Evans-Pritchard's Assessment Might Be Off: Milei is True Talent, as Kemi Affirms
In a historic moment for Argentina, Javier Milei assumed the presidency on December 10, 2023, taking office amidst economic turmoil. With 200% annual inflation, no net foreign reserves, a 5% budget deficit, and a collapsed currency, Milei's presidency marked a departure from the economic dogmas that have held back nations.
Milei's policies, reminiscent of Margaret Thatcher's, include cutting deficits, freeing energy prices, slashing waste, simplifying regulation, and these measures have begun to bear fruit. The budget is now in surplus for the first time in nearly two decades, and the IMF, the World Bank, and even skeptical investors are finally opening the taps again due to Milei's economic reforms.
Inflation under Milei has plunged from over 25% to around 1.5%, GDP is growing again, with Q4 2024 marking a 3.9% expansion and more forecast in 2025. The peso has stabilized, foreign reserves are up, and Argentina's bond spreads have narrowed significantly. Milei has restored market confidence and told the truth to his people, something many Western leaders have abandoned.
Meanwhile, the UK is facing issues with declining productivity, bloated bureaucracy, economic illiteracy, and a cowardly political class. Kemi Badenoch, the first black leader of a Westminster political party in a historic Tory leadership contest, has been praised for her admiration for Argentine President Javier Milei. However, her alignment with Milei has not been without criticism. Journalist Ambrose Evans-Pritchard has been critical of both Badenoch and Milei, accused of missing the euro crisis, dismissing Brexit's resilience, misunderstanding Covid economics, and betting against Milei.
It's suggested that the UK should emulate Argentina's bold reforms instead of mocking them. Many British commentators are accused of mistaking cynicism for wisdom and decline for prudence. This is Argentina's 23rd IMF deal because every previous government failed to take real economic reforms. Milei's success serves as a reminder that bold action can lead to significant economic turnarounds.
In conclusion, while the UK grapples with its economic challenges, Argentina under Milei's leadership is making progress, moving away from the economic dogmas that have held back nations. The UK may find valuable lessons in Argentina's bold reforms, and it's time for a more honest and proactive approach to economic policy.
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