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Politics : View from the Center and Left

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From: S. maltophilia	10/17/2025 1:42:07 PM
	1 Recommendation Recommended By rdkflorida2 Read Replies (1) of 540925

....We know why Trump and Bessent want to help Milei. First, he’s a MAGA favorite, fond of posing with U.S. right wingers with a chainsaw as a prop. So the Trumpists want a right-wing, anti-government politician to succeed, no matter how much taxpayer money is required. Second, some U.S. hedge-fund billionaires, personally close to Bessent, bet big on Milei and bought Argentine bonds. The bailout package almost surely won’t succeed in turning Argentina’s economy around and probably won’t rescue Milei politically. But it may buy enough time for Bessent’s buddies to get much of their money out before the bottom falls out of the Argentine economy. Yet events may very well overtake Bessent’s bailout plans. As I’ll explain shortly, Milei’s situation appears to be deteriorating fast, and Trump’s intervention may be making it worse. Milei has succeeded in reducing Argentina’s inflation rate, but only by keeping the peso overvalued against the dollar. This is a time-tested futile strategy — by which I.... paulkrugman.substack.com

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