Argentina's midterm election hands landslide win to Milei's libertarian overhaul

https://www.cnbc.com/2025/10/27/argentinas-midterm-election-hands-landslide-win-to-mileis-libertarian-overhaul.html

27•gnabgib•3h ago

Comments

zoklet-enjoyer•2h ago

Does this mean we're going to have to bail them out again?

biggestlou•2h ago

Did we bail them out before? From what I can tell, we opened up a currency swap using a Treasury fund (not funded by tax dollars) specifically devoted to currency stabilization.

throwaway20222•2h ago

If not us tax dollars, how are they funded? Are the backed with full faith of credit of the us government? It’s hard to search for answers on this one.

biggestlou•9m ago

It's self financing: https://en.wikipedia.org/wiki/Exchange_Stabilization_Fund

postflopclarity•2h ago

A currency swap IS a bailout if the swap occurs at a price above what would otherwise be the market clearing price. "currency stabilization" is just a funny way to say "artificially propping up the peso"

> using a Treasury fund (not funded by tax dollars)

tell me, where do you think the Treasury gets its dollars...

AnthonyMouse•2h ago

It would be kind of ironic if they were printing them.

biggestlou•9m ago

Nope, it's self financing: https://en.wikipedia.org/wiki/Exchange_Stabilization_Fund

biggestlou•7m ago

The ESF is self financing. And yeah, sure, it is artificially propping up the peso, the same way we propped up the Mexican peso, the Thai bhat, and others once upon a time.

bpodgursky•2h ago

No, it means the US just made a profit on the Argentine Pesos it bought to stabilize the currency.

bix6•1h ago

How did the US profit if the peso has continued to fall?

bpodgursky•1h ago

It's strengthening tonight. It fell when markets thought he might lose. But then he won.

kragen•2h ago

This is a better source than the inaccessible and gratuitously insulting WSJ page linked at https://news.ycombinator.com/item?id=45716359. Those comments should be merged here.

terminalshort•2h ago

Gratuitously insulting?

kragen•2h ago

The WSJ's "you have been blocked" page is gratuitously insulting.

narrator•2h ago

Bolivia also ended their socialist government recently. The mass exodus out of Venezuela has hurt the reputation of the left in South America.

etc-hosts•1h ago

I'm sure this is going to be used by anarcho capitalist types and the media to say Milei's program of cutting public services is noble and great and here's the proof. I feel like I must be taking crazy pills though. If the Argentinian gov needs 40 billion from the US to continue functioning, how does that mean Milei's policies are working? It's like if I decide to use a car to drive 1000 miles, but I only buy enough gas for 500 miles, but a dude at the midpoint in my journey offers to lend me enough money for the next 500 miles of gas if I kick all Chinese people out of my car in return, and then I return and say see due to my amazing thought leadership my car has double the gas mileage now.

nine_zeros•1h ago

Libertarians and Conservatives can all wish for a smaller government and slash things apart in America - it's not going to change the fact that America is a corrupt socialist country which runs semis, bails out billionaires, subsidizes farmers, and uses taxpayer money to enrich business owners.

The only difference between American socialism and Argentinian socialism was that Argentinian socialism pretended to help the poor but America doesn't even pretend to help the poor.

thankyoufriend•45m ago

How do you define socialism? I don't believe that we the people or the state collectively own the means of production in any major industry. Private ownership by capitalists is still the dominant economic system in the US.

nine_zeros•21m ago

The US literally purchased shares of Intel - thus owning means of production.

The US also bails out a group of people all the time. The group is called the rich.

Furthermore, it subsidizes select groups like big ag.

Except these, the US is predominantly capitalistic but so was Argentina. Their populace was fed up with the pretense of helping the poor while bailing out oligarchs. America doesn't seem to pretend to help the poor. Poors are undesirables.

Ancapistani•49m ago

I doubt it.

For one thing, it hasn’t been long enough. For another, Argentina is in such a deep hole it will take a generation at best to get out of it.

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