Last November, Americans voted for a president who said he would put “America First.” They’re getting “Argentina First” instead.
Earlier this week, the Donald Trump administration announced it was doubling its planned bailout of Argentina, which, under President Javier Milei’s harsh austerity program, has seen its economy stagnate and the country scramble to sell $1 billion of its foreign reserves to stabilize its collapsing currency.
The Trump team’s plan is to scrounge around for another $20 billion from the private sector to send to the crisis-stricken country, on top of the $20 billion of US taxpayer money Trump already pledged he would use to buy up pesos, which would supposedly be a loan. The $40 billion Trump is sending the country is roughly on par with the $41.8 billion it owes the International Monetary Fund — by far the largest debt on the organization’s books, half of which was taken out under Milei earlier this year.
There is no benefit to working Americans from this, and the president isn’t even pretending there is. As he explained, “it’s just helping a great philosophy take over a great country,” because “Argentina is one of the most beautiful countries that I’ve ever seen, and we want to see it succeed. It’s very simple.”
That “great philosophy” is Argentinian president Milei’s “anarcho-capitalism,” or libertarianism, which holds that government should be radically shrunk and its role in society limited to the barest essentials, while letting private, corporate interests run free. Seriously pursued, turning that philosophy into concrete reality necessitates the dismantling of safety net programs like food stamps, Medicaid, and Social Security; the gutting of useful agencies like PBS or the Consumer Financial Protection Bureau; and a massive culling of the public workforce that leaves hundreds of thousands jobless. You might notice that this “philosophy” sounds eerily similar…
Auteur: Branko Marcetic
