ClaytonB
Member
- Joined
- Oct 30, 2011
- Messages
- 10,801
I'll believe it when I see it
My expectation-level is so small it is indistinguishable from 0%.
[Milei WINS!] Javier Milei, Austrian econ. prof. & ancap, runs for president of Argentina
- Thread starter swissaustrian
- Start date
I'll believe it when I see it
My expectation-level is so small it is indistinguishable from 0%.
vita3
Member
- Joined
- Nov 4, 2010
- Messages
- 5,454
US intervention, Not good:
On september 22nd, 15 minutes before Argentina’s foreign-exchange markets opened, America’s government made an intervention. “Argentina is a systemically important u.s. ally,” Scott Bessent, America’s treasury secretary, wrote on X, a social network. He added that the United States “stands ready to do what is needed” and that “all options for stabilization are on the table.” “Argentina will be Great Again.”
It is highly unusual for America to stand behind another country’s currency in this way. Mr Bessent’s declaration was prompted by intense and mounting pressure on the Argentine peso that threatens to derail the economic project of Javier Milei, Argentina’s libertarian president. Last month, with his sister embroiled in a corruption scandal, Mr Milei badly lost a legislative election in the province of Buenos Aires. He then suffered a series of stinging legislative losses. Markets panicked, worried that the defeat signalled the end of popular support for Mr Milei’s economic-reform project, and the potential return of spendthrift Peronists. A sharp peso sell off began.
Since April, when the imf launched yet another programme in Argentina, the peso has been floating within an exchange-rate band, the limits of which the Argentine government has vowed to defend. By mid-September the peso’s official rate was testing the upper limit of that band, even briefly piercing it on September 17th to reach 1475 to the dollar. Over the following two days the Argentine central bank spent some $1bn of its scarce foreign-currency reserves to defend the currency.
chart: the economist
The bank does not have sufficient foreign reserves to keep up this level of spending for long. Drafting in the dollar-bazooka of the us Treasury should give Argentina the firepower to stabilise the peso, if needed. Mr Bessent, who went to Buenos Aires in April on his first official overseas trip, says the treasury is looking at “swap lines, direct currency purchases, and purchases of u.s. dollar-denominated government debt from Treasury’s Exchange Stabilization Fund”. The intent is to reassure markets that the band’s upper limit is backed by the might of the United States. Mr Bessent hopes the signal will be so powerful that the real extent of American support will never be tested. He promised more detail on September 23rd, when Mr Milei will meet with him and Donald Trump in New York.
On september 22nd, 15 minutes before Argentina’s foreign-exchange markets opened, America’s government made an intervention. “Argentina is a systemically important u.s. ally,” Scott Bessent, America’s treasury secretary, wrote on X, a social network. He added that the United States “stands ready to do what is needed” and that “all options for stabilization are on the table.” “Argentina will be Great Again.”
It is highly unusual for America to stand behind another country’s currency in this way. Mr Bessent’s declaration was prompted by intense and mounting pressure on the Argentine peso that threatens to derail the economic project of Javier Milei, Argentina’s libertarian president. Last month, with his sister embroiled in a corruption scandal, Mr Milei badly lost a legislative election in the province of Buenos Aires. He then suffered a series of stinging legislative losses. Markets panicked, worried that the defeat signalled the end of popular support for Mr Milei’s economic-reform project, and the potential return of spendthrift Peronists. A sharp peso sell off began.
Since April, when the imf launched yet another programme in Argentina, the peso has been floating within an exchange-rate band, the limits of which the Argentine government has vowed to defend. By mid-September the peso’s official rate was testing the upper limit of that band, even briefly piercing it on September 17th to reach 1475 to the dollar. Over the following two days the Argentine central bank spent some $1bn of its scarce foreign-currency reserves to defend the currency.
The bank does not have sufficient foreign reserves to keep up this level of spending for long. Drafting in the dollar-bazooka of the us Treasury should give Argentina the firepower to stabilise the peso, if needed. Mr Bessent, who went to Buenos Aires in April on his first official overseas trip, says the treasury is looking at “swap lines, direct currency purchases, and purchases of u.s. dollar-denominated government debt from Treasury’s Exchange Stabilization Fund”. The intent is to reassure markets that the band’s upper limit is backed by the might of the United States. Mr Bessent hopes the signal will be so powerful that the real extent of American support will never be tested. He promised more detail on September 23rd, when Mr Milei will meet with him and Donald Trump in New York.
PAF
Member
- Joined
- Feb 26, 2012
- Messages
- 13,965
“Milei was already gifted a $42 billion lifeline from the US-controlled IMF and the World Bank,” said one economics writer, “but even that was not enough to stabilize Milei’s crazy Austrian School experiment.”
Trump Admin Responds to Milei’s Failed Libertarian Policies With a US Taxpayer Bailout for Argentina | Common Dreams
The Trump administration has held up Argentina's radical libertarian president, Javier Milei, as a model for their own governance. Now, as his economy collapses under the weight of his austerity program, he's coming to the US for a taxpayer-funded bailout.
www.commondreams.org
Last edited:
ClaytonB
Member
- Joined
- Oct 30, 2011
- Messages
- 10,801
I'm already dealing with the bots on reddit now. "See, Austrian economics doesn't work! Milei tried it and it failed!" Another poster pointed out, "Oh, 1 year of Austrian economics couldn't fix 3+ decades of socialism and Peronism. What a shock!" Not to mention that continuing to print money at an astronomical rate, as Milei has done, is not Austrian economics!
Matt4Liberty
Member
- Joined
- Sep 16, 2012
- Messages
- 630
It's what I was most worried about with Mileikowsky. He even padded his initial numbers by selling off state assets cheap. The coffers were initially a bit better. Now that everything is sold (mostly to Israeli firms) there financial situation is dire.
PAF
Member
- Joined
- Feb 26, 2012
- Messages
- 13,965
Conclusive Proof that Hoppe and Other Milei Critics were Right
Thomas DiLorenzo
October 14, 2025
The Left is now crowing that “libertarianism” has ruined the Argentinian economy as Milei is in D.C. today begging for a $20 billion bailout. The article in the link cites establishment D.C. Beltway libertarians at the Cato Institute and Reason Foundation (and National Review) as the chief defenders of bailout beggar Milei.
www.lewrockwell.com
Thomas DiLorenzo
October 14, 2025
The Left is now crowing that “libertarianism” has ruined the Argentinian economy as Milei is in D.C. today begging for a $20 billion bailout. The article in the link cites establishment D.C. Beltway libertarians at the Cato Institute and Reason Foundation (and National Review) as the chief defenders of bailout beggar Milei.
Conclusive Proof that Hoppe and Other Milei Critics were Right - LRC Blog
The Left is now crowing that “libertarianism” has ruined the Argentinian economy as Milei is in D.C. today begging for a $20 billion bailout. The article in the link cites establishment D.C. Beltway libertarians at the Cato Institute and Reason Foundation (and National Review) as the chief...
www.lewrockwell.com
vita3
Member
- Joined
- Nov 4, 2010
- Messages
- 5,454
Conclusive Proof that Hoppe and Other Milei Critics were RightOctober 14, 2025The Left is now crowing that “libertarianism” has ruined the Argentinian economy as Milei is in D.C. today begging for a $20 billion bailout. The article in the link cites establishment D.C. Beltway libertarians at the Cato Institute and Reason Foundation (and National Review) as the chief defenders of bailout beggar Milei.Conclusive Proof that Hoppe and Other Milei Critics were Right - LRC Blog
The Left is now crowing that “libertarianism” has ruined the Argentinian economy as Milei is in D.C. today begging for a $20 billion bailout. The article in the link cites establishment D.C. Beltway libertarians at the Cato Institute and Reason Foundation (and National Review) as the chief...
Worth the read. Thanks for posting
PAF
Member
- Joined
- Feb 26, 2012
- Messages
- 13,965
Conclusive Proof that Hoppe and Other Milei Critics were RightOctober 14, 2025The Left is now crowing that “libertarianism” has ruined the Argentinian economy as Milei is in D.C. today begging for a $20 billion bailout. The article in the link cites establishment D.C. Beltway libertarians at the Cato Institute and Reason Foundation (and National Review) as the chief defenders of bailout beggar Milei.Conclusive Proof that Hoppe and Other Milei Critics were Right - LRC Blog
The Left is now crowing that “libertarianism” has ruined the Argentinian economy as Milei is in D.C. today begging for a $20 billion bailout. The article in the link cites establishment D.C. Beltway libertarians at the Cato Institute and Reason Foundation (and National Review) as the chief...
Double or nothing:
Notes in the Margin
10/16/2025
The new bailout is said to be a “Public-Private Partnership”: a state-sponsored corporatist scheme to bail out investors and Milei.
mises.org
10/16/2025
The new bailout is said to be a “Public-Private Partnership”: a state-sponsored corporatist scheme to bail out investors and Milei.
Trump Admin plans to double its bailout of Milei's Argentina to $40 billion | Mises Institute
The new bailout is said to be a "public-private partnership": a state-sponsored corporatist scheme to bail out investors and Milei.
vita3
Member
- Joined
- Nov 4, 2010
- Messages
- 5,454
Occam,
You haven’t posted in awhile on this topic. Be interested to hear your opine of US bailout of Argentina?
PAF
Member
- Joined
- Feb 26, 2012
- Messages
- 13,965
Earlier in the thread when I was very skeptical, he was like, hope for a leader who will save them all!
Just kidding, OB
[I think]
- Joined
- Nov 5, 2010
- Messages
- 40,917
My strongest opinion on the subject is that all the various threads on the subject (there are several) should be merged. I just haven't got around to it, yet. Apart from that, it sucks - for all the reasons identified by libertarian theory and (Austrian) economics. But as disappointing as it is, it's not surprising. That's just par for course in coalition politics (or any other kind of politics, for that matter).
Earlier in the thread when I was very skeptical, he was like, hope for a leader who will save them all!
I have never said any such thing.
No one is coming to save anyone - not Donald Trump, nor Javier Milei, nor Ron Paul, nor Thomas Massie. No one.
Within that context, one can only hope for the best, expect the worst, and make the most of whatever does happen.
- Joined
- Nov 5, 2010
- Messages
- 40,917
The Controversial Javier Milei: An Update I Tom Woods Show #2714
https://www.youtube.com/watch?v=6YcZGFxJMog
{TomWoodsTV | 03 December 2025}
The Tom Woods Show: Episode 2714
Javier Milei, president of Argentina, has been a controversial figure, lately even among libertarians, since taking office. Skot Sheller gives us an update.
Guest's Twitter: @Bangershell11
https://www.youtube.com/watch?v=6YcZGFxJMog
{TomWoodsTV | 03 December 2025}
The Tom Woods Show: Episode 2714
Javier Milei, president of Argentina, has been a controversial figure, lately even among libertarians, since taking office. Skot Sheller gives us an update.
Guest's Twitter: @Bangershell11
- Joined
- Nov 5, 2010
- Messages
- 40,917
The Intra-Austrian Debate over Milei and the Central Bank
https://www.youtube.com/watch?v=uk3_hASAwdQ
{Mises Media | 08 December 2025}
This week, Bob walks through two related debates: Hoppe’s criticism of Argentina's President Milei for not immediately closing Argentina’s central bank, and the follow-up exchange between Guido Hülsmann and Philipp Bagus on Mises.org over dollarization and the peso. Along the way, he reviews Mises’s distinctions among commodity, credit, and fiat money, the concepts of money substitutes and fiduciary media, and the interesting structure of Argentina’s short-term central bank debt.
Guido Hülsmann and Philipp Bagus' Debate on Mises.org: https://mises.org/HAP529a
The Human Action Podcast Episode with Nicolás Cachanosky: https://mises.org/HAP529b
Bob's Study Guide to The Theory of Money and Credit: https://mises.org/HAP529c
https://www.youtube.com/watch?v=uk3_hASAwdQ
{Mises Media | 08 December 2025}
This week, Bob walks through two related debates: Hoppe’s criticism of Argentina's President Milei for not immediately closing Argentina’s central bank, and the follow-up exchange between Guido Hülsmann and Philipp Bagus on Mises.org over dollarization and the peso. Along the way, he reviews Mises’s distinctions among commodity, credit, and fiat money, the concepts of money substitutes and fiduciary media, and the interesting structure of Argentina’s short-term central bank debt.
Guido Hülsmann and Philipp Bagus' Debate on Mises.org: https://mises.org/HAP529a
The Human Action Podcast Episode with Nicolás Cachanosky: https://mises.org/HAP529b
Bob's Study Guide to The Theory of Money and Credit: https://mises.org/HAP529c
Similar threads
