Milei’s Remarkable Victory in Argentina Paves Way for a “Dollar Zone”

Source: Cato Institute
By Daniel Raisbeck

“Javier Milei’s unexpected victory in Argentina’s presidential run‐​off is a remarkable feat. Not only did Milei defeat Peronism’s formidable political machine while leading a new political party; he also convinced a majority of voters to choose a return to Argentina’s lost tradition of classical liberalism, with an overt emphasis on the unqualified respect for the fundamental rights of life, liberty, and property as the true source of prosperity. Nonetheless, the time for glee will be short‐​lived. Milei will become Argentina’s new president on December 10 with annual inflation levels above 140 percent, a practically worthless national currency, and 40 percent of the population living below the poverty line. The president‐​elect seems aware, however, that the gravity of Argentina’s economic crisis leaves no time for half‐​measures.” (11/20/23)