[violenthell]

Pretty accurate take on the situation, the only thing is historically all of Milei's deregulatory proposals are the exact thing that has made every western capitalist society we know thrive

[reecom]

Currencies use to be redeemable for gold, now the value of the currencies are based on how stable a country’s economy is to obtain value for the currency you hold.

[CryptoMiningTechnologies]

1:01 The news reporter better be careful if he wants to keep his job. 😂

[survivalchic]

Javier Malet? Come on CBS News. Repeat after me.... Javier MILEI! 3 mistakes in the 5 letter name of the president of the highlight of your story. How pathetic.

[Ampermetras]

Back to gold standard, but he and he's buddy's don't want limited spending.. free markets adjust itself

[kupperbush]

Argentina may have gone worse. Going to its worst doesn't mean the next is up. It can go worse than anyone can imagine

[blackmaster]

ARGENTINA IS THE FUTURE OF AMERICA AND EUROPE.

[Jackthestripper]

Now, instead of dogshit, Argentina's economy is now flaming dogshit.

[fadhlialamsyah]

He have savings in other country. Meanwhile Argentina people die hunger.

[ajax]

Someone get Charles Hoskinson on the phone, nuff said and thank me later.

[Averageblackdaddy]

“How could a country get like this?”
It’s a little thing called socialism. It’s like diet communism.

[Encryptus]

Dolarization is the same process that happened in Europe with the substitution of national currency with the Euro. In my country it did wonders. Why? Because before the government covered the deficits by printing money, which created high inflation and high interest rates. Now, with the Euro, the politicians don't have that option anymore and the economy is more stable. However, they still can go into debt which was what happened with the european sovereign debt crisis. Then the UE established the Financial Pact which says a country can only have a 3% deficit.
Milei has forbbiden overspending as well. So, Argentina is copying the financial backbone of the Euro Zone. It won't be easy but if they do it, they will leave behind most of their economical problems.