SANTIAGO – “Why can’t we ever learn?” The exasperated question came from one of Latin America’s top policymakers, as he told a webinar audience that his country was about to make the same mistake it had made a dozen times before.

I was reminded of this episode by the outcome of Argentina’s presidential election. The victory of “anarcho-capitalist” Javier Milei naturally captured the headlines. But just as remarkable were the 11.5 million votes (44.3% of the total) obtained by the Peronist candidate, Sergio Massa, the sitting finance minister who had won the election’s first round.

Under Massa’s watch, Argentina has been running a massive fiscal deficit financed entirely by printing money. The lowest available estimate for 2023 inflation puts it at 135%. Public debt reached 95% of GDP, and the central bank’s dollar reserves are at least $5 billion in the red.

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QOSHE - We Are All Argentines - Andrés Velasco
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We Are All Argentines

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04.12.2023

SANTIAGO – “Why can’t we ever learn?” The exasperated question came from one of Latin America’s top policymakers, as he told a webinar audience that his country was about to make the same mistake it had made a dozen times before.

I was reminded of this episode by the outcome of Argentina’s presidential election.........

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