Authorities often resist true freedom, creating theories that advocate for increased governmental oversight and intervention in people’s lives. When their assumptions are challenged, they respond with a barrage of disinformation and alarmist rhetoric. However, their predictions frequently miss the mark.
While these so-called experts predicted dire consequences, a remarkable transformation took root at the southernmost tip of the globe. The introduction of freedom and personal liberties has significantly enhanced lives—an outcome that reveals tremendous results.
Today, we’re sharing an insightful piece from our friend Joel Bowman in his Note From the End of the World. Two years ago, Javier Milei made headlines in Argentina, brandishing a chainsaw and vowing to reduce government size while expanding freedoms. Critics from elite circles warned of impending chaos and disaster, claiming that a libertarian approach would only lead to increased suffering.
Fast forward to Christmas 2025: evidence has mounted in favor of Milei’s vision. From tumultuous triple-digit inflation rates to the rapid economic upturn in the Western Hemisphere, the numbers tell a tale that mainstream media has largely overlooked.
Pour yourself a glass of Malbec and prepare for an update from Buenos Aires…
Enjoy!
MN Gordon
P.S. After reading Mr. Bowman’s article, don’t forget to visit his website to subscribe to his newsletter for the latest insights on The Greatest Political Experiment of Our Time. We have no financial ties to Bowman and don’t gain from publishing his work; we simply find his writing insightful, and we believe you will, too.
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The Most Freedom in the World
The burgeoning light of liberty can be seen shining in Argentina…
“We are not going to stop until Argentina is the country with the most freedom in the world.”
— Javier Milei speaking at the 41st IAEF congress in Buenos Aires, December 2025.
Joel Bowman with today’s Note From the End of the World: Buenos Aires, Argentina…
Last week, we reflected on the deteriorating state of freedoms in our birthplace, Australia. However, where liberty diminishes on one shore, it flourishes on another.
Today, we present a concise update during the Christmas Week from our adopted home, where The Greatest Political Experiment of Our Time celebrates its two-year anniversary this month…
Readers may remember that at the inception of this “libertarian” experiment, experts warned of unmitigated catastrophe and devastation for the country at the southern tip of the globe. Recall the predictions made by the self-proclaimed sages of The Guardian:
And who enjoys reading an “open letter” from academics? It’s often said, “Sure, it works in practice… but does it work in theory?”
Here’s a snippet from that article…
“Ghosh, a development economist from the University of Massachusetts Amherst, expressed concerns alongside co-authors Piketty and Milanović, fearing that Milei’s policies ‘would be deeply damaging for Argentina and very unfortunate for the entire continent.’”
“This is not just the social chaos that could arise from extreme right positions but also the economic chaos stemming from decreased public revenues and spending,” Ghosh continued.
“Argentinians face challenging choices in the upcoming election. A libertarian solution that disparages the public sector will only exacerbate their suffering.”
Inconvenient Truths
Such dire warnings have proven to be unfounded. So, how’s the situation developing? Here are a few key statistics to savor during the holiday season…
- When “far-right” Milei assumed office, inflation was soaring at around 300% per year. It has since plummeted by 90%, now hovering around 30% annually.
- As Piketty and his associates cried doom over the free markets and hailed public bureaucracy as virtuous, the economy was contracting at 1.6% annually, with an acceleration towards a 2.6% decline in Q4 of 2023. Today, Argentina stands as one of the fastest-growing economies in the Western Hemisphere, with a remarkable 5.3% growth year-over-year.
- According to the Ministry of Economy, the 4.5% growth accumulated over the first seven quarters of Milei’s presidency marks the highest increase in two decades.
- In November, the nation reported a trade surplus of $2.5 billion, a figure four times greater than market predictions, as per the REM (Relevamiento de Expectativas de Mercado — the Market Expectations Survey published by the Banco Central de la República Argentina (BCRA)).
- Upon Milei’s entrance, wholesale inflation (aligning with the Producer Price Index) stood at an annualized rate of 276%. Recent data for November indicates a slowdown to 1.6% per month, or 24.3% year-over-year—a decline of more than 90%.
- In terms of employment, the private sector has created +238,000 jobs in the past year, a figure that dwarfs the over 60,000 “jobs” that Milei eliminated from the government with his trademark chainsaw.
- On the investment front, Argentina’s “country risk,” representing the premium investors demand to hold Argentine sovereign debt compared to U.S. Treasuries, has dropped from over ~2,000 basis points at the time Milei took over to just ~600 today, the best rating since 2018.
- Total exports are at historic highs, with Industrial Manufacturing Exports recording their fourth highest month in the last 11 years. The Neuquén geological formation has delivered a staggering oil output of 575.4 Mbbl/day for November, an increase of 32.9% compared to the same period last year…
- The impressive data continues.
The Heart of the Matter
Yet, perhaps the most heartening statistic—especially for those who empathize with the struggles of fellow humans—comes from the Ministry of Human Capital (translated):
“Poverty in Argentina reached 27.5% during the third quarter of 2025, according to projections by the National Council for the Coordination of Social Policies (CNCPS) based on data from the National Institute of Statistics and Censuses (@indecargentina).
“This signifies a year-on-year decrease of 10.8 percentage points compared to Q3 of 2024, and a reduction of 27.3 percentage points since President Javier Milei took office.”
“Moreover, it’s estimated that extreme poverty has diminished by 3.8 percentage points compared to the third quarter of the previous year. Since the start of this administration, extreme poverty has decreased by 14.8 percentage points, lifting millions out of extreme poverty.”
Liberty’s Light
As we began monitoring this so-called “devastating” experiment back in 2023, the previously oppressive socialists had left the nation in a state of chaos… with a poverty rate of 52.9%.
For those economists who profess to care deeply about the marginalized and destitute, this rate has decreased every single quarter (source: Ministry of Human Capital/INDEC):
Q1, 2024: 52.9%
Q2, 2024: 44.7%
Q3, 2024: 38.3%
Q4, 2024: 36.3%
Q1, 2025: 34.4%
Q2, 2025: 31.6%
Q3, 2025: 27.5%
Will Piketty and his cohort of affluent academia issue any retractions or apologies soon?
Will these so-called experts feel any sense of shame for predicting doom while overlooking the flicker of hope that liberty has ignited?
Will they finally acknowledge that the welfare of real people holds more weight than the flawed theories they espouse?
Nobody knows for certain, dear reader. But furthermore, nobody seems to care.
Stay tuned for more Notes From the End of the World…
Cheers,
Joel Bowman
founder of Notes from the End of the World
P.S. For all of Bowman’s musings, visit his website and subscribe to his newsletter for real-time updates and analyses.
