The article is clear, the market is reacting to Argentinians voting against Milei in mid-term elections, which also wasn’t in line with expectations. His policies are very popular with the market.
Argentina is a financial basket case from years of corruption and government overspending and printing money. I’m not surprised that the enthusiasm for his drastic fiscal restraint has waned quickly. There is no easy way out of these messes.
We’ve always known our growing interdependence is a risk, but there’s been many benefits and decades of good experience. Occasionally, the US has done things that have slowed this progression and has made many of us wary while some (especially business leaders in sectors such as oils and gas) insisting it’s silly paranoia.
For politicians to make such a major move, there has to be a strong interest or concern amongst electorate. In a matter of weeks, Trump obliterated the idea that this is silly paranoia, and there’s a strong sense of halt! Fuck no! reverse, hard! So I think it is completely different this time.
MEXI-CAN trade agreement?
Sane countries with coherent foreign policy release this type of messaging in advance of reversing a $70 billion dollar contract. The F35 deal is dead. The trillions of dollars worth of goodwill and brand damage Trump has done to the US is hard to fathom. He is like a category 5 hurricane crossing the US for 40 days and 40 nights. #UnitedStatesOfEmbarrassment
The Monroe Doctrine, everyone in South America knows about it. It’s the excuse to fuck around in everyone’s business in the western hemisphere since 1823.