Thiel Is the Latest Rabbit Milei Has Pulled From a Hat

A dark cloud is gathering over Javier Milei. His approval rating has hit a new low, stubborn inflation and weak activity data have soured the public mood and a string of scandals involving Milei and his inner circle has pushed the government onto the defensive. If third years in office are often a minefield in Argentina, they are even more so for a trash-talking president with scant empathy who has accumulated enemies at an impressive rate. Is it finally time to short the world’s most famous anarcho-capitalist president?

And yet, despite his sliding popularity and an odd habit of scoring own goals, I still see Milei remaining in a strong position to fight for reelection next year. A recovering economy — uneven across sectors but growing — alongside an improved macro backdrop and the president’s timely knack for pulling rabbits out of a hat remain powerful cards for the incumbent, particularly while the opposition stays divided and confused. Underestimate Milei at your own peril.