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Fernandez: Look bottom left Felix Arvid Ulf Kjellberg Fernandez Hernandez lightning McQueen
Fernandez: Look bottom left Felix Arvid Ulf Kjellberg Fernandez Hernandez lightning McQueen

Look bottom left Felix Arvid Ulf Kjellberg Fernandez Hernandez lightning McQueen

Fernandez: Impressive work, Mr. Fernandez.
Fernandez: Impressive work, Mr. Fernandez.

Impressive work, Mr. Fernandez.

Fernandez: Vieron la conferencia de Fernandez?
Fernandez: Vieron la conferencia de Fernandez?

Vieron la conferencia de Fernandez?

Fernandez: Chick fernandez
Fernandez: Chick fernandez

Chick fernandez

Fernandez: Se filtra imagen de Alberto Fernandez luego de dar su anunció de cuarentena obligatoria
Fernandez: Se filtra imagen de Alberto Fernandez luego de dar su anunció de cuarentena obligatoria

Se filtra imagen de Alberto Fernandez luego de dar su anunció de cuarentena obligatoria

Fernandez: Disculpe comandante Fernández
Fernandez: Disculpe comandante Fernández

Disculpe comandante Fernández

Fernandez: Fernandez solucionando el coronavirus
Fernandez: Fernandez solucionando el coronavirus

Fernandez solucionando el coronavirus

Fernandez: Fernández Larreta
Fernandez: Fernández Larreta

Fernández Larreta

Fernandez: La situación del coronavirus ocasiona una gran pérdida en el país, según explica Alberto Fernandez.
Fernandez: La situación del coronavirus ocasiona una gran pérdida en el país, según explica Alberto Fernandez.

La situación del coronavirus ocasiona una gran pérdida en el país, según explica Alberto Fernandez.

Fernandez: Leaders 13 The Economist November 2nd 2019 Latin America Schadenfreude in the south Economic liberalism is not the cause of the region's discontent versity of Chicago, called for a small state and a big role for citi- zens in providing for their own education and welfare. It has OR DEFENDERS of free markets in Latin America, October was Fa dismal month. In Chile, free-marketeers' favourite econ- omy in the region, protests against a rise in fares on the Santiago evolved-there is, say, more money for poor pupils; but Chileans metro descended into rioting and then became a 1.2m-person still feel underserved by the state. They save for their own pen- march against inequality and inadequate public services. Sebas- sions, but many have not contributed long enough to provide for tián Piñera, the centre-right president, sacked some officials and promised reforms. In Argentina voters booted out the pro-busi- are long. So people pay extra for care. Access to university has ex- ness president, Mauricio Macri, after one term. Instead, they panded, but students graduate with high debts, only to discover elected Alberto Fernández, whose Peronist movement prefers a that the best jobs go to people with family connections. muscular state to vigorous markets (see Americas section). Both countries are rising up against "neoliberal" govern- prices in industries from drugs to poultry. Income inequality is ments, claimed politicians and pundits. Nicolás Maduro, Vene- zuela's socialist dictator, tweeted praise for Argentina's "heroic" people and for Chile's "noble" ones. In this, he speaks for much of the left. His glee is misplaced-because the assump- tions behind it are wrong. Despite its flaws, Chile is a success story. Its income per person is the second-highest in Latin America and close to that of Portugal and Greece. Since the end of a brutal dictatorship in 1990 Chile's poverty rate has dropped from 40% to less than 10%. Infla- tion is consistently low and public finances are well managed. Argentina is a failure, but not for the reasons Mr Maduro ima- need to crack down on oligopolies. Chileans need cheapet, swift- gines. Its economy is in recession, inflation is over 50% and the poverty rate is over 35%. This was not caused by Mr Macri's "neo- nearly half of revenues-and VAT, though efficient, is regressive, liberalism". Inheriting an economic mess in 2015, he made mis- takes of tactics and timing, among them hesitation in cutting the fiscal deficit. But the underlying problems stem from decades of tougher task. He will have to renegotiate debt (yet again), main- mismanagement, largely by Peronist governments, which have led to repeated defaults, currency crises and high inflation. AI- most twice as rich as Chile in the 1970s, Argentina is now poorer. It would benefit from becoming more like its liberal neighbour. This is no argument for complacency in Chile. The Chilean private sector. While Mr Piñera fixes the Chilean model, Mr Fer- model, drawn up in the 1970s by economists trained at the Uni- a tolerable retirement. Waiting times in the public health service Chile undertaxes the rich. Oligopolies have colluded to fix lower than the regional average, but it is high by rich-country standards. More than a quarter of workers are in informal jobs. Even middle-class Chilcans live in cramped housing. Behind the fare-rise rebellion lies a pervasive sense of unfairness. With healthy public finances, Chile can af- ford to deal with these grievances. Mr Piñera plans to spend more on pensions. He seeks to speed up the passage of a scheme to cover cata- strophic illness. He will create a new top in- come-tax bracket of 40%, five points higher than the current rate. Reform needs to go further. Trust-busters er health care and better schools. The tax system relies on vAT for so the state should take less or redistribute more. Mr Fernández, facing an economic crisis in Argentina, has a tain a tight fiscal policy and restore confidence in the peso. He cannot ease the pain by ramping up public spending. It is already more than 40% of GDP, compared with 25% in Chile. In the long run, Argentina will need a smaller state and a more competitive nández would do well to emulate it. The money markets Do the right thing The Fed must fix the jittery repo market-but not by cutting corners OST PEOPLE have-mercifully-not had to think about the money markets since the financial crisis, when obscurities such as LIBOR briefly became part of the discussion. It is time once again to pay a bit more attention because New York's "repo" market is not working as it should. Every day more than $itrn is borrowed and lent by financial firms through repos, which in- volve posting Treasury securities as collateral. The interest rate that borrowers pay ripples through the global financial system. Hence, if the repo market malfunctions, it matters. That is what happened in September, when rates briefly spiked as high as 10%; they should be much closer to the Federal Reserve's target interest rate, which this week was cut to 1.5-1.75% (see United States section). The surge indicated that some finan- cial firms did not have enough cash and were scrambling to get hold of more. Although repo rates have eased back since then, the underlying problem has still not gone away. The cash shortage has three causes (see Finance section). As the Fed has reversed its policy of buying long-term bonds, known as quantitative easing (QE), cash has been sucked out of the system. Also, the underlying demand for cash from financial firms and their clients is rising. That reflects a growing economy and lumpy factors such as a cluster of large tax bills. Higher de- s The Economist: the failure of two Latin American countries has nothing to do with their current Neo-Liberal regimes
Fernandez: Leaders 13
 The Economist November 2nd 2019
 Latin America
 Schadenfreude in the south
 Economic liberalism is not the cause of the region's discontent
 versity of Chicago, called for a small state and a big role for citi-
 zens in providing for their own education and welfare. It has
 OR DEFENDERS of free markets in Latin America, October was
 Fa dismal month. In Chile, free-marketeers' favourite econ-
 omy in the region, protests against a rise in fares on the Santiago evolved-there is, say, more money for poor pupils; but Chileans
 metro descended into rioting and then became a 1.2m-person still feel underserved by the state. They save for their own pen-
 march against inequality and inadequate public services. Sebas- sions, but many have not contributed long enough to provide for
 tián Piñera, the centre-right president, sacked some officials and
 promised reforms. In Argentina voters booted out the pro-busi- are long. So people pay extra for care. Access to university has ex-
 ness president, Mauricio Macri, after one term. Instead, they panded, but students graduate with high debts, only to discover
 elected Alberto Fernández, whose Peronist movement prefers a that the best jobs go to people with family connections.
 muscular state to vigorous markets (see Americas section).
 Both countries are rising up against "neoliberal" govern- prices in industries from drugs to poultry. Income inequality is
 ments, claimed politicians and pundits. Nicolás Maduro, Vene-
 zuela's socialist dictator, tweeted praise for Argentina's "heroic"
 people and for Chile's "noble" ones. In this, he
 speaks for much of the left.
 His glee is misplaced-because the assump-
 tions behind it are wrong. Despite its flaws,
 Chile is a success story. Its income per person is
 the second-highest in Latin America and close
 to that of Portugal and Greece. Since the end of a
 brutal dictatorship in 1990 Chile's poverty rate
 has dropped from 40% to less than 10%. Infla-
 tion is consistently low and public finances are well managed.
 Argentina is a failure, but not for the reasons Mr Maduro ima- need to crack down on oligopolies. Chileans need cheapet, swift-
 gines. Its economy is in recession, inflation is over 50% and the
 poverty rate is over 35%. This was not caused by Mr Macri's "neo- nearly half of revenues-and VAT, though efficient, is regressive,
 liberalism". Inheriting an economic mess in 2015, he made mis-
 takes of tactics and timing, among them hesitation in cutting the
 fiscal deficit. But the underlying problems stem from decades of tougher task. He will have to renegotiate debt (yet again), main-
 mismanagement, largely by Peronist governments, which have
 led to repeated defaults, currency crises and high inflation. AI-
 most twice as rich as Chile in the 1970s, Argentina is now poorer.
 It would benefit from becoming more like its liberal neighbour.
 This is no argument for complacency in Chile. The Chilean private sector. While Mr Piñera fixes the Chilean model, Mr Fer-
 model, drawn up in the 1970s by economists trained at the Uni-
 a tolerable retirement. Waiting times in the public health service
 Chile undertaxes the rich. Oligopolies have colluded to fix
 lower than the regional average, but it is high by rich-country
 standards. More than a quarter of workers are in informal jobs.
 Even middle-class Chilcans live in cramped
 housing. Behind the fare-rise rebellion lies a
 pervasive sense of unfairness.
 With healthy public finances, Chile can af-
 ford to deal with these grievances. Mr Piñera
 plans to spend more on pensions. He seeks to
 speed up the passage of a scheme to cover cata-
 strophic illness. He will create a new top in-
 come-tax bracket of 40%, five points higher
 than the current rate. Reform needs to go further. Trust-busters
 er health care and better schools. The tax system relies on vAT for
 so the state should take less or redistribute more.
 Mr Fernández, facing an economic crisis in Argentina, has a
 tain a tight fiscal policy and restore confidence in the peso. He
 cannot ease the pain by ramping up public spending. It is already
 more than 40% of GDP, compared with 25% in Chile. In the long
 run, Argentina will need a smaller state and a more competitive
 nández would do well to emulate it.
 The money markets
 Do the right thing
 The Fed must fix the jittery repo market-but not by cutting corners
 OST PEOPLE have-mercifully-not had to think about the
 money markets since the financial crisis, when obscurities
 such as LIBOR briefly became part of the discussion. It is time
 once again to pay a bit more attention because New York's "repo"
 market is not working as it should. Every day more than $itrn is
 borrowed and lent by financial firms through repos, which in-
 volve posting Treasury securities as collateral. The interest rate
 that borrowers pay ripples through the global financial system.
 Hence, if the repo market malfunctions, it matters.
 That is what happened in September, when rates briefly
 spiked as high as 10%; they should be much closer to the Federal
 Reserve's target interest rate, which this week was cut to 1.5-1.75%
 (see United States section). The surge indicated that some finan-
 cial firms did not have enough cash and were scrambling to get
 hold of more. Although repo rates have eased back since then,
 the underlying problem has still not gone away.
 The cash shortage has three causes (see Finance section). As
 the Fed has reversed its policy of buying long-term bonds,
 known as quantitative easing (QE), cash has been sucked out of
 the system. Also, the underlying demand for cash from financial
 firms and their clients is rising. That reflects a growing economy
 and lumpy factors such as a cluster of large tax bills. Higher de- s
The Economist: the failure of two Latin American countries has nothing to do with their current Neo-Liberal regimes

The Economist: the failure of two Latin American countries has nothing to do with their current Neo-Liberal regimes

Fernandez: The President of Argentina Alberto Fernandez giving an exam at Buenos Aires Public University
Fernandez: The President of Argentina Alberto Fernandez giving an exam at Buenos Aires Public University

The President of Argentina Alberto Fernandez giving an exam at Buenos Aires Public University

Fernandez: From left to right: Alberto Fernández (new Argentina's president), Mauricio Macri (former president of Argentina) and Cristina Fernández de Kirchner (Argentina's vice president)
Fernandez: From left to right: Alberto Fernández (new Argentina's president), Mauricio Macri (former president of Argentina) and Cristina Fernández de Kirchner (Argentina's vice president)

From left to right: Alberto Fernández (new Argentina's president), Mauricio Macri (former president of Argentina) and Cristina Fernández...