The Argentina peso plunged recently on the news that “populist” economist and candidate Javier Milei, which many describe as a libertarian, won the Argentina primaries with 30% of the vote. The uproar from establishment media sources and western officials has been growing as the reality sinks in – Milei might just win the general election in October and dismantle nearly every socialist institution in the country once he’s in office.
Argentina’s economy has suffered under a series of progressive leaders, including Fernando de la Rúa, who was forced to resign after the inflationary crash of 2001 that led to mass civil unrest. Then there was Cristina Fernández de Kirchner – who was president of Argentina for two terms between 2007 and 2015. She has been arrested and sentenced to six years in prison for abuse of power and fraud, using her position to award at least 51 public works contracts and funneling over $1 billion to a friend of her husband through a shell company. This occurred during the resurgence of inflation in Argentina which has now hit crisis levels under the current leadership (Alberto Fernandez) who is considered “center left.”
Needless to say, the citizens of Argentina are fed up with the relentless lack of change and the relentless economic decline. It is this same decline that has the International Monetary Fund circling the floundering nation like a hungry shark.