Milei, the free market shock therapist, is the great shining hope for economically-depressed South America. He’s slashed tax rates, regulations, bureaucracies, welfare benefits, and bloated government pensions.

But his party took only 34% of the vote in Buenos Aires provincial elections, losing to a slate of Peronista candidates.

The Argentine stock markets immediately fell by 10% overnight, and bonds and the peso suffered major sell offs.

Milei has successfully slashed the crippling triple-digit inflation and massive budget deficits he inherited from the Peronistas since he was elected in 2023. But now the empire is striking back. For the future of Argentina, may the force be with Milei.