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Good morning, Roca Nation. Here are today’s four need-to-know stories:
Reddit filed a lawsuit against Perplexity AI and three other companies for allegedly stealing user data through unauthorized scraping operations (free)
President Trump pardoned Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange platform (free)
US officials criticized a vote by Israel’s extreme right in favor of annexing the West Bank
Portland Trail Blazers head coach Chauncey Billups and Miami Heat guard Terry Rozier were among those arrested as part of federal investigations into illegal gambling operations
By Max Frost
“He’s MAGA all the way,” President Trump said this month. “He’s ‘Make Argentina Great Again.’”
Trump was discussing Argentinian President Javier Milei. Weeks later, the US signed a deal to provide Milei’s economy with $20B. For context, that’s triple the $6.8B the US budgeted for aid to Israel last year and roughly the same as it budgeted for Ukraine.
So what’s happening in Argentina? Why is the US bailing it out? How is making Argentina great again supposed to make America great again? That’s the topic of today’s deep-dive.
“No Hay Plata!”
“There’s no money!”
That phrase helped carry Milei to his country’s presidency in November 2023. An economist and commentator known for his kooky persona and libertarian views, he tapped into a population that was disillusioned after years of economic stagnation and world-leading inflation. Milei said the government was to blame, and upon entering office, he enacted “shock therapy.”
Within his first year, Milei consolidated 18 government ministries into nine; fired 5,000+ government workers; eliminated subsidies and rent control; froze a significant amount of spending; and enacted sweeping regulations to liberalize the economy. The curbing of government spending and services made life harder for some Argentinians while bringing inflation down to pre-crisis levels. Argentina has since recorded its first budget deficit in over a century, exited recession, and seen its poverty rate decline from 42% in 2023 to 32%.
Yet this came with a cost – and it’s that cost that the US is now covering.
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Editor’s Note
Thanks for reading. What are your thoughts on the bailout? Let us know by replying here.
An interesting reply from Maria to yesterday’s article on Venezuelan drug trafficking:
I am a Venezuelan immigrant living in San Anselmo, Ca since 2014.
Thank you for sharing what is happening in Venezuela. We need support to get rid of this corrupt government that has been destroying my country for almost 30 years.
If you are interested, try to find sources and go deeper in Venezuelan military. Our knowledge is that El Cartel de Los Soles is divided in 3 groups. One, is doing business with China and is destroying the Amazon digging for materials to make electronic chips/hardware. The second group is in business with Iran and are the ones providing Venezuelan passports to terrorist organizations as Hezbollah, Boko Haram, etc. Also opening routes for drugs through Africa to provide Europe. The third group is in business with Putin for the oil. Maduro is a puppet. There are two puppet masters: Diosdado Cabello( military) and Cuba (started with the Castro's). That is the reason Trump has to step in with Venezuela. Our issue is way more complicated than people think... Hope you guys can confirm this and publish it. Good luck!
And check out our most recent reports below:
Thanks and see you tomorrow,
Max and Max
