The Last Latin American Revolution

I had the chance to speak for nearly an hour with Argentine President Javier Milei on December 9 of last year, one day before he was sworn into office. During our conversation we discussed the future of the libertarian revolution that is taking place in Argentina and his absolute determination to see it crystallized in concrete reforms that would restore freedom and progress to his country. Nearly two months into his presidency, there is no doubt that while much remains to be done, Milei is already off to a great start.

I’m writing this column from the iconic Palacio Duhau in Recoleta, Buenos Aires, where I have met several well-informed friends. They all concur that, so far, Milei is well on the way to achieving the unthinkable: putting an end to a century of collectivist decline. The lion of the Andes, as Milei is sometimes called, has not wasted time.

Shortly after coming to power, Milei dramatically narrowed the gap between the official and the market exchange rates by devaluing the peso 54%. He went on to shut down ministries and public offices and lay off swarms of useless bureaucrats. He also passed an emergency decree with 300 measures to deregulate the economy. Among them are the privatization of all public companies, the elimination of rent controls, an open sky policy, cutting subsidies to different sectors of the economy, ending import restrictions, deregulating satellite services and many others. In addition, the reduction of fiscal deficit is moving forward.

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