Trump set to bail out Argentina, irking some in 'America First' camp

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9. That - plus the fact that it was from 160% not "289%" (Milei - like Trump - likes to move the goalpost a lot)

Inflation was (an already awful) 160% before he took office; but jumped to 289% after his shock devaluation on December 12th, 2023 - leading to a sharp drop in living standards (which, before he took office, were second only to Chile in the region).

As all Argentines (even small children) know, shock devaluations bring an immediate jump in prices - in fact, often days before it's announced, once it becomes certain.

Inflation did indeed slow afterward - but mostly because the 12/2023 shock forced households and business to sell dollars en masse to keep afloat. And as all Argentines also know, a stable dollar quote is sure to bring down inflation - all the more so, if activity crashes.

Milei always conveniently leaves out those two very obvious facts.

And now - after the requisite short-lived recovery (Argentines call these veranitos - little summers) - his debt-fueled currency bubble is popping in real time, as dollars stampede out of Buenos Aires.

Just as other, similar Argentine bubbles did - mostly under similar right-wing regimes - in 1981, 1989, 2001, and 2018.

With the 2018 crisis involving two of the very same miscreants (!): Trump (the sugar-daddy enabler) and Argentina's money-launderer Finance Minister, Luis Caputo.

Cry for Argentina, Prairie Gates - because they never learn.