[ April 24, 2024 ]
Devastating. For decades Chile was a favorite among Wall Street investors. However, with the election of Marxist Gabriel Boric as president, investors are pulling out in droves. Leaving behind a $50 billion hole. The people of Chile are going to pay an enormous price for electing Boric. Someone should ask Bernie Sanders, Elizabeth Warren, the Squad, et al to defend Boric’s policies, since they want to implement his ruinous policies in America.
Rich Investors Pull Out of Chile, Leaving Behind a $50 Billion Hole
Chile, Latin America’s stand-out economy for the better part of 50 years and a darling of Wall Street, is in many ways facing an existential moment.
Story continues below advertisement(Bloomberg) — Chile, Latin America’s stand-out economy for the better part of 50 years and a darling of Wall Street, is in many ways facing an existential moment.Its Milton Friedman-inspired constitution is still intact, for now. But virtually everywhere you look, once sacrosanct pillars of the country’s free-market system — from its private pensions and health care to how much it taxes big business — are under attack following the election of its most leftist leader in decades.
This has had a chilling effect on the moneyed class here.
From the third floor of an expansive glass building in Santiago’s leafy El Golf neighborhood, Juan Ignacio Correa, a partner at multi-family office Avante, recalled how many of his clients used to keep as much as 70% of their wealth in local assets and only 30% abroad, a level unheard of elsewhere in the region and a sign of trust in the country’s economic model. “Today it’s exactly the opposite,” Correa said. “There is a fear of what is happening here.”
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6 Comments
1 year ago
Chile most likely will fall to a communist leadership as well.
1 year ago
These Latin American countries are as stable as a fat man standing on balsa wood. Didn’t Chile learn from dictators like pinnoche and Allende. They go down these evil roads and like Venezuela they fall apart.
1 year ago
Brazil will suffer the same fate, and fall to the Chinese. The US should do something about it – but Biden won’t.
1 year ago
General Augusto Pinochet showed the world how to properly deal with these communists. I pray there is another Pinochet who will once again round them up and take them to the stadium to be properly and finally terminated. It should be noted that an attempt to replace he Pinochet Constitution was soundly defeated a few months ago.
D
1 year ago
I understand that the Bodine Admin sent in “observers” with suitcases of cash during the runoff to make sure the bad guy in office. Anyone else here of that?
