Argentina

History is replete with stories of poor countries reverting to socialism with the promised of income redistribution and in time ending up worse off. There is an ongoing story of a conservative take over of a failing country that has been in the news the past year and this is the election of Milei in Argentina. He was elected in Dec 2023 and promised to cut government to fight inflation and stabilize the economy. The government instituted aggressive budget cuts, spending freezes and a deregulation campaign. Consumer and investor confidence are on the rise as inflation fell from 28% to 2.8%. His approval rating is 50% despite these cuts and the fact that the poverty rate is 50%. This is only the end of the first year and so much remains and only time will tell if he is on the right track but he is off to a good start. The world will be watching.