[News] Javier Milei is destroying Argentina's economy, making it a resource colony for foreign oligarchs
Anti-Imperialist News
news at freedomarchives.org
Tue Mar 4 10:58:28 EST 2025
Argentina's libertarian President Javier Milei is promoting crypto scams
and overseeing rapid deindustrialization. Manufacturing and construction
are collapsing. The majority are living in poverty.
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Javier Milei is destroying Argentina's economy, making it a resource
colony for foreign oligarchs
<https://substack.com/app-link/post?publication_id=457596&post_id=158212896&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=true&r=lvppb&token=eyJ1c2VyX2lkIjozNjc1MTU4MywicG9zdF9pZCI6MTU4MjEyODk2LCJpYXQiOjE3NDEwODY1ODYsImV4cCI6MTc0MzY3ODU4NiwiaXNzIjoicHViLTQ1NzU5NiIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.Ho7NQ9me86nf-fXOtbQ76-S4uAa-r4iqvrHeDjd_LwY>
Argentina's libertarian President Javier Milei is promoting crypto
scams and overseeing rapid deindustrialization. Manufacturing and
construction are collapsing. The majority are living in poverty.
Ben Norton <https://substack.com/@benjaminnorton>
Mar 4, 2025
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<https://open.substack.com/pub/geopoliticaleconomy/p/javier-milei-argentina-economy-resource-colony?utm_source=email&redirect=app-store&utm_campaign=email-read-in-app>
<https://substack.com/redirect/c74fca80-a922-44fc-a15b-b7756265d639?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
Argentina is governed by a right-wing libertarian named Javier Milei. He
proudly identifies as an "anarcho-capitalist".
His career has been cultivated by powerful billionaire oligarchs, such
as Eduardo Eurnekián
<https://substack.com/redirect/77d629e6-eb91-4581-bfd0-45fbecc8e049?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
who employed Milei and several of his cabinet members.
Milei has also enjoyed the support of US billionaires
<https://substack.com/redirect/34b3a9b7-6d0f-43a0-be8b-2457ef9e05f2?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>like
Elon Musk and Silicon Valley oligarch Peter Thiel
<https://substack.com/redirect/2125c60d-f191-47d8-a8be-7798e2136794?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>.
US President Donald Trump considers Milei to be an obedient ally.
When he campaigned for president in 2023, Milei embraced the nickname
"el loco" (the madman). He brought a chainsaw to rallies, pledging to
cut government down to the bone.
As president, Milei has promoted a cryptocurrency pump-and-dump scheme
<https://substack.com/redirect/6a3d3ee7-96c8-4c22-b12c-06081e42e0ca?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>called
Libra
<https://substack.com/redirect/bd8694e3-0c5c-494e-8c5d-546d4551f2dc?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
which caused tens of thousands of his own supporters to lose millions --
while Milei's allies raked in $100 million in profits.
He has also devastated the real economy. Milei is overseeing rapid
deindustrialization of Argentina. Manufacturing and construction are
collapsing. Job loss has been enormous, in both the private and public
sectors.
The majority of people in Argentina (53%) are now living in poverty.
Their purchasing power and standard of living have been crushed by
Milei's brutal austerity.
Nearly three-quarters (72%) of Argentines
<https://substack.com/redirect/9284f50f-fd5a-4df7-a827-f411e460d657?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>said
in June 2024, after half a year of Milei's rule, that they were worse
off economically.
<https://substack.com/redirect/660b99fb-afb8-4814-912d-126db3af58f9?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
While Argentina's real economy is in crisis, the stock market has
boomed, enriching local oligarchs and rich foreign investors.
Milei's government has also promoted a notorious carry trade scheme
<https://substack.com/redirect/3859f612-f12c-4bbf-94c8-885a30c8558f?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>known
as the "bicicleta financiera" (financial bicycle) that has guaranteed
massive returns for the few Argentines wealthy enough to invest.
Aside from finance, the few other sectors of the economy that are
growing under Milei are agriculture and mining -- extractive industries
that rely on exports and benefit from a falling currency and weak
domestic demand.
In short, Argentina is being turned into an impoverished,
deindustrialized resource colony for foreign corporations and oligarchs.
Corruption has also flourished in the South American nation. One of
Milei's firsts acts after coming to power was to make nepotism legal, so
he could appoint his sister, Karina Milei
<https://substack.com/redirect/e8c71de7-f27a-4e7d-9688-2942523aa47d?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
as his presidential chief of staff.
Milei closed 13 government ministries
<https://substack.com/redirect/13a56348-4e2f-4b74-989b-3320dbd58347?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
including those dedicated to education; labor and social security;
science, technology, and innovation; and transportation; among others.
This has fueled significant brain drain, as technical workers leave
Argentina looking for employment elsewhere. The Network of Authorities
of Institutes of Science and Technology wrote, "Investment in science
and technology is collapsing
<https://substack.com/redirect/8e785e5a-5938-43c4-9e84-9e5485bbe376?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>today
in Argentina, reaching its lowest levels since the restoration of
democracy [in 1983]”.
While he has slashed government spending on science, infrastructure,
education, health, and families and children, Milei has more than
doubled the budget for the Secretariat of Intelligence
<https://substack.com/redirect/8e785e5a-5938-43c4-9e84-9e5485bbe376?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
which oversees spying and internal security.
The Secretariat of Intelligence, which Milei has embraced, was used by
Argentina's far-right, US-backed military dictatorship in the 1970s and
'80s to operate a murderous secret police force that killed, tortured,
and disappeared left-wing activists and crushed labor unions.
Despite Milei's "libertarian" rhetoric, he selected as vice president
the far-right activist Victoria Villarruel
<https://substack.com/redirect/daad90e4-b7df-4e21-96e8-04bb64232bd7?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
a notorious apologist for the military dictatorship who has denied its
crimes.
Javier Milei Elon Musk Donald Trump Argentina US
<https://substack.com/redirect/043ce2a3-5ff1-4c44-adfb-0e5f6d5959db?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
Argentina's President Javier Milei (center) and his sister and chief of
staff Karina Milei (in the red suit), with Donald Trump and Elon Musk
Rampant poverty and inequality in Milei's Argentina
Under Milei's rule, more than half of the population in Argentina is
living in poverty. The official number is 52.9%, according to a report
published by the National Institute of Statistics and Census
<https://substack.com/redirect/48b731b0-8039-47a6-811b-59127c10661c?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>(INDEC)
of Argentina's Ministry of Economy. This document, which is from
September 2024, has the most recently available data.
These 52.9% of Argentines cannot afford the basic basket of goods and
services that a household needs. As of September 2024, the cost of the
basic basket was 709,318 Argentine pesos ($709 US dollars, with the
exchange rate at the time), but the average family was living on an
income of just 407,171 Argentine pesos per month ($407 US dollars).
The purchasing power of Argentine families has decreased further since
then. Wage increases have not caught up with the sky-high rates of
inflation, so real wages are falling
<https://substack.com/redirect/c8569d51-fd37-4cb9-81ef-8e59e9a386d5?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>.
18.1% of Argentines are in extreme poverty, meaning they cannot afford
the basic food basket. As of September, they were living on an average
household income of $232 USD per month, while the basic food basket cost
$349 USD.
poverty Argentina Javier Milei 2024 53 percent
<https://substack.com/redirect/f1c918ec-06d6-4e80-9476-2a1ac9371d6e?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
While the majority of people in Argentina live in poverty, income
inequality is also very high.
The richest 10% of the population earns 24.5% of income, according to
official statistics from the Ministry of Economy's INDEC
<https://substack.com/redirect/b0765a5d-3f67-4fa4-9821-1a95fdfb30f7?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>.
The wealthiest 20% of Argentines receive 39.7% of income, and the
richest 30% take in 51.8%, compared to just 8.6% for the poorest 20% of
the population.
This is only taking into account income, not wealth. The rich are not
rich because of high wages, but because of ownership of assets. Wealth
inequality is much worse.
income inequality Argentina Javier Milei 2024
<https://substack.com/redirect/d3868409-6221-445a-84fa-f987bb515d9c?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
Massive job loss and worker precarity
Javier Milei is trying to push through extreme anti-worker policies,
including a proposal that would increase the work day to 12 hours
<https://substack.com/redirect/14bddf22-8df6-48cb-a3eb-84dcb23de9e2?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
without overtime pay, while allowing companies to compensate employees
with tickets that can only be used at grocery stores or specifically
designated businesses.
Local media outlets reported that the Milei administration has broken
records with the destruction of jobs in the formal sector.
"The government of Javier Milei is pulverizing the labor market
<https://substack.com/redirect/8d8a60dc-c5c2-403d-8dcf-96fa57274d12?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>”,
wrote the newspaper Pausa, noting the problem is four times worse under
Milei than it was under the previous right-wing, multi-millionaire
President Mauricio Macri, who also oversaw large job loss.
"Public or private, the number of people laid off is a record", the news
outlet added.
As of October 2024, 10 months into Milei's term, 167,000 formal jobs in
the private sector
<https://substack.com/redirect/cf62056d-07ac-46f9-a9fc-3029ec1cc8d6?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>had
been destroyed. Pausa noted that, in just a few months under Milei,
Argentina faced the same job loss
<https://substack.com/redirect/5fc6426b-a17b-4325-ac32-a7111d473fd9?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>seen
during four years of Macri's rule.
Although Milei's harsh austerity measures targeted the government,
employment in the private sector has shrunk by even more (a 1.9% drop)
than in the public sector (a 1.2% fall).
As Argentines have been plunged into poverty, they have been
increasingly forced into the informal sector. Millions of people are
living precarious lives, without steady paychecks, unsure of how they
will make ends meet.
Inflation
<https://substack.com/redirect/23b7f4cf-e013-4cd1-a66d-07b1ad46f5ae?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>initially
rose drastically under Milei, although it has fallen significantly from
its peak of 292% in April 2024 to 84.5% in January 2025. Oligarch-owned
financial media outlets have pointed to the relative drop in inflation
as a political victory for Milei, but the reality is that his neoliberal
policies have simply reduced demand by crushing the purchasing power of
Argentine workers, many of whom can barely afford to survive.
The following chart shows the number of formal jobs in the private
sector under four presidents of Argentina (from left to right): Cristina
Fernández de Kirchner (CFK), Mauricio Macri, Alberto Fernández, and
Javier Milei:
Argentina formal private sector jobs Milei Macri Fernandez CFK
<https://substack.com/redirect/bb4057f4-8a5c-49b1-a5de-09e292abfa25?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
Rapid deindustrialization in Milei's Argentina
Milei's libertarian policies are leading to the rapid
deindustrialization of the Argentine economy.
Employment has seen an enormous contraction in construction and
manufacturing
<https://substack.com/redirect/75d106da-b137-4a7b-b3f2-6da732b2abe1?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
and has fallen in transportation and health, while rising in extractive
industries like agriculture
<https://substack.com/redirect/459c020f-863e-4b23-b1e9-9d5bd35898fc?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>and
mining
<https://substack.com/redirect/181cfbcb-003a-4bd2-9105-4b4970efa9c9?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
which are dominated by local oligarchs and foreign corporations.
Argentina's economy is returning to the plantation-style colonial
economy that it had in the 19th century, when it was an informal colony
of the British empire. At that time, Argentina's economy resembled that
of the southern Confederacy in the United States.
Manufacturing output in Argentina fell by roughly 10% year on year
during Milei's first year in office, according to data from the Ministry
of Economy's INDEC
<https://substack.com/redirect/a4edb8d7-bfd1-4d02-971c-ba29eb02f366?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>.
In the first few months after Milei's inauguration in December 2023,
manufacturing production was crashing by double digits, including 21.4%
in March and 20.2% in June, compared to the same months the year before.
This problem did slightly improve at the end of 2024, but year-on-year
manufacturing output was still significantly down.
Argentina deindustrialization Javier Milei first year
<https://substack.com/redirect/92fa295c-a488-46f3-a190-24c630bd8d65?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
This was a trend seen under previous conservative President Macri, who
ruled from 2015 to 2019.
Both right-wing leaders prioritized the financial sector, agricultural
exports, and mining. Argentina faced significant deindustrialization,
and the number of manufacturing jobs shrunk rapidly.
Argentina industry manufacturing jobs Milei Fernandez Macri CFK 2024
<https://substack.com/redirect/b49b0fac-e438-4a96-b327-e4a22195de6c?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
Like manufacturing, construction has collapsed under Milei. Construction
fell by roughly 30% year on year in Milei's first year in office,
according to a report from the Ministry of Economy's INDEC
<https://substack.com/redirect/e365f333-0af2-407d-881f-1fbf79c4c97e?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>.
This fall in construction, in addition to a huge influx in speculative
foreign investment in Argentine real estate, has caused housing prices
to skyrocket under Milei.
Local media outlets reported that the cost of a home in the capital
Buenos Aires grew by 221%
<https://substack.com/redirect/b8f6ff90-f33f-4ca2-a0c0-3974c9c36cc1?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>year
on year, as of October 2024, rising faster than general levels of inflation.
Argentina construction Javier Milei first year 2024
<https://substack.com/redirect/741d3050-c4f5-41be-ba96-5a5d79fc19ee?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
Argentina's financial sector booms, while the real economy is in
crisis
While Argentina's real economy has been in severe crisis, with rampant
poverty, huge job loss, and collapsing manufacturing and construction
sectors, the financial sector has boomed.
The main Argentine stock market index, the Merval
<https://substack.com/redirect/11c9e9be-e73b-4723-b365-1901c98ecfe1?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
has skyrocketed under Milei, roughly quadrupling from the time he won
the presidential election in October 2023 to its peak in January 2025.
(It fell markedly in February, especially after Milei promoted a crypto
pump-and-dump scheme
<https://substack.com/redirect/6a3d3ee7-96c8-4c22-b12c-06081e42e0ca?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>that
caused a massive scandal, scaring foreign investors.)
Merval Argentina stock market index Javier Milei
<https://substack.com/redirect/782d2a9e-d953-4cfa-923e-edb52f9b438c?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
The enormous rally in the equity market has enriched foreign investors,
who have benefited from Milei's policies, while the majority of the
Argentine population lives in poverty.
This explains why the Western financial press has constantly praised Milei.
Nevertheless, the stock market does not reflect the health of the real
economy. The composition of the Merval
<https://substack.com/redirect/9dc0e0a4-eeb4-4b7d-b194-498466db357b?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>is
dominated by banks, financial firms, telecommunications utilities, and
energy companies. These are privatized natural monopolies. They are not
innovative companies generating employment and making people's lives
more comfortable.
The rapid rise in stock prices has not benefited the rest of the
economy, and especially working-class Argentines, who don't own stocks
and can barely afford groceries.
Wall Street's man in Argentina runs the Ministry of Economy
Although Milei portrays himself as a "populist", he has continued many
of the same neoliberal policies implemented by former President Macri, a
conservative ally of Argentina's powerful oligarch class.
Milei and Macri both served the financial sector at the expense of the
real economy -- although Milei has taken this to a whole new level.
Milei also brought back some of the former top officials from Macri's
government.
One of the most powerful people in the Milei administration is Economy
Minister Luis Caputo, who served as finance minister under Macri.
Caputo previously worked at JP Morgan
<https://substack.com/redirect/5c65e086-7097-4526-a483-07bfa6b35cbd?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
the largest US bank. He was in charge of Latin America trading (ie,
speculation) for the Wall Street giant. He also worked as the head of
Latin America trading (speculation) for Germany's Deutsche Bank.
In other words, Caputo is a wealthy Wall Street speculator, who helped
Western banks profit in Latin America.
Javier Milei Luis Captuo Argentina minister economy
<https://substack.com/redirect/6f9814af-9948-473d-8f44-11ae85c56d06?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
Argentina's Minister of Economy Luis Caputo (left) and President Javier
Milei (right)
Caputo is also a multimillionaire. While the majority of people in
Argentina are in poverty, and families are surviving on just a few
hundred dollars per month, barely making enough to buy food, Caputo has
millions of dollars stashed in bank accounts in the United States.
This was revealed by an Argentine journalist who got access to a
disclosure document that Caputo
<https://substack.com/redirect/c9473d41-1570-4517-a40d-928d0c6073e2?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>had
to file when he was nominated to be minister of the economy. It shows
that he has several accounts in US dollars at numerous banks in the
United States, summing to millions in total.
Caputo himself confirmed on Twitter that the documents showing his
foreign bank accounts were real, but he defended himself from criticism
by stating, unironically, "I earned my money working in the private
sector, breaking my soul
<https://substack.com/redirect/544c9c48-8e24-4031-bbae-f94f19fae388?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>”.
These disclosures did not include Caputo's investments, or his real
estate holdings.
It is also not clear if Caputo is stashing money in tax havens. He was
previously implicated in the Paradise Papers
<https://substack.com/redirect/1926a0d2-df16-4846-b75a-b3899a846d73?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
the leak of information about offshore tax shelters.
Although this caused a scandal in Argentina in 2018, when Caputo served
as Macri's finance minister, he was brought back by Milei to be the
minister of the economy.
Milei subordinates Argentina to the USA
Economically, Milei has obediently followed the neoliberal orthodoxy of
the Washington Consensus. This explains why the US-dominated
International Monetary Fund (IMF) has celebrated him
<https://substack.com/redirect/5510cc26-339c-4d6d-98ef-94d070c64217?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>.
During his presidential campaign in 2023, Milei promised that he would
dollarize the Argentine economy, abandoning his country's monetary
sovereignty by adopting the US dollar as the official currency.
Development economist Ha-Joon Chang warned this would turn Argentina
into a de facto US colony
<https://substack.com/redirect/54c4d903-1330-4f4e-b62c-a6f0f159752d?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>.
Politically, this is exactly what is happening to Argentina.
Milei has proudly sold himself as one of the most pro-US leaders on
Earth, allying especially closely with Donald Trump and Elon Musk.
Not only do they agree politically on most issues, but Argentina has
lucrative natural resources that Musk wants
<https://substack.com/redirect/c64f7d7e-5696-44a4-925f-bb10ef411168?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
including some of the world's largest reserves of lithium
<https://substack.com/redirect/63a58be4-30b8-4b08-89f6-297e4c3a9538?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>:
the "white gold".
Musk, the world's richest oligarch, has met with Milei multiple times,
visited Argentina, and encouraged foreigners to invest in the country.
Musk's company Tesla needs a lot of lithium for the batteries in its
electric vehicles, and he has hoped that Milei will give him large
supplies on the cheap.
Back in 2023, Argentina had a center-left government that sought to join
BRICS
<https://substack.com/redirect/db43e572-147a-47b4-8983-661b458f0a49?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>.
It accepted an invitation to become a member at the 2023 BRICS summit.
However, when Milei came to power in December of that year, he rejected
the offer
<https://substack.com/redirect/2b2e80e2-3fe8-4c9b-b70b-3166c68934e7?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
preventing Argentina from joining the Global South-led organization.
To justify his decision, Milei attacked China and Russia, condemning
them as communists. At an event with the US think tank the Council of
the Americas, which is funded by a Who's Who of major US corporations,
Milei denounced BRICS and declared, "Our geopolitical alignment is with
the United States and Israel
<https://substack.com/redirect/c68d45a6-8417-4a89-80cd-4d45e19cf9ab?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>.
We are not going to align ourselves with communists".
milei netanyahu israel argentina
<https://substack.com/redirect/02f60bd9-8bd9-4eda-b462-6c565ed12d27?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
Argentina's President Javier Milei with Israel's Prime Minister Benjamin
Netanyahu
In addition to allying as closely as possible with the United States,
Milei has strongly supported Israel as it has carried out crimes against
humanity in Gaza
<https://substack.com/redirect/be891edd-730c-493f-92e6-d28d754b2f6e?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
and as Prime Minister Benjamin Netanyahu faces an arrest warrant at the
International Criminal Court
<https://substack.com/redirect/763c2863-e597-444f-9c08-bacfb71db23a?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>.
Under Milei, Argentina has been one of the very few countries on Earth
that has joined with the United States in voting against the vast
majority of the international community at the United Nations General
Assembly.
Argentina has opposed the right of the Palestinian people to have their
own country, and Milei's regime has supported Israel's illegal
occupation of Palestinian territory.
UN GA vote 2024 peaceful settlement palestine israel Argentina Milei
<https://substack.com/redirect/b2c79a7e-264f-468a-9f6e-4023db011ff5?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>
Milei has also given free reign to the US Central Intelligence Agency to
operate in Argentina. He even invited the CIA director to come to Buenos
Aires
<https://substack.com/redirect/2f0d9647-cbcd-4d1e-bdfd-ea8e86e0530e?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>to
meet with top government officials, where they signed an agreement in
which the infamous US spy agency (which has sponsored coups d'etat and
military dictatorships across Latin America) will train Argentina's
intelligence services on how to combat "terrorism".
What Milei calls himself a libertarian, he has embraced conservative
cultural policies. He wants the state to ban abortion and control
women's bodies.
He also has strongly supported Spanish colonialism
<https://substack.com/redirect/9e2001d1-1c25-44a1-9162-5c06041f9ff1?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>,
celebrating the European conquest of the Americas.
Likewise, Milei closely allied Argentina with Ukraine, supporting Kiev
in the NATO proxy war against Russia. He even invited Ukrainian leader
Volodymyr Zelensky to his inauguration in Argentina, where the two did a
photo shoot embracing in a big hug.
Milei gave the US military control of an Argentine weapons factory
<https://substack.com/redirect/a8a5f105-d68b-46ca-b0b2-8b0dfbd10f38?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>in
order to produce ammunition on behalf of NATO, to send to Ukraine.
Nevertheless, although he had previously strongly supported Zelensky,
Milei obediently followed Trump's orders and suddenly turned against
Ukraine
<https://substack.com/redirect/d8a3f226-4fb8-47c4-8599-333d83d22fa0?j=eyJ1IjoibHZwcGIifQ.9RIwWbE6EVIB7Jy8lfazxZKfps8R18neRGMKwOiqnRM>in
February 2025. The political 180 was the clearest symbol of Milei's
subservience to Washington.
Milei is willing to do anything to please his masters in the United
States -- including selling his country.
Like
<https://substack.com/app-link/post?publication_id=457596&post_id=158212896&utm_source=substack&isFreemail=true&submitLike=true&token=eyJ1c2VyX2lkIjozNjc1MTU4MywicG9zdF9pZCI6MTU4MjEyODk2LCJyZWFjdGlvbiI6IuKdpCIsImlhdCI6MTc0MTA4NjU4NiwiZXhwIjoxNzQzNjc4NTg2LCJpc3MiOiJwdWItNDU3NTk2Iiwic3ViIjoicmVhY3Rpb24ifQ.XfcyUgODLYE5MkHRtfNP3LVJAlcDzH47QuMBgxB3lOg&utm_medium=email&utm_campaign=email-reaction&r=lvppb>
Comment
<https://substack.com/app-link/post?publication_id=457596&post_id=158212896&utm_source=substack&utm_medium=email&isFreemail=true&comments=true&token=eyJ1c2VyX2lkIjozNjc1MTU4MywicG9zdF9pZCI6MTU4MjEyODk2LCJpYXQiOjE3NDEwODY1ODYsImV4cCI6MTc0MzY3ODU4NiwiaXNzIjoicHViLTQ1NzU5NiIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.Ho7NQ9me86nf-fXOtbQ76-S4uAa-r4iqvrHeDjd_LwY&r=lvppb&utm_campaign=email-half-magic-comments&action=post-comment&utm_source=substack&utm_medium=email>
Restack
<https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9vcGVuLnN1YnN0YWNrLmNvbS9wdWIvZ2VvcG9saXRpY2FsZWNvbm9teS9wL2phdmllci1taWxlaS1hcmdlbnRpbmEtZWNvbm9teS1yZXNvdXJjZS1jb2xvbnk_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.PW7DeR7Uo9IfFQBa-zOftlIquKrh2hw4YfZToPc63No?&utm_source=substack&utm_medium=email>
© 2025 Benjamin Norton
548 Market Street PMB 72296, San Francisco, CA 94104
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