Argentina's financial crash is the first big defeat for Trump's global Maga movement

[elhombresinnombre]

Argentina’s financial crash is the first big defeat for Trump’s global Maga movement

Chainsaw-wielding Javier Milei is no different from previous head-banger South American leaders

Archived here:

https://archive.ph/Wxvbm

 

[Caribbean Cool]

Thank you for posting this. I learned a lot.

 

[sergio]

Will this campaign windfall financed by US taxpayers, many of whom expected a USA First policy even work? So far every massive loan has been no more than a stopgap.

 

[Konner_Long]

I think this is what is frustrating me with this presidency:

"My objection is that the Milei plan does not do what it says on the tin. He has not in fact thrown open the economy to market forces"

It's all a joke. There is no libertarianism. This is Macri capital flight 2.0.
Why was the peso not allowed to float? Why were import/export controls not lifted in a sensible manner to protect the trade and industry here but also encourage foreign investment. How can countries that have less seemingly make this work? I love that the article mentions one big bang because unfortunately this has been a drawn out mess.

Instead, there were just childish chainsaw memes and ruining relationships with trade partners and neighbours.

 

[LuckyLuke]

A lot of items in this article that I don't agree with. Milei is walking a tightrope of conflicting interests.

"His fatal error was to lift import controls before lifting currency controls."

What....? He lifted a lot of currency controls, and surprisingly little import controls. Today you can barely import over $400 tax free and there's a lot of strings attached. Meanwhile, you could buy and sell dollars as you please, export capital, blanqueo's, cero retenciones and so forth.

IMO, Milei's fatal error is the same one as all previous administrations and by extension all Argentines. Obsessing over the value of the dollar while ignoring domestic issues. Milei's pride got in the way of a pragmatic approach to letting the dollar float while helping wean the economy off subsidies and social programs that were aggravating inflation.

The shock and awe rug pull followed by intervention was not only too ambitious but left businesses completely exposed.

 

[elhombresinnombre]

A lot of items in this article that I don't agree with. Milei is walking a tightrope of conflicting interests.

"His fatal error was to lift import controls before lifting currency controls."

What....? He lifted a lot of currency controls, and surprisingly little import controls. Today you can barely import over $400 tax free and there's a lot of strings attached. Meanwhile, you could buy and sell dollars as you please, export capital, blanqueo's, cero retenciones and so forth.

IMO, Milei's fatal error is the same one as all previous administrations and by extension all Argentines. Obsessing over the value of the dollar while ignoring domestic issues. Milei's pride got in the way of a pragmatic approach to letting the dollar float while helping wean the economy off subsidies and social programs that were aggravating inflation.

The shock and awe rug pull followed by intervention was not only too ambitious but left businesses completely exposed.

In my opinion, Evans-Pritchard has something of a track record for making the facts fit his opinions. Never quite as bright as his famous father, EE Evans-Pritchard who contributed to The Heritage Foundation's Mandate for Leadership (a precursor of Project 2025) nevertheless he has dabbled in conspiracy theories such as the Clinton Body Count and ploughed his own furrow in international and economic journalism and sometimes he can even be right! His Wikipedia entry is a good starting point for anybody interested (and so is his father's, come to that).

 

[Alby]

In my opinion, Evans-Pritchard has something of a track record for making the facts fit his opinions. Never quite as bright as his famous father, EE Evans-Pritchard who contributed to The Heritage Foundation's Mandate for Leadership (a precursor of Project 2025) nevertheless he has dabbled in conspiracy theories such as the Clinton Body Count and ploughed his own furrow in international and economic journalism and sometimes he can even be right! His Wikipedia entry is a good starting point for anybody interested (and so is his father's, come to that).

 

[elhombresinnombre]

Heheheh - what a shame that Evans-Pritchard is fictional: he would so have fitted in with the rest of the family.

 

[bigbadwolf]

Don't want to defend Milei, but Evans-Pritchard seems to be clueless about the economic history of Argentina. And Milei's MAGA (Make Argentina Great Again) is destined to come a cropper just as Trump's MAGA will (indeed, is). Slogans cannot contend with underlying reality. US support for Argentina is not altruistic: it is there to bolster the use of the dollar. Argentina is just one of the many holes in the dike that Team Bessent is seeking to plug. The peso is on the ropes but so is the dollar. The underlying problems are deep-seated and structural.

 

[Bajo_cero2]

Don't want to defend Milei, but Evans-Pritchard seems to be clueless about the economic history of Argentina. And Milei's MAGA (Make Argentina Great Again) is destined to come a cropper just as Trump's MAGA will (indeed, is). Slogans cannot contend with underlying reality. US support for Argentina is not altruistic: it is there to bolster the use of the dollar. Argentina is just one of the many holes in the dike that Team Bessent is seeking to plug. The peso is on the ropes but so is the dollar. The underlying problems are deep-seated and structural.

Milei's MAGA is Make America Great Again. His policies only benefit the US farmers.