Banyan Hill's Person of the Year 2024: Javier Milei Dear Reader,
Desperate times call for desperate measures … and strong leadership.
When Javier Milei was elected president of Argentina a little over a year ago, his country was teetering on the brink of hyperinflation.
Decades of socialist spending policies had bankrupted Argentina's currency, scared away foreign investors, and plunged the country deeply into debt.
Milei first emerged as a complete outsider, a "Dark Horse" candidate. He was a proud libertarian with a zany hairdo, and an even crazier personality.
He constantly said and did things no other Argentinian politician would've dreamt of doing… like smashing piñatas shaped like Argentina's central bank on national television.
He also promised to take a chainsaw to government spending, then brandished said chainsaw at some lively campaign rallies, as seen in the picture below:  Milei's provocative campaign tactics captured global media attention Milei's antics and unorthodox thinking led to him being written off by his competitors within the mainstream political establishment. Yet he became an international sensation by simply telling voters the truth.
He explained that the government could no longer afford to spend money it didn't have. And that continuing on the country's current path would lead it to ruin.
"If printing money would end poverty, printing diplomas would end stupidity," he famously told the media.
Thus, Milei's victory in last December's election came as a mandate from voters to right the sinking ship of Argentina's economy.
On day one of his administration, president Milei stayed true to his word and shuttered 11 of 18 federal ministries.
He then went on to form a surprisingly durable coalition within Argentina's contentious government, paving the way for a pro-market reform bill that includes incentives for companies that invest at least $200 million.
Milei has reduced the world's highest inflation rate (211% at the time) to around 2.7% in just a single year. And his policies also created Argentina's first budget surplus in 123 years.
You read that right.
Argentina had been dragging along a budget deficit since before the Wright brothers invented manned flight! But not anymore.
And he did all of this in his first year in office… with his party holding only about 35 seats in the more-than 200-seat national assembly.
So Javier Milei, on behalf of Banyan Hill, we'd like to congratulate you for accomplishments and bestow upon you our coveted title of "Person of the Year."
Not just because Milei followed through on his promises, either…
But because his administration proves that one of the CRITICAL assumptions about modern politics may no longer hold true.
You see, austerity measures have always been seen as a bit of a "third rail" for elected politicians.
Cutting benefits has always been seen as a great way to guarantee you'll lose your next election.
But while Milei's sweeping austerity measures may have created some uncomfortable pressure on his low-income countrymen, those radical policies have actually gained him public support on a national level:  Say what you will about his politics and methods.
Milei has proven he can get things done in a rather contentious South American country.
Whether Argentina can sustain this success in the years and decades ahead … that's another matter. But Money & Markets' Adam O'Dell is especially bullish on Argentina's future: - "I take anyone wielding a chainsaw seriously, and so should you. Antics aside, investors are going to wake up to Argentina's phoenix moment and reprice their best-positioned stocks dramatically higher — that process has begun but still has a long way to go."
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