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"Milei was already gifted a $42 billion lifeline from the US-controlled IMF and the World Bank," said one economics writer, "but even that was not enough to stabilize Milei's crazy Austrian School experiment."
In his first meeting with a foreign head of state after being reelected president last year, Donald Trump welcomed Argentina's far-right libertarian President Javier Milei to Mar-a-Lago.
At a lavish gala, Argentina's president slathered his host with compliments, describing Trump's return to office as the "greatest political comeback in history."
Before a crowd of onlookers, Trump would return the favor, telling Milei, "The job you’ve done is incredible. Make Argentina Great Again, you know, MAGA. He’s a MAGA person.”
On Monday, less than a year later, Milei arrived in New York for this week's meeting of the United Nations General Assembly, begging for help as Argentina's economy continues its freefall and reels from nearly two years of his radical economic austerity program.
Milei's fealty to Trump bore fruit. US Treasury Secretary Scott Bessent promised that the nation's financial department "stands ready to do what is needed within its mandate to support Argentina."
In what he described as an effort to tame Argentina's runaway inflation, Milei, who has described himself as an "anarcho capitalist," has spent the time since he was elected president in 2023 instituting a brutal regime of what has been referred to as economic "shock therapy."
His agenda has centered on taking a "chainsaw" to government institutions and worker protections: slashing energy and transportation subsidies, halting public infrastructure projects, declaring war on labor unions, freezing wage and pension increases, and firing tens of thousands of government employees.
The result was predictable: By February 2025, the country had begun to rapidly deindustrialize, unemployment was soaring, and more than half of Argentinians lived in poverty.
However, this did not stop Trump from modeling his economic agenda, often explicitly, after Milei's—most notably through the exploits of the chainsaw-brandishing billionaire Elon Musk's Department of Government Efficiency (DOGE), which he used to lay waste to the administrative state. Trump, meanwhile, has signed legislation gutting social services like Medicaid and food assistance, busted public unions, and canceled numerous green energy and infrastructure contracts.
The result has likewise been a slump in economic activity, culminating in unemployment numbers critics say the administration has been desperate to bury.
The US president has already intervened once to help soften Argentina's landing. As El País notes:
Thanks to Trump’s political support, the government agreed to a $20 billion bailout with the International Monetary Fund last April—to which the country still owes another $40 billion—and achieved a measure of calm, but it lasted barely three months.
Now, with Milei facing mass street protests against his budget cut proposals, a hostile legislature that routinely vetoes his agenda, and a weakening peso in the face of continued uncertainty, he has turned to the US for another bailout, which the US hopes will help ease the country's economic woes enough to stave off a thrashing for his party in the country's general legislative elections on October 26.
Referring to Argentina as a "systemically important US ally in Latin America," Bessent said that "all options for stabilization are on the table." This, he said, "may include, but [is] not limited to, swap lines, direct currency purchases, and purchases of US dollar-denominated government debt from Treasury’s Exchange Stabilization Fund."
Notably, Bessent continued to praise Milei's "support for fiscal discipline and pro-growth reforms." Despite its catastrophic effects, he described Milei's chainsaw agenda as "necessary to break Argentina’s long history of decline."
US Sen. Elizabeth Warren (D-Mass.) denounced the bailout as another favor from Trump to one of his political allies.
"First, Trump made us pay higher coffee and beef prices to support a convicted coup-plotter in Brazil," she said, referring to Trump's attempt to use harsh tariffs to pressure the Brazilian government into dropping charges against Jair Bolsonaro, who was ultimately convicted last week of attempting to overthrow the government. "Now, he wants American taxpayers to bail out his friend Milei in Argentina."
(Video: The Geopolitical Economy Report)
But as Benjamin Norton of the Geopolitical Economy Report argues, the motivation goes deeper than simply helping out a friend. It is an effort to save the reputation of "actually existing libertarianism" and the fortunes of US investors who've cast their lot with him.
"Milei was already gifted a $42 billion lifeline from the US-controlled IMF and the World Bank (after Argentina already owed more debt to the IMF than any other country), but even that was not enough to stabilize Milei's crazy Austrian School experiment," Norton said. "The US government is doing this not only to prop up one of its most loyal puppets in Latin America, but also in order to benefit wealthy US investors who hold Argentine stocks and bonds, and US corporations that want Argentina's lithium."
With Trump having modeled his oligarch-friendly economic agenda on Milei's, journalist Jacob Silverman—author of the forthcoming book Gilded Rage: Elon Musk and the Radicalization of Silicon Valley—argued that allowing the libertarian radical to twist in the wind is not an option for Trump.
"Javier Milei can't be allowed to fail," Silverman said, "because MAGA leaders and the tech right have propped him up as a true libertarian fighting the globalists and 'doing what needs to be done': Immiserating his people on behalf of private capital."
A health researcher for Public Citizen said Trump's interim CDC director has "no medical or public health background and extremist libertarian views."
After pushing out his own handpicked Centers for Disease Control and Prevention (CDC) director, infectious disease expert Susan Monarez, fueling a wave of outraged resignations this week, US President Donald Trump has appointed a loyal acolyte to replace her at Health and Human Services Secretary Robert F. Kennedy Jr.'s side.
On Thursday, the president tapped one of RFK's top aides as interim CDC director: biotech investor Jim O'Neill, a man with no medical experience but extensive experience profiting from healthcare while working at billionaire GOP megadonor Peter Thiel's venture capital firm, Mithril Capital.
Unlike his predecessor, whose ouster came as she tried to push back against RFK's anti-vaccine agenda, O'Neill fits snugly into the secretary's efforts to restrict access to the Covid-19 vaccine, and potentially ban it outright, as the Daily Beast reported earlier this week.
"A tech investor with no medical or public health background and extremist libertarian views, Jim O'Neill was unfit for the number two position at HHS and manifestly unqualified to lead the CDC," said Dr. Robert Steinbrook, director of Public Citizen's health research group, on Friday.
Just as Kennedy did during his confirmation hearings, O'Neill insisted he was "pro-vaccine," noting that he was "an adviser to a vaccine company." However, this is belied by his record on the subject.
He has championed unproven cures like ivermectin, hydroxychloroquine, and vitamin D supplements to protect against Covid-19, and has accused the CDC under the administration of former President Joe Biden of downplaying the vaccine's dangers while railing against mandates.
O'Neill has also praised Kennedy's response to the measles outbreak that swept across the US earlier this year, during which the secretary downplayed the severity and cast unfounded doubt on the effectiveness and safety of the measles vaccine that had virtually eradicated the disease before vaccination rates began to decline.
"Unlike Susan Monarez," Steinbrook said, "O'Neill is likely to rubber-stamp dangerous vaccine recommendations from HHS Secretary Kennedy's handpicked appointees to the Advisory Committee on Immunization Practices and obey orders to fire CDC public health experts with scientific integrity."
O'Neill melds medical crankery with a Thielite strain of anarcho-libertarianism. He has served on the board of the Seasteading Institute, an organization founded by Patri Friedman, the grandson of the right-wing economist Milton Friedman, who advocates for corporations like Apple and Google to form their own floating cities at sea, which would be governed as corporate "dictatorships" free from the constraints of democratic governance.
That anti-government ethos extends to his views on the healthcare system, which O'Neill says is flawed not because of the rampant profiteering of the private companies that run it, but because it is supposedly not "free market" enough.
In 2014, he advocated for the Food and Drug Administration (FDA) to begin approving drugs for the market without conducting clinical trials to determine their effectiveness. "Let people start using them, at their own risk," he argued, "Let's prove efficacy after they've been legalized."
He has also argued for the government to allow people to sell their own internal organs. This process often results in deteriorating health for the disproportionately poor people who partake.
While working at HHS under the administration of former President George W. Bush, O'Neill also opposed the FDA regulation of companies that use algorithms to perform laboratory tests.
At the time, he was focused on DNA testing products like 23andMe, but a report from the consumer watchdog group Public Citizen says that "a decade after he made this remark, it's clear how dangerous such a concept is," noting that "with the development and proliferation of artificial intelligence, algorithms are omnipresent in the practice of medicine, including in diagnostic tools, medical devices, AI assistants to doctors, and personalized medicine."
In addition to Thiel's ideology, he reportedly brings several conflicts of interest to the CDC director job from his time working at Thiel's venture capital firm.
Accountable.US reported Friday that O'Neill "took money from, helped incubate, or was otherwise linked to at least eight medical industry startups with direct business before the department he could help run."
These include firms he advised, like the pharmaceutical company ADvantage Therapeutics or the National Institutes of Health grantee Rational Vaccines, which manufactures herpes drugs.
It also includes four companies seeded by his Thiel-affiliated venture capital firm Breakout Labs, some of which have received government funding or have products awaiting FDA approval.
Though O'Neill agreed to divest from some of these companies and abstain from involvement in decision-making with them as part of his ethics agreement, the report notes that "he did not promise to abstain from decisions involving these companies for the duration of his term, or to abstain from doing business with them after departing HHS."
"O'Neill would be in a prime position to ensure favorable outcomes for several medical industry startups he's been financially linked to that have direct business before HHS and the CDC," said Accountable.US executive director Tony Carrk. "How can American patients be sure that proper vetting of these companies would take place on O'Neill's watch and that public health will be a higher priority over the profits of his former clients?"
Though Steinbrook describes O'Neill as "manifestly unqualified" for the position, he said, "No credible public health authority is likely to work for Kennedy, who is dictating the agency's decisions based on whim, not science."
"The only path forward," Steinbrook said, "is for Kennedy to go, which Congress, professional organizations, medical journals, and the public should demand."
Critics contend that Milei’s philosophy stops short of meaningful political and social reforms and claim his agenda prioritizes enlarging the power and wealth of corporations over expanding individual freedoms.
Flashback to a pivotal moment in global politics.
It was a crisp evening in December 2021 when Donald Trump stepped onto a gilded stage at the Conservative Political Action Conference (CPAC) in Orlando, Florida. The former president—reduced to a kingmaker, still without access to his Twitter account, and seething over his defeat in 2020, yet still nursing ambitions for a return—spoke to a raucous crowd about the need for a global “populist revival.”
Meanwhile, thousands of miles away, another showman was making his mark.
In Buenos Aires, Javier Milei, then a fiery congressman with a penchant for theatrics and unfiltered invective, was delivering his own bombastic address on live television. Clad in his signature leather jacket and gesturing wildly, Milei railed against the political elite, vowing to obliterate the “parasitic state” with his ever-present chainsaw prop.
As the world braced for this new era of racist and xenophobic leadership, the intertwined fates of Trump and Milei offered a potent lens through which to examine the volatility of contemporary politics.
For a brief moment, the right-wing populist figures seemed like ideological satellites orbiting the same disruptive axis. Trump, sidelined but scheming, watched as the conservative media anointed him the leader of an imagined international populist alliance. Milei, meanwhile, was steadily building a cult following in Argentina, his rise to power hastened by a corporate media landscape eager for controversy and spectacle. Though separated by continents and cultures, Trump and Milei’s shared disdain for establishment politics and a mutual affection for shock value linked their trajectories in the imaginations of their supporters.
Fast forward three years to 2024, and the political world was turned on its head.
Milei, once dismissed as a fringe outsider, seized the presidency of Argentina in a landslide—a triumph of style over substance, fueled by promises of radical economic reform steeped in austerity and deep cuts to public interest spending. Trump, who had clawed his way back to power with a surprise 2024 election victory, eking by with a slimmer popular vote margin and narrower victory than any other in over a century, was mere weeks away from reclaiming the Oval Office.
The unlikely duo became the poster boys of a resurgence of right-wing, white nationalist populism. Trump, emboldened by his razor-thin victory, described Milei as a “brother in arms” during a congratulatory phone call. Milei, ecstatic, became the first world leader to congratulate Trump in person at the 2024 CPAC convention, claiming to be a mutual part of a blessed mission: “Today the world is a much better place because the winds of freedom are much stronger… A true miracle and proof that the forces of heaven are on our side,” Milei jovially proclaimed during his CPAC speech.
Yet, beneath the mutual admiration and bluster lay cracks in their respective facades. While Trump was busy assembling a cabinet that hinted at renewed chaos, Milei’s honeymoon phase was already crumbling under the weight of his own policies. Both men had ascended by exploiting dissatisfaction and anger, but their ability to govern was increasingly in question. And in Milei’s case, his credibility recently took an even greater hit as more details have surfaced that he had once enthusiastically promoted a now-collapsed cryptocurrency scheme, raising the question of whether Argentina’s self-proclaimed libertarian savior had been duped or, even worse, did the duping himself.
For Milei, the exhilaration of victory quickly gave way to mass protests (including ones covered by Unicorn Riot from last May and January / February 2024), economic stagnation, and plummeting public approval. For Trump, the looming challenges of his second presidency—a divided country, international skepticism, and mounting legal troubles—threatened to turn triumph into turmoil.
But if Milei and Trump seemed destined for a political bromance, the rest of Latin America wasn’t nearly as enamored.
While Milei threw himself into Trump’s embrace, other regional leaders responded with defiance. In Mexico, President Claudia Sheinbaum made it clear she would not be bullied into Trump’s hardline immigration policies, standing firm in early diplomatic confrontations even as economic pressures forced some concessions. Colombia’s Gustavo Petro was even more direct in his opposition, warning that Trump’s return signaled renewed imperial aggression and pledging to resist the right-wing tide sweeping the hemisphere. Even Brazil, governed by the more pragmatic Lula da Silva, showed little enthusiasm for Trump’s reemergence, wary of his influence over the continent’s far-right.
Milei, in contrast, found himself increasingly isolated—Trump’s most reliable ideological ally in Latin America, but an outlier rather than the harbinger of a broader regional shift. As he struggled to implement his radical libertarian agenda amid economic turmoil and mounting protests it became clear that his populist revolution was already faltering.
As the world braced for this new era of racist and xenophobic leadership, the intertwined fates of Trump and Milei offered a potent lens through which to examine the volatility of contemporary politics. The parallels were impossible to ignore: two men, propelled to power by mainstream-media-manufactured personalities and plenty of controversy, now tasked with delivering on promises that many deemed impossible. The question wasn’t just whether they would succeed, but whether their respective nations—and the world—could withstand the consequences if they failed.

Javier Milei first gained notoriety as a radio talk-show host in the 2000s, and by the 2010s, he became a television personality and a regular guest on nationally known programs such as Intratables, A Dos Voces, and Todo Noticias (TN). Mainstream media took to Milei, as his propensity to yell and use inflammatory—and often profane—language lent itself toward viral social media distribution, with such antics gaining particular exposure among younger generations.
By November 2021, then, Milei was barely able to garner just a few congressional seats for both himself and his current vice president through a rag-tag and thrown together coalition called La Libertad Avanza (Freedom Advances) which wound up only garnering 17.3% of the vote. That was Milei’s first foray into Argentinian politics.
By 2023, mainstream news media ran one image-driven, personalized story after another, ranging from pieces exploring his haircut and fashion sense to images distributed far and wide of Milei wielding a chainsaw, symbolizing campaign promises to slash through any number of the previous government’s policies.
Milei’s upset victory probably shouldn’t have been seen as a big surprise, given the global drift toward reality show politicians.
The chainsaw symbolism was covered at the expense of more serious coverage, like evaluating Milei’s idea of dumping the Argentinian peso for a dollarized economy—a promise he’s since walked back and will likely never implement.
The media brushed past the impact that cuts to government spending may have on the poverty rate, which rocketed higher throughout 2024. Milei’s characterization of social programs as being nothing more than bureaucracies without any benefit to the public was uncritically noted in passing, if that, while obsession over his “rock star M.O.” and “ loco”ways. Both narratives stemmed from coverage dominated by Clarin, Argentina’s largest newspaper.
In one sub-headline, Milei was generously quoted as saying, “I don’t brush my hair, the wind does,” with the main head asking, “ Who cuts Milei’s hair?”
Thus, instead of covering concerns about Milei taking heartfelt advice from one of his three dogs, whom he claimed transmitted the thoughts and ideas of yet another deceased pet dog, media accounts depicted this as just one of Milei’s many quirky ways, for which he has been long known with a nickname of “El Loco” first being given during his adolescence and lasting through the present.
Argentinian intellectuals, analysts, and critics alike have pointed to Milei’s firebrand public persona playing well to mainstream news coverage as a crucial factor in his quick rise to a viable, and eventually successful presidential candidate. Ricardo Foster, an Argentine philosopher and intellectual, argued that sensationalism and populism were given inordinate airtime without sufficient scrutiny, with an over-prioritization on personality over actual policy viability.
Forrest Hylton, columnist for the London Review of Books and professor of history at the Universidade Federal da Bahia, told Unicorn Riot that Milei cultivated a “cult-like persona,” which helped to obfuscate that he was an “ideological fanatic” who was armed with proposals, as opposed to chainsaws, that, “will only serve to worsen the continuing economic crisis.”
Gimena Sánchez-Garzoli, a foreign policy analyst and critic with the Washington Office on Latin America (WOLA) who’s intimately familiar with Milei supporters also spoke to Unicorn Riot.
Sánchez-Garzoli is originally from Argentina, and much of her family still resides there, and she assured Unicorn Riot that she “gets” Milei’s surprising and quick political rise all the way to the Casa Rosada (Argentina’sWhite House). Sánchez-Garzoli pointed to a good chunk of her family in Argentina as “all pro-Milei [and] just people who were very tired with the status quo, which is somewhat understandable, given that a whole generation has been raised on one economic crisis after another.”
Argentina’s status quo has been characterized by several decades of chaotic ups and (mostly) downs in its long-beleaguered economy. An entire generation of ordinary Argentinians has grown up “without a stable middle class or trade unions to turn to” and without first-hand awareness of Argentina’s dictatorial past, Sánchez-Garzoli explained. Many of the concerns about Milei’s autocratic tendencies were at least sometimes quoted in the media, but nevertheless fell on the deaf ears for a large chunk of the populace desperate for any kind of change.
Nonetheless, Milei’s inexperience with national politics still shocked the country after a very strong showing in the first round of presidential voting, with the threshold for winning outright nearly being cleared by Milei, even with support being split between him and a third-placed candidate. Milei’s push in the second round of voting got boosted by a poor and befuddling choice by his opponents. Although his opponent hailed from the incumbent party whose candidates had been in power for 16 of the last 20 years, the choice was, to say the least, a highly questionable one.
2023 was indeed a far cry from the days of Néstor Kirchner, the founding father of the 21st-century embodiment of “Peronists,” later dubbed the “K’s.” Néstor was widely credited with helping the country navigate through the extremely tricky waters of a debt crisis provoked by the International Monetary Fund (IMF). Kirchner consequently became one of Argentina’s most popular presidents ever, with as many as 200,000 Argentinians attending his funeral in the wake of his unexpected death shortly after the end of his second term.
This was how the “K” legacy began as the country happily elected Kirchner’s wife, Cristina, after Néstor passed away shortly after his two terms in office.
In the long run, Argentina never really fully recovered from its IMF-induced meltdown. The “K”s became immersed in a quagmire as neoliberal opposition parties lobbed one accusation of corruption after another and endlessly embroiled Cristina with lawsuits (incidentally, a similar strategy was employed in neighboring Brazil against current president Lula and his predecessor, Dilma Rousseff).
Thus, matters couldn’t have been better for Milei as a challenger, as the Peronist and “K” loyalists witlessly nominated its minister of the economy, the often wooden Sergio Masa, as its presidential candidate. Sánchez-Garzoli remarked, “There was a superiority thing going on with the ‘Ks’ in Argentina that turned a lot of ordinary Argentinians completely off.”
Milei, who deftly established himself as a media darling thanks to an all-too-pliant corporate press, only had to beat the rather uncharismatic Masa. The “K” presidential candidate was saddled by an economy falling yet again into hyperinflation under his administration. Under Masa, inflation rose to levels that rivaled those of the most economically plagued African economies and thus also eclipsed even previous high inflation rates that had long plagued Argentina.
Argentinians found themselves counting away their drastically devalued currency in transaction after transaction, as bill denominations couldn’t keep up with raised prices and one-thousand peso notes were barely worth a U.S. dollar. Meanwhile, the Ks stubbornly refused to print up and distribute currency notes of higher denominations and no one wanted to deal with credit and debit card transactions, with traumatic historical memories of countless Argentianians having their savings wiped out in the wake of the first IMF-caused economic meltdown.
This is how cash became king in Argentina. After all, one cannot know with any degree of security how long their money will be worth anything, which only furthers the spiral of hyperinflation. This cash economy rests on top of a prevalent black market exchange for U.S. dollars, which the wealthiest of Argentinians regularly avail themselves of, causing further damage.
In response to a move by the “Ks” that smacked of hubris, Argentinian voters mercilessly punished the Peronists by electing Milei in a landslide victory against the party’s leading economic manager who oversaw the country’s descent into its worst inflationary recession.
Milei’s upset victory probably shouldn’t have been seen as a big surprise, given the global drift toward reality show politicians. Candidates the world over, ranging from India’s Narendra Modi to Brazil’s Jair Bolosonaro and Donald Trump, prefer to court media spectacles with jaw-dropping and often racist, sexist, and classist remarks via social media, instead of well-thought-out white papers and policy details.

Less than a year into Milei’s presidency, Argentina erupted in its largest protests in decades. On May 9, 2024, a nationwide general strike brought as many as a million people into the streets, according to organizers, marking the second mass mobilization against his government in just a matter of months. The message was unmistakable: The country was on the brink, and its people were not backing down.
What prompted such extraordinary levels of political resistance and opposition to a president who had won a landslide electoral victory not even a year ago? Sánchez-Garzoli told Unicorn Riot that Milei has a sustainability problem, which presented a challenge considering that the overwhelming majority of the electorate put him into office to gain stability.
“Milei’s economic plans and austerity packages are having a devastating effect on the middle and lower classes in Argentina. Milei has brokered austerity packages with the IMF but has not compensated that with anything else. Cutting all of these public programs is one thing, but leaving the people out on the street without enough food is another. It isn’t sustainable,” explained Sánchez-Garzoli, and increasingly more and more Argentinians seem to agree.
Many observers were left wondering whether Milei had merely been an oblivious front man or something worse: a willing participant in a financial scam.
Milei not only slashed funding for public education but also managed to overcome a veto override attempt by the overwhelmingly opposition-based Congress. In both the lead-up to and in the wake of these events, Milei’s popularity has precipitously dropped, according to public opinion polls. Several sources indicate that his popularity has been steadily falling since the start of his presidency, with one mainstream outlet headlining and questioning, “Is the honeymoon over? Milei’s popularity dips while worry over poverty is on the rise,” even before the mass protest of early October 2024.
For example, one Zuban Córdoba poll highlighted that 57.3% of Argentines disapprove of his performance as of September 2024, a significant increase from the already high 52.5% in April of the same year (the first of two mass protests against Milei’s stance on public education also took place in April 2024). Over that same period, Milei’s “full support” dropped from 38.2% to just 20.3%. A survey from Torcuato Di Tella University showed a sharp decline in public trust in Milei’s government, down to 2.16 points out of a possible 5 as of September, the lowest level since he assumed office. Yet another poll showed only 33% of Argentines as having general confidence in Milei, reflecting growing disillusionment with the president’s lofty campaign promises, particularly as inflation has only been slightly stymied at best while 66% of those surveyed strongly believed unemployment and poverty rates continue to rise.
Results like these point to a slow but steady decline in support of Milei’s image, largely driven by doubts about his ability to resolve the nation’s economic woes while cutting public resources and a political movement lacking any foundation.
Milei’s party is only a recent creation of his own and not linked in any way to a popular movement of any sort. As a result it failed to capture a significant number of seats in Argentina’s legislature. In fact, no other Argentinian president since the U.S.-backed dictatorship was finally toppled in 1983 had been elected with their party receiving as little support as Milei’s, which received just 15% of the seats in the lower house and 10% in the Senate.
Finally, Milei made a slew of campaign promises, chainsaw in hand, that were virtually impossible to deliver on, ranging from dollarization to public spending cuts solving the economy’s woes. He fashioned himself as an evangelist for free markets by exalting cryptocurrencies as a pathway to economic freedom. In recent days (February 2025) it emerged that he’d promoted $LIBRA, a cryptocurrency that collapsed similar to a “pump and dump” (PDF) or Ponzi scheme, leaving countless investors in financial ruin. Videos surfaced of Milei, then a rising political firebrand, endorsing the company in slickly produced ads, describing it as a revolutionary financial opportunity. The coin’s implosion sparked investigations, a pinned tweet got deleted by Milei himself, and over a hundred lawsuits were immediately filed. Many observers were left wondering whether Milei had merely been an oblivious front man or something worse: a willing participant in a financial scam. Either way, the scandal added yet another layer of volatility to his already embattled presidency, fueling doubts about both his judgment and the sincerity of his right-wing populist rhetoric, adding damage to his already low public approval ratings and triggering calls for his impeachment.

The U.S. is widely accepted as the leading influencer, benefactor, and supporter of the IMF. Similarly, the IMF is widely seen as being a key catalyst for Argentina’s first economic downturn at the turn of the century, which it never fully recovered from. Thus, the question is unavoidable: Does the U.S. bear responsibility for Argentina’s continuing economic rut and subsequently Milei’s meteoric rise and apparent fall?
Unicorn Riot turned to Adolfo Pérez Esquivel, a household name in Argentina and a Nobel Peace Prize winner, to get some answers. He did not mince words when it came to sizing up IMF and U.S. policy toward Argentina during an interview.
“[T]he U.S. continues to treat Latin America as a whole as its ‘backyard,’” Pérez Esquivel said, harkening back to a description first coined by Thomas Mann, a prominent State Department official who served during the John F. Kennedy and Lyndon Johnson administrations. U.S. planners continued to refer to Latin America as America’s “backyard,” particularly Ronald Reagan’s officials who also actively supported an array of Latin American dictatorships in the 1980s, a campaign capped by the Iran-Contra scandal that broke in 1986.
An array of U.S.-supported IMF officials have acknowledged failing Argentina and leaving its economy in tatters for decades.
One high-ranking U.S. official after another, from Secretary of State Henry Kissinger during the Nixon administration, to Jeane Kirkpatrick, U.S. ambassador to the United Nations during the Reagan administration, to the late President Jimmy Carter, supported Argentina’s despotic 1970s regime directly or otherwise.
Pérez Esquivel thus approvingly mentioned one of Latin America’s most famous writers, Eduardo Galeano, the author of The Open Veins of Latin America, and his well-known criticism of so-called third world debt to the U.S. and the IMF working hand-in-hand together and its devastating impact on the continent: “The more the poor countries pay, the more they owe [to the IMF], and the less they have [for themselves],” Pérez Esquivel told Unicorn Riot.
In the midst of Argentina’s first IMF-provoked crisis, Paul Krugman, when he was The New York Times leading economic columnist, acknowledged that “much of the world, with considerable justification, views [the IMF as being a] branch of the U.S. Treasury Department.”
Even the IMF itself would come to admit wrongdoing and has, time and time again, been more a part of the problem than the solution to Argentina’s economic suffering. An array of U.S.-supported IMF officials have acknowledged failing Argentina and leaving its economy in tatters for decades: In 2002, Anne Krueger, the IMF’s first deputy managing director, admitted to the IMF’s strategies having backfired; in 2003, IMF Managing Director Horst Köhler acknowledged that its economic prescriptions were poorly designed; and in 2016, IMF Managing Director Christine Lagarde expressed regret over IMF failures in Argentina, merely saying the IMF did the “best we could.”

It was dinner time during a pleasantly mild spring night in December 2023; Argentina, far south of the equator, has opposite seasons to North America, and Buenos Aires was buzzing with spontaneous protest. Winter vacationing tourists from the Northern Hemisphere looked on with curiosity and confusion, but locals were plenty familiar with what was happening.
As is customary for many Latin American countries during spontaneous resistance, people drummed on pots and pans with kitchen utensils or whatever they could get their hands on. Some joined from their apartment balconies while others gathered in front of restaurants and other public places. This is known in Spanish as a cacerolaz and it was happening in the wake of Milei’s inauguration and one of his very first acts as president.
During one of Milei’s first public speeches, he immediately warned Argentinians of “tough times” to follow—a stark contrast to his enthusiastic campaign promises to instantly transform the economy. In one of the first presidential actions of the still newly minted administration, Milei issued a megadecreto (a mega decree, like an “executive order” in U.S. political parlance), giving credence to the many warnings sounded about Milei’s authoritarian bent.
Civil society has persisted and continued to resist, with more people in Argentina expecting additional mass protests happening before any semblance of poverty reduction and stability is brought to Argentina’s IMF debt plagued economy.
Milei did choose to deliver on a hostility he openly brandished toward civil society and political resistance throughout his campaign by having chosen Victoria Villaruel for his vice presidential candidate. Villaruel is the daughter of one of Argentina’s military generals who hailed from its dictatorial period of the 1980s; she and Milei have both expressed open admiration for the bygone era. Such nostalgia was made concrete just one day after Milei’s inauguration, as he created a national registry tracking a swath of political resistance against his administration, which facilitated increased surveillance by federal forces.
But it was the megadecreto that provoked spontaneous protest in the streets for months on end and up to the present as mass protest after mass protest has been successfully organized. The executive order—known in Spanish as the decreto de necesidad y urgencia—or DNU for short—is a far-reaching presidential decree which eliminated over 300 hard-fought and won domestic laws by civil society with the stroke of a pen and without congressional approval. The brushed-aside laws were mostly public-interested oriented ones, which slashed severance pay, significantly undermined collective bargaining rights, deregulated the rental market, and undermined dozens upon dozens of previously existing protections.
At the end of the day, the megadecreto wound up being reduced to a handful of about 60 executive orders, a significant decrease from the over 300 initially issued.
As Sánchez-Garzoli told Unicorn Riot, however, this was likely what Milei was banking on, in what amounted to a brazen and eventually partially successful “attempt to push his entire agenda onto Congress.”
It was a “a tangible example of his authoritarianism and an extraordinary measure to use to push one’s own agenda through, which is only supposed to be used for specific and limited, emergency purposes. What wound up actually going through were still some 64 laws and thus was a blitzkrieg strategy to make sure as much unilateral imposition as possible could stand,” Sânchez-Garzoli said.
All the while, civil society has persisted and continued to resist, with more people in Argentina expecting additional mass protests happening before any semblance of poverty reduction and stability is brought to Argentina’s IMF debt plagued economy.
Just hours after the official presidential election results reached Milei’s campaign, the White House called President-elect Javier Milei to congratulate him and assure him of U.S. support, emphasizing potential bi-national collaboration.
Such congratulations came despite Milei becoming the world’s first self-proclaimed “libertarian” president. Critics argue the label is questionable, given his hostility toward protest and mass assembly rights, as well as his hard-line stances against abortion. Additionally, he has shown little interest in decriminalizing drugs or supporting policies that promote immigration and free movement—stances traditionally associated with so-called “libertarianism.” Instead, critics contend that Milei’s so-called “anarcho-capitalism” stops short of meaningful political and social reforms and claim his agenda prioritizes enlarging the power and wealth of corporations over expanding individual freedoms.
These contradictions were pointed out in an interview with Time reporter Vera Bergengruen, as she questioned Milei’s stances on abortion.
What are the implications of this political backslapping between Milei and leading Wall Street-friendly politicians and Silicon Valley CEOs when it comes to Argentina’s future?
As has been duly acknowledged by Milei, his priorities are more toward attracting foreign investment as opposed to passing domestic legislation to relieve the battered Argentinian economy. He has tried to court powerful political and economic elites through policy stances, rhetoric, and an ideology which caters to them. This has been reflected by Milei’s travel itinerary.
“Milei has spent more time abroad than he has spent in the provinces of Argentina,” Pérez Esquivel told UR. Indeed, the contrast with Milei’s Argentinian presence is one that attracts the ire of civil society in resistance, with Esquivel pointing to these jaunts abroad as evidence of Milei not caring about Argentinians.
Milei has personally met with some of the most powerful billionaires in the world such as Elon Musk, resulting in Musk encouraging his millions of followers to invest in Argentina on his X platform. Other Silicon Valley magnates, including Meta’s Mark Zuckerberg and his peers at Apple, Alphabet (Google), and OpenAI—which is backed by Microsoft—have also been on Milei’s itinerary during his trips to the U.S. This cozying up to billionaire CEOs has attracted the enthusiasm of investors: One U.S.-based financier wrote that the “economic overhaul” by Milei is “not just refreshing, but essential.” Billionaire investor Stanley Druckenmiller announced investments in five Argentinian companies after hearing Milei speak at Davos.
And while Milei has held two in-person meetings within a month of each other with Musk, he had only visited 5 out of 23 of Argentina’s provinces as of September 2024. In one of those provinces, Tierra del Fuego, Milei raced off to meet with Laura Richardson, the commander of United States Southern Command at the time, for a ceremony to announce the construction of a joint naval base, a stark contrast to prior “K” policies distancing the country from U.S. military relations.
U.S. Rep. Maria Elvira Salazar, a Republican representing Florida’s 27th district, endorsed Milei even before the election. Salazar declared Argentina to be a country with “only one culture, only one religion, and only one race, completely homogenous.” Milei himself went so far as to fire an Argentinian Football Association official who merely criticized the Argentinian national soccer team after Manchester City star and national team standout, Julian Alvarez, uploaded an excerpt of its Copa America final winning celebrations to his Instagram account. The video featured racist chants against the French national soccer team, whom it had beat in December 2022’s World Cup final. (Milei wound up meeting with Prime Minister Emanuel Macron in France, in the aftermath of the scandal and shortly before France played against Argentina in an Olympics soccer match in which a brawl happened at the conclusion of the match.)
The affinity between Milei and Trump has not been lost on Salazar, as she has proudly told Politico that “extensive conversations” between the Biden administration and Milei have occurred. “[Argentina is] going through a very bad moment, but they are supported, and they are helped by the big guys, meaning us,” Salazar said.
Cozying up to both CEOs as well as leading public officials from both sides of the aisle in Capitol Hill and the White House is certainly part of how Milei has set out to make Argentina a “Mecca for the West,” as he put it in a during an address he gave in Los Angeles. However, foreign policy experts have expressed concerns about such warming up to the U.S. and the West in general.
Foreign policy expert Alejandro Frenkel wrote that the guiding doctrine of Milei’s foreign policy is a confused “Westernism,” subordinated to the United States and Israel. Others have described “an [outright] open subordination to Washington.”
Cynthia Arnson, an expert on Latin America from the Wilson Center, told Unicorn Riot that, “If Trump wins the White House, there will be an ideological affinity with Milei and there probably will be White House visits, even though there will likely be very little to offer by a Trump White House,” adding that “Milei has been mostly playing ‘footsy’ with the IMF, is looking for postponed payments, and has bent over backwards not to be hostile.”
It’s a strong contrast with past Argentinian efforts to combat the IMF’s corrosive influence on its economic struggles. Thus, this begs the question, what are the implications of this political backslapping between Milei and leading Wall Street-friendly politicians and Silicon Valley CEOs when it comes to Argentina’s future?
Given that Milei has centered his administration on inflation-reduction efforts to address Argentina’s economic woes, the leading economists who voiced concerns in a public letter before his victory are likely still uneasy about the country’s prospects for recovery. In the letter, one renowned economist after another who signed the critique took issue with the idea that “a major reduction in government spending would” help matters for ordinary Argentinians and thought instead that a likely “increase [to] already high levels of poverty and inequality [will ensue], and could result in significantly increased social tensions and conflict.”
In hindsight, this is exactly what has transpired: Argentina’s bleak prospects for improvement now hinge on further change—this time, in service of the public interest rather than against it.
The U.S. government is too big. It's too small. For decades, American political discourse has been dominated by the idea that "big government" is a problem. But this fundamental assumption is wrong.
They’re lying to us again. The American government isn’t too big or too bloated: it’s too small. And the result of it being too small is a steady erosion of Americans’ freedom over the past forty-four years.
As Franklin D. Roosevelt said in his March, 1933 inaugural address:
“A necessitous man is not a free man.”
And here's what that means:
These are all things, including safety from gun violence, that are traditionally provided by “big government.” And the governments of most every other advanced democracy in the world do provide these things to their people.
But not America, because our government is too small.
Today’s U.S. government is simply too small relative to GDP to provide the level of public services that other advanced democracies offer their citizens.
And it’s been shrinking steadily ever since the Reagan Revolution took an axe to federal programs to pay for his tax cuts for billionaires. The year the Gipper was inaugurated, federal workers made up 2.6% of the total U.S. workforce; today’s they’re 0.87% of all American workers.
Too small.
Our population has grown steadily, while — as a result of repeated Republican austerity cuts to the federal workforce over four GOP administrations — the number of people who keep us safe and guarantee a middle class lifestyle has shrunk.
The simple reality is that the only way to have a strong, vibrant middle class is to have a strong, activist federal government. And without a strong, vibrant middle class you don’t have a free nation.
For decades, American political discourse has been dominated by the idea that “big government” is a problem. From Ronald Reagan’s famous quip that “government is not the solution to our problem; government is the problem” to today’s Musk- and GOP-led efforts to slash government spending, Americans have been conditioned by the rightwing media machine to view a larger government as an inherent threat to liberty and prosperity.
But this fundamental assumption is wrong. If we’re truly committed to America being the “land of opportunity” with the right to life, liberty, and the pursuit of happiness at its core, the U.S. government is far too small.
Comparing the United States to other wealthy nations, particularly European and Scandinavian countries, reveals a stark contrast in how governments serve their citizens.
Those nations enjoy a higher quality of life, better health outcomes, lower poverty rates, and more economic security — because their governments do more. They provide universal healthcare, generous paid family leave, free or low-cost higher education, and strong worker protections.
And contrary to the uniquely American (and now Argentinian) conservative argument that big government means less freedom, these policies actually increase individual freedom, allowing people to live healthier, more secure, and more fulfilling lives.
A good measure of a government’s size is its spending as a percentage of Gross Domestic Product (GDP); this metric lets us to compare how much a nation invests in public services relative to the size of its economy.
According to data from the Organization for Economic Cooperation and Development (OECD), the U.S. government spends about 37% of GDP on public expenditures, including Social Security, Medicare, defense, and other services. In contrast, European nations typically spend between 45% and 55% of GDP.
Scandinavian countries — Denmark, Sweden, Norway, and Finland — allocate an even larger portion of their GDP to public services, often well exceeding 55%. Their governments play an active role in ensuring citizens have access to high-quality healthcare, education, housing assistance, childcare, and more. In these nations, individuals do not have to worry about medical bankruptcy, crushing student debt, housing, or lack of parental leave.
Greedy billionaire “conservatives” and their paid media shills, their Republican politicians, and their think tanks argue that “smaller government leads to more freedom.” It’s complete bullshit (unless you’re a billionaire), and needs to be called out every time they try pushing it on us.
In reality, the Republican model of small government restricts the freedom of ordinary people by tying necessities such as healthcare, education, and retirement security to personal wealth.
In today’s post-Reagan America, you’re only free if you’re rich.
By contrast, European- and Canadian-style social democracy increases the freedom of working class people by ensuring that their basic human needs are met, allowing citizens to pursue careers, start families, and enjoy life without constant economic anxiety.
Take healthcare as an example. The U.S. is the only wealthy country in the world that does not provide universal healthcare. As a result, Americans live in constant fear of medical bills. A single illness can lead to bankruptcy, forcing families to make impossible choices between healthcare and basic necessities.
How the hell does that help create or expand “freedom”?
In European countries (and Japan, Taiwan, South Korea, Australia, and Costa Rica), healthcare is a right, not a privilege. No one has to stay in a job they hate just to keep their insurance. No one has to choose between paying rent and buying life-saving medication.
That is real freedom.
In the United States, college tuition has skyrocketed over the last few decades, forcing students into lifelong debt just to get an education. In contrast, European nations — particularly in Scandinavia and Germany — offer free or low-cost higher education, allowing young people to focus on learning rather than worrying about how to pay off loans for decades.
Work-life balance is another major issue. The U.S. has no federally mandated paid parental leave, forcing millions of Americans to return to work almost immediately after childbirth. European countries, by contrast, guarantee generous paid family leave, enabling parents to care for their newborns without financial ruin.
Which system provides more real freedom?
Because the U.S. government is too small relative to GDP, the American middle class is stretched thin in ways that just never happen in other wealthy democracies. Housing costs are skyrocketing, wages have stagnated, and basic services like childcare and elder care are prohibitively expensive.
The result is that millions of Americans live paycheck to paycheck with massive debt, with little opportunity to build wealth or even achieve basic economic stability.
Consider retirement security. Social Security is one of the most effective and popular government programs in American history, yet Republicans consistently push to cut or privatize it and Musk’s teenagers are working hard to find ways to cut it even further.
Meanwhile, pensions have all but disappeared in the private sector, leaving most workers dependent on 401(k)s, which are subject to the volatility of the stock market. In contrast, European nations provide generous public pensions — their equivalent of Social Security — that ensure seniors can retire with dignity and without fear of poverty.
Opponents of “Big Government” often point to higher taxes in Europe as a reason to reject their model. And, yes, taxes are higher in those countries (particularly on the rich) — but in return, citizens receive significant benefits that eliminate major out-of-pocket expenses and expand their personal freedom.
When those costs are factored in along with billionaire tax-avoidance schemes and loopholes, middle-class Americans pay more taxes in total than Europeans, but receive far fewer benefits.
And Scandinavian citizens are consistently ranked among the happiest in the world, according to the World Happiness Report because they experience significantly lower levels of economic stress. They don’t have to worry about medical bills, student debt, or retirement insecurity. Instead of spending their lives with financial anxiety, they can focus on personal fulfillment, family, and community.
Years ago, I was up late one night in an Asian city (Taipei, as I recall) watching the financial news on a hotel TV. A young American host was interviewing a very wealthy German businessman at a conference in Singapore.
Amidst questions about the business climate and the conference, the host asked the German businessman what tax rate he was “suffering under” in his home country. As I recall, the businessman said, “A bit over 60 percent, when everything is included.”
“How can you handle that?” asked the host, incredulous.
The German shrugged his shoulders and moved the conversation to another topic.
A few minutes later, the American reporter, still all wound up by the tax question, again asked the businessman how he could possibly live in a country with such a high tax rate on very wealthy and successful people. Again, the German deferred and changed the subject.
The reporter went for a third try. “Why don’t you lead a revolt against those high taxes?” he asked, his tone implying the businessman was badly in need of some good old American rebellion-making.
The German businessman paused for a long moment and then leaned forward, putting his elbows on his knees, his clasped hands in front of him pointing at the reporter as if in prayer.
He stared at the young man for another long moment and then, in the tone of voice an adult uses to correct a spoiled child, said simply, “I don’t want to be a rich man in a poor country.”
There are a few wealthy Americans who understand this. Like the Patriotic Millionaires group, they embrace an opportunity to help our country, often via Democratic politicians.
But the billionaires who fund the Republican Party and own right-wing media believe it’s perfectly fine to rip the moral and political guts out of their own nation, condemn its future to severe weather, and turn its people against each other if it helps them fill their money bins.
For too long, the economic and political debate in the U.S. has been framed around whether government is “too big” or “too small.” But the real question should be: Does our government serve the needs of our people?
The evidence suggests that it does not. Today’s U.S. government is simply too small relative to GDP to provide the level of public services that other advanced democracies offer their citizens. And Trump and Musk are dedicated to cutting it even further so they can fund more tax cuts and business subsidies for billionaires.
To change this, we must rethink our priorities. Expanding government programs in healthcare, education, paid leave, childcare, and retirement security would not make us “less free” — they would actually increase our freedom. They would relieve financial burdens, provide greater security, and allow more Americans to pursue their dreams without constant economic anxiety.
The Scandinavian and European models prove that a strong, active government can create a fairer, freer, and happier society. The U.S. hardly lacks the resources to build such a system: we simply lack the political will to tax the rich and turn that into a foundation for a vibrant middle class.
Once we’re past this current crisis of democracy (fingers crossed), we need to focus on changing that. It’s time to recognize that our government should not just be big enough to fund the military and bail out massive banks; it should be big enough to ensure that every American can live a life of dignity, security, and opportunity.
As I lay out in The Hidden History of the American Dream, that’s the real American dream, and it’s one worth fighting for.
If you line up all the wicked, unqualified, strange, and misshapen beings who will guide Trump's administration into the stormy seas of fascism, not a single one can be linked to the incalculable measures of suffering that Jay Bhattacharya shepherded into history.
If I have to pick only one from the list of nepotistic freaks, ghouls, B-list celebs, lost souls, Hitlerian zealots, and bunglers that will comprise U.S. President Donald Trump's inner circle of appointees, satellite charlatans, and court jesters, I am going to go with the one with the highest body count. There are plenty of zombies in Trump's starting lineup that would give you goosebumps—people who would cause you to choke on a sip of coffee and double check the pistol under your suit jacket if you met them in a diner to talk about internment camps and environmental deregulation. Picking the most terrible of these dregs is no easy task.
We have a serial pet murderer, a dumpy bald version of Reinhard Heydrich, and a bevy of cheerleaders for ecocide. Among Trump's cabinet picks there is a guy with a fetish for bear meat and whale carcasses and a viable plan to bring back smallpox and polio, but it takes more than a nostalgic and wistful longing for diseases of long ago to excite me. There is a certain irony to choose the most upright, clean-cut, impressively credentialed, and soft spoken of this hall of Hell hounds to be my best of the worst. Few things inspire cold sweat beads of fear like a murderer masquerading as a nice guy. Think of Ted Bundy as a Trump appointee.
I have to select Jay Bhattacharya (Trump's nominee to take over Francis Collins' former niche as director of The National Institutes of Health) as my absolute favorite monster from among the whole entourage of moral mutants and groveling sycophants. Bhattacharya would not raise your suspicions if he knocked on your door to deliver pamphlets—I would happily take a copy of The Watchtower and Awake from this reassuring man. He would bring a glow of satisfaction to most parents if their daughter brought him home. Hell, he even has ardent fans on the so-called left—the Tucker Carlson fan club comprised of Glenn Greenwald, Jimmy Dore, and Matt Taibbi. You can toss Russell Brand in there too. In a game of free association, we casually link Bhattacharya with the issue of free speech—recall that Twitter once censored this honest doctor. Jacobin, in 2020, did a softball interview with one of Bhattacharya's ideological partners, Martin Kulldorff. On the left we sometimes worry more about a killer's rights to free speech than we do about his raised dagger.
Bhattacharya was never about free speech, he was about giving a thunderous voice to the corporate aspiration to kill you for profit.
Free speech has been a distracting shibboleth for many sincere people, even though free speech has little meaning in a media system dominated by cash. The narrative promoted by both fascists and assorted enablers holds that Bhattacharya challenged the powerful forces of the “deep state” and was censored for his courage.
You might recall that the Stanford Professor of medicine coauthored the Great Barrington Declaration (GBD) along with Sunetra Gupta of Oxford, and Martin Kulldorff of Harvard. The rightwing Covid-19 gambit enjoyed unlimited oil industry funding and a mandate to assemble tenured prostitutes from academia to bamboozle the public. Jeffrey Tucker of the American Institute for Economic Research—a Koch Network outpost in Great Barrington, Massachusetts with a plump endowment from stock trading—must have had great confidence in the public tendency to skip the fine print. Leading up to, and following the pandemic, Bhattacharya has held fellowships and professional associations with The Hoover Institute, The Epoch Times, Hillsdale College, and The Brownstone Institute. The Brownstone is an Astroturfed organization with a Brooklyn visual motif and an Austin, Texas mailing address.
This Great Barrington Declaration spinoff—yet another brain child of the restlessly promiscuous, Koch affiliated, Jeffrey Tucker—specializes in Covid-19 minimizing, and anti-vax propaganda while dabbling in climate change denial. Walker Bragman and Alex Kotch revealed that the Brownstone is largely funded by dark money. To appreciate Bhattacharya’s mastery of absurdity, consider his statement in this 2022 interview posted at The Hoover Institute's Website:
It's a disaster that it's become a partisan thing. Public health, when it is partisan, is a failed public health.
If there is one essential talent that a fascist henchman needs, it is an utter immunity to self scrutiny, irony, and hypocrisy. I recall that Rudolf Hoss—the infamous commandant at Auschwitz—remarked in his dutifully composed autobiography (requisitioned by his British Jailers, postwar, prior to hanging), that his administration succeeded (I am paraphrasing) due to the cooperation of staff and prisoners alike. He could not wrap his head around the concept of victims and perpetrators having different agendas. They all worked together in a common purpose in Hoss' broken brain. Likewise, Bhattacharya has a Hoss-like inability to imagine that his narrative might be transparently nonsensical—how can a man affiliated with nearly every institution in the Koch Network not be self conscious when complaining of partisan medical narratives?
Bhattacharya's GBD is little more than libertarian rhetoric shaped to the contours of public health. Libertarian public health is a flagrant oxymoron—the task that Bhattacharya will be handed in a fascist oligarchy will be one that he has already done quite brilliantly—get the fuck out of the way and pretend that the mountain of bodies is an offering to the god of freedom.
Libertarian metaphor is wonderfully adaptable, like an elastic pair of stretch pants—one size fits all. Inaction is always in the service of human well-being. The climate regulates itself—"drill baby, drill." Guns need no regulations either, the "good guy with a gun" provides a natural balance. Bhattacharya, Gupta, and Kulldorff figured out the libertarian essence of the Covid-19 story—the pandemic would fizzle out via the designs of nature (herd immunity!). The mandate for the government public health agencies was to use magic and disappear. And that is what Bhattacharya will do, make healthcare as ephemeral as a slight-of-hand handkerchief. His role is one of absence, abdication, retreat—but ultimately one of corporate fidelity, privatization, and the empowering of insurance companies and other profit-seeking medical companies to feed upon a sickly public.
Herd immunity was the whole tale in the GBD—the entire document can be read by a second grader in 20 seconds, but I can condense it into a three second sentence: Let everyone walk into the pandemic like it was a fourth of July stroll in the park, and, bingo—herd immunity!
There was a tiny bit about "focused protection" for the old and the sick. There was even a suggestion that old folks ought to have their groceries delivered, but not a whisper about who would pay for it. Of course we all know that some 40% of U.S. residents are afflicted with obesity, an enormous risk factor for Covid-19 mortality. We might add in all the smokers, lead- and mercury-poisoned masses, and the generally compromised health of a nation long on high fructose corn syrup and short on medical coverage. What you won't find in the GBD is a word about contact tracing, isolation, support for workers, mask wearing, and equipment for afflicted individuals—you know, the stuff that South Korea did to reduce Covid-19 harms by a factor of five compared to the U.S. Bizarrely, Bhattacharya belatedly renounced “herd immunity” in a Salon interview. WTF? It was all about focused protection he explained.
The deep state censored Bhattacharya, the truth teller, and now he will lead the very agency that suppressed him. The truth is a little more nuanced. Bhattacharya and his fellow medically credentialed whores had a bigger platform than former Chief Medical Adviser Anthony Fauci ever had. With Trump's appointment of Scott Atlas to his Covid-19 Task Force, the GBD nearly became the de facto inspiration for U.S. policy.
According to The Lancet, some 40% of US Covid-19 deaths were preventable—about a half a million deaths could be loosely traced to public recalcitrance regarding pandemic protocol. How many of these victims can be directly traced to the influence of Bhattacharya and the GBD? I can't venture an exact figure, but if you line up all the wicked, unqualified, strange, and misshapen beings who will guide Trump's administration into the stormy seas of fascism, not a single one—not Kash Patel, RFK Jr., Kimberly Guilfoyle, Mike Huckabee, Kari Lake, Jared Kushner, Tulsi Gabbard, or anyone else can be linked to the incalculable measures of suffering that Jay Bhattacharya shepherded into history.
This is how Benjamin Mateus, writing for the World Socialist Web Site described the GBD:
The AIER, a libertarian think-tank, which posits as their aim “a society based on property rights and open markets,” is engaged in a highly reactionary, anti-working-class, and anti-socialist enterprise. The declaration has been partly funded by the right-wing billionaire, Charles Koch, who hosted a private soiree of scientists, economists, and journalists to provide the homicidal declaration a modicum of respectability and formulate herd immunity as a necessary global policy in response to the pandemic.
Derrick Z. Jackson described the GBD as a plan for "herding people to slaughter." If any of you take issue with my favoring Jay Bhattacharya as Trump's most evil selection, when did Elon Musk, Vivek Ramaswamy, or Tulsi Gabbard ever herd people to slaughter?
I am not denying that there are other abominable sociopaths who will be vying for crumbs at the master's table. Lee Zeldin and Doug Burgum as heads of the Environmental Protection Agency and Secretary of the Interior respectively, might someday cause more deaths than the piddling few hundred thousand that I have speculatively traced to Bhattacharya. In fact, the wholesale, escalating assassination of the natural world will act in tandem with our disassembled, privatized medical system. You will get to live downstream from an industrial pig slaughterhouse, with no medical insurance, and no funding for public health.
Zeldin, Burgum, and Bhattacharya might be thought of as crossing guards for the grim reaper, or maybe you might prefer to picture them as scare crows, mannequins, or plastic fuck dolls—things that have no inner lives and serve as extensions of our fantasies.
Bhattacharya was never about free speech, he was about giving a thunderous voice to the corporate aspiration to kill you for profit. Bhattacharya whined about school closings but never acknowledged the 6 million U.S. children now potentially ruined by long Covid.
As you read about the fires turning LA into an ash heap, and Trump's plans to drill and frack until the entire globe achieves end-Permian parity, be aware that the styrofoam inhabitants of Trump's administration will do no more to alleviate your misery than so many cardboard boxes sitting in the storage rooms of Amazon. If we want relief we'll have to plan unprecedented acts of resistance.
One last thought—look at the Rorschach blot below and ask yourself...
Is this an image that summons worries about free speech denied, or does this picture remind you that the oil industry owns our future?
Elon Musk has already told you what Trump has planned will cause "temporary hardship." Argentinians living under their new libertarian masters can tell already you already what that pain and suffering feels like.
As the world absorbs the shockwave of Donald Trump’s win in the US presidential election, the playbook for his second term, designed by a handful of right-wing extremists, is already underway in Argentina.
Project 2025 is set out in a nearly 900-page ‘Mandate for Leadership: The Conservative Promise,’ produced by the Heritage Foundation, a right-wing U.S. think tank, as a ready reckoner for the incoming Trump administration. It details authoritarian tactics that exist in various parts of the world, from attacking public education to dismantling policies to tackle climate change to restricting the rights of women, LGBTIQ+ people, migrants, workers and Black people. But if there is one country already trying some of Project 2025’s most extreme policies to weaken the state and render the enjoyment of rights obsolete, it is Argentina.
“If you have any doubts about how Project 2025 would be implemented, you have to look at what has happened in the last year in Argentina,” human rights lawyer Paula Ávila-Guillén, told me in a thought-provoking interview. She is the executive director of the Women's Equality Center (WEC) which works on communication strategies on reproductive health and justice in Latin America.
I knew what was happening in my country Argentina. A 30% cut in state spending and an eleven percentage point increase in poverty in less than a year don’t go unnoticed – even if you don't live there. Nor do the struggles that family and friends go through in a society already used to economic crashes. Still, Ávila-Guillén’s provocation prompted me to delve into the way Project 2025 is being carried out back home.
When Milei took office, he warned the Argentine people that their economic plight might briefly worsen under his harsh measures. This is exactly what millions are now suffering: more poverty and recession.
Project 2025 has been spearheaded by the Heritage Foundation, but includes an advisory board with more than one hundred other Christian right and far right groups and dozens of former Trump officials.
“It is not enough for conservatives to win elections. If we are going to rescue the country from the grip of the radical left, we need both a governing agenda and the right people in place, ready to carry this agenda out on day one of the next conservative administration,” the Heritage Foundation says on its website to introduce Project 2025.
In the months leading up to election day, as Project 2025’s authoritarian goals were increasingly documented by the press, hate watch groups and trade unions, Trump tried to distance himself from it.
Javier Milei, president of Argentina since December last year and an emerging figurehead of the global far right, has never mentioned Project 2025. But he had been looking to establish ties with the Heritage Foundation since at least 2023, according to documents submitted by a lobbyist to the U.S. Department of Justice.
And a copy of the ‘Mandate for Leadership’ was handed to Milei by Heritage’s executive vice-president Derrick Morgan when the two met in Washington in February for the Conservative Political Action Conference (CPAC), according to Argentina’s government website which lists gifts received by the president.
A central goal of Project 2025 is to “dismantle the administrative state” allegedly co-opted by the left or wokism. It entails disbanding federal ministries and agencies, cutting public funding for health, education and welfare, and eliminating programs and resources to combat gender-based violence, discrimination, pollution and climate change.
If there is one country already trying some of Project 2025’s most extreme policies to weaken the state and render the enjoyment of rights obsolete, it is Argentina.
Milei has worked fast in his first ten months in power and has followed this script entirely. The argument for many of his new measures has been the need to lower public spending to balance a lopsided economy, with an annual inflation at 211% and a huge debt owed to the International Monetary Fund. There is nothing wrong with cutting superfluous spending of course, but Milei has gone so much further than anyone might have initially imagined, in what many have dubbed his “chainsaw-style approach” to reducing the size of the state.
“I love being the mole inside the state,”I Milei said in an interview in June. “I'm the one destroying the state from within”.
“I love being the mole inside the state. I'm the one destroying the state from within”
Milei
Milei has made an unprecedented cut to all public spending at close to 30%. He cut investment in education by 40%, denied increases to pensions, cut access to life-saving drugs for cancer patients, defunded the science and technology system and universities, and laid off almost 27,000 public employees.
He closed the public media and froze food distribution to soup kitchens. Now, he’s set to sell-off public companies in the fields of nuclear energy, aviation, fuel, mining, electricity, water, cargo transport, roads and railways.
Milei has eliminated nine ministries, including the Ministry of Women, Gender and Diversity and the Ministry of Education— something that the Mandate for Leadership mentions and Trump has also spoken about.
He has dismantled all gender policies and defunded services including those for survivors of domestic and sexual violence. Last year, more than 170,000 people accessed these services, while official figures show that a femicide is committed every 35 hours in Argentina. It is now unclear whether anyone will continue to keep track of these statistics.
He also closed the Institute against Discrimination, Racism and Xenophobia, which he called a “sinister body used for ideological persecution.” Project 2025 authors would no doubt be delighted. Their blueprint for Trump goes to great lengths to explain how every diversity, equity and inclusion (DEI) policy, program and fund must be removed.
The ‘Mandate for Leadership’ details the need to assemble an army of loyalists from day one to carry out this task of reducing the state. The Heritage Foundation has a database of some 20,000 people in the U.S. who would make up a transitional staff for Trump. But it would require firing tens of thousands of career civil servants to replace them with people loyal to their ideology and ban public employees’ right to unionise.
Milei is actively persecuting civil servants who don’t follow his mindset. In a letter to the diplomatic corps, he demanded those who don’t align with his foreign policy ideas to “step aside,” specifically referencing his plan to repudiate the UN's Agenda 2030 which governments have signed to combat poverty, inequality and environmental destruction.
Days later, in a statement, he announced a purge: “The executive branch will launch an audit of the career staff of the foreign ministry with the aim of identifying promoters of anti-freedom ideas.”
According to Project 2025, the next US president must “remove from every existing rule, regulatory agency, contract, grant, regulation, and federal law the terms sexual orientation and gender identity, diversity, equity, and inclusion, gender, gender equality, gender equity, gender, gender-sensitive, abortion, reproductive health, reproductive rights.”
Abortion is mentioned 199 times in the document, including proposing a federal ban, increased criminalization, more restrictions on providing care for miscarriages and obstetric emergencies, defunding emergency contraception and strict surveillance systems on people who have abortions or suffer miscarriages.
Heritage also wants to impose its worldview across borders: restore the so-called ‘Mexico City policy,’ which prohibits any U.S. public funding to foreign non-governmental organizations if they include any abortion-related activity—even if they do so with their own funds.
The right to abortion, legalized in 2021 in Argentina, is in danger under Milei. His party introduced a bill to repeal abortion which he’s referred to as “aggravated murder.” He’s also defunded the distribution of abortion pills and contraceptives.
Milei eliminated a program to prevent teenage pregnancy and has not set aside any funds in the 2025 budget for comprehensive sex education—which is mandatory by law and considered essential to prevent child abuse. Instead, authorities hired the Chilean Catholic organization Teen Star, that promotes abstinence, for training teachers in charge of CSE.
Milei banned the use of gender inclusive language in public services, and put a Catholic lawyer, Ursula Basset, in the foreign ministry to review all the country's positions on gender and climate change. At the last Organization of American States (OAS) General Assembly, Basset stymied the negotiations by demanding the removal of “LGBTI people,” “gender,” “tolerance,” “climate change,” and “families” from agreed intergovernmental statements.
“Argentina was the only G20 country to oppose the Ministerial Declaration on Gender Equality,” signed last month in Rio, Ávila-Guillén told me. The disagreement stemmed from the fact that “family care” was defined as work and the term “reproductive rights” was mentioned. Argentina ended up in a more extreme position than Saudi Arabia or Russia.
“At the G20 meeting, Argentina ended up in a more extreme position on gender than Saudi Arabia or Russia”
Respectability and academic tone is just a veneer for hate in Mandate for Leadership. You only need to skim the document to find polarizing language and the construction of an internal enemy. Milei likewise calls his opponents “rats,” “human excrement,” “fucking lefties,” “imbeciles,” or “traitors.”
“The idea that Milei is the most Argentinian thing that could happen to Argentina is ridiculous; he is part of a much bigger agenda, crafted in the U.S. and which is trying to be implemented in different parts of the world,” Ávila-Guillén says.
The lobbyist that connected Milei with the Heritage Foundation last year is Damián Merlo, partner director of Latin America Advisory Group, a company which lobbies in the U.S. on behalf of authoritarian Salvadoran president Nayib Bukele. Merlo is close to digital strategist Fernando Cerimedo, who also works for Milei and has done so for the former Brazilian president Jair Bolsonaro. Cerimedo is currently under investigation in Brazil for his alleged role in the 2022 failed coup attempt led by Bolsonaro against Brazilian president Inácio Lula da Silva.
When Milei took office, he warned the Argentine people that their economic plight might briefly worsen under his harsh measures. This is exactly what millions are now suffering: more poverty and recession.
In the last days of the U.S. election campaign, a similar message was spread by billionaire Elon Musk who put more than $100 million into Trump's campaign, and who would be, according to Trump, his “secretary of cost-cutting.” Such cuts, Musk warned, might cause “temporary hardship,” but they were necessary in the path to “long-term prosperity.”
Prosperity for whom is not clear—but a recipe for hardship, denial of rights and persecution is on display in Argentina, if you can bear to take a look.
"Live by public will, die by public will," is a mantra the faux libertarian techno billionaires should memorize. They are not our saviors, but rather obstacles to a better future for consumers and workers alike.
Elon Musk likes to be portrayed as a swashbuckling entrepreneur, a sort of romantic character in an Ayn Rand novel who opens up new enterprises and industries where others fear to tread. But these days, heroism is hard to find in at least one Musk-owned business: sales at Tesla are dropping, the Department of Justice is investigating the company for wire fraud given safety issues with their self-driving vehicles, and Musk is laying off the entire Tesla charging team.
Why the turn in fortunes? It’s easy to lay the blame on particulars: the rise of Chinese EV competitors, the difficulties of opening Tesla’s closed charging systems to other brands, and the complexity of making self-propelled autos that are, well, not that well-propelled. But the lesson might be a bit simple for Musk and others wrapped up in their own self-made stories: live by the public will, die by the public will.
As much as Musk has carefully cultivated an image of himself as a capitalist pioneer, his path has been paved by government largesse. SpaceX relies on federal subsidies, particularly from NASA, while Tesla had long relied on federal and state incentives inducing the broader auto industry to shed its addiction to fossil fuels.
Let’s stop focusing just on individual triumph in a world where success has also been greased by public policy and where the future will be determined by public approval.
His more purely private ventures have been less successful. The PayPal board ousted him as CEO in 2000—although he made off with enough stock to fund future adventures. After first making an offer whose dollar figure was seemingly influenced by a marijuana meme, he managed to purchase Twitter in 2022 at a price well above valuation. He then promptly renamed it as “X” and seems to be running it into the ground in terms of both finances and reputation.
From a respected site used by readers to track instant news coverage—along with the occasional glimpse at cute puppies, rap feuds, and dance trends—X has become host to a cesspool of right-wing conspiracy theories, all in the name of “free speech.” Earlier this month, Musk brought back onto the site, Nick Fuentes, an acknowledged white supremacist and antisemite whose reentry drew quick condemnation.
Hmm... and you wonder why Tesla is losing market share?
Certainly, it’s the fact that automakers, both in China and in the U.S., are finally making electric vehicles that are worthy competitors. But it’s also the case that the same people who are attracted to sustainability in their mobility options are generally not as enthusiastic about giving neo-fascists a safe place to practice and broadcast hate.
After all, Musk portraying himself as a political renegade who touts free speech and aligns himself with white supremacists is not actually a money-making strategy: Republican consumers may applaud that sentiment, but then they also lean away from zero emissions vehicles and lean into purchasing gas-guzzlers that show the planet who’s boss. Meanwhile, many of the potential consumers ready to take the leap to buy an EV struggle with Elon’s reputation.
And it’s not just about who he platforms but also who he ignores. Resolutely anti-union, he has resisted efforts to organize Tesla’s workforce despite constant complaints about the pace of work and the pay for work. The United Auto Workers, coming off a successful campaign for better contracts with the traditional Big Three automakers, now has Tesla squarely in its sights. The resulting conflicts will make for even worse publicity for a brand—Musk—already tarnished.
It’s easy to focus on Musk. But consider Marc Andreessen, a Silicon Valley investor who has been labeled the “godfather of the web browser” for his role in creating Netscape. He has attacked “statism” as an evil, even as the Internet that he helped make more accessible was actually birthed in the world by federal investments in technology.
Meanwhile, artificial intelligence, an achievement attributed to tech geniuses, basically consists of scraping that same internet for the world’s knowledge and regurgitating it for profit. And in keeping with the idea that the commons is key, think of all the private investor interest in the new green economy, an economic shift made possible by social movements—some born and spread on the internet—pressing for global climate responsibility.
So let’s stop focusing just on individual triumph in a world where success has also been greased by public policy and where the future will be determined by public approval. Consumers, labor unions, and government officials are seeing through to the real story—that markets and fortunes are made by all of us.
The right-wing billionaire's foundation pumped over $52 million into higher education last year to advance its libertarian agenda.
Charles Koch contributed $52.6 million in grants to colleges and universities through his Charles Koch Foundation in 2022, an analysis of the personal foundation’s latest IRS filing obtained by the Center for Media and Democracy (CMD) found.
Last year’s total is $29 million less than the Charles Koch Foundation spent on higher education in 2021, and a small fraction of what the Koch political network spends in one year. A CMD analysis found that a fleet of 27 organizations controlled by the Koch patriarch, his son Chase, and other Koch Industries executives spent a combined net total of $656.8 million on political and charitable causes in 2021.
Koch political network spending is likely to go up in 2022 with news of Charles Koch’s gift of $4.3 billion of Koch Industries stock to the newly formed nonprofit Believe in People that Forbes reported on last month. Believe in People’s 2022 IRS filing is not publicly available as of publishing.
The new filing shows that the Charles Koch Foundation now has $793.7 million in net assets after less than $300,000 was contributed, but investment income brought in $108.9 million.
CMD identified 126 higher education grants in the filing, with some schools receiving multiple donations. Again, George Mason University received the largest amount of Koch cash, raking in a total $8.2 million. $5.9 million of this was directed to the university’s Institute for Humane Studies. Charles Koch currently sits on the Institute’s board of directors as chairman emeritus along with the Koch Foundation’s Ryan Stowers, who is the current chairman, and Stand Together‘s Brian Hooks.
Grant agreements posted on the Charles Koch Foundation website show that the remaining $2.9 million went to George Mason’s law school, economics department, and its Center for the Study of Social Change, Institutions, and Policy.
The next largest recipient of Koch Foundation funds was Utah State University, which received $3.1 million. $625,000 was directed to the Center for Growth and Opportunity (CGO) at the school, and the grant agreement with Koch shows that the remaining $2.5 million is for the Huntsman Scholar Program at the School of Business.
CGO was founded in 2017 with a $50 million commitment from the Charles Koch Foundation and the Huntsman Foundation. Jon Huntsman was the founder of the Huntsman Corporation, a multinational chemical manufacturer.
Rounding out the top three higher education grantees was New York University with a $3 million contribution from Koch. According to the grant agreement, this Koch cash is to support The Center for Social Media and Politics to “study how information flows online.”
While these grants were published by Koch, only a selection of grant agreements are listed to date in the section of the site dedicated to sharing information on annual grant agreements.
Almost 50 years ago, Charles Koch urged the Institute for Humane Studies Board of Directors to avoid giving money to universities unless they would help advance business interests:
[W]e have supported the very institutions from which the attack on free markets emanates. Although much of our support has been involuntary through taxes, we have also contributed voluntarily to colleges and universities on the erroneous assumption that this assistance benefits businesses and the free enterprise system, even though these institutions encourage extreme hostility to American business. We should cease financing our own destruction and follow the counsel of David Packard, former Deputy Secretary of Defense, by supporting only those programs, departments or schools that ‘contribute in some way to our individual companies or to the general welfare of our free enterprise system.’
In addition to the higher education grants, the Koch Foundation sent $2.3 million to right-wing litigation, advocacy, and other tax-exempt groups. The lion’s share of that funding, $1.9 million, went to the U.S. Chamber of Commerce Foundation.
Charles Koch is the CEO and chairman of Koch Industries and is worth $52.4 billion, according to Forbes.
It’s unclear what Kennedy's strategy is. What is clear is that his campaign may end up helping the neo-fascist Republicans win in November 2024.
If Robert F. Kennedy Jr. follows through on his apparent plans to run for president in the fall 2024 general election, that will make it all the more important for progressives to have a clear understanding of who Kennedy is and what he really stands for.
In advance of announcing that he’ll run as an independent, according to Mediaite, the Kennedy campaign will deploy “attack ads” against the Democratic National Committee for preventing an open primary process. The DNC’s shenanigans deserve to be condemned, and we’ve repeatedly done so, including here, here and here.
Kennedy can be forceful in denouncing aspects of U.S. militarism—making valid points about hawkish foreign policies that shun diplomacy while enriching military contractors. But a closer look at his overall views is needed, lest progressives follow Kennedy into his often inaccurate—and sometimes demagogic—rabbit hole.
Any serious progressive critique of U.S. foreign policy must include a challenge to our country’s one-sided position on Israel/Palestine—which leads to other dangerous policies, such as supporting the Saudi dictatorship (and its horrific Yemen war), while eternally polarizing with and threatening Iran.
"Kennedy’s positions on domestic policies—from the climate crisis to economics to his extreme anti-vaccination views—are often at odds with progressivism."
Kennedy seems to believe that Washington has not been one-sided enough in support of Israel. He pledged in a mid-July interview: “There’s nobody who’s running for president right now in either party who will be a better friend to Israel than me as president.” Kennedy followed up by saying: “Progressive Democrats have become outspoken opponents of Israel. That’s the worst outcome of woke culture.”
And he added: “The criticism of Israel is a false narrative. Israel is a shining star on human rights in the Middle East.”
If you are a progressive who is leaning toward RFK Jr. but cares about Palestinian rights and Middle East peace, you should watch the recent interview with him conducted by Israel-can-do-no-wrong Rabbi Shmuley Boteach. Kennedy questions the “narrative” of Palestinians as “oppressed,” applauds the Israeli military for consistently “avoiding civilian casualties,” says he doesn't want the Biden administration to make a nuclear agreement with Iran, and agrees with Rabbi Shmuley’s characterization of Congresswomen Ilhan Omar and Rashida Tlaib as “anti-Semitic.”
In that July 16 interview, RFK Jr. was evidently trying to do damage control after the discovery of a video from this summer in which he made bizarre comments suggesting that Covid-19 was an “ethnically targeted” bioweapon and that Ashkenazi Jews and Chinese people are the most immune. But Kennedy’s extreme support of Israel and his closeness with Rabbi Shmuley predate those comments. In June, he waved Israeli flags side-by-side with Shmuley in Manhattan’s “Celebrate Israel 75th” parade and declared in a column for Jewish Journal: “I support Israel because I share Israel’s values.”
Kennedy’s positions on domestic policies—from the climate crisis to economics to his extreme anti-vaccination views—are often at odds with progressivism. In a thorough critique, Naomi Klein exposes his faux populism and support from high-tech billionaires. Besides debunking many of his claims about vaccines, Klein points out that Kennedy asserts the climate crisis is being overhyped by “totalitarian elements in our society” and has said that he’d leave energy policy to market forces.
Klein makes clear that RFK Jr. is no economic populist: “On Fox, he would not even come out in favor of a wealth tax; he has brushed off universal public health care as not ‘politically realistic’; and I have heard nothing about raising the minimum wage.”
Kennedy does not have a systemic, class analysis of what’s wrong in U.S. society. Instead, he has a conspiratorial view. And through his use of social media and other outreach, he’s attracted considerable support from the conspiracy-minded right wing. In April, Steve Bannon—seen as the brains behind Donald Trump—commented that “Bobby Kennedy would be an excellent choice for Trump to consider” as a VP running-mate. Both Florida Gov. Ron DeSantis and Trump acolyte Roger Stone said in late July that it might be good to put Kennedy in the next Republican cabinet.
While running for president as a Democrat, RFK Jr. gave friendly interviews to corporate libertarian outlets. That coziness and his consultation with the chair of the Libertarian Party have led to speculation that he’ll end up as the candidate of the Libertarians, whose party was on the ballot in almost every state in 2020. (Going it alone, RFK Jr. would likely not qualify for many state ballots, given the undemocratic hurdles.)
It’s unclear what RFK Jr.’s strategy is. What is clear is that his campaign may end up helping the neo-fascist Republicans win in November 2024. Back in 2016, Trump narrowly defeated Hillary Clinton after both major parties nominated very unpopular candidates. Eight percent of young voters—a demographic that leans heavily Democratic—voted for either the Libertarian or Green parties, a percentage that was much higher in some swing states.
Robert F. Kennedy Jr. offers progressives a mishmash of appealing statements, “free market” corporatism, and assorted political toxins. Not a good deal.
Ultra-rich individuals like Peter Thiel are a key part of the anti-democracy movement, of which Trump is the informal leader.
What connects the two biggest stories now dominating the news — Donald Trump’s likely arrest and the Fed’s bailouts of shaky banks?
Start with multi-billionaire Peter Thiel, and follow the money.
You may recall that in 2016, Thiel spoke at the Republican National Convention to make the case for why Trump should be the next president of the United States.
In the midterm elections of 2022, Thiel donated $15 million to the Republican Ohio senatorial primary campaign of JD Vance, who alleged that the 2020 election was stolen and that Biden’s immigration policy meant “more Democrat voters pouring into this country.”
Thiel also donated at least $10 million to the Arizona Republican Senate primary race of Blake Masters, who also claimed Trump won the 2020 election and who admires Lee Kuan Yew, the authoritarian founder of modern Singapore.
Masters lost. But thanks to Thiel’s munificence, Vance is now in the U.S. Senate.
Thiel and other wealthy self-described “libertarians” want Trump to be re-elected president in 2024. I’ll get to the reason in a moment.
Some $50 million of Thiel’s own money was still stuck in the bank. Then, guess what? Thiel and other rich depositors got bailed out by the Fed.
Charges of hypocrisy have been leveled at Thiel and other wealthy depositors who claim to be libertarians but were rescued by the government.
There was nothing hypocritical about it. Thiel and others like him aren’t really opposed to government, per se. They’re opposed to democracy. They prefer an oligarchy — a government controlled by super-wealthy people like themselves.
***
Thiel is part of the anti-democracy movement, of which Trump is the informal leader.
Their antipathy to democracy comes from the same fear that the extremely wealthy have always harbored about democracy — that a majority could vote to take away their money. That fear has been heightened by the fact that more and more of the nation’s wealth is going to the top, combined with demographic trends showing the majority of voters becoming less economically secure, more non-white, and politically left.
Thiel and his ilk see in Trump an authoritarian strongman who won’t allow a majority to take away their wealth. In December 2017, Trump and his Republican allies in Congress engineered a giant tax cut for the super-rich and the companies in which they invest. Many believe that a second Trump administration, backed by a Republican Congress, will cut their taxes even further.
They also support the Fed. Like most of the world’s central banks, the Fed is removed from democratic accountability, out of fear that financial markets otherwise won’t trust them to do unpopular things like bailing out banks or controlling inflation by slowing economies and causing millions to lose their jobs. The Fed is run largely by bankers. You might say it’s part of America’s oligarchy.
A few years ago, Thiel wrote that “I no longer believe that freedom and democracy are compatible.” Presumably he was referring to the freedom of oligarchs like himself to be unconstrained by taxes and regulations. In this narrow sense, he’s correct: Oligarchy is incompatible with democracy. Nor is oligarchy compatible with the freedom of the rest of us.
Thiel and others like him want to return to an era when American oligarchs had freer reign. In that same essay, Thiel wrote:
The 1920s were the last decade in American history during which one could be genuinely optimistic about politics. Since 1920, the vast increase in welfare beneficiaries and the extension of the franchise to women — two constituencies that are notoriously tough for libertarians — have rendered the notion of “capitalist democracy” into an oxymoron.
But if “capitalist democracy” has become an oxymoron, it’s not due to excessive public assistance or because women got the right to vote. It’s because billionaire capitalists like Thiel are undermining democracy with giant campaign donations to authoritarian candidates.
I’m old enough to remember a former generation of wealthy Republicans who backed candidates like Barry Goldwater. They called themselves “conservatives” because they wanted to conserve American institutions. But Thiel and his fellow billionaires in the anti-democracy movement don’t want to conserve anything — at least anything that came after the 1920s, including Social Security, civil rights, and even women’s right to vote (except for the Federal Reserve’s bailouts for the rich and its ability to draft average workers into fighting inflation).
The 1920s marked the last gasp of the Gilded Age, when the richest Americans siphoned off so much of the nation’s wealth that the rest of America had to go deep into debt to maintain their standard of living and sustain overall demand for the goods and services the nation produced. When that debt bubble burst in 1929, we got the Great Depression.
It was also the decade when Benito Mussolini and Adolf Hitler emerged to create the worst threats to freedom and democracy the modern world had ever witnessed.