The Economist Changes Tune on Javier Milei: Actions Deserve ‘to be Watched Closely Around the World’
The world needs Javier Milei. The Trump administration would be smart to listen to Milei and follow in his footsteps.
No one on the left liked the idea of Javier Milei winning in Argentina, especially The Economist.
The publication has changed its tune since Milei, who has been president for a year, has elevated Argentina with his libertarian ways.
Gee, maybe, just maybe, people should listen to us libertarians.
How it started… How it’s going pic.twitter.com/YM0tsTThae
— Daniel Hannan (@DanielJHannan) November 29, 2024
I know President-elect Donald Trump and those who support him love Milei. However, I have seen nothing from anyone that mirrors what Milei holds dear.
I get trashed by the left and the right for pointing out that Milei doesn’t belong to either side in America.
Yes. Milei is a true libertarian who has embraced small government, free markets, and Austrian economics. That is why Milei is the only politician I genuinely adore and support. I cannot believe I am agreeing with The Economist:
The left detests him and the Trumpian right embraces him, but he truly belongs to neither group. He has shown that the continual expansion of the state is not inevitable. And he is a principled rebuke to opportunistic populism, of the sort practised by Donald Trump. Mr Milei believes in free trade and free markets, not protectionism; fiscal discipline, not reckless borrowing; and, instead of spinning popular fantasies, brutal public truth-telling.
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What is fascinating is the philosophy behind the figures. Mr Milei is often wrongly lumped in with populist leaders such as Mr Trump, the hard right in France and Germany or Viktor Orban in Hungary. In fact he comes from a different tradition. A true believer in open markets and individual liberty, he has a quasi-religious zeal for economic freedom, a hatred of socialism and, as he told us in an interview this week, “infinite” contempt for the state. Instead of industrial policy and tariffs, he promotes trade with private firms that do not interfere in Argentina’s domestic affairs, including Chinese ones. He is a small-state Republican who admires Margaret Thatcher—a messianic example of an endangered species. His poll ratings are rising and, at this point in his term, he is more popular in Argentina than his recent predecessors were.
Milei practices what he preaches.
In one year, Milei’s policies have reduced Argentina’s inflation from 13% to 3%. Investors’ fear has dropped by 50%. Slashing cost controls have blossomed housing and lowered costs.
I didn’t even get mad when The Economist said everything could go wrong. But everything has risks. However, Milei’s ways have a smaller chance of risks than government control.
But The Economist admitted the problems facing the world, which could go down if leaders paid attention:
Nonetheless, and despite the fact that Argentina is a very unusual country, Mr Milei’s first year holds lessons for the rest of the world, including his admirers and detractors in America. Take the growth of the state. Global public debt has risen from 70% of gdp 20 years ago to 93% this year and will hit 100% by 2030. Debt is a scourge not only in rich countries but also in China and India, which are both running vast deficits.
The financial crisis and the pandemic raised borrowing and created a sense that the government will always step in when people are in adversity. Many countries face rising health-care and pension costs as the population ages. Regulations only ever seem to accumulate. Governments are at a loss as to how to break the cycle. In some places, such as France, the prospect of doing so threatens political chaos.
One of the best things about Milei is his delivery. The man is over the top, but he is consistent:
Perhaps the biggest lesson is about courage and coherence. Like them or not, Mr Milei’s policies align with each other, which magnifies their effect. Unlike Mr Trump, he has not promised to unleash the power of markets and consumers in one breath, and to protect businesses from competition in the next. By winning the argument for tough but vital reform, he has shown that voters used to sugar-coated banalities can in fact be trusted with hard truths.
Milei does not sugarcoat anything. He admitted it won’t be painless. The Economist encouraged world leaders to pay attention to “his attempt to confront, coherently and systematically” to fix “a near-universal problem.”
I encourage you to read the full interview with Milei.
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Comments
Funny how the economist doesn’t mention how Kirchnerism (crony socialism) ruined Argentina.
There’s gonna be a major US-Argentine trade pact. Musk will be siting his southern hemisphere IT hub there. Watch to see who gets picked to be ambassador.
The Europeans/Internationalists want to lock us out of Brazil and SA, but Milei/Musk will to lock them out of SA tech.
Milei is powering an industrial renaissance via a deregulated oil industry.
Milei didn’t fall into the IMF trap.
Donald J. Trump
@realDonaldTrump
The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy. They can go find another “sucker!” There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.
Javier Milei @JMilei
Translated from Spanish
There are many things that the analog red circle does not perceive that we are doing… while in the world these kinds of things are coming, with Dr. @dreidel1
we are laying the foundations to ride the crest of the technological wave…
There will be signs…
Hello!
VLLC…!!!
I don’t think the BRICS+ Nations are gonna introduce a ‘currency’ anytime soon. They can, have and will likely continue to develop alternative payment and trade settlement options to the globalist system. The Biden admin signing off on seizing Russian assets made it very clear that Western Nations will use their preferred trade settlement system as a weapon. The BRICS+ Nations creating an alternative is not at all unreasonable in that context and the genie is already out of the bottle.
If we really want a strong dollar then back it with gold and silver. Tie the value to those metals and make it easy to convert $ into gold/silver at the bank. Won’t happen though b/c that will constrict the ability of the Fed Reserve to print $, put an end to deficit spending and substantially impact financialization that benefits Western Banks.
With no disrespect to Milei or his blunt approach in this case, which is working, the article states, “Nonetheless, and despite the fact that Argentina is a very unusual country”
Which is the point. America is more unusual than very unusual Argentina, economically and geopolitically. Thus, if Melei was president here, would his approach to the state be the same?
When gov’t is focused on the core functions of responsible and gov’t
…is prevented from straying into areas best left to individuals and private sector the Nation will flourish.
Where the gov’t becomes an ever larger, ever encroaching, irresponsible debt laden leviathan where the bureaucracy seeks to assert itself over fundamental rights of the Citizens the Nation suffers and declines.
I wouldn’t trust the economist. They don’t like Millie but they hate Trump so anything to try and wedge. That’s the goal here.
I like this guy
“…he promotes trade with private firms that do not interfere in Argentina’s domestic affairs, including Chinese ones.”
There’s the rub, isn’t it. China can ignore Argentina if it is going after Brazil and Chile but can not ignore America and isn’t.
The Economist used to have infinite contempt for the state but then they thought they knew economics better than everyone else and that only they along with the state could direct entire economies.
Walter Bagehot would be rolling over in his grave at the current state of The Economist.
I visited Argentina in 1980 during a UNITAS exercise with them. That was during the time that the military had taken control of the government and they were fighting anarchy from the left. I was impressed with the people there and the struggle they had to overcome the lingering effects of the Peron dictatorship. When Milei was elected, I was hopeful that this would be the beginning of a new era for that country and it appears that this is the case.
Argentina is a wonderful country and I wish them only the best.
Trump Tried to work with the political w/ the cabal in DC in 2016. Unlike smart businessmen, Trump’s 2016 opposition REFUSED to see the benefit in working with him. Go for it Donald!!
Trump has started tough now. Keep it up – the faster some changes are seen, the more success follow-on changes will occur. Even if it’s a “little” change, by federal definition, it will help. All we needed was a leader – we have that in DJT and a number of his appointees. He is building the team for the US (and the world’s) future – just as Milei is leading SA. You don’t see the rich countries of Brazil or Venezuela in the front, do you?
In one year, Milei’s policies have reduced Argentina’s inflation from 13% to 3%.
You merit a metaphorical brickbat for not including the time interval for the inflation rates. The Economist reported:
That was sloppy reporting to not include monthly in reporting inflation rates.
The Economist also deserves a metaphorical brickbat in reporting on inflation rates. Argentina Inflation Rate MoM
Milei took office on December 10,2023. As such, it is more accurate to use the inflation starting point for the month he took offiice: 25.5%. The Economist used as a starting point the February inflation rate of 13.2%, when Milei had taken office in December. The Economist thus understated Milei’s achievement in reducing inflation: from 25.5% to 2.7% ( or when rounded off, 26% to 3%).
The Economist’s not using the December inflation rate is not a favorable indication of its quality of reporting. Just sayin’……