- Javier Milei’s election as Argentina’s President could reshape South American geopolitics
- Milei plans to replace the peso with the US dollar, privatize state-owned firms, and trim the government
- He lacks a strong majority in Congress, leading to potential challenges in implementing his agenda
- Milei holds unconventional views on climate change, opposes abortion, and has caused friction with Pope Francis
- His foreign policy aims to realign Argentina with the United States, potentially leaving Mercosur and distancing from China and Brazil
The results of an election 5000 miles from the U.S. could have far-reaching effects on the geopolitical landscape of South America and beyond. Javier Milei, the self-described anarcho-capitalist, was elected President of Argentina, the continent’s second-biggest economy and third-most populous country.
An economist-turned-politician, the incoming president has promised to implement “shock doctrines” to save the country from economic turmoil. One of the drastic measures he proposes is a plan to replace the local currency, the peso, with the American dollar. Melei’s solution to rein in inflation, currently pegged at 140%, is to shutter the central bank so politicians can no longer “print” money. He believes it would take up to two years, even with such unconventional methods, to tame inflation.
The far-right president-elect plans to trim the government and do away with several ministries, including those for health and education. Considering that one in four Argentines work for the state and more than half the people benefit from government welfare programs, it has shocked many that he won over 14 million Argentines. In the offing are more relaxed labor laws and plans to privatize all state-owned firms.
Despite his convincing victory, Milei’s Liberty Advances, an alliance of various parties, including the Libertarian Party, does not have a significant majority in Congress. This could mean that tough negotiation may ensue after December 10, when he takes office.
Beyond the economy, the president-elect is a climate change skeptic and opposes abortion, which is legal in Argentina. Before being elected, he had expressed plans to conduct a plebiscite to revoke the law. On the campaign trail, his comments about Pope Francis, an Argentine, had caused friction within the country and the Vatican. Dubbed ‘El Loco’ (the madman) by many of his fans, the 53-year-old’s radical policies are bound to shake up the establishment.
Besides his sweeping domestic changes, Milei has plans to redo and realign Buenos Aires’ international relations. During the campaign, the political outsider threatened to leave the South American trade bloc, Mercosur, formed by Argentina, Brazil, Paraguay, and Uruguay, in 1994. With Milei’s victory, chances of Buenos Aires joining the China-led BRICS have also dimmed.
Diana Mondino, rumored to be the next foreign minister, has stated that the new government will not “promote relations with Brazil and China.” Pressed further, she added, “We will stop interacting with the governments of Brazil and China.” Brasilia is Argentina’s biggest trade partner, and Buenos Aires is a signatory of the Belt and Road Initiative promoted by Chinese President Xi Jinping. Conflicting reports also suggest that Ms. Mondino “dismissed” as “nonsense” suggestions that there will be a break in “commercial relations” with either country.
Milei’s declaration, “I am going to be aligned with the United States, Israel, and the free world,” augurs well for Washington’s efforts to curb Beijing’s influence in the South. His first foreign visit as the president-elect to the U.S. could pave the way for stronger ties with the South American country. The outcome of his meetings with U.S. National Security Adviser Jake Sullivan and officials from the International Monetary Fund (IMF), Argentina’s largest creditor, could set the tone for his presidency.
Javier Milei, who refers to himself as “the lion,” has invited former Brazilian President Jair Bolsonaro, another far-right leader, to his inauguration, signaling a break from established protocols. Transforming campaign promises into real change would mean securing the support of Congress. Transitioning the economy will be an arduous task that calls for a nuanced approach, or he will likely lose the mass support that propelled him to office. The next four years will show how much Argentines will benefit from his austerity measures and realignment policies. The world is watching.
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Geopolitics, Geoeconomics, And More
1. Eleven Israelis And 33 Palestinians Freed As Truce Extended – BBC
Just hours before the four-day truce was due to expire, Qatar said Israel and Hamas have agreed to a two-day extension.
Another 11 Israeli hostages, including three-year-old twins, have been freed by Hamas, Israel says – bringing the total number of released hostages to more than 50. In exchange, 33 Palestinians were released from Israeli prisons – reportedly including 30 children and three women.
2. After Releasing Imprisoned Palestinians, Israel Detains Dozens In West Bank Raids – Al Arabiya
Despite the extension of a truce with Hamas and the release of dozens of Palestinians overnight who had been imprisoned, Israel raided several neighborhoods in the West Bank and detained several others.
Israel has detained more than 3,200 Palestinians in the West Bank since October 7, the Palestinian Commission for Detainees and Ex-Prisoners’ Affairs said. The majority of those arrested were taken from their homes or while at Israeli checkpoints.
3. 67% Gazans Voted Against Hamas In Survey Day Before Attacks On Israel – AFP
Many Gazans were hostile to Hamas ahead of the group’s brutal October 7 attack on Israel, with some describing its rule as a second occupation, according to rare polling data analyzed by a U.S.-Palestinian researcher.
“When we ask people, who do you blame?… we thought that the number-one culprit was going to be Israel because of the blockade. But most people cited Hamas corruption, more so than they cited the Israel blockade,” said Amaney Jamal, dean of Princeton’s School of Public and International Affairs.
4. Erdoğan Speaks With Iranian Leader; Criticism Of Israel By NATO Nations Grows – UPI
Turkish President Recep Tayyip Erdoğan spoke with his Iranian counterpart, President Ebrahim Raisi, about the war in Gaza as international criticism of Israel continues to grow.
The Iranian leader said after the phone call that Hamas must decide the future of Gaza and that the United States “has no right to interfere or make any decisions for the people of Gaza, and any action they take in this regard is condemned.”
5. Ukraine Failing To Move Frontline Shows That We Can’t Underestimate Russia: NATO – Al Arabiya
Ukraine’s failure to move the front line even with extensive NATO assistance shows that Russia cannot be underestimated, NATO Secretary General Jens Stoltenberg said.
Addressing the stalemate in the counter-offensive discussed by Ukrainian officials, Stoltenberg said: “This extremely difficult situation along the frontline, especially in the east, we see high casualty numbers.”
6. Russia Says There Will Be No Lavrov-Blinken Talks At OSCE Meeting This Week – Reuters
Washington has not requested a meeting, “and there will be no meeting,” Russian Deputy Foreign Minister Sergei Ryabkov said.
Russian Foreign Minister Sergei Lavrov said earlier that he would participate in the Organization for Security and Cooperation in Europe (OSCE) meeting if Bulgaria opened its airspace to the Russian delegation. He also said some Western countries had asked to meet him.
7. Millions Without Power As Storm Hits Russia, Ukraine – WION
Hurricane-force winds coupled with heavy rains impacted the electricity supply, leaving millions of people in Russia, Ukraine, and occupied Ukraine without power. The rains and the wind caused flooding in many regions.
Ukraine’s interior ministry has said that more than 2000 towns and villages lost power due to bad weather. According to the Russian energy minister, “about 1.9 million people” in Russia were affected due to power cuts.
8. China Set To Boost Dominance In Asia Renewable Energy, Report Says – Nikkei Asia
China is set to boost its dominance in renewable energy markets across developing Asian countries as coal-fired power projects are shelved, and Beijing turns away from financing emissions-heavy investment abroad, a new report says.
Over the past decade, Chinese companies have made “significant strides” in the energy sector by installing 128 gigawatts of power abroad, more than the existing capacity of Australia and with an estimated investment value of $200 billion, according to the study by energy consultancy Wood Mackenzie.
9. China’s Central Bank Boosts Liquidity To Rein In Short-Term Rates – Nikkei Asia
Chinese financial authorities have been ramping up liquidity at an unprecedented pace in recent months to limit volatility in short-term interest rates in the face of mounting government debt.
The People’s Bank of China, the nation’s central bank, routinely intervenes to calibrate demand and supply in the money market. It does so mainly through daily reverse repo operations and monthly operations through the medium-term lending facility.
10. U.S. Intel Officials Worry Little-Known Tech Firm Could Hand Americans’ Genetic Data To China – DCNF
United States intelligence officials are fearful that an Abu Dhabi technology firm could hand over Americans’ genetic data to China, The New York Times reported.
The company, called G42, engages in business with Chinese companies, according to the NYT. It may function as a bridge for China’s government to access cutting-edge U.S. tech and millions of Americans’ genetic data, two officials with knowledge of intelligence reports told the NYT.
11. Riyadh Covertly Working On Plans To Artificially Boost Oil Demand Globally: Report – WION
The undercover investigation by the Centre for Climate Reporting and Channel 4 News revealed that Riyadh aspires to drive up the use of fossil fuel-powered cars, buses, and planes in poorer nations under its so-called oil demand sustainability program (ODSP).
To achieve this goal, Saudi Arabia plans to boost the development of supersonic air travel, which will use three times more fuel than conventional planes. It also plans to join hands with carmakers to produce cheap engines en masse to make cars more affordable, thus making fossil fuel more lucrative for the poor.
12. China Navy Ships Arrive In Myanmar For Joint Drills – AFP
Three Chinese navy ships have arrived in Myanmar for joint drills with its navy, the country’s junta said, as a border conflict strains ties between the Southeast Asian nation and its most important ally.
Beijing is a major ally and arms supplier of Myanmar’s junta and has refused to label its 2021 power grab a coup. Relations have been tested recently as the junta battles an alliance of ethnic minority groups across a swathe of territory near the China border.
13. UK Detects First Human Case Of Swine Flu Strain Similar To One Circulating In Pigs – WION
“This is the first time we have detected this virus in humans in the UK, though it is very similar to viruses that have been detected in pigs,” said UK’s health agency’s incident director Meera Chand.
“We are working rapidly to trace close contacts and reduce any potential spread.”
Although 50 cases have been registered worldwide since 2005, this is the first time it has been detected in the United Kingdom.
14. North Korea Makes Rare Appearance At UN, Defends Spy Satellite Launch – WION
In a rare move, North Korea’s ambassador appeared at the UN Security Council on Monday and defended his country’s launch of a spy rocket satellite, calling it an act of self-defense.
This came after North Korean leader Kim Jong Un inspected the photos of “major target regions,” including that of the White House and Pentagon. Countries like South Korea and Japan have said that Pyongyang breached Security Council resolutions by launching the spy satellite earlier this week.
15. New Zealand Smoking Ban: Health Experts Criticize New Government’s Shock Reversal – BBC
New Zealand’s new government plans to scrap the nation’s world-leading smoking ban to fund tax cuts.
The legislation, introduced under the previous Jacinda Ardern-led government, would have banned cigarette sales to anyone born after 2008 next year.
Smoking is the leading cause of preventable deaths in New Zealand, and the policy aimed to stop young generations from picking up the habit. Health experts have strongly criticized the sudden reversal.
16. Irish Writer Paul Lynch Wins 2023 Booker Prize For ‘Prophet Song’ – UPI
Irish writer Paul Lynch has won this year’s Booker Prize for his dystopian novel “Prophet Song,” a fictional account of tyranny and war described as “soul-shattering.”
The Booker Prize is a leading literary award handed out each year to the “best-sustained work of fiction written in English and published in the U.K. and Ireland,” the Booker Prize website states. “It is a prize that transforms the winner’s career.”
17. Building Up Thighs May Prevent Knee Replacement – UPI Health
Squats and lunges aren’t the most fun exercises, but a new study says they’ll help save your knees.
Folks with strong quads building up their thighs appear less likely to require a total knee replacement, according to a presentation scheduled for a meeting of the Radiological Society of North America (RSNA) in Chicago.
Stronger muscles are generally associated with a lower rate of total knee replacement, researchers said in background notes.
18. Just 20 Minutes Of Exercise Can Boost A Tired Brain – The Telegraph
A study finds that moderate activity after a bad night’s sleep can boost performance.
Experts say that while there is no substitute for a full night’s rest, those running on none, or barely any, sleep could improve their ability while in a fatigued state by getting the heart racing.
Dr Joe Costello, the study author from the University of Portsmouth, said: “In the short term, some exercise may help both your physiological and cognitive performance.
“However, it will not replace the sleep debt, and a daytime nap may be something to consider if possible.”
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