For the Javier Milei libertarian administration the bottom line is very plainly a fiscal surplus but for most economists it is almost invariably growth. The upcoming midterms seem to reinforce rather than conflict with this primacy of the fiscal surplus, which is seen as the key to taming inflation, in turn the government’s electoral trump card. Unfortunately for the government, the money supply is not the only monetary variable with the exchange rate rearing its ugly head every now and then, as has occurred in midyear due to a combination of mostly seasonal or one-off factors – a clumsy closure of LEFI bonds leading to a flood of peso liquidity, the midyear bonus, winter
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