
Making Sense of Argentina: Inflation, Milei, Macro with Sebastian Bensusan
12/27/23 • 75 min
For this episode, Noah Smith and Erik Torenberg are joined by Sebastian Bensusan, an Argentinian engineer, to discuss Argentina's unique inflation problem, its agricultural and mining sectors, dollarization, voting patterns, and more. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout.
-
RECOMMENDED PODCAST: History 102 with WhatifAltHist
Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.
Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm
Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913
YouTube: https://www.youtube.com/@History102-qg5oj
-
Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity
- Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks
- Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822
- Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv
--
We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.
--
Sponsors: GIVEWELL | NETSUITE
Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout.
NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist.
--
Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co
--
LINKS:
Sebastian Bensusan's blog: https://blog.sbensu.com/
Noahpinion on Substack: https://www.noahpinion.blog/
Noah Smith, "Argentina's macroeconomic situation is even worse up close" on Substack: https://www.noahpinion.blog/p/argentinas-macroeconomic-situation
--
X / TWITTER:
@noahpinion (Noah)
@sebasbensu (Sebastian)
@eriktorenberg (Erik)
--
TIMESTAMPS:
(00:55) Episode Preview
(03:25) Argentina's Economy & Industries
(09:00) Lack of Development State
(15:45) SPONSOR: GIVEWELL
(28:20) Hyperinflation & Dollarization
For this episode, Noah Smith and Erik Torenberg are joined by Sebastian Bensusan, an Argentinian engineer, to discuss Argentina's unique inflation problem, its agricultural and mining sectors, dollarization, voting patterns, and more. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout.
-
RECOMMENDED PODCAST: History 102 with WhatifAltHist
Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.
Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm
Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913
YouTube: https://www.youtube.com/@History102-qg5oj
-
Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity
- Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks
- Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822
- Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv
--
We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.
--
Sponsors: GIVEWELL | NETSUITE
Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout.
NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist.
--
Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co
--
LINKS:
Sebastian Bensusan's blog: https://blog.sbensu.com/
Noahpinion on Substack: https://www.noahpinion.blog/
Noah Smith, "Argentina's macroeconomic situation is even worse up close" on Substack: https://www.noahpinion.blog/p/argentinas-macroeconomic-situation
--
X / TWITTER:
@noahpinion (Noah)
@sebasbensu (Sebastian)
@eriktorenberg (Erik)
--
TIMESTAMPS:
(00:55) Episode Preview
(03:25) Argentina's Economy & Industries
(09:00) Lack of Development State
(15:45) SPONSOR: GIVEWELL
(28:20) Hyperinflation & Dollarization
Previous Episode

The Truth About Inflation
Noah Smith and Erik Torenberg explore the factors contributing to rising grocery prices and the impact of inflation on consumer sentiment, as well as debunking misconceptions about inflation. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout.
-
RECOMMENDED PODCAST: History 102 with WhatifAltHist
Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.
Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm
Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913
YouTube: https://www.youtube.com/@History102-qg5oj
-
Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity
- Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks
- Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822
- Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv
_
We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.
--
Sponsors: GIVEWELL | NETSUITE
Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout.
NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist.
--
Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co
–
LINKS:
Noahpinion on Substack: https://www.noahpinion.blog/
Noah Smith, "Why are your groceries still so expensive?" on Substack: https://www.noahpinion.blog/p/why-are-your-groceries-still-so-expensive
–
X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
–
TIMESTAMPS:
(00:58) Episode preview
(03:00) The impact of inflation on consumer sentiment
(07:08) Factors of inflation
(13:52) The role of rent and monopoly power
(15:26) SPONSOR: GIVEWELL
(20:33) Wages and immigration impacting grocery prices
(24:47) Grocery prices and supply chain snarls
(25:52) SPONSOR: NETSUITE
(27:15) Causes of inflation and deflation
(31:04) Impact of aggregat...
Next Episode

Trump/Biden, Russia/Ukraine, Israel/Palestine, and US/China w/ Dan Romero
This week Dan Romero joins Noah Smith and Erik Torenberg to discuss the overuse of the term “fascism,” what has led to the capabilities of China and the U.S., and much more. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout.
-
RECOMMENDED PODCAST: History 102 with WhatifAltHist
Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.
Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm
Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913
YouTube: https://www.youtube.com/@History102-qg5oj
-
Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity
- Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks
- Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822
- Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv
_
We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.
--
Sponsors: GIVEWELL | NETSUITE
Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout.
NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist.
--
Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co
–
LINKS:
Noahpinion on Substack: https://www.noahpinion.blog/
–
X / TWITTER:
@dwr (Dan)
@eriktorenberg (Erik)
@noahpinion (Noah)
@Econ102_Podcast (Econ 102)
@moz_podcast (Moment of Zen)
@TurpentineMedia
–
TIMESTAMPS:
(00:00) The word 'Fascist'
(08:40) Economic transformation in China
(13:04) SPONSOR: GIVEWELL
(16:10) Impacts of Trump's policies
(19:07) The renegotiation of NAFTA
(23:51) United States' withdrawal from the Middle East
(27:22) SPONSORS: NETSUITE & MASTERCLASS
(30:05) Asia & US foreign policy
(41:46) The importance of focusing on Asia
(48:20) U.S. production during World War II
(50:14) China's production capabilities
(51:26) Elon Musk & Henry Ford
(54:09) Private markets for defense technology
(55:38) Political unity & seriousness in war
(58:57) US military budget and production
(59:56) Industrial production in W...
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