Economist Podcasts Chainsaw out of gas? Milei’s experiment wobbles
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Oct 3, 2025 
Hal Hodgson, America's editor at The Economist, discusses the challenges facing Argentina's President Javier Milei amid election losses and corruption allegations. He analyzes the U.S. intervention to stabilize the peso and the potential political fallout from this reliance. Meanwhile, Mike Bird, Wall Street editor, explores the slow recovery of the U.S. commercial property market post-pandemic, identifying driving factors like dwindling supply and changing investment trends. Additionally, an archival clip features renowned primatologist Jane Goodall reflecting on her groundbreaking work with chimpanzees.
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Fragile Political Capital
- Javier Milei's early fiscal cuts and populist style initially won market trust and voter enthusiasm.
- Recent political losses and scandal have exposed the fragility of that trust.
Narrative Undermines Currency Stability
- A local defeat and corruption allegations against Milei's sister dented his anti-corruption narrative.
- Those hits undermined investor confidence and forced the central bank to spend heavily defending the peso.
US Backing Stabilised Markets
- The Argentine central bank spent about $1bn defending the peso during a crisis in mid-September.
- A public US endorsement followed, temporarily shoring up market confidence.