In a shocking vote for change the people of Argentina have elected the political outsider, Javier Milei, as their next President.
Milei, with his coup sauvage hair, sideburn chops, and chainsaw wielding antics, has promised to slash government spending, dismantle the central bank, and end socialism in a country mired by decades of economic folly.
Mainstream media, loyal to their institutional masters, have done their best to paint Milei as a buffoon, even in the face of his convincing victory.
To get the real story, and a “boots-on-the-ground” perspective of life in Argentina, Brent Johnson and Jon Kutsmeda are joined by a special guest, the Bow Tied Mara.
President Milei won the hearts of the voters, but can he now win the cooperation of his political adversaries still in government?
Even if his foes become friends, the country will still need to feel more pain before meaningful change can happen.
Unfortunately, with inflation in the triple-digits, Milei will be in a race against the clock as patience is in short supply.
Can he restore the once great Argentina to its previous glory?
Find out from Brent, Jon, and the Bow Tied Mara, in a special “Black Friday” release of the Milkshakes Markets Madness Show.
*** If you are new to the show, please read the LEARN MORE section, which follows the chapter timestamps below. ***
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FULL-LENGTH EPISODE 55
(November 24, 2023)
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The full-length episode is a weekend release that dives deeper into the biggest themes from the prior week. Expect longer discussions and video playback times of over 30 minutes.
*** More information about Milkshakes, Markets, Madness, and the hosts, can be found after the chapter timestamps below. ***
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THE END OF SOCIALISM
Season 01, Episode 88
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00:00 – “Milei Afuera” intro
00:10 – Big News in Argentina
01:28 – Social Media benefits
03:36 – “Who is” the Bow Tied Mara
05:40 – “What is” a Bow Tied Mara
07:07 – The current mood in Argentina
11:35 – History of Peronism
15:05 – Navigating runaway inflation
22:15 – Dollars trusted more than Gold
25:44 – The Battleground
Milei Starter Pack:
37:07 – The hard road ahead for Milei
Divided We Fall:
43:17 – Unifying exchange rates
45:54 – Time to invest in Argentina?
52:06 – Managing social tensions
(Harding’s forgotten depression)
01:01:06 – The end of socialism
01:05:30 – Wrap-up
01:07:30 – “Milei L3ftard$” outro
01:07:40 – Disclaimer
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LEARN MORE
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Every week, Brent Johnson and Jon Kutsmeda invite you to share a laugh at their favorite Twitter tantrums, and the madness of financial markets.
If you are tired of drawn out, jargon filled, boring financial podcasts, then tune in for Milkshakes, Markets, & Madness to enjoy the lighter side and off-topic discussions that include sports, politics, memes, travel, and whatever fun they find during the week.
For anyone who is unfamiliar with our hosts, or new to the Dollar Milkshake Theory, please visit our website and read the “About Us” page to learn more.
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CONNECT WITH OUR GUEST
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You can follow the Bow Tied Mara on Twitter at @BowTiedMara
For articles and insights on all things Argentina visit
For questions about investing in Argentina and other business related inquiries visit
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Newly elected President Javier Milei wants to end socialism and save Argentina from hyperinflation
Argentina has been grappling with economic instability for a long time, and the newly elected President, Javier Milei, is determined to bring about significant changes. The country has been plagued by hyperinflation and has seen its currency devalued repeatedly. Milei has vowed to put an end to this and lead Argentina towards a path of economic recovery and growth.
Milei, a renowned economist and political figure, has been a vocal critic of socialism and government intervention in the economy. He has blamed these factors for the economic woes that Argentina is currently facing. In his election campaign, Milei promised to implement policies that promote free-market principles and reduce the government’s involvement in the economy. He has also pledged to tackle the issue of hyperinflation, which has eroded the purchasing power of the Argentine people.
One of Milei’s key proposals is to reduce government spending and cut down on wasteful expenditure. He believes that the bloated public sector has been a burden on the economy and has contributed to the country’s fiscal deficits. By streamlining the government’s budget and reducing unnecessary expenses, Milei aims to create a more efficient and responsive public sector.
Additionally, Milei has emphasized the need to attract foreign investment and promote a business-friendly environment in Argentina. He intends to implement policies that encourage entrepreneurship and innovation, which he believes will help drive economic growth and create job opportunities for the Argentine people.
Furthermore, Milei has expressed his commitment to tackling the issue of hyperinflation. He has proposed measures to stabilize the Argentine peso and curb the runaway inflation that has been plaguing the country. By restoring confidence in the currency and implementing sound monetary policies, Milei aims to bring stability to the economy and protect the savings of the people.
Milei’s ambitious agenda has generated optimism among many Argentinians who are eager for change. However, he also faces significant challenges as he attempts to push through his reforms. The entrenched interests and resistance to change within the political and economic establishment will certainly pose obstacles to Milei’s efforts.
Nevertheless, many believe that Milei’s determination and commitment to economic reform make him a promising leader for Argentina. His ideological stance and bold proposals have struck a chord with those who are fed up with the status quo and are hopeful for a brighter economic future.
With a clear vision for the future and a staunch belief in free-market principles, President Javier Milei aims to usher in a new era of prosperity for Argentina. By ending socialism, reducing government intervention, and tackling hyperinflation, Milei hopes to save the country from its economic woes and set it on a path towards sustainable growth and development. Only time will tell if he can deliver on his promises, but many are hopeful that he can bring about the change that Argentina desperately needs.
does he support the south american drug lords ..?
This seems more like king Attalus III who bequeted Pergamom to the Roman Empire in his will because he had no children. Javier Milei is a lot of bla bla and the annexation of Argentina by the US Empire.
And no, it did not work out well for people of property in Pergamom.
Btw, the only way you can end socialism is by empowering the most local. The real struggle is not between big state or small state. It is between the centre and the local. This centralized libertarianism is a theoretical construct. In the end people prioritize security over opportunity.
Technically speaking each and every dollar in an Argentinian bank account is a Eurodollar. Are the US dollars in these accounts kept in a reserve account with USD bank notes in a vault in Argentina or are they in nosto accounts at New York?
I want to see Milei, not two dudes and a jackalope or whatever. I've seen all the chain saw weilding, shutting up the freakishly hot presenter, Ministry of Culture gotta go videos fifteen times. I want more. It's like you're talking about a porn star and you're just showing two guys and a Jackalope. This video was like disappointing sex. More him, less you. You can still talk. That's okay. But I want Milei maddness, not a zoom call with cartoon fauna.
Really interesting listen, thanks guys!
50-50 split is pure election fraud. Why is that guy so naive? Jesus Christ
43:17
There never was Socialism in Argentina, just ethernal Populism.
Milei said he's learning the political aspect of being a president. I hope he's a quick learner.
Great advice! Thanks
Any chance folks save in billion for long term? Save in dollars for medium term and rotate quick transactions in peso?
Gresham’s law still relevant?
Just asking and wondering.
Just give a year. He will start the blame game. If I am wrong, I will comeback to own up to my comments.
Argentinian here, this is spot on, so much to cover though, but one topic it would have been cool to touch on is the current bull market in argentina stocks in nyse (up 300% since 2022), and sovereign bonds.
Harding was credited with helping to end the depression quickly even during his admin.
Harding’s popularity and reputation, largely suffered due to the various scandals that came to light after his death. The most notorious of these was the Teapot Dome scandal, which involved the secret leasing of federal oil reserves by the Secretary of the Interior, Albert Bacon Fall, in exchange for personal gifts and loans. This and other instances of corruption among Harding’s appointees tarnished his legacy and contributed to a decline in his posthumous reputation.
It’s important to note that while Harding was alive, he remained a popular president. His death in 1923 was widely mourned, and the revelations about the scandals among his administration members only emerged after his passing.
"You can vote your way into communism, but you have to shoot your way out of it". The truth is that even though government financial repression in the form of hyperinflation has destructive results on society as a whole, it benefits some segment of society. The beneficiaries never relinquish their personal benefits willingly. Unfortunately the fear of greater personal harm during a violent revolution is the only tool that works. Milei will almost certainly fail.
Jon is looking decidedly pale compared to that sun kissed face of Brent….so I say Jon – get away from the charts – soak up some Vitamin D! Happy Holidaze bois.
Fascinating conversation
Great cast! Probably the best I've heard about the potential but also the great challenge Argentina faces post Milei win, thanks. I'll be looking into Argentina for investments or maybe even real estate. The part about the youth studying Austrian economics gives me the most hope. As of Friday, reports out that Milei has passed over his "dollarization guru" for two Mauricio Macri associated advisors.
@steve_hanke has the theory & practical & track record on dollarization. U guys should get him on?
As someone who spent about 1.5 years in Buenos Aires, I thought this was entertaining & informative. Rooting for Milei to get it right!
My fav episode so far
Awesome conversation guys! I loved it.
I would say that worked out very well. Great pick for a guest on such a timely set of topics.
I hope you do a post-interview analysis on what you picked up in this one.
Great job Jon, Brent and Bow Tied Mara! Great conversation! So relevant!
First a talking green chicken, now a rabbit with a bow tie. No wonder I failed economics.
One question i;d have is if Argentinians invest in gold ETFs and CEFs such as PHYS where the gold is based on futures or stored in a vault, which takes care of the whole fungibility and verification problem, and t-bills, stocks etc.
That was fantastic, thanks again dudes
About the 47 minute mark, Brent describes the South American Clownifornia
Half way through and this is a really great episode, they all are, but this one is longer and therefore "more good".
Thank you so much dudes!!!
22:25 darn so peter schiff lied to me! i thought we would be paying for starbucks in gold coins like some medieval scenario!
I have been watch Argentina since 1985
Was there 2003…riots
Talked to an American doing business with Argentina last week
1. Literally default on all their international loans 3 times since 1985
2. People tell me their stories of their personal wealth being destroyed by inflation and devaluation – over and over
3. Salaries and prices are adjusted for inflation monthly…and maybe even more
4. Rampant corruption
a) Joke: Of Every IMF bailout $,50-90% goes to corruption
b) My speculation with no facts …government corruption?
5. The establishment sends food and medical to neighborhoods right before a vote
6. The poor shanty towns outside Bueno Airies reminds me what America (SF and CA) is turning into
7. Opinion: The Peronists pander to the the working class…about the things they give them (food, medical, protectionism),
This is the same stuff Donna Bazile of the US DNC says. Basically doing money printing to feel good while destroying the
wealth and purchasing power of the regular people
50:30 the explanation to this "paradox" is that Argentina has very high quality human capital regardless of anything that goes on in government.
Variable CC interest rates in Argentina?
Socialism just starting, stupid!
What a well dressed and respectful Chupacabra
Thanks dudes
AFUERA!!!
All government is socialism
Yes, as someone who has a lot of silver and gold I do wonder how fungible it is….in Thailand there are gold shops everywhere which buy/sell and the populace understands the process much better than in the US.