A Political Earthquake
The Market Ticker - Commentary on The Capital Markets
Login or register to improve your experience
Main Navigation
Sarah's Resources You Should See
Full-Text Search & Archives
Leverage, the book
Legal Disclaimer

The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions. For investment, legal or other professional advice specific to your situation contact a licensed professional in your jurisdiction.


Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility; author(s) may have positions in securities or firms mentioned and have no duty to disclose same.

Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.

The Market Ticker content may be sent unmodified to lawmakers via print or electronic means or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media, to republish full articles, or for any commercial use (which includes any site where advertising is displayed.)

Submissions or tips on matters of economic or political interest may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must be complete (NOT a "pitch"), include full and correct contact information and be related to an economic or political matter of the day. Pitch emails missing the above will be silently deleted. All submissions become the property of The Market Ticker.

Considering sending spam? Read this first.

2023-11-20 06:22 by Karl Denninger
in International , 375 references Ignore this thread
A Political Earthquake
[Comments enabled]

I doubted it could happen, but it did.

After decades of socialism -- all failed, with insane inflation rates, a full-on collapse that led to wild violence both political and between citizens and more -- Argentina has had enough of it.

Argentinians have elected as their next president Javier Milei, a self-described anarcho-capitalist whose sensational rhetoric has drawn comparisons to former U.S. President Donald Trump. 

Partial election results showed Milei had 55.8% and Massa 44.2%, with 95% of the votes tallies. Should that margin hold, it would be wider than predicted by all polls and the widest since Argentina's return to democracy in 1983.

I'm relying on translations, which of course can be fraught with risk -- but the positions Milei has taken were clear.

No more handouts.

No more deficit spending to try to "redistribute."  You want something you will pay taxes for it first.  If you won't pay, you won't get, and the government will massively shrink in size as a result.

No open immigration, or open anything for that matter.  Argentina and her people first, period.

We'll see.  Its easy to say all this but hard to do.

Nonetheless that the people have been willing to at least in theory walk off from the disaster and attempt to resolve it is a promising sign.  Argentina has a lot of natural resources; with reasonable government policies there is no reason to believe they should not be able to have a good degree of prosperity -- but not equal results for all, which always ends in failure.

Is it dawn -- not in America, but for a nation that has been plagued with government malfeasance and disaster for decades?

We shall see.