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Stoic Finance | Argentina Strikes Back… Or does it?
Argentina Strikes Back… Or does it?
Argentina Strikes Back… Or does it?
Just as many said Trump would lose in 2016, that Brexit would never happen, that the dutch wouldn’t vote a right wing party into power, and that right wing politics simply don’t win, the mainstream media rallied against Milei, Argentina’s brand new President.
55% of the vote swung right with Milei…
He swept the race with a 55% majority, and now Milei is promising to change everything about Argentina, but skeptics have seen this play book before…
Argentina has been plagued with decades of economic failure, and the last few years have seen inflation take hold and truly destroy whatever confidence those naive few politicians had left.
Now Melei promises to slash away at the Argentinian central bank, abolish socialism from his nation, and cut back at financial regulation and red tape.
Once again the narrative from the mainstream media is that this would never work, that Argentina would be better off resigning itself to decades more of economic failure, but economists and realists recognise this could be a turning point for the country.
My concern? That this right wing politician does what almost every other right wing politician has done over the last few years.
Talk big, inspire millions of voters with grand plans, and then tuck tails between legs and quietly return the countries governance to the status quo.
The new President's promises are bold, potentially game-changing. But we've seen this story before: right-wing politicians making extravagant claims to seize power, only to morph into centrist figures once in office.
In Italy we saw a stunning victory at the polls for a so called “realist” party, which was elected on a platform of ending illegal immigration.
It took just a few months for true colours to show, and Italy is seeing more illegal migrants enter by the day.
In the United Kingdom, a so called “right wing” party has been in power for over a decade, yet the country is facing the highest tax burden in its history… (Higher even than notorious socialist Jeremy Corbyn wanted in his 2019 election bid).
But what seems more likely is that the central bank remains, and the country stays unchanged.
If nothing else, Milei truly is a demagogue, a man who can relate to his people. He’s made digital alliances with the likes of Tucker Carlson and Elon Musk, who are desperate for a similar shock-wave in American politics.
This election might not just be a national affair. It could be a seismic event that sending shockwaves through the global economic system.
If the new President stays true to his word, we could witness a major economic player emerge from the ashes of financial ruin.
And we might also see a truly capitalist country emerge, and prove to the world that free markets are irreplaceable when it comes to creating wealth.
This is not just about Argentina; it's about a potential reshuffling of global economic power, it only takes one fallen domino to set the chain off.
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