GIS Weekly Brief #19

?? Weekly update by Prince Michael von Liechtenstein

A year ago, Javier Milei was elected president of Argentina. Once one of the richest countries in the world, Argentina has been driven into misery over the last 80 years by misguided social policies. Hyperinflation, massive debt and corrupt politicians brought the country to its knees, destroying its prosperity.

Mr. Milei, an economics professor, won the election against all odds. A self-described radical libertarian, he laid out a program to transform Argentina into a free-market economy, abolishing socialist policies, reducing bureaucracy and pursuing privatization.

The currency, long plagued by hyperinflation, has begun to stabilize. While his initial attempt at dollarization failed, President Milei succeeded in pushing through harsh reforms despite opposition from parliament and large public protests.

In the short term, the purchasing power of the poor has declined slightly, but the majority still support President Milei, seeing him as their only hope. It now appears that the worst is behind them, and the reforms are starting to bear fruit. We can only hope this continues. President Milei’s success would be significant, as it could serve as an example for many other countries, including those in Europe, struggling with economic and debt issues.

?? This week’s relevant geopolitical events

• Japan’s Liberal Democratic Party and its junior coalition partner Komeito lost their majority?in Sunday’s election. The LDP is expected to lead a new, more complex coalition, with potential partners likely to push for tighter monetary policy.
• The Israel Defense Forces launched strikes on military targets in Iran, retaliating against Tehran’s October 1 missile attack.
• Georgia’s election office declared the pro-Russian Georgian Dream party, founded by billionaire Bidzina Ivanishvili, the winner of parliamentary elections. The opposition, citing credible evidence of manipulation, claims victory.
• At the BRICS summit in Kazan, Russia,?a proposal was made for a blockchain-based international payment system, aiming to operate independently of the U.S. dollar.

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