Milei’s full inauguration speech translated to English.

“Ministers of the court

governors, deputies and national senators

presidents and foreign dignitaries

the Argentinine people

today a new era begins in Argentina

today we put an end to a long and sad history of decadence and decline

we begin the path of reconstruction of our country

Argentines have overwhelmingly expressed a will for change, from which there is no turning back

Today we bury decades of failure, internal fights and meaningless disputes

Disputes that the only thing they have achieved, is destroying our beloved country and leaving us in ruin

Today begins a new era in Argentina, an era of peace and prosperity, an era of growth and progress

200 years ago, a group of Argentine citizens gathered in San Miguel de Tucumán, told the world

that the united provinces of the Río de la Plata were no longer a Spanish colony

and from that historic moment we would be a free and sovereign nation

For decades we faced internal disputes about what should be the institutional form for our country

In 1853, after 40 years of having declared independence

under the auspice of a small group of young idealists

that we know today as the generation of '37

we decided as a people to embrace the idea of Freedom

thus, a liberal constitution was sanctioned

with the objective of ensuring the benefits of Freedom

for us, our posterity and for all men of the world who want to inhabit the Argentinian land

Argentine soil, what came after the sanction of that Constitution, with strong liberal roots

was the most impressive economic expansion in our history

From being a country of barbarians, engaged in an all-out war

we became the first world power

At the beginning of the 20th century, we were the beacon of light of the Western world

Our coasts welcomed with open arms millions of immigrants who were escaping from a devastated Europe in search for progress

Unfortunately, our leadership decided to abandon the model that had made us rich

and they embraced the impoverishing ideas of Collectivism

for more than 100 years politicians have insisted on defending a model that only generates poverty, stagnation and misery

a model that considers that citizens are there to serve Politics and not that Politics, exists to serve the citizens

A model that considers that the task of a politician is to direct the lives of individuals in all possible areas

A model that considers the State as a spoil of war, to be distributed among friends

Gentlemen, that model has failed

it has failed everywhere, but specially, it has failed in our country

just as the fall of the Berlin Wall marked the end of a tragic era for the world, this election has marked the turning point of our history

(Freedom, freedom, freedom)

These days, much has been said about the inheritance that we will receive

Let me be very clear about this

No government has received a worse inheritance than the one we are getting

Kirchnerism, which in its beginnings boasted of having twin surpluses, that is fiscal and external surplus

Today, it leaves us with twin deficits equal to 17 points of our GDP

From those 17 points of our GDP, 15 correspond to the consolidated deficit between the Treasury and the Central Bank

therefore there is no viable solution, that avoids attacking the fiscal deficit

of those 15 points of fiscal deficit, 5 correspond to the national treasury and 10 to the Central Bank

hence, the solution requires on the one hand, fiscal cuts to the national public sector of 5 points of the GDP

unlike the past, it will fall almost entirely on the State and not on the private sector

Chainsaw, Chainsaw, Chainsaw!

On the other hand, it is necessary to liquidate the remunerated liabilities of the Central Bank

they are responsible for those 10 points of deficit

This way, money printing will be put to an end, with it, the only cause of inflation. Empirically true and valid in theoretical terms

however, given that monetary policy acts with a lag that ranges between 18 to 24 months,

even if today we stop printing money, we will continue to pay the costs of the monetary chaos of the outgoing government,

printing 20 points of our GDP, as was done by the outgoing government

Is... not... free... we will pay for it with inflation

Furthermore, the money exchange ban, another inheritance from the outgoing government

Milei, dear, the people are with you

not only constitutes a social and productive nightmare

because it necessitates high interest rates, low level of activity, low level of formal employment and

miserable salaries that drive the increase in poverty and indigence

but also the surplus of money in the economy today is double what it was in the past, prior to the "Rodrigazo" (1975)

to have an idea of ​​what this implies, remember that the Rodrigazo multiplied by six the rate of inflation rate

so a similar event would mean multiplying the inflation rate by 12 times

and given that it is, annualized, at 300%, we could reach a 3600% rate

in turn

be patient, it doesn't end here, the inheritance continues

in turn, given the situation of the remunerated liabilities of the Central Bank

which is worse than that which existed before hyperinflation of Alfonsín (1989)

in a very short time, the amount of money could quadruple

and thereby bring inflation to 15,000% annually

This is the inheritance they left us, a potential inflation of 15,000% annually

which we are going to fight with everything we got, to eradicate it

Yes we can

What's more, this number that seems crazy, I want you to know that it implies a monthly inflation of 52%

while today, private estimates put in the range between 20 and 40% per month

for the months between December and February

The outgoing government has left us with a potential hyperinflation

and it is our highest priority to make all possible efforts to avoid such a catastrophe

that would take poverty above 90% and indigence above 50%

Therefore, there is NO alternative solution to cut spending

On the other hand, the inheritance does not end there

since the imbalances in prices, are only comparable to the disaster left by the Kirchnerists in 2015

As for exchange rates, the official-to-unofficial dollar rate gap, oscillates between 150% and 200%

which is comparable to the one we had during the Rodrigazo

At the same time, the debt with importers exceeds 30,000 million dollars

the profits retained from foreign companies reach 10,000 million dollars

the debt of the Central Bank and YPF totals 25,000 million dollars

and the outstanding treasury debt amounts to about 35,000 dollars

the "bomb", in terms of debt, amounts to 100,000 million dollars

that will have to be added to the nearly 420,000 million dollars of existing debt

naturally, to these problems we must also add the debt maturities of this year

where the maturities in Pesos, are equivalent to 90,000 million dollars

25,000 million dollars in foreign currency, with multilateral credit organizations

However, with financial markets closed

and the agreement with the IMF in bad shape, due to brutal breaches by the outgoing government

the debt rollover is even more challenging, even for the mythical cyclops

as if all this was not enough

this takes place within an Economy with no growth since 2011

in line with that, formal employment in the private sector remains stagnant at 6 million jobs

crazy enough, that is surpassed by 33% by informal employment

so it should not surprise anyone, that real salaries have been destroyed

which is around 300 dollars monthly

which are, not only 6 times lower than those of Convertibility (90's)

but if the trend from years would have continued

or as they said: "The damned Neoliberalism"

today it would oscillate between 3000 and 3500 dollars per month

They have... ruined... our lives...

have made our salaries drop 10 times

Therefore, we shouldn't be surprised that

Populism made 45% of us poor and 10% of us indigents

after this picture of the current state of affairs

that undeniably seems unsurmountable

it must be clear, that there is no possible alternative to cutting spending

There is also is also no room for the discussion between shock and gradualism

First of all, because from an empirical point of view

all the gradualist programs ended badly

while all the shock programs, except the one in 1959, were successful

In second place, because from a theoretical point of view

if a country lacks reputation, as is unfortunately the case with Argentina

businessmen will not invest until they see fiscal adjustment, making it recessive

Thirdly, and not the least important

for gradualism there needs to be financing

and, sadly

I have to tell you again

we... have... no... money...

Therefore, the conclusion is that there is no alternative to cut spending and there is no alternative to shock

Naturally, that will impact negatively on economic activity

employment, real wages, poverty and indigence

There will be stagflation... it is true

but it is not something very different from what happened in the last 12 years

let us remember that in the last 12 years, GDP per capita has fallen 15% in a context where we accumulated 5,000% inflation

therefore, we have been living in stagflation for more than a decade

therefore this is the last sour drink, to start the reconstruction of Argentina

in turn after the macro-level rearrangement that we are going to promote

which will be less painful the greater the fall country's risk premium

and the better our containment from the Ministry of Human Capital

the situation will begin to improve,

that is, there will be light at the end of the road

alternatively

the sentimental progressive proposal, whose only source of financing is money printing

will end in hyperinflation, which will lead the country to the worst crisis in its history

it will also put us in a decadent spiral, that will rival the darkness of Chavez and Maduro's Venezuela

therefore, after such a description of the state of affairs

there can be no doubt that the only possible option is to cut spending

an orderly spending cut process that falls with full force on the State and not the private sector

We know that it will be tough

for that reason, I also want to read to you an outstanding quote

from one of the best presidents in Argentine history, Julio Argentino Roca

"Nothing big, nothing stable and lasting, is conquered in the world when it comes to the freedom of men and the advancement of people...

...if not by supreme efforts and painful sacrifices"

but our challenges, are not only in the economic aspect

The level of deterioration of our country is such, that it spans all spheres of community life

In terms of security, Argentina has become a bloodbath

Criminals walk free, while law-abiding Argentines lock themselves behind bars

Drug trafficking slowly took over our streets

to the point that, one of the most important cities in our country, has been subdued by drug traffickers and violence

our armed forces have been humiliated and mistreated for decades

they have been abandoned by a political class that has turned its back on those who take care of us

the decadence is such, that only 3% of crimes are convicted

Enough with the "go on, go on" for criminals

In the social aspect, we receive a country where half the population is poor

the social fabric is completely broken

more than 20 million Argentines cannot live a dignified life

because they are prisoners of a system, that only generates more poverty

As the great Jesús Huerta de Soto says:

"Anti-poverty plans only generate more poverty"

the only way out of poverty is with more freedom

At the same time, there are 6 million children that tonight, will go to sleep hungry

that walk barefoot on the street and others who fell prey to drugs

The same thing happens when it comes to Education

to give you an idea of the deterioration we are experiencing

only 16% of our children finish school in a timely manner

only... 16... percent...

only... 16... out of every 100...

it means 84% of our children do not finish school in a timely manner

In turn, 70% of the children that finish school cannot solve a basic math problem or understand a text

In fact, in the latest PISA tests Argentina is ranked 66th out of 81

and 7th in Latin America

even though Argentina was the first country to end literacy in the world

if (Domingo Faustino) Sarmiento would came back and saw what they did with Education...

(They did it on purpose!)

(Thieves!)

As far as healthcare goes, the system is completely collapsed

hospitals are destroyed, doctors are paid pittance and Argentines do not have access to basic healthcare

so much so, that during the pandemic, If we Argentines had done things like the average of the countries in the world

we would have had 30,000 deaths

but thanks to the "State takes care of you" and its inefficiency

130,000 Argentines lost their lives

That is the "present" State that politicians talk about so much

an argument they use to justify the huge increase in public spending that only benefits them

in all spheres, wherever you look, the situation in Argentina IS an emergency

if we look at the infrastructure of our country, the situation is the same

only 16% of our roads are paved and only 11% is in good condition

so it is no coincidence, that around 15,000 Argentines die per year in traffic accidents

What I want to illustrate with all this, is that the situation in Argentina is critical and an emergency

we do not have alternatives nor we have time

we have no room for sterile discussions, our country demands action... immediate action

the political class leaves a country on the brink of the deepest crisis in our history

each of them will have to own their share of the responsibility, it is not my job to point fingers at them

we are not looking for, nor do we want the hard decisions that will have to be made in the coming weeks

but unfortunately, they have left us no choice

However, our commitment to the Argentines is unalterable

We are going to make all the necessary decisions, to fix the problem caused by 100 years of waste by the political class

Even though the beginning will be hard

we know that, in the short term, the situation will worsen

but then we see the fruits of our efforts

having created the foundations for solid and sustainable growth over time

We also know that not all is lost. The challenges we have are enormous but also Our ability to overcome them

it won't be easy, 100 years of failure are not undone in a day. But one day, it begins, and today... is... that... day...

Yes, we can!

Today we begin to retrace the path of decline and begin to walk the path of prosperity

We have everything we need to be the country we always dreamt of

we have the resources, we have the people, we have the creativity and much more importantly, we have the resilience to succeed

Roday we once again embrace the ideas of freedom

those ideas that are summarized in the definition of liberalism

of our greatest intellectual, when it comes the ideas of freedom, Professor Alberto Benegas Lynch Jr., that states:

"Liberalism is the irrestrictive respect for the life-long project of others, based on the principle of non-aggression...

...in defense of the right to life, freedom and property...

...whose fundamental institutions are private property and markets, free from State intervention, free competition, division of labor and social cooperation"

In that 47-word sentence, the essence of the new social contract that Argentines chose, is summarized

This new social contract proposes a different country

a country in which the state does not direct our lives but ensure our rights

a country in which "those who do it, then pay for it" (criminals)

a country in which, he who blocks a street, violating the rights of their fellow citizens, does not receive assistance from society

put in other terms, "He who blocks, does not collect"

a country that within the law, allows everything but outside the law, allows nothing

a country that supports those who need it, but

does not allow itself to be extorted by those who use, those who have less, to enrich themselves

in terms of the Argentine political class. I want to tell you that we do not come here to persecute anyone

we do not come here to settle old vendettas (revenges)

or to discuss the distribution of power

our project is not a project of power

our project is a project of a country

We do not ask for blind adherence

but we are not going to tolerate that hypocrisy, dishonesty or the ambition for power, interfere with the change that we Argentines elected

all those political union and business leaders who want to join the New Argentina

we welcome them with open arms

so, it doesn't matter where they come from, it doesn't matter what they have done before

the only thing that matters is where they want to go

those who want to use violence or extortion to block change

We tell them that they are going to meet a President with unwavering convictions

who will use all the resources of the State to advance the changes that our country needs

We will not give up

We will not go back

We will not surrender

we will move forward with the changes that the country needs

because we are sure, that embracing the ideas of freedom is the only way

in which we will be able to get out of the hole in which they have put us

(Let's go!)

(Let's go Javier!)

(Olé, Olé, Olé, Olé, Milei, Milei!)

Therefore, to conclude...

To be very clear, today... begins a new era... in Argentina...

The challenge that lies ahead of us, is colossal, but the true strength of a people is measured in how it faces challenges when they arise

and each time we believe that our ability to overcome those challenges has been reached

we look at the sky and remember that this capacity could as well be unlimited

the challenge is enormous, but we will face it with conviction, we will work tirelessly and we will reach our destination

It is no coincidence that this presidential inauguration occurs during the festival of Hanukkah, the festival of lights

Since it celebrates the true essence of freedom

the war of the Maccabees is the symbol of the triumph of the weak over the powerful

of the few over the many

of light over darkness

and over all things, of truth over lies

because you know that I prefer to tell you an uncomfortable truth, over a comfortable lie

I am convinced that we are going to move forward

I remember when 2 years ago

together with Dr. Villaruel

today, the vicepresident of the nation

we entered this house as deputies

I remember that in an interview they told me:

"but if are just 2 in 257... you won't be able to do anything"

I also remember that that day

I remember that the answer was

a quote from the book of Maccabees 3:19 that says that:

"Victory in battle, does not depend on the number of soldiers but on the forces that come from heaven"

Therefore, God bless the Argentines and may the forces of heaven accompany us in this challenge

Thank you very much, it will be difficult but we are going to succeed!

Long live freedom, dammit!

All stand up, we're getting out of this”