The world’s biggest deadbeat has passed the begging bowl again. This time, Argentina is asking for $20 billion. That’s the size of the swap line that U.S. Treasury Secretary Scott Bessent has promised to pony up in order to bail out Argentina and its floundering president, Javier Milei.
Where will that kind of money come from? Secretary Bessent will dip into the seldom-used Exchange Stabilization Fund at the U.S. Treasury. He will do so without Congressional approval. Why? Because President Trump has bet on President Milei. Trump sees Milei as Uncle Sam’s man in Latin America—the man who will lead the charge against the “pink tide” of leftist Latin American governments and counter the commercial and geopolitical inroads made by China in the region.
But maybe President Trump has bet on a dead horse. After all, Argentina has never been a good bet. Since independence, it has faced one economic crisis after another. In the last two generations alone, there have be
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