326. On Milei and Rothbard

Javier Milei’s presidency in Argentina, once hailed as a libertarian revolution, has been exposed as a catastrophic failure by Austrian economist and Bitcoin advocate Saifedean Ammous. In a scathing critique, Ammous argues that Milei’s policies—despite their radical rhetoric—have delivered the opposite of what Austrian economics demands: hyperinflation, quadrupled money supply, a $71 billion debt increase, and a $233 billion carry trade Ponzi scheme that has drained Argentina of productive capital. By refusing to dollarize, closing the central bank, or dismantling the peso monopoly, Milei has ensured inflation remains entrenched. The episode reveals a deeper crisis: the intellectual betrayal of Austrian economics, as institutions like the Mises Institute have abandoned critical analysis in favor of uncritical praise for Milei, risking the school’s reputation. In a powerful tribute to Murray Rothbard, Ammous recounts how Rothbard’s clarity, moral courage, and unwavering commitment to truth transformed his own intellectual journey. Rothbard’s work, especially on money and the business cycle, became the foundation for understanding Bitcoin as the only monetary system with a credible fixed supply. Ammous contrasts Rothbard’s enduring legacy with that of regime propagandists like William F. Buckley, whose fleeting fame fades while Rothbard’s ideas grow more relevant with every year of inflation and state overreach.