Just a few months ago, the corporate press in the West was fawning over the economic changes and reforms implemented by Argentinan President Javier Milei. Even some centrists and liberals were praising Milei's libertarian policies. He was the man of the hour. I wrote extensively at the time about Argentina's problems and why Milei's efforts were destined to fail.

What a difference a few months can make! Argentina recently experienced a full-blown bond and currency crisis stoked by political setbacks for Milei, despite massive dollar infusions from the IMF earlier this year. Even right-wing rags like The Economist and The WSJ, traditionally stalwart champions of austerity, have released articles over the past few days turning against their pet libertarian poodle. To rescue this failed state and prop up an ideological ally in Latin America, the United States is now pledging to issue a rescue package of up to $20 billion, which will involve swap lines between the central banks and direct purchases of Argentinian debt in dollars. When Venezuela had a recession years ago, we imposed heavy sanctions and engineered a depression that caused millions of people to flee the country, all because our government didn't like Venezuela's government. But since Milei is a right-wing stooge enraptured with our current administration, Argentina gets massive amounts of money from the United States instead! Let's make no mistake about what's happening here: Argentina would have already imploded economically had it not been for repeated American rescue efforts. Not that these efforts will address any of the structural problems with Argentina's economy that I've described before. It's just a temporary band-aid at best, but it does prevent Milei from suffering what would otherwise have been a quick political collapse.

Domestically, Milei's agenda is finally facing serious opposition as the country goes down the tubes, with huge street protests filling Buenos Aires and Congress beginning to override his vetoes by large margins. Recent local elections also haven't gone his way. Milei's erstwhile political invincibility is rapidly crumbling.

I don't write any of this to gloat. I feel terrible for the people of Argentina who are suffering under this corrupt regime. The only thing I hope is that future generations learn from this debacle and never repeat its disastrous mistakes.