On Thursday, Alberto Fernández spoke from the Olivos residence about the high temperatures and said: “I don’t know what else is going to happen to us Argentines, we had a heat wave that hasn’t been repeated because I don’t know how many years.” President’s word they tried to justify the power cuts, which were massively repeated yesterday, especially in the AMBA.

Is the president seriously surprised by the rise in temperatures? All countries in the world are suffering the consequences of climate change and are investing (sometimes not enough) to contain its harmful effects (including in their energy systems). In this direction, Argentina’s exceptionality is nil.

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In fact, Alberto Fernández himself participated a few months ago in COP 26, the United Nations climate change summit held in Glasgow. It has been the government itself that has focused on this issue, even with resounding failures such as Fernández’s proposal to swap debt for climate action bonds.

So as not to be caught off guard next time, President Fernández should read the report of the Global Risks 2022, that he World Economic Forum Posted last Tuesday. According to this book, the failure of climate action and the occurrence of extreme weather events represent the two greatest long-term concerns of the nearly a thousand world leaders who took part in a survey (indeed, the possibility of a debt crisis appears ninth).

Conclusion: To avoid power cuts, which have been repeated every summer for several years, greater investment and a reorganization of the current energy system will be necessary. There’s no way the weather is helping. Temperatures will even continue to rise, at least for the next five years, as evidenced by the study that the World Meteorological Organization did in 2021, precisely in the run-up to COP 26, in which Alberto Fernández participated with an important delegation.

Nor can the president refer to the pandemic among the exceptional problems affecting Argentines. It is precisely this, a pandemic. With one particularity: due to the level of global interconnection that exists today and the level of contagiousness shown by Covid-19, it is the first that, to a greater or lesser extent, it really affected every country.

Rigorous, Argentina was in a better position than other European nations, because, as the leaders of the government itself or the medical specialists advising them have repeatedly asserted, our country could see in advance what was going to happen by witnessing what was happening on the other side of the Atlantic.

Inflation should not surprise anyone either. It is true that the injection of global liquidity, which began with the last international financial crisis more than ten years ago and deepened precisely to mitigate the effect of quarantines, generates international inflationary pressures the likes of which have not been seen for a long time (The United States posted inflation of 7.0% in 2021, the highest since 1982.)

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But, again, it is a global phenomenon that affects all countries. The inflationary problem in Argentina is more structural and has lasted much longer. In this context, the final balance of the FDT government in 2021 was exceptionally bad: It was the fifth country in the world with the highest inflation (only behind Venezuela, Sudan, Zimbabwe and Suriname).

In fact, the act in which Alberto Fernández declared that he did not know what else was going to happen to us, the Argentines, took place to announce the launch of the new Care Prices program. This program started in 2014 and Since then, inflation has shown a general upward trend., revealing that applied alone it is a totally ineffective tool.

Global inflation may at most generate additional pressure, but it is not the underlying cause of Argentina’s steadily rising prices, a problem that remains despite changes in direction.

With his words, President Fernández shows his parochial and simplistic vision of world problems. Governments around the world are facing the same challenges. In the case of inflation, the president can hardly be surprised, since his government refused to put in place a stabilization plan face its root causes once and for all.

On the contrary, the FDT ended up favoring the high inflation regime, because it allowed it to implement a strong adjustment by liquidating expenditure (adjustment that Cristina referred to in her post PASO epistle).

Are the most important obstacles facing Argentina the same as those facing the world (pandemic and appearance of new strains, extreme temperatures including droughts, inflationary pressures coming from the central countries) or are they the same internal issues that we dragged on for years (decades ago), Like a vicious circle that we can’t break (inflation, debt, budget deficit, lack of investment, economic stagnation, increase in informality).

At this point no one can be surprised that yesterday the power went out at Quinta de Olivos, luckily they have had a generator for some time, apparently someone cautious assumed that might happen.

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