Bitcoin Author Saifedean Exposes Milei’s ‘Economic Miracle’ As Fiat Fraud

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Saifedean Ammous—best known in the Bitcoin community as the author of The Bitcoin Standard—has attacked Argentine President Javier Milei’s stabilization program as a bond-fueled “fiat fraud,” arguing that the policy mix flatters official statistics while deepening the country’s dependence on multilateral lenders and peso-denominated carry trades.

In a lengthy X post on August 20, Ammous framed last week’s bond rollover as a reality check: “Argentina’s Javier Milei regime tried to roll over bonds by offering investors an insane 69% interest rate, and only succeeded in rolling over 61% of them. Even a 69% annual interest rate isn’t enough to tempt investors to risk lending to the Milei ponzi.” He punctuated the thread with a line he says Milei himself used after a memecoin debacle: “No Crying in the Casino!”

Bitcoin Vs. Fiat: Milei Picks His Side

Ammous’ critique is explicitly Bitcoin-versus-fiat. He claims the administration “reneged on [its] campaign promise to shut down the central bank,” chose to expand money-supply measures instead of “stop[ping] creating money,” and raised taxes while seeking an IMF rescue—moves he calls “the same old fiat banksterism.” The Bitcoin author’s monetary prescription is unambiguous: “After almost two years in office, it would have been absolutely trivial for Milei to bring price inflation down to close to zero with the one simple trick… stop creating money.” In Ammous’ telling, anything short of extinguishing discretionary money creation cannot be sold to Bitcoiners as sound policy.

On debt and multilateral financing, Ammous alleges that the latest arrangements amount to record-breaking exposure to official creditors and a mortgaging of future fiscal space. “With this new $20b in IMF loans, Argentina now has the highest outstanding debt to the IMF in IMF history… borrowing is now at 1,352% o

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Author: Jake Simmons

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