Excellent. A great champion of the Austrian School. A year ago, Javier Milei, an accomplished economist, occasional rock singer, and firebrand defender of free markets, was sworn in as president of Argentina. He campaigned with a chainsaw in hand, promising deep government cuts, a balanced budget, getting government out of the economy, and ending one of the world’s highest inflation rates. Argentines, facing25% price hikesevery month, decided to give the clear-thinking libertarian a chance and elected him president. He promised a 180-degree change in Argentina, defending the “radical” idea that prosperity is only possible when the people — not government bureaucrats — lead the economy through the free market. Many wondered whether the viral Austrian school economist turned president could be successful. After all, Argentina has a long history offailedeconomic reforms and political instability. Yet, justone year afterhe took office, it’s clear Milei’s fulfilling his first task: He got inflation under control, as prices rose by only2.7%in October.
Yeah, that 2.7 percent is the monthly increase. So annually he got it down from 211% in December 2023 to 193% in October 2024. He has however caused a dramatic increase in poverty in some areas and in Argentina, that is a chicken that tends to come home to roost. I'm not saying he is doing terribly, but another few years is needed to judge.