Posted on 10/24/2025 4:01:13 PM PDT by E. Pluribus Unum
On the evening of October 6, Argentina’s President Javier Milei performed an arena rock show, thrashing out nine songs in front of 15,000 fans in Buenos Aires to launch his new book, The Construction of a Miracle.
“I want to thank The Forces of Heaven,” roared the libertarian economist, who was once in a Rolling Stones tribute band. “Because victory in battle doesn’t depend on the number of soldiers, but on the forces that come from heaven.”
At exactly the same moment, Milei’s economy minister Luis Caputo was in Washington, appealing for help — not from heaven, but from the US Treasury, as a run on the peso threatened to sweep his “miracle” away.
A shock landslide loss at a regional election and a series of congressional defeats plunged Milei’s pro-business administration into crisis last month. As spooked investors sold off Argentine assets, the authorities burnt through more than $3bn of scarce dollar reserves to prop up the peso. Fears mounted that Milei would be forced to devalue the currency’s controlled exchange rate, threatening Argentina’s hard-won macroeconomic stability just before critical legislative elections on October 26.
But President Donald Trump’s US Treasury stepped in. It sold dollars in Argentina’s currency markets and announced a $20bn swap line with its central bank, staving off an immediate devaluation.
“Trump saved him,” says one prominent chief executive in Argentina, who asked for anonymity in order to discuss Milei freely. “We came very close to all this ending badly . . . because of arrogance, because of weakness in his team.”
Milei’s problems, however, have not disappeared. After a relatively successful first 18 months, in which he tamed severe inflation, balanced the budget and relaxed long-standing currency controls, analysts say recent political and economic mis-steps have badly weakened his government and endangered his free...
(Excerpt) Read more at ft.com ...
Let’s hope he gets his vote of confidence day after tomorrow. We’ll need him to get other governments to follow.
FT is definitely not rooting for him. Globalist trash.
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