Argentina Goes Full-Venezuela – Plans To Regulate Prices, Profits, & Production

Jon Alternative Media, Blogosphere, Economy, Government

Just weeks after defaulting (yet again) on its debt (whether technically or not), and shortly after raising the minimum wage by 31% (to $523 a month) amid runaway inflation, it appears Argentina has gone full-Venezuela. As WSJ reports, the great minds that ‘run’ Argentina have decided to pass legislation (dubbed “the supply law”) letting the government regulate private-sector prices, profit margins and production levels. The opposition is up in arms, “this is absolutely ridiculous. It’s part of a very primitive ideology that says government officials should decide what people should make, how much they should make and how much they should charge,” adding that “we already know exactly what it is like to suffer from these kind of interventionist economic policies,” in Venezuela.

This post was published at Zero Hedge on 09/05/2014.