Capitalism works! Who knew? Anyone who knows any history. From Joel Bowman at joelbowman.substack.com:
Free markets, free minds and free people…
(Private property and prices set by the free market. It’s the real, real thing.)
“Slowly, an international alliance has been forming among nations that… want to be free and believe in liberty.”
Javier Milei, at the WEF Congress of Vampire Demons in Davos, 2025
Joel Bowman with today’s Note From the End of the World: Carvoeiro, Portugal…
If you’re good news averse, today’s Note may not be for you.
But with inflation firmly crushed… the fiscal deficit eliminated… public spending slashed… millions rescued from grinding poverty… and the fastest growing economy in all of South America…
… it’s time for a quick update on the “sitcho” back home, in Argentina.
First, for those dear readers just joining us, we’re witnessing something many people thought we’d never see: a libertarian experiment in the most unlikely of places. For three-quarters of a century, the crooks and knaves in charge of the Argentine government did everything they could to burn the country to the ground.
Insidious price controls… market intervention… ruinous regulation… terrible trade tariffs… capital controls… money printing out the Keynesian wazoo… debts and deficits as far as the eye can see… and the familiar story of woe and misery which so predictably follows when good money goes bad…
Argentina tried it all. And what they got wrong, they tried, tried and tried again. Big State economics and Big Government politics introduced such a discombobulating thicket of malincentives, navigating one’s way through the labyrinthine maze of grift, corruption and public indoctrination was made perfectly impossible.
Rule by Crony Capitalism and the MIC is not the same.
Free Market hasn’t been tried in a long time.
Socialism has a proven record of running out of other people’s money while Capitalism has a track record of lifting all boats where even the poor have a high standard of living.