Argentina Finally Did Something Right

Argentina may have finally done something right.

Last week, the chronically mismanaged country elected a new anarcho-capitalist president, Javier Milei. As I mention in today’s Global Macro Update interview, Milei is a pretty weird guy. He’s known for hoisting up a chainsaw at political rallies as a symbol of the cuts he plans to make to Argentina’s bloated bureaucracy and extreme easy money policies.

… to visit Argentina, and when you travel into the countryside, you’re struck by a gnawing sense that it should be one of the wealthiest countries in the world. And a century ago it was.

Then, starting in the 1940s, Juan Perón and his predecessors began wiping out much of that wealth through misguided socialist policies, including nationalizing railroads and other critical operations. Decades of military, political, and economic turmoil followed, including an extreme economic depression running from 1998 to 2002 when over half the country lived below the poverty line.

Today, the economic situation remains pretty miserable. Here in the US, the price of eggs and gas continues to aggravate consumers. But it’s nothing compared to an inflation rate topping 142%.

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