This may be rhetorical but here the question goes: did any of you invest in the $Libra memecoin endorsed and backed by Argentine president and darling of the global Right Javier Milei (who admitted to being paid a fee for his promotion of the token)? You know, the one that soared above $4 billion in worth after his Friday night announcement and then collapsed entirely within 24 hours after the original memecoin sponsors (3-4 in number on a cryptocurrency web site) cashed in their stake, leaving dozens of investors with unsecured million dollar losses in what was basically a crypto Ponzi scheme? Hmm.
When confronted Milei said that investment is about risk and people should have gauged the level of risk exposure that they could sustain. He would not say what his fee was or whether he was part of the original memecoin sponsor group (others in the know suggest that he was). He disavowed any responsibility for pumping up investor interest on Fridaay night via social media (you can imagine whose platform was used) before the token was dumped by the sponsors, in what is known in the crypto world as a rug-pull.
In his defence some have pointed to the fact that memecoins are like figurines or troll dolls: they have no intrinsic value and are purchased just for fun. But Milei pushed $Libra as a genuine investment, one that could presumably help small and medium sized Argentine businesses by allowing them to raise funds at low investment costs (the buy-in of $Libra started at USD$.1.00). Less than 12 hours later he deleted his original post on social media.
The fact that the sitting Argentine president was promoting a crypto currency of any sort–or any other financial asset or scheme–seems dodgy at the very least. That he was promoting a rug-pull pump-and-dump as a legitimate investment opportunity is Trump-level criminally audacious.
But maybe that was the play all along? Phrased differently and to pervert an honorable saying, the NZ Special Air Services (SAS) have as a motto “he who dares, wins.” Perhaps Trump, Musk and Miley have their own version of that. Does it not occur to anyone that the moral character of all of these people playing on the public trust is the same–that they are a kinship of immoral miscreant sociopaths? In NZ, is not David Seymour not the same?
Milei îs now being investigated for financial crimes and is facing the possibility of impeachment (juicio politico) over the scheme. But this is Argentina we are talking about so it is anyone’s guess how justice will be served.
When he said that he was going to take a chainsaw to public finances and remove “the caste” from politics perhaps he meant something a bit different than cleaning up the public sector under conditions of austerity. Maybe he just meant that the nature of official mendacity and corruption, and the beneficiaries of it, would simply change with him in office, not that it would go away entirely. I tend to believe, having been raised and socialized in that country, that the latter is the case.
You can read up on the scam details here.