Thom Hartmann analyzes the implications of the recent presidential election in Argentina. The victor was an unconventional candidate with bizarre ideas and minimal experience in office. We have already had our Trump. Now it’s Argentina’s turn.
Hartmann writes:
I hope I’m wrong, but I think I just saw the future of America if Republicans manage to sweep the 2024 elections, Trump or no Trump.
Argentina just embarked on a Grand Experiment, untried before in any developed country in the world; it’s one that multiple American billionaires have been pushing in the US ever since David Koch ran for VP on the Libertarian ticket in 1980.
When I arrived at the airport in Buenos Aires on Sunday morning this week, Election Day, I asked my cab driver who he’d be voting for and why.
The cab driver said he would assuredly vote for Javier Milei, because inglation was out of control and things couldn’t get worse.
I asked him about the Libertarian Congressman’s (and now newly elected president’s) plans to replace the national “Medicare for All” type of healthcare system Argentina has with American-style private, for-profit health insurance plans that people must finance out of their paychecks (if they have a job, otherwise they’re SOL); to end the nation’s free colleges; and his plan to turn all the nation’s public schools and prisons over to “entrepreneurs” to run for profit.
And what about his promise to end all government support for average people, including disability payments, unemployment insurance, and all forms of welfare? His saying that abortion is murder and he’ll re-criminalize it, along with ending women’s and queer rights?
He shrugged.
“Things can’t get any worse,” was his terse reply, adding that he’s driving an airport car as a second job because inflation has wiped out the income from his regular job. This working two and three jobs, he said, has become common across the country.
Argentina has been suffering from an ongoing economic crisis for decades, but it got really bad when the “currency crisis” hit the nation in 2018 after they complied with IMF demands, wiping out half the purchasing power of the peso virtually overnight.
Much like the United States, up until the 1960s Argentina had a top income tax bracket of 90%, which stabilized the economy and prevented massive wealth inequality. Subsequent administrations, including the military dictatorship, cut that down to 35%, like today’s US, with enough loopholes that, like America, most billionaires pay virtually nothing.
Like the US, they also cut taxation on capital gains (although they’ve taken them all the way down to zero), giving a huge boost to Argentina’s morbidly rich and stripping massive amounts of revenue from the federal government.
Their draconian tax cuts, like Reagan’s, drove huge federal deficits. Right wingers, citing the deficits, demanded cuts in social programs, but, until now, weren’t successful in gutting Social Security and other social programs in either country.
In part, because the US dollar is the world’s reserve currency, we can sell debt (treasuries) to finance our deficits; Argentina has a much harder time, because nobody else uses the peso and international investors are wary, so they’ve been pursuing a policy of printing money and borrowing from the IMF, which has debased their currency leading, in part, to today’s massive inflation.
Inflation this year has been over 100%, exacerbated by previous presidents experimenting with neoliberalism as demanded by the IMF, irresponsible borrowing, along with several years of climate change-induced drought which have badly damaged Argentina’s agricultural production, driving up food prices.
Milei’s opponent in Sunday’s runoff election was the nation’s finance minister, so he took much of the blame for the state of things while Milei — often referred to as “Argentina’s Trump” because he’s a wealthy former TV star, tantric sex instructor, and crackpot economist with no governmental experience other than his first year in parliament — promised to dump the rapidly devaluing peso and replace it with the US dollar. (He campaigned carrying around a chainsaw, saying he was going to take it to “welfare,” the “deep state,” and the nation’s social programs.)
When Milei won the top slot in the runoff election a few months ago, his victory caused the peso to fall further, as markets anticipated mass chaos resulting from the possible implementation of his plan to abandon the Argentinian currency if he won the general election. (It’s going to require huge cooperation from the IMF, and they don’t seem inclined to want to help.)
His primary win set off a run on the peso and produced a further currency devaluation (inflation is at 143% today) which, in turn, caused greater voter discontent. Ironically, that funneled more votes to Milei, who overwhelmingly (55%) won Sunday’s election.
The Libertarianism that Milei and American politicians like Rand Paul and Mike Lee embrace, as I’ve noted previously, is a political/economic system that was invented and named in the 1950s by a front group for the real estate lobby to rationalize their opposition to rent control, which was then spreading out of New York City and across America.
It basically argues, as Koch did in his 1980 campaign, that the only “commons” (things publicly owned and administered) a country can legitimately claim are the police and the courts.
They, in turn, have the primary job of making sure that property rights of wealthy people supersede all other rights, including the rights to healthcare, education, clean air and water, protection from abuse by employers, housing, and anti-poverty programs (including Social Security). All of these, Libertarians will tell you, are simply vestigial forms of socialism (or communism) and should be turned over to billionaires or giant corporations.
Libertarians’ key rationalization for this is that “private industry is always more efficient than government,” an argument that, while false, anybody who’s ever stood in line for an hour at the DMV can understand.
Ever since the 1980s, when Reagan embraced the libertarian worldview claiming that, “The nine most frightening words in the English language are, ‘I’m from the government and I’m here to help,’” the GOP has increasingly embraced Libertarian policies. Republican presidential candidates now compete for who can gut or shut down the most federal government agencies, from the EPA to the DOE to, well, ask Rick Perry.
Milei haș taken it so far as to say that poor people should feel free to sell their body parts, children, and organs to wealthy people on private, unregulated exchanges to pay their rent and medical expenses.
Billionaires and big corporations love Libertarianism because they end up with all the formerly-government-run sectors that they can then turn into profit centers to rip off the public. And shutting down regulatory agencies like the EPA, Interior, and USDA means they no longer have to pay for pollution controls, food safety systems, and other pesky protections for the “little people.”
Probably the example most Americans would recognize is Medicare Advantage, a privatized health insurance scam for seniors that makes billions in profits every week for our largest insurance companies while routinely refusing to pay for doctor’s visits, procedures, and even hospitalizations. It’s literally killing people by denying them care.
Milei ran on the promise of shutting down 10 of Argentina’s 18 federal agencies, throwing most of his countrymen, women, and children into the arms of the nation’s largest and richest corporations and the billionaires who own them.
He’s also a climate change denier, winning him — like Trump — the support of the nation’s fossil fuel industry, claiming the country’s drought and wildfire problems are part of natural climate variations.
Milei is a climate change denier, so count on Argentina to do nothing to mitigate climate change.
Milei claims that any attempts to “fix the problem of hunger” or “fix the problem of poverty,” or even deal with unemployment is “communism or socialism”; all of these problems should be left to billionaires and giant corporations to solve through private charity or minimum wage work.
Programs like public schools, the free college system that Argentina has that allows any capable student to become a doctor or lawyer at no cost, their national healthcare system, housing supports, Social Security, and even a minimum wage and unemployment insurance are “abhorrent,” Milei says. He claims that “social justice” is simply another word for “theft from rich people.”
Rightwing Republicans were giddy about Argentina’s new president.
Trump posted to his vanity Nazi-infested social media site, “MAKE ARGENTINA GREAT AGAIN!” while Vivek Ramaswamy tweeted, “May the spirits of {neoliberalism’s founders] Mises & Hayek be with you…”
Because Milei doesn’t have a parliamentary majority, it’s unlikely any effort to replace the peso with the dollar will to go anywhere, but all bets are off on his reconfiguring the federal government to trash the poor, gut social services, and privatize the nation’s schools, colleges, and medical system. Converting the country to dollars, however, would require a massive stock of the US currency that is simply unavailable within the country; the World Bank is suggesting they are unlikely to finance necessary reserves…
His victory is an international marker, of sorts, for America’s billionaires and largest corporations who share Milei’s desire to end liberal democracy and the so-called “welfare state” both in Argentina and around the world.
In its wake, expect to see the GOP double down on Milei-like language and policies as they try to drive America back toward their own libertarian ideal, which hundreds of years ago in Europe was simply known as “feudalism.”

Scary stuff, indeed. We do, of course, need to ask how such patently false claims about how to improve people’s lives have taken root around the world and here in the U.S. Historically, periods of social and economic disruptions, such as we are living through now amidst globalization, climate change and increased migration have frequently increased the attraction of simple authoritarian and divisive solutions. However, the embrace by seemingly liberal political parties of right-wing ideas has also paved the way. That includes in the U.S., Democrat’s embrace of charter schools, so-called private/public partnerships, failure to fight for publicly-funded universal health care, failure to rigorously fight for taxes on the wealthy, acceptance of the need for budget cuts and restraints to curb debt, reticence to fully condemn racial divisiveness for fear of alienating so-called middle of the road white voters, weakness in defense of unions, e.g., teachers’ unions in the Arnie Duncan/Obama years.
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Slavery Is The Original Form Of Capitalism
And It Always, Everywhere Reverts To Type.
Libertarianism is just the latest fashion in pelts designed to fool the Sheep.
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Those of us that are not part of the 1% should take stock of some of the disturbing parallels between the US and Argentina. Using Chile’s disastrous history with libertarian governance must encourage us to reflect on the consequences of such cruel, Darwinian beliefs. Unlike Argentina we have time to avoid the mistakes of Chile and now Argentina.
Democrats need to develop concrete messaging of the Biden administration’s accomplishments. We cannot allow our complicated relationship with Israel dissuade our young people and people of color from voting for the Biden administration. Democrats must convince them it is in their best interests to vote Blue. This is not the time to waste votes on useless third party candidates and undermine a Blue victory in a fit of moral outrage. This is a time for unity and reconciliation.
Billionaires are pulling the strings of the GOP and some Democrats as well. Their intention is the destruction of existing social safety nets and more privatization of the common good. There are no strong men that will address the needs of our polarized people. They will only add to our problems as they did in Chile. These right wing authoritarians are fronting for the interests of the ultra-wealthy kleptocrats that serve their own interests and intend to destroy democracy as we know it. We must not fall prey to their lies and misinformation.
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“Using Chile’s disastrous history with libertarian governance must encourage us to reflect on the consequences of such cruel, Darwinian beliefs.”
It was H. Spencer who coined the “survival of the fittest”.
https://www.smithsonianmag.com/science-nature/herbert-spencer-survival-of-the-fittest-180974756/
Not an uncommon mistake.
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I’m not so sure that Billionaire’s want a lunatic like Milei in power. Noam Chomsky has argued that the private sector will never allow a libertarian govt. to happen because they know it will collapse the economy. Chris Hedges has said that when an empire is on the verge of collapse it coughs up despicable characters. It seems to me that’s what’s happening here. Milei is the choice of desperate people who are suffering horrible inflation and willing to try anything.
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It should be obvious this newfangled nationally advertised brand — and it is a Brand®™ — of “Libertarianism” has nothing to do with liberating anyone or anything but capital corporations to do any damn thing they please.
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“Chris Hedges has said that when an empire is on the verge of collapse it coughs up despicable characters.”
Argentina has been coughing up despicable characters since at least the Perons.
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Not familiar with their history, but I see the guy we put in power, Jorge Rafael Videla, is considered to be the worst of them all.
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Milei is a religion-addled lunatic.
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Milei just appointed a neo-Nazi as Minister of Justice
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Frightening times.
This morning, in an interview, Liz Cheney said, if Trump is elected in 2024, it may be the last time that we are able to vote. The number of supporters he has is scary as hell.
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Brazil had it’s Trump, too. In Brazil’s last election, the voters got rid of him.
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Strong man rule empowers the wealthy and ignores the needs of working families. Our income inequality is already very skewed. We need to put money in the pockets of the working class.
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Ronald Reagan was a jerk.
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I think that we have to be careful of over-using the word “crazy” to describe Milei, even though that is his chosen nickname, “El Loco.” This has echoes of what happened during the 2016 election when Trump was presented by the media more as a caricature and less as the very real threat that he was.
My husband is from Argentina, and I have tried to read as much of its history as I can – which is not easy, because records are not kept the same way that they are here. I recommend David Rock’s “Argentina: 1516-1987”, and I am looking forward to reading Federico Finchelstein’s books. The key is to find a historian outside of Argentina, because it is impossible to cultivate a critical view and depth of understanding within the country. For one, the media is unreliable – the most read newspaper, Clarin, is equivalent to a tabloid. Secondly, the education system has more in similar with US schools from the 1950s than the 21st century.
“People” in general in Argentina are fed up with the decades of corruption under the Kirchneristas (aka. the Peronistas). They think “it can’t get any worse” with the insane inflation and the low quality of life. There is no credit system. The banks are not secured. If you walk down the streets of Buenos Aires, you will think that life looks it is thriving there – the cafes are full, people are eating out. The reason why is because your money will devaluate if you put it in a bank. So might as well spend it yourself. There are no savings. You can’t even get dollars officially anymore, and there is no point in saving in anything but dollars.
But things can always get worse, and I can’t help but see parallels with Iran when 98% of the people voted for Khomeini because it “couldn’t get worse” than what they had with the Shah. It got much worse. Out of the frying pan into the fire.
The question with Argentina is whether the corruption can ever be eradicated. My husband says that he thinks that Milei is not corrupt – I think that he just hasn’t had enough time or power yet.
During the election, there were videos of election officials (who are Kirchneristas) saying plain as day – “The ballots of Milei must disappear.” I didn’t understand how this happens until my husband explained that, in Argentina, each candidate has a separate ballot, different from how it is done in the US where all candidates are on the same ballot. Then, when people showed up at the voting stations, they were told that there were simply no more ballots for Milei. There were videos of police forcing a woman out of a polling station, because she demanded to vote but they told her there were no more ballots. So, we know that given the amount of corruption and election interference that there was, it is likely that Milei won something more like 70% of the vote.
Argentina has a long history of choosing the wrong side. This looks set to be a repeat. My husband’s theory is that things will simply swing to the other side for a while but not much will change. There will be privatization, there will be a backlash of nationalization and so on and so forth – and in both of those processes, the rich will steal from the coffers as they always have, and the rich will get richer, and the poor will get poorer.
My biggest worry is if they privatize the public schools and universities which are free. Because without free university, there will be no hope at all, and the sliver of a middle class that is hanging on tenuously will disappear completely.
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But there is one thing that Argentina does right which is voting, and the US could take a page from their election system. Argentina always votes on a Sunday, and it is a national holiday. Voting is mandatory – an Argentinean will always carry their voting card with them in their wallet, because they can stopped and fined or thrown in jail for not having voted. Mandatory voting is not necessarily a panacea, and corruption has always been the bigger problem. But at least we could start by making election day a federal holiday. I’m well aware that the Republicans don’t want that, but it seems like a very patriotic tactic to make election day a federal holiday. I mean, what is more patriotic than voting, right?
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