Despite the adoring support from Elon Musk and Donald Trump, Javier Milei’s radical-right free-market nightmare is unravelling, and the people are beginning to score major victories against the government in the streets and in elections, reports BEN HAYES

EARLIER this month, the euro-US dollar (EUR/USD) exchange rate fell about the same time that sterling fell after the Bank of England raised its main interest rate by 0.75 percentage points to 3 per cent. This brought borrowing costs to the highest level since 2008.
The exchange rate shift has also resulted in a slowdown in employment growth.
This is a direct result of the US Federal Reserve tightening its policy earlier this year around longer-term interest rates that have moved significantly higher, where stock prices have declined sharply and the dollar has increased in value.



