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quoting nevent1q…lvna

Milei’s full inauguration speech translated to English.

“Ministers of the court
governors, deputies and national senators
presidents and foreign dignitaries
the Argentinine people
today a new era begins in Argentina
today we put an end to a long and sad history of decadence and decline
we begin the path of reconstruction of our country
Argentines have overwhelmingly expressed a will for change, from which there is no turning back
Today we bury decades of failure, internal fights and meaningless disputes
Disputes that the only thing they have achieved, is destroying our beloved country and leaving us in ruin
Today begins a new era in Argentina, an era of peace and prosperity, an era of growth and progress
200 years ago, a group of Argentine citizens gathered in San Miguel de Tucumán, told the world
that the united provinces of the Río de la Plata were no longer a Spanish colony
and from that historic moment we would be a free and sovereign nation
For decades we faced internal disputes about what should be the institutional form for our country
In 1853, after 40 years of having declared independence
under the auspice of a small group of young idealists
that we know today as the generation of '37
we decided as a people to embrace the idea of Freedom
thus, a liberal constitution was sanctioned
with the objective of ensuring the benefits of Freedom
for us, our posterity and for all men of the world who want to inhabit the Argentinian land
Argentine soil, what came after the sanction of that Constitution, with strong liberal roots
was the most impressive economic expansion in our history
From being a country of barbarians, engaged in an all-out war
we became the first world power
At the beginning of the 20th century, we were the beacon of light of the Western world
Our coasts welcomed with open arms millions of immigrants who were escaping from a devastated Europe in search for progress
Unfortunately, our leadership decided to abandon the model that had made us rich
and they embraced the impoverishing ideas of Collectivism
for more than 100 years politicians have insisted on defending a model that only generates poverty, stagnation and misery
a model that considers that citizens are there to serve Politics and not that Politics, exists to serve the citizens
A model that considers that the task of a politician is to direct the lives of individuals in all possible areas
A model that considers the State as a spoil of war, to be distributed among friends
Gentlemen, that model has failed
it has failed everywhere, but specially, it has failed in our country
just as the fall of the Berlin Wall marked the end of a tragic era for the world, this election has marked the turning point of our history
(Freedom, freedom, freedom)
These days, much has been said about the inheritance that we will receive
Let me be very clear about this
No government has received a worse inheritance than the one we are getting
Kirchnerism, which in its beginnings boasted of having twin surpluses, that is fiscal and external surplus
Today, it leaves us with twin deficits equal to 17 points of our GDP
From those 17 points of our GDP, 15 correspond to the consolidated deficit between the Treasury and the Central Bank
therefore there is no viable solution, that avoids attacking the fiscal deficit
of those 15 points of fiscal deficit, 5 correspond to the national treasury and 10 to the Central Bank
hence, the solution requires on the one hand, fiscal cuts to the national public sector of 5 points of the GDP
unlike the past, it will fall almost entirely on the State and not on the private sector
Chainsaw, Chainsaw, Chainsaw!
On the other hand, it is necessary to liquidate the remunerated liabilities of the Central Bank
they are responsible for those 10 points of deficit
This way, money printing will be put to an end, with it, the only cause of inflation. Empirically true and valid in theoretical terms
however, given that monetary policy acts with a lag that ranges between 18 to 24 months,
even if today we stop printing money, we will continue to pay the costs of the monetary chaos of the outgoing government,
printing 20 points of our GDP, as was done by the outgoing government
Is... not... free... we will pay for it with inflation
Furthermore, the money exchange ban, another inheritance from the outgoing government
Milei, dear, the people are with you
not only constitutes a social and productive nightmare
because it necessitates high interest rates, low level of activity, low level of formal employment and
miserable salaries that drive the increase in poverty and indigence
but also the surplus of money in the economy today is double what it was in the past, prior to the "Rodrigazo" (1975)
to have an idea of ​​what this implies, remember that the Rodrigazo multiplied by six the rate of inflation rate
so a similar event would mean multiplying the inflation rate by 12 times
and given that it is, annualized, at 300%, we could reach a 3600% rate
in turn
be patient, it doesn't end here, the inheritance continues
in turn, given the situation of the remunerated liabilities of the Central Bank
which is worse than that which existed before hyperinflation of Alfonsín (1989)
in a very short time, the amount of money could quadruple
and thereby bring inflation to 15,000% annually
This is the inheritance they left us, a potential inflation of 15,000% annually
which we are going to fight with everything we got, to eradicate it
Yes we can
What's more, this number that seems crazy, I want you to know that it implies a monthly inflation of 52%
while today, private estimates put in the range between 20 and 40% per month
for the months between December and February
The outgoing government has left us with a potential hyperinflation
and it is our highest priority to make all possible efforts to avoid such a catastrophe
that would take poverty above 90% and indigence above 50%
Therefore, there is NO alternative solution to cut spending
On the other hand, the inheritance does not end there
since the imbalances in prices, are only comparable to the disaster left by the Kirchnerists in 2015
As for exchange rates, the official-to-unofficial dollar rate gap, oscillates between 150% and 200%
which is comparable to the one we had during the Rodrigazo
At the same time, the debt with importers exceeds 30,000 million dollars
the profits retained from foreign companies reach 10,000 million dollars
the debt of the Central Bank and YPF totals 25,000 million dollars
and the outstanding treasury debt amounts to about 35,000 dollars
the "bomb", in terms of debt, amounts to 100,000 million dollars
that will have to be added to the nearly 420,000 million dollars of existing debt
naturally, to these problems we must also add the debt maturities of this year
where the maturities in Pesos, are equivalent to 90,000 million dollars
25,000 million dollars in foreign currency, with multilateral credit organizations
However, with financial markets closed
and the agreement with the IMF in bad shape, due to brutal breaches by the outgoing government
the debt rollover is even more challenging, even for the mythical cyclops
as if all this was not enough
this takes place within an Economy with no growth since 2011
in line with that, formal employment in the private sector remains stagnant at 6 million jobs
crazy enough, that is surpassed by 33% by informal employment
so it should not surprise anyone, that real salaries have been destroyed
which is around 300 dollars monthly
which are, not only 6 times lower than those of Convertibility (90's)
but if the trend from years would have continued
or as they said: "The damned Neoliberalism"
today it would oscillate between 3000 and 3500 dollars per month
They have... ruined... our lives...
have made our salaries drop 10 times
Therefore, we shouldn't be surprised that
Populism made 45% of us poor and 10% of us indigents
after this picture of the current state of affairs
that undeniably seems unsurmountable
it must be clear, that there is no possible alternative to cutting spending
There is also is also no room for the discussion between shock and gradualism
First of all, because from an empirical point of view
all the gradualist programs ended badly
while all the shock programs, except the one in 1959, were successful
In second place, because from a theoretical point of view
if a country lacks reputation, as is unfortunately the case with Argentina
businessmen will not invest until they see fiscal adjustment, making it recessive
Thirdly, and not the least important
for gradualism there needs to be financing
and, sadly
I have to tell you again
we... have... no... money...
Therefore, the conclusion is that there is no alternative to cut spending and there is no alternative to shock
Naturally, that will impact negatively on economic activity
employment, real wages, poverty and indigence
There will be stagflation... it is true
but it is not something very different from what happened in the last 12 years
let us remember that in the last 12 years, GDP per capita has fallen 15% in a context where we accumulated 5,000% inflation
therefore, we have been living in stagflation for more than a decade
therefore this is the last sour drink, to start the reconstruction of Argentina
in turn after the macro-level rearrangement that we are going to promote
which will be less painful the greater the fall country's risk premium
and the better our containment from the Ministry of Human Capital
the situation will begin to improve,
that is, there will be light at the end of the road
alternatively
the sentimental progressive proposal, whose only source of financing is money printing
will end in hyperinflation, which will lead the country to the worst crisis in its history
it will also put us in a decadent spiral, that will rival the darkness of Chavez and Maduro's Venezuela
therefore, after such a description of the state of affairs
there can be no doubt that the only possible option is to cut spending
an orderly spending cut process that falls with full force on the State and not the private sector
We know that it will be tough
for that reason, I also want to read to you an outstanding quote
from one of the best presidents in Argentine history, Julio Argentino Roca
"Nothing big, nothing stable and lasting, is conquered in the world when it comes to the freedom of men and the advancement of people...
...if not by supreme efforts and painful sacrifices"
but our challenges, are not only in the economic aspect
The level of deterioration of our country is such, that it spans all spheres of community life
In terms of security, Argentina has become a bloodbath
Criminals walk free, while law-abiding Argentines lock themselves behind bars
Drug trafficking slowly took over our streets
to the point that, one of the most important cities in our country, has been subdued by drug traffickers and violence
our armed forces have been humiliated and mistreated for decades
they have been abandoned by a political class that has turned its back on those who take care of us
the decadence is such, that only 3% of crimes are convicted
Enough with the "go on, go on" for criminals
In the social aspect, we receive a country where half the population is poor
the social fabric is completely broken
more than 20 million Argentines cannot live a dignified life
because they are prisoners of a system, that only generates more poverty
As the great Jesús Huerta de Soto says:
"Anti-poverty plans only generate more poverty"
the only way out of poverty is with more freedom
At the same time, there are 6 million children that tonight, will go to sleep hungry
that walk barefoot on the street and others who fell prey to drugs
The same thing happens when it comes to Education
to give you an idea of the deterioration we are experiencing
only 16% of our children finish school in a timely manner
only... 16... percent...
only... 16... out of every 100...
it means 84% of our children do not finish school in a timely manner
In turn, 70% of the children that finish school cannot solve a basic math problem or understand a text
In fact, in the latest PISA tests Argentina is ranked 66th out of 81
and 7th in Latin America
even though Argentina was the first country to end literacy in the world
if (Domingo Faustino) Sarmiento would came back and saw what they did with Education...
(They did it on purpose!)
(Thieves!)
As far as healthcare goes, the system is completely collapsed
hospitals are destroyed, doctors are paid pittance and Argentines do not have access to basic healthcare
so much so, that during the pandemic, If we Argentines had done things like the average of the countries in the world
we would have had 30,000 deaths
but thanks to the "State takes care of you" and its inefficiency
130,000 Argentines lost their lives
That is the "present" State that politicians talk about so much
an argument they use to justify the huge increase in public spending that only benefits them
in all spheres, wherever you look, the situation in Argentina IS an emergency
if we look at the infrastructure of our country, the situation is the same
only 16% of our roads are paved and only 11% is in good condition
so it is no coincidence, that around 15,000 Argentines die per year in traffic accidents
What I want to illustrate with all this, is that the situation in Argentina is critical and an emergency
we do not have alternatives nor we have time
we have no room for sterile discussions, our country demands action... immediate action
the political class leaves a country on the brink of the deepest crisis in our history
each of them will have to own their share of the responsibility, it is not my job to point fingers at them
we are not looking for, nor do we want the hard decisions that will have to be made in the coming weeks
but unfortunately, they have left us no choice
However, our commitment to the Argentines is unalterable
We are going to make all the necessary decisions, to fix the problem caused by 100 years of waste by the political class
Even though the beginning will be hard
we know that, in the short term, the situation will worsen
but then we see the fruits of our efforts
having created the foundations for solid and sustainable growth over time
We also know that not all is lost. The challenges we have are enormous but also Our ability to overcome them
it won't be easy, 100 years of failure are not undone in a day. But one day, it begins, and today... is... that... day...
Yes, we can!
Today we begin to retrace the path of decline and begin to walk the path of prosperity
We have everything we need to be the country we always dreamt of
we have the resources, we have the people, we have the creativity and much more importantly, we have the resilience to succeed
Roday we once again embrace the ideas of freedom
those ideas that are summarized in the definition of liberalism
of our greatest intellectual, when it comes the ideas of freedom, Professor Alberto Benegas Lynch Jr., that states:
"Liberalism is the irrestrictive respect for the life-long project of others, based on the principle of non-aggression...
...in defense of the right to life, freedom and property...
...whose fundamental institutions are private property and markets, free from State intervention, free competition, division of labor and social cooperation"
In that 47-word sentence, the essence of the new social contract that Argentines chose, is summarized
This new social contract proposes a different country
a country in which the state does not direct our lives but ensure our rights
a country in which "those who do it, then pay for it" (criminals)
a country in which, he who blocks a street, violating the rights of their fellow citizens, does not receive assistance from society
put in other terms, "He who blocks, does not collect"
a country that within the law, allows everything but outside the law, allows nothing
a country that supports those who need it, but
does not allow itself to be extorted by those who use, those who have less, to enrich themselves
in terms of the Argentine political class. I want to tell you that we do not come here to persecute anyone
we do not come here to settle old vendettas (revenges)
or to discuss the distribution of power
our project is not a project of power
our project is a project of a country
We do not ask for blind adherence
but we are not going to tolerate that hypocrisy, dishonesty or the ambition for power, interfere with the change that we Argentines elected
all those political union and business leaders who want to join the New Argentina
we welcome them with open arms
so, it doesn't matter where they come from, it doesn't matter what they have done before
the only thing that matters is where they want to go
those who want to use violence or extortion to block change
We tell them that they are going to meet a President with unwavering convictions
who will use all the resources of the State to advance the changes that our country needs
We will not give up
We will not go back
We will not surrender
we will move forward with the changes that the country needs
because we are sure, that embracing the ideas of freedom is the only way
in which we will be able to get out of the hole in which they have put us
(Let's go!)
(Let's go Javier!)
(Olé, Olé, Olé, Olé, Milei, Milei!)
Therefore, to conclude...
To be very clear, today... begins a new era... in Argentina...
The challenge that lies ahead of us, is colossal, but the true strength of a people is measured in how it faces challenges when they arise
and each time we believe that our ability to overcome those challenges has been reached
we look at the sky and remember that this capacity could as well be unlimited
the challenge is enormous, but we will face it with conviction, we will work tirelessly and we will reach our destination
It is no coincidence that this presidential inauguration occurs during the festival of Hanukkah, the festival of lights
Since it celebrates the true essence of freedom
the war of the Maccabees is the symbol of the triumph of the weak over the powerful
of the few over the many
of light over darkness
and over all things, of truth over lies
because you know that I prefer to tell you an uncomfortable truth, over a comfortable lie
I am convinced that we are going to move forward
I remember when 2 years ago
together with Dr. Villaruel
today, the vicepresident of the nation
we entered this house as deputies
I remember that in an interview they told me:
"but if are just 2 in 257... you won't be able to do anything"
I also remember that that day
I remember that the answer was
a quote from the book of Maccabees 3:19 that says that:
"Victory in battle, does not depend on the number of soldiers but on the forces that come from heaven"
Therefore, God bless the Argentines and may the forces of heaven accompany us in this challenge
Thank you very much, it will be difficult but we are going to succeed!
Long live freedom, dammit!
All stand up, we're getting out of this”