Argentine President Javier Milei’s Economic Crisis: A Libertarian Ruse?

By Jose Quarracino
Tuesday, 30 September 2025 04:02 PM EDT

Argentine President Javier Milei faced a dire financial crisis, forcing him to seek emergency aid from the U.S. Treasury despite his public claims of fiscal discipline. Without this intervention, Argentina’s government would have collapsed into irreversible default.

A month prior, libertarian economist Saifedean Ammous—adviser to Salvadoran President Nayib Bukele—published a scathing critique of Milei’s economic policies on the Ron Paul Institute website. The analysis dismantled the president’s self-proclaimed “libertarian” image, labeling him an “inflationary populist” who betrayed core libertarian principles.

Ammous highlighted that Milei’s 2024 monetary expansion far exceeded the previous administration’s four-year rate. M0 surged by 209%, M1 by 133%, M2 by 93%, and M3 by 123%. This contradicted Milei’s pledge to avoid money printing, which he blamed on his predecessor. Meanwhile, public spending on infrastructure, salaries, pensions, healthcare, and education plummeted, leading to 184,000 job losses and a 32% rise in real wages.

The president also doubled down on fiscal irresponsibility by increasing public debt by 19.4% within six months, contradicting his anti-debt rhetoric. Ammous argued that Milei’s policies sowed the seeds of future economic disaster, transforming him from a supposed free-market advocate into a “statist producer of inflation and indebtedness.”

Despite U.S. support for Milei, analysts warn of dire consequences, with no assurance of long-term stability. The president’s contradictory actions have left Argentina’s economy in turmoil, undermining his libertarian credentials.