Milton Friedman’s Last Chicago Boy Has Warning for Javier Milei

Argentina's President Javier Milei has gained significant momentum following his recent electoral victory, which empowers him to implement crucial economic reforms. The Argentine peso has seen a positive shift, and there is renewed optimism regarding potential reforms. However, experts like Hans Humes caution that austerity measures may continue to burden the middle class and businesses. As the U.S. steps in with financial support through a swap agreement, the implications for inflation, growth, and investor confidence are critical to watch. This situation is pivotal for both local and global markets.

This week, former US Treasury Secretary Lawrence H. Summers discussed the Federal Reserve's cautious stance on potential rate cuts, emphasizing the importance of careful economic management. Meanwhile, Argentina's President Javier Milei is gaining support for his economic reforms following recent midterm elections, despite mixed results. Additionally, Geoffrey Hinton, known as the 'Godfather of AI,' raised concerns about the rapid advancement of artificial intelligence outpacing regulatory measures, highlighting the need for humanity to address these challenges. These discussions are crucial as they reflect ongoing economic strategies and the implications of technological advancements.

In a recent turn of events, former Argentine President Cristina Fernandez de Kirchner has publicly blamed Buenos Aires Governor Axel Kicillof for the Peronist movement's significant loss to Javier Milei in the midterm elections. This incident highlights ongoing infighting within the party, raising concerns about its future and unity. The implications of this blame game could further destabilize the Peronist movement, which has been struggling to maintain its influence in Argentine politics.

Javier Milei's recent victory in the Argentinian midterm elections marks a significant shift in the country's political landscape, as he garnered over 40% of the votes, decisively defeating the peronista coalition, Fuerza Patria, which received 31.7%. This win is crucial as it signals a growing support for Milei's free-market agenda, potentially paving the way for economic reforms in Argentina that could address long-standing financial challenges.

Scott Bessent has urged Argentine investors to step up and take action as Wall Street banks have stalled in their efforts to support the country's economy. After the US profited from buying Argentine pesos, Bessent's message highlights the importance of local investment in stabilizing Argentina's financial situation. This call to action comes at a crucial time when the country is navigating economic challenges, and it emphasizes the role that domestic investors can play in fostering recovery.

Former US Treasury Secretary Lawrence Summers expressed his satisfaction with the recent election results in Argentina, viewing them as a positive reflection of President Javier Milei's leadership. The midterm elections saw Milei's party significantly increase its representation in Congress, which Summers believes is beneficial for the Argentinian people. This development is noteworthy as it indicates a shift in the political landscape of Argentina, potentially leading to impactful changes in governance.

Javier Milei's recent victory in Argentina's congressional elections is not just a local event; it carries significant implications for global leaders in the U.S., Europe, and Japan. His win reflects a shift in political sentiment that could influence international policies and economic strategies, making it essential for world leaders to pay attention to these developments.

This year, over 12,000 fast EV chargers have been installed within a mile of U.S. highways and interstates, meaning that nearly 70% of the miles of the 10 longest interstates are now easily accessible to electric vehicle drivers. This is a significant step towards alleviating range anxiety, a common concern among potential EV users. As charging infrastructure improves, it becomes easier for people to consider switching to electric vehicles, which is crucial for reducing carbon emissions and promoting sustainable transportation.

Stephen Miran warns that the Federal Reserve's failure to cut interest rates quickly could lead the economy into a recession. This is significant because it highlights the delicate balance the Fed must maintain to support economic growth while controlling inflation. If rates remain high for too long, it could stifle consumer spending and investment, ultimately impacting jobs and economic stability.

The recent deal between Xi and Trump has led to the resumption of shipments of crucial auto semiconductors from Nexperia, which had halted for weeks, threatening global car production. This development is significant as it alleviates concerns in the automotive industry, ensuring that manufacturers can continue to meet demand and avoid further disruptions in their supply chains.

Telefónica's Q2 2025 results show a significant acceleration in organic growth, particularly during its ongoing transformation in the Hispam region. This positive trend highlights the company's successful strategies in adapting to market demands and improving operational efficiency, which is crucial for maintaining competitiveness in the telecommunications sector.

The recent closure of a Las Vegas location of a legendary NBA star's fast-food chain marks a significant moment in the ongoing competition within the fast-food chicken sandwich market. This closure not only reflects the challenges faced by new entrants in a saturated market but also highlights the enduring popularity of established brands like Burger King. As consumers continue to seek out their favorite chicken sandwiches, this development raises questions about the future of niche fast-food ventures and their ability to compete against industry giants.

OPEC+ is considering a modest increase in oil production for December, as indicated by three delegates ahead of their upcoming online meeting. This potential adjustment reflects the group's ongoing efforts to balance supply and demand in the global oil market, which is crucial for maintaining price stability and meeting economic needs.