Lone Candle
Champion of Truth
Congress was warned well ahead of time about how the lack of regulation and transparency would lead to a great crash when many big institutions were all making the same bets and making the same assumptions. Congress didn’t listen. They listened to the Ayn Rand follower Alan Greenspan instead.
https://www.youtube.com/watch?v=ZZ25uZtey34
“Under Milei, inflation has dropped massively. The poverty rate has gone down. Public spending has plummeted, and budget surpluses have appeared. Housing supply in Buenos Aires has totally turned around following the repeal of rent control laws.
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But “the policy of managing the currency has become a trap,” adds The Economist. “Even after he partially floated the peso in April alongside an IMF [International Monetary Fund] bailout, he has sought to maintain its level artificially high. Defending the exchange rate has cost Argentina billions of dollars in scarce foreign-currency reserves and has pushed interest rates sky-high, creating a drag on growth. Jobs, rather than inflation, are what now worry voters the most.”
Milei had to get a credit swap from the U.S., to the tune of $20 billion (which he must pay back, though the terms of the deal have not been made clear to the public). He secured a similarly massive IMF bailout back in April. He keeps needing emergency credit lines to keep the peso strong, but it’s not clear that this policy is totally working. It makes sense why he would pursue it in the first place: Prices have historically spiraled out of control, and the central bank is not trusted by the people. In order for some of Milei’s less-popular social safety net cuts to be palatable, the people needed to feel like there was some legitimate stability and predictability in their monetary system, lest they revert to favoring Peronism.
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“Under the exchange rate system that Milei implemented earlier this year, the peso floats freely within a band,” writes Lorenzo Bernaldo de Quirós for the Cato Institute. “When a government tries to maintain a fixed but adjustable exchange rate, it creates perverse incentives. If markets perceive that the currency is overvalued, expectations of devaluation are created, prompting speculators and citizens themselves to take their capital out of the country to avoid losses. To defend the exchange rate, the central bank must use its international reserves, but these are finite.” Reserves are limited; speculators can easily take advantage.”
https://reason.com/2025/10/23/mileis-moment-of-truth/
“Argentina’s 2020 Rental Law, intended to protect tenants, ended up making housing unaffordable for the average Buenos Aires resident. The issue isn’t unique to Argentina—rent control measures have had similar outcomes elsewhere. In San Francisco, expanded rent control laws led to in a spike in evictions. Meanwhile, in the Netherlands, rent caps have prompted property owners to sell their buildings and exit the rental market, according to Reason’s Christian Britschgi.
Argentina’s experience should serve as a cautionary tale for policymakers: Well-intentioned policies aimed at protecting tenants can sometimes backfire, causing more harm than good.”
https://reason.com/2024/09/26/rents-fall-and-listings-increase-after-javier-milei-ends-rent-control-in-argentina/
Libertarian confusion.
https://www.youtube.com/watch?v=m4_lgYfyLps
“Long live freedom, damn it.”
https://www.youtube.com/watch?v=Pfcd0gWNIog
“While there might be some overlap with American conservatives when it comes to cutting certain taxes and regulations, the rest of Milei’s political agenda is expressly libertarian and often directly at odds with the aims of the so-called “New Right.”
On social and economic issues, Milei has advocated reducing or eliminating the role of government. (The one arguable exception is his support for abortion laws, but that is an issue that has long divided libertarians.) America’s conservatives are moving in the opposite direction: ginning up culture wars to justify further intrusions into individuals’ right to live as they see fit, and competing with the progressive left to pander with promises of more economic interventions: tariffs, industrial policies, direct subsidies to the working and middle classes. The loudest contingent of the American conservative movement has been promising that a more muscular and centralized government is the answer.
Milei’s victory is not a part of that narrative. In fact, it should undermine it.
His is undeniably a populist victory, but it seems to have more in common with the so-called “Tea Party” era of Republican politics—when American conservatives called for slashing government programs and spending, even though they rarely followed through—or to the surprising presidential runs by former congressman Ron Paul than with anything Trump or his acolytes have supported.”
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“Milei’s election looks a lot like a rejection of the kind of economic nationalism that leading politicians in America are pushing, from Biden’s “Buy American” mandates to Trump’s anti-trade and anti-immigration views.
There are, of course, limits to how useful any foreign election can be as a guide for U.S. politicians. The political terrain in Argentina is not the same as it is in the United States. Most notably, the place suffers an inflation rate that makes what we have experienced in recent years look mild by comparison.”
https://reason.com/2023/11/20/what-american-conservatives-can-learn-from-argentinas-javier-milei/
“Hernán Stuchi, a 29-year-old food delivery driver in greater Buenos Aires, grew up as a left-wing activist. During this year’s presidential election in Argentina, he told Vox he would make a starkly different choice, and back Javier Milei, a far-right libertarian trumpeting socially conservative culture war issues and explosive proposals to reshape Argentine society.
“It was a kind of innocence,” he said in October, discussing his previous support for left-wing leaders. “It’s not like us poor people ever stopped being poor.”
At the polls this fall, Stuchi was far from alone.
Milei shocked the country when he topped Argentina’s two main political forces in primary elections in August. Now, he’s defeated Sergio Massa, a left-wing establishment candidate, in a runoff election. According to provisional results, he won about 55 percent of the vote. A main fount of that support is, surprisingly, young people — and young men in particular.
Ahead of a previous round of voting in October, polls indicated almost 50 percent of voters 29 and younger backed Milei, the wild-haired outsider and self-described “anarcho-capitalist” who inveighs against traditional politicians, branding them as members of a “caste” that must be done away with. (His campaign slogan, “que se vayan todos,” or “get rid of them all,” carries echoes of the Trumpian “drain the swamp.”) A win by Milei’s ascendant campaign in Argentina in some ways serves as yet another indicator of the far right’s rise across the Americas and around the world. But young voters’ support sets Milei apart from the far-right stars he is often compared with, including Trump and Brazil’s Jair Bolsonaro, both of whom were shut out by young voters in their recent reelection bids.
With over 100 percent inflation crushing Argentine pocketbooks, Milei’s proposed solution is a radical plan to abolish the central bank and dollarize the economy by replacing the Argentine peso with the US dollar — a move untested by countries of Argentina’s scale. He has voiced support for other extreme positions, including liberalizing gun ownership and individuals’ freedom to sell their organs. He denies human-caused climate change and opposes abortion. At rallies, he can often be seen wielding a chainsaw, symbolizing his plan to slash public spending and unravel Argentina’s generous safety nets. In Milei’s view, the state should largely limit itself to homeland security: To that end, he has pledged to axe the ministries of education; environment; and women, gender, and diversity, among others.”
https://www.vox.com/world-politics/2023/10/21/23925549/argentina-election-javier-milei-right-youth
“These “get off my lawn” conservatives claim to be upholding the principle of local control by arguing that local government officials rather than bureaucrats in far-off Sacramento get to make development decisions. It sounds good in theory given the Jeffersonian concept that the government closest to the people governs best.
The better quotation (actually used by Henry David Thoreau but often misattributed to Thomas Jefferson) is “that government is best which governs the least.” The goal—for those of us who value freedom—isn’t to allow the right government functionary to control us, but to have less government control overall.
Local officials are easier to kick out of office than officials in Sacramento or Washington, D.C., but the locals can be extremely abusive. They know where we live, after all. I’ve reported extensively on California’s defunct redevelopment agencies, and local tyrants would routinely abuse eminent domain under the guise of local control.
“Under S.B. 9, cities are required to approve these lot splits ‘ministerially,’ without any reviews, hearings, conditions, fees or environmental impact reports,” complains my Southern California News Group colleague, Susan Shelley.
Oh, please.
Conservatives have for decades complained about the subjective nature of bureaucratic and public reviews, the evils of the California Environmental Quality Act (CEQA), and excessive fees. Now there’s a law that fixes that, albeit in a limited manner, and they are grabbing their pitchforks.
S.B. 9 and S.B. 10 do not put Sacramento bureaucrats in charge of the locals. Instead, they deregulate certain development decisions, by requiring officials to approve a project “by right” provided it meets all the normal regulations. It eliminates subjectivity and defangs CEQA. Yet this greatly upsets them.”
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“If conservatives seriously believe local control is the trump card, then they should lobby for the repeal of Proposition 13, which is a state-imposed restriction on local governments’ authority to raise property taxes. I find Prop. 13 to be one of the best laws ever passed in this state. They should also oppose Republican efforts at the federal level to limit the ability of blue states to regulate the heck out of us.”