Argentina, Politics, Culture & More
I just got back from my 12-day trip through Argentina, Uruguay, Paraguay and Brazil. Buenos Aires in particular is an absolutely gorgeous city with wonderful museums, architecture and food. They raise a lot of cattle and eat a lot of great steak.
As gorgeous as the cities are, years of government corruption and damaging socialism have really hurt Argentina's economy. Their inflation rate last year was a whopping 130% and experts expect it to be just as high again this year. When we first arrived, exchanging $100 USD got you 1,300 pesos. But by the time we left, that same $100 would net you 10,000 pesos! The money is losing value incredibly rapidly there.
Democratic Congressman Dean Phillips recently announced he is challenging Joe Biden for the 2024 nomination. At 54 years old, Phillips is on the younger side of things. His family owns the Phillips distilling empire, so his personal net worth is estimated around $77 million. That kind of wealth means he can self-fund his campaign and not rely on donors, making him a potentially formidable candidate. However, in my view trying to run as an independent rather than a Democrat means his chances are slim to none.
Pop Culture
On some lighter topics - can you believe music superstar Taylor Swift is now officially a billionaire? With the success of her recent tours and albums, her estimated net worth now tops $1.1 billion! She also recently started dating NFL quarterback Travis Kelce. You better believe that high-profile relationship is boosting his notoriety and jersey sales, even if they haven't publicly confirmed it.
Marie Osmond made headlines by doubling down on her stance to not leave any inheritance for her children. In her mind, handing kids boatloads of cash they didn't earn themselves could ruin them. And you know, I think she has a point. We've all seen examples of trust fund babies being handed more money than they know what to do with, and it rarely ends well. Nothing good comes from spoiled rich kids who never have to work a day in their lives.
The Kremlin raised eyebrows recently by issuing an official statement that Vladimir Putin is still alive and in charge, despite persistent rumors that he is in poor health. Now if Putin were to pass away, it would likely have major implications for the war in Ukraine. There would surely be a massive power struggle within Russia to replace him. Putin's ego drove the invasion of Ukraine, but the resistance has been stronger than expected, hurting Russia's military reputation. If Putin exits the scene, the war could end much sooner.
Moving back home, shoplifting continues to spiral out of control in California due to their lax prosecution policies. Stores in Los Angeles, San Francisco and Oakland are closing locations left and right. When crooks realize they can blatantly steal up to $1000 in merchandise with little consequence, things go downhill fast. It's a real shame what's happening to those cities.
Finally, if you missed it, go back and listen to last week’s interview with Ted Cruz. I was particularly impressed with his stellar academic credentials. He attended Princeton University for undergrad and then Harvard Law, where Professor Alan Dershowitz called Cruz the smartest student he ever taught. That's some high praise. Cruz also clerked for a U.S. Supreme Court Chief Justice, which tells you all you need to know about his intellectual capabilities. Whether you love him or hate him, Cruz is undoubtedly a bright guy.
Until next time!
