Javier Milei: President of Argentina - Freedom, Economics, and Corruption | Lex Fridman Podcast #453
Javier Milei tells Lex Fridman how Argentina achieved its first fiscal surplus in 16 years and cut inflation from a 177,000% annualized rate to under 3% in under a year.
- Argentina entered December 2023 with wholesale inflation annualizing at 177,000%; Milei cut it to ~2.4% true monetary inflation within a year.
- Milei claims the largest fiscal adjustment in human history: 15 percentage points of GDP, achieved with only 15% of representatives and 10% of senators.
- Poverty fell from 57% in January 2024 to 46% by mid-year; Milei says zero jobs were lost during the disinflation process.
- Central bank balance sheet cleaned up by $45 billion voluntarily in 6 months, without price controls or fixing the exchange rate.
- Argentina jumped 90 places in economic freedom rankings; Milei targets surpassing Ireland, Australia, New Zealand, and Switzerland.
- Milei prefers currency competition over strict dollarization; says endogenous dollarization will happen naturally as peso share shrinks relative to dollars in circulation.
- Argentina had a fiscal deficit in 113 of its last 123 years; Milei achieved fiscal balance in January 2024, his first month in office.
- JP Morgan revised Argentina 2025 growth projections above the 5-6% analyst consensus; economist Juan Pablo Nicolini projects 7% annual GDP growth for 10 years based on fiscal reforms alone.
Guests: Javier Milei, President of Argentina · 2024-11-19 · Watch on YouTube
