Sunday, November 19, 2023

Argentina Votes, Milei Wins

Argentina voted today, a run-off election between libertarian economist Javier Milei and the current Peronist economics minister Sergio Massa, the candidates for the presidency. Milei won with more than 55% of the votes. 

Milei haČ™ promised economic "shock therapy" including making the US dollar the official currency, closing the central bank, and cutting government spending a lot, including curbing welfare programs. 

Argentines were mad at the incumbent for further screwing up the economy, spending money they didn't have, and doing nothing about really serious inflation. And they were afraid of the radical reforms Milei promised. Some compared Milei to Trump, who he admires.

Enough were fed up with the dismal status quo that they took a chance on the reformer, who is no Peronist. I wish him well, he'll need both luck and skill to force Argentina onto a new market-driven path.

Argentina is a country blessed with very many assets in terms of natural resources, decent climate, and a population most of whom are the descendants of European immigrants. It should be a winner but has been a loser for decades thanks to the mismanagement of Juan and Evita Peron and their acolytes. 

Bad politics can ruin a natural Eden, as we see currently in California.