Gold News

Make Argentina Great Again

MAGA goes 'Anarcho-Capitalism' amid 150% inflation...
POLITICAL outsider Javier Milei won Argentina's presidential election last week, in a development that's shocked the world, says Jim Rickards in The Daily Reckoning.
Though his policy prescriptions are different than Trump's in many respects, Milei is basically the Argentinian version of Donald Trump because of his anti-establishment, "drain the swamp" rhetoric.
You can liken Milei's election to Trump's 2016 election and Brexit. It's a popular rejection of globalism and the neoliberal global order.
Perhaps not coincidentally, Argentina joined the BRICS nations in August, which will formally take effect in January.
As I've written about extensively, the BRICS nations are challenging Dollar hegemony and the Western-dominated global financial system.
Milei has identified as an "anarcho-capitalist", which is essentially free market libertarianism taken to the extreme. That means the elimination of the state and privatization of all the state's functions.
It's about as anti-establishment as you can get.
Needless to say, he wants to eliminate Argentina's version of the Fed. I wish him luck. He'll need it. Let's just say he faces an uphill battle, like Trump did after he was elected in 2016.
That someone who identifies as an anarcho-capitalist can win an election in Argentina is remarkable in itself (Milei won in a 56%-44% landslide).
Since the middle of the 20th century, Argentina has been governed largely by left-wing politics. It's not exactly fertile soil for extreme libertarianism.
But when your country's suffering economically and your annualized inflation rate is approaching 150%, you might want to throw the bums out and try something different.
By the way, most people might not realize it but Argentina was once a very wealthy nation. In fact, there was a saying that if someone was very wealthy, he was "as rich as an Argentine."
That phrase is obviously long out of date.
Lawyer, economist, investment banker and financial author James G.Rickards is editor of Strategic Intelligence, the flagship newsletter from Agora Financial now published both in the United States and for UK investors. A frequent guest on financial news channels worldwide, he has written New York Times best sellers  Currency Wars (2011),  The Death of Money (2014) and The Road to Ruin (2016) from Penguin Random House.
See the full archive of Jim Rickards' articles on GoldNews here.


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