Why Javier Milei is different
The new Argentine president, Javier Milei, is neither left nor right. But can he succeed?

The mainstream press has totally misunderstood Argentina’s new president, Javier Milei. We pay attention to Argentina. Partly because we have an office in Buenos Aires and investments in Salta Province, and partly because we learn from it.
When it comes to politics and finance, there is no goofy, absurd and counterproductive trick the Argentines haven’t tried at least once. We study their trip over the last 120 years – from king of the road, and then, down into the gutter. And now we get to watch as they try to tow themselves back on the highway. (We even played a small part in Milei’s election. The New York Times says an endorsement from former president Mauricio Macri helped put Milei over the top. Our office down there put Milei and Macri together.)
But just look at the press coverage. Every publication from The Washington Post to Reuters reports has him down as a “far right” extremist. The Post says his election marks “the sharpest turn to the right in four decades of democracy in the country”. Turn to the right? Do these reporters know their left from their right?
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The New York Times, meanwhile, wanted to make it even clearer what we were dealing with. It called Milei a “mini-Trump”. Even Trump himself seems to believe it. It falls to us to fact-check. And what we find is that the only thing Milei and Trump have in common is their enemies.
The New York Times, The Washington Post, the establishment, the press, academia, the politicians and bureaucrats – none welcomes a fake reformer… and certainly not a real one. The earnest professors, weapons suppliers, columnists and up-and-coming reporters, newly elected members of Congress, Wall Street honchos – all have a keen interest in “what is”. They are the ones who shape public policies. They are the chief, and maybe the only, beneficiaries.
“What isn’t” – a world in which the chips fall where they may, not necessarily where the elite want them; that is, a world with less government – is unwelcome. In the world that is, they see government as the source of wealth and power. The only question is: where does it go? To the left, poorly represented by Joe Biden? Or to the right, poorly represented by Donald Trump?
On the left, Biden promises more of the same – more rules, more regulations, more deficits and more debt. He will continue spending on favoured projects, boosting asset prices, giving generous pay-offs for lobbyists and insiders, and more profits for cherished industries. If any of these things are threatened – say, by a “debt ceiling” or a recession – Team Biden will do whatever is necessary to protect them.
Trump, on the right, is another matter. Generally despised and distrusted by the great and the good, he is the perfect foil for the elite left – a fake and incompetent reformer.
Both Biden and Trump believe that “the people” can’t be allowed to err and stray like lost sheep. They need direction, and they will give it to them – at the barrel of a gun, if necessary.
This is what makes Milei different. He is neither right nor left. For him, the enemies are those in the “political caste”. He aims to clear them out – the profiteers, hangers-on, lobbyists, consultants, think tank “experts”, parasites, bureaucrats and other freeloaders – and let “the people” decide for themselves what to do with their own money.
Will he succeed? Not likely, but we will keep our eyes open.
This article was first published in MoneyWeek's magazine and all information was correct at the time of writing. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
Related articles
- How Argentina embarked on the road to ruin
- Argentina’s economic flames won’t spread
- Argentina's Javier Milei – what are his plans and will they work?
- Javier Milei is cutting the deadwood
- Pedro Castillo: leftist outsider who rode to power in Peru
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Bill Bonner is an American author of books and articles on economic and financial subjects. He is the founder of Agora Financial, as well as a co-founder of Bonner & Partners publishing.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%
Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the US
Medium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
-
What will the unravelling of US-China trade mean for the economy?
What will a US-China decoupling mean for the global economy?
-
What's next for Liberal Mark Carney after Canadian election win
Mark Carney will remain as Canadian prime minister after winning the country's election, despite falling short of a majority.
-
Could Javier Milei bring Argentina's economy back to 'normal'?
Javier Milei, president of Argentina, has been in office for more than 500 days. What will his leadership mean for the economy?
-
'Rachel Reeves' plan to force pension funds into UK assets won't work'
Opinion Hustling pension fund cash into British assets sounds like a good idea. It would be better to make Britain an attractive place to invest, says Matthew Lynn
-
Out of America's shadow: Why Trump's tariff chaos may be good for non-US stocks
Opinion Upending global investment and trade could benefit other countries at the expense of the US market, says Cris Sholto Heaton
-
Supersonic travel: How China could 'leapfrog' US and Europe's commercial aviation industry
Opinion Innovation in commercial aviation has been stuck for 60 years. A commercial supersonic jet might be back on the market soon, but will China get there first?
-
How British businesses can tackle Trump's tariffs
The majority of British businesses are likely to take a hit from the chaos caused by Trump’s tariffs to reorder global trade. Companies in the firing line face some difficult decisions, says David Prosser
-
Trump wants to colonise Mars – will it happen?
Donald Trump wants to plant the US flag on Mars. Could humans really live there?