The dollar 'rises downward' and makes fools of the econochantas

In a move that few expected, although it had been anticipated by the Government of Javier Milei, the official dollar keeps dropping and is now practically at the same values it had before the lifting of the currency controls.

This Monday, April 21, the rate at Banco Nación was $1,110 for sale, just 2 pesos above the $1,108 it marked before the opening of the exchange market.

Far from the catastrophic forecasts that circulated for weeks, both from political and media sectors, the US currency began a downward trend that surprised everyone. Last Monday, the official dollar had reached a peak of $1,233, but since then it accumulated a drop of $123, thus deflating the expectations of a supposed "devaluation" that some "econochantas" and professional commentators were stirring up.

The Minister of Economy, Luis "Toto" Caputo, was one of the first to celebrate this drop and criticize the baboons who tried to destabilize the economic plan. Through his account on the social network X, he wrote: "Dollar at 1065 at this moment, below the official dollar, prior to the lifting of the currency controls", and added: "Once again, we did what we said we were going to do, and what we said was going to happen happened".

Regarding the delusional forecasts made by economists from numerous political sectors, who claimed the existence of a strong "devaluation", Caputo confronted them: "One would expect a flood of colleagues and journalists apologizing for telling people that we had devalued, but it surely won't happen".

The reference was not accidental. For weeks, different analysts and self-proclaimed experts predicted an unprecedented currency run, with a dollar that, according to them, was going to shoot up to $1,400 or more. However, reality slapped them in the face: the combination of fiscal discipline, financial surplus, and zero issuance ended up generating the opposite effect.

Meanwhile, it is in this context where the nickname that President Milei himself popularized appears: the "econochantas". This is how he describes those economists who, more interested in instilling fear or defending particular interests, predicted what never happened.

But it wasn't just the economists. Numerous "specialized" journalists were also caught offside, multiplying catastrophic analyses that today, with the numbers on the table, crumble. The informal market also reflected this trend: the blue dollar dropped to $1,155, accumulating a drop of over $200 in recent days.

Today, the successful economic plan of Milei's Government demonstrated that the dollar not only didn't explode, but "goes up to go down", as they ironically say from the government. And those who anticipated the apocalypse, were ridiculed once again.