US Buys Pesos, Blesses Milei's Economy, Ignores Domestic Crises
According to Al Jazeera, the US is buying Argentinian pesos and finalizing a $20 billion currency swap, ostensibly to stabilize Argentina's economy under President Milei. This happens as Milei, a 'close ally' of Donald Trump, (the article almost forgets its own premise by putting a year in the future) faces a 'critical midterm election' this month (again, in that future year). It's fascinating how
quickly the Treasury acts when a preferred brand of 'free market' fundamentalism is on the line, especially when domestic crises like homelessness, crumbling infrastructure, and endemic poverty seem to get endless 'studies' and 'bipartisan talks' instead of $20 billion cash infusions. One might wonder if this economic 'generosity' is less about the Argentinian people and more about buttressing a
specific ideological project in Latin America, especially as global power dynamics shift. The historical record suggests the US has a long tradition of propping up leaders who align with its strategic interests, often with little regard for the long-term stability or welfare of the host nation's populace. How convenient that 'stabilizing' foreign economies always seems to coincide with
'stabilizing' US influence. Perhaps we should ask if the US Treasury has a similar $20 billion plan for, say, Flint, Michigan, or the crumbling public schools across the country.