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Francisco Morales.

@fanmorales

FCE Economist, professor of economic history, economics teacher, Austrian economics, market anarchist, defender of the ideas of liberty.

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Latest posts by Francisco Morales. @fanmorales

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Nueva lectura.

30.01.2026 07:11 👍 2 🔁 1 💬 0 📌 1
Foto: Pinterest

Foto: Pinterest

Entre las páginas de un libro me pierdo, haciendo que la imaginacion vuele y que todo desaparezca por unas horas, haciendo que la mente esté más tranquila.

22.11.2025 19:22 👍 255 🔁 44 💬 4 📌 0

La eficiencia dinámica es creatividad, coordinación, transformación constante.
Milei es lo contrario: estática, soberbia tecnocrática y un modelo mental rígido.
No entiende el proceso. No entiende la teoría.
Sólo la usa para vender espejitos de colores.

21.11.2025 17:42 👍 0 🔁 0 💬 0 📌 0

Así que cuando escuches a Milei decir “eficiencia dinámica”, recordá:
No está hablando como un economista austríaco.
Está leyendo diálogos sueltos, sin contexto, para justificar un proyecto político que nada tiene que ver con el proceso empresarial que Huerta de Soto explica.

21.11.2025 17:42 👍 0 🔁 0 💬 1 📌 0

La eficiencia dinámica exige mercados libres, conducta moral y ausencia de ingeniería política. La cita Milei para parecer “austríaco”, pero todo lo que hace es chamanismo económico adornado con palabras que no comprende.

21.11.2025 17:42 👍 0 🔁 0 💬 1 📌 0

Huerta de Soto incluso vincula la eficiencia dinámica con ética y moral: sin respeto a la propiedad, sin reglas claras y sin libertad real, la creatividad empresarial se destruye.
Justo lo que Milei sabotea cuando mezcla libertarianismo con culto a la personalidad y decretazos.

21.11.2025 17:42 👍 0 🔁 0 💬 1 📌 0

El eje es claro:
➡️ La función empresarial es creativa, no pasiva.
➡️ La eficiencia depende del proceso, no del resultado.
➡️ El mercado coordina porque corrige errores, no porque un político “cree saber” cómo funciona.
Difícil para Milei, que vive enamorado del modelo estático que critica.

21.11.2025 17:42 👍 0 🔁 0 💬 1 📌 0

Mientras la eficiencia estática sólo mira “óptimos”, Huerta de Soto muestra que lo relevante es la capacidad empresarial para coordinar y crear información nueva. La eficiencia surge del mercado en movimiento, no de un tecnócrata con delirio de grandeza… o de motosierra.

21.11.2025 17:42 👍 0 🔁 0 💬 1 📌 0

La eficiencia dinámica parte de algo simple:
La economía no es un equilibrio matemático, sino un proceso vivo donde emprendedores descubren, corrigen y coordinan. Es creatividad, error, ajuste, innovación. Es tiempo real. No un Excel.

21.11.2025 17:42 👍 0 🔁 0 💬 1 📌 0
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La “eficiencia dinámica” de Huerta de Soto no es una frase bonita para vender humo. Es una crítica directa al concepto estático de eficiencia paretiana, ese que supone un mundo congelado donde nada cambia y nadie emprende. Milei lo cita… pero jamás lo entendió

21.11.2025 17:42 👍 4 🔁 0 💬 1 📌 0
Preview
Por qué la gente quiere dinero y por qué a veces deja de quererlo Una explicación sencilla sobre cómo pensamos, decidimos y nos defendemos cuando el dinero pierde valor o cuando el futuro se vuelve incierto

open.substack.com/pub/pichii19...

19.11.2025 23:48 👍 1 🔁 0 💬 0 📌 0
Preview
Ni austríaco ni anarcocapitalista: Milei es el Estado disfrazado de libertad De Rothbard a Rosas: cómo el libertarismo se volvió estatismo con retórica austríaca

open.substack.com/pub/pichii19...

14.11.2025 05:22 👍 1 🔁 0 💬 0 📌 0
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Many who worship Milei today learned nothing about libertarianism.
Libertarianism isn’t about idolizing politicians—it’s about questioning every form of imposed authority.
Hoppe didn’t betray the ideas; he kept them pure.

12.11.2025 05:18 👍 4 🔁 0 💬 0 📌 0
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His detractors rarely read him.
And those who did, understood nothing.
They reduce his work to memes or out-of-context quotes, because facing his intellectual rigor demands more than “feeling free”—it demands thinking.

12.11.2025 05:17 👍 3 🔁 0 💬 0 📌 0
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Hans-Hermann Hoppe is one of the few libertarian thinkers who never traded logical consistency for political opportunism.
While most chase power, Hoppe keeps defending principles.
That’s why they attack him—because truth is always more disturbing than comfortable lies.

12.11.2025 05:16 👍 0 🔁 0 💬 0 📌 0

Markets don’t need swaps — they need monetary freedom.
As long as the Central Bank exists, Argentina will remain trapped in inflation, deficit, and endless debt.
The only real solution is to end the privilege of money creation.

11.11.2025 15:22 👍 1 🔁 0 💬 0 📌 0

From an Austrian perspective, this is another stage in the artificial credit expansion cycle:
more liquidity, more distortion, more dependence on the State.
No economy heals by borrowing to defend a fake exchange rate.

11.11.2025 15:22 👍 1 🔁 0 💬 1 📌 0

The government knew it had already activated the swap long before this announcement.
They just didn’t tell you.
Now they “confirm” it once the damage is done and the narrative is set.

11.11.2025 15:22 👍 0 🔁 0 💬 1 📌 0

This isn’t stabilization — it’s postponement.
No wealth is created, only liabilities replaced.
Debt doesn’t vanish; it just changes hands.
And every time the State intervenes, taxpayers foot the bill.

11.11.2025 15:22 👍 0 🔁 0 💬 1 📌 0

Market estimates say the BCRA used US$ 2.7 billion from the swap to repay the U.S., intervene in the FX market before the elections, and pay IMF dues.
In short: new debt to pay old debt and manipulate the exchange rate.

11.11.2025 15:22 👍 0 🔁 0 💬 1 📌 0

The U.S. Treasury confirmed the activated tranche was US$ 20 billion, saying “the U.S. already made a profit.”
Of course — lending to an insolvent, inflation-driven State always pays well.

11.11.2025 15:22 👍 0 🔁 0 💬 1 📌 0

A currency swap is not an alliance, it’s a loan between central banks.
Argentina receives dollars in exchange for pesos, under interest and collateral.
That means it must be paid back later.

11.11.2025 15:22 👍 0 🔁 0 💬 1 📌 0
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Scott Bessent confirmed that Argentina’s Central Bank already used part of the swap with the U.S.
In plain words: the government borrowed again to cover its monetary and fiscal hole.
The “swap” isn’t free money — it’s hidden debt.

11.11.2025 15:22 👍 1 🔁 0 💬 1 📌 0

Homework 3️⃣: What Has Government Done to Our Money – Rothbard.
Short, clear, and devastating.
If after that you still believe in deficit-driven growth, it’s not ignorance — it’s faith in the State. 🙃

10.11.2025 21:11 👍 2 🔁 0 💬 0 📌 0

Homework 2️⃣: Prices and Production – F.A. Hayek.
You’ll learn how business cycles arise from artificial credit expansion.
That “countercyclical policy” you love always ends in crisis. 💥

10.11.2025 21:11 👍 1 🔁 0 💬 1 📌 0

Homework 1️⃣: Human Action – Ludwig von Mises.
Read the chapter on money and credit.
You’ll see why printing doesn’t create prosperity — just distortion and poverty dressed as “inclusion.” 🧠

10.11.2025 21:11 👍 1 🔁 0 💬 1 📌 0

Want to learn real growth?
Read Menger, Hayek, Mises, Rothbard, or Huerta de Soto.
That’s real monetary theory — explaining how markets coordinate and the State destroys. 📚

10.11.2025 21:11 👍 0 🔁 0 💬 1 📌 0

Perpetual deficit destroys savings, depresses investment, and punishes producers.
There’s no “growth with deficit,” only stagnation with narrative.
No “monetary sovereignty,” only inflationary plunder. 🚨

10.11.2025 21:11 👍 0 🔁 0 💬 1 📌 0

MMT is even worse. It thinks the State can print endlessly if there’s idle capacity.
But inflation isn’t just excess demand — it’s loss of trust in the currency.
And trust, Julia, can’t be printed. 🖨️💣

10.11.2025 21:11 👍 0 🔁 0 💬 1 📌 0

Keynes said “in the long run we’re all dead.”
Well, you killed the long run already. ⚰️
Keynesianism is the religion of eternal spending, where failure is always the market’s fault.

10.11.2025 21:11 👍 0 🔁 0 💬 1 📌 0