The laboratory of greed
Caputo’s economic laboratory is financed with interest rates that touch the usury. In August 2025, the TNA reached 76.6% and the TEA exceeded 110%. Bursatile ciones climbed into intra -dialing peaks at 150% per year, figures worthy of a panic market. This mechanism allows the dollar to stop and moderate inflation, but at the cost of multiplying public debt, by means of the last most harmful Carry Trade, in terms of term and yield. The monthly capitalization of the bond stock in pesos reaches a floor of $ 9.2 billion,-at the current exchange rate-USs US $ 7,000 million in a month-with data of the last tender and the average stock at market values-.
As Callon warns, financial markets do not reflect realities, but produce them through technical devices, calculations and narratives. In this case, the “reality” they produce is an Argentina whose monetary policy becomes deferred fiscal deficit, due to falling collection and increased financial public spending.
The financial gang: the Harlem Globetrotters del Carry Trade
In this team, Emiliano Lezcano -Ferro Carril West Jugger who led from end to end would be in the bench, sitting and seeing it from the outside. Caputo’s so -called “Financial Gang” works as the aceted quintet of a basketball team: Bausili controls the banking square, Quirno guarantees the relationship with Wall Street, Daza specializes in the articulation with investment funds, and Werning provides theoretical scaffolding. As in a sports show, each player has a role and all point to the same, sustain the ball in the air to the October elections.
The story, however, is not new. Between 2015 and 2018, this same team led the Argentine economy to a financial collapse, with record indebtedness and subsequent exchange run (Damill, Frenkel & Rapetti, 2015; Basualdo, 2020). At that time, the pirouettes were financed with dollars of the international market; Today they are financed with unpayable rates in pesos.
Govern as a hedge fund
The Argentine State seems managed as a Hedge Fund on the edge of default. International BCRA reserves doubled their level in a year, but the real balance shows inconsistencies. They entered in gross mode, US $ 65,000 million (money laundering, commercial balance, multilateral organizations, bontes and rests) and only US $20,000 were left. Us $ S45,000.
As Tooze (2018) warned, financing makes states actors that manage crisis through instruments that aggravate their dependence. Caputo’s “creative austerity” is not an economic plan, but a menu of financial operations aimed at gaining time.
Libertarian illusion as a political story
Javier Milei built his rise about the account of individual freedom against “political caste.” However, as Brown (2015) warns, neoliberalism converts freedom into a legitimacy device for economic concentration projects. Argentine libertarian illusion fulfills that function; justify A state reduced to money table that transfers resources to creditors.
The contradiction is evident, The Milei who denounces the State as an enemy governs with a leading, interventionist state, hypertrophied in debt and in fiscal repression. Laclau (2005) showed how populist stories (right or left) are held by occupying empty signifiers. In this case, Milei, occupy the empty signifier, came to resignify the articulation of the demands of “freedom” and “honesty”, but what he is doing is subordinating Argentine and citizens interests to global financial interests.
October as the only goal
The only objective of economic policy is to reach October 2025 without the current economic, political and financial treasurer becoming earthquake. Banks charge and pay usurious rates, SMEs face financial costs of 90% per year, while the available income of households fell 10% in just eight months.
Literature on delegative democracy (O’Donnell, 1994) helps to understand this phenomenon. The concentration of power in the Executive allows to sacrifice the long term in exchange for surviving in the short. The economy becomes hostage to an electoral strategy.
The repetition
The story is repeated, although with another music. In 2018, the Macri and Caputo government entered the IMF with a record loan of 57,000 million dollars. Today, Argentina depends on the organism, the rest and capitals swallow. As Gaggero and Schorr (2021) argue, the logic of borrowing and fleeing became a structural pattern of the Argentine economy.
The déjà vu is brutal: What was presented as a “new libertarian era” is nothing more than the reissue of an exhausted model. The outcome can vary in its time, but not in its direction, the implosion is written.
Conclusion
Caputo and his financial gang play being the debt globetters; They make spectacular cabrioles, find out from any angle and entertain the banks, but leave the court on fire. Milei offers the libertarian story as an ideological curtain, while reality is the repetition of 2018: to undertake, escape and explode.
The hypothesis of this article is confirmed; The current government does not operate as a sovereign state, but as a money table at the service of creditors. What is sold as freedom is, in reality, the voluntary servitude of a country trapped in financial networks that once again push it to the abyss.
References
Basualdo, E. (2020). Bread and escape. An analysis of Argentine economic history, by Martínez de Hoz to Macri. 21st century. Brown, W. (2015). Undoing the demos: neoliberalism’s stealth revolution. New York: Zone Books. Bunge, M. (2003). Economy and Philosophy. Barcelona: Gedisa. Callon, M. (1998). The Laws of the Markets. Oxford: Blackwell. Damill, M., Frenkel, R., & Rapetti, M. (2015). Macroeconomic Policy in Argentina During 2002–2013. Comparative Economic Studies, 57(3), 369–400. Gaggero, A., & Schorr, M. (2021). The political economy of Argentine external debt. Critical Economy Magazine, (31)9-28. Laclau, E. (2005). The populist reason. Buenos Aires: Economic Culture Fund. Levitsky, S., & Murillo, MV (2008). Argentina: from Kirchner to Kirchner. Journal of democracy, 19(2), 16–30. O’Donnell, G. (1994). Delegate Democracy. Journal of democracy, 5(1), 55–69. Sautu, R. (2003). Everything is theory. Research objectives and methods. Buenos Aires: Lumiere. Stiglitz, Je (2019). People, Power, and Profits: Progressive Capitalism for an age of discontent. New York: WW Norton. Tooze, A. (2018). CRASHED: How A decade of Financial Crises Changed The World. London: Allen Lane. Scope.
Director of doing.com.ar, professor. Master in International Economic Policy, Doctor of Political Science, author of six books.
Source: Ambito
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