title: A chain of recent events seem to have thrown the Javier Milei administration off its course lately.

A chain of recent events seem to have thrown the Javier Milei administration off its course lately. Just when it seemed that the government was about to consolidate its socio-political hegemony

The Javier Milei administration has hit a snag in its plans, encountering three setbacks that could jeopardize the administration's agenda. These setbacks are Donald Trump’s win of the US presidency, the crypto 'rug pull' by Hayden Davis and Milei's decision to follow Trump.

The Javier Milei administration has hit a snag in its plans, encountering three setbacks that could jeopardize the administration's agenda. These setbacks are Donald Trump’s win of the US presidency, the crypto 'rug pull' by Hayden Davis and Milei's decision to follow Trump.

While the political affinity between the two presidents is undeniable, despite deep ideological contradictions, there may be a palpable objective behind Milei’s extreme pragmatism: securing a deal with the International Monetary Fund that becomes the pillar of a potent victory in this year’s midterm elections.

While the political affinity between the two presidents is undeniable, despite deep ideological contradictions, there may be a palpable objective behind Milei’s extreme pragmatism: securing a deal with the International Monetary Fund that becomes the pillar of a potent victory in this year’s midterm elections.

Milei and Economy Minister Luis ‘Toto’ Caputo have repeatedly promised that the deal is close. The latest major announcement came at his controversial address to the Legislative Assembly kicking the congressional term. Following the lead of the United States, Milei attempted to make it a “State of the Union” address, changing the time of his speech from the traditional mid-morning to nighttime, which is prime time for television. He also decided to hold the event on a Saturday in the middle of an “extra long” weekend, with two bank holidays for carnival. TV ratings were quite poor, oscillating between 13 and 17 rating points, compared to peaks of 50 points during last year’s visit to Congress.

Milei and Economy Minister Luis ‘Toto’ Caputo have repeatedly promised that the deal is close. The latest major announcement came at his controversial address to the Legislative Assembly kicking the congressional term. Following the lead of the United States, Milei attempted to make it a “State of the Union” address, changing the time of his speech from the traditional mid-morning to nighttime, which is prime time for television. He also decided to hold the event on a Saturday in the middle of an “extra long” weekend, with two bank holidays for carnival. TV ratings were quite poor, oscillating between 13 and 17 rating points, compared to peaks of 50 points during last year’s visit to Congress.

And while he made the big announcement, it was another issue that attracted the public attention: the public showdown between his star political advisor, freelancer Santiago Caputo, and national deputy Facundo Manes. While a major part of the opposition declined the president’s invitation to participate, including the Unión Cívica Radical (UCR), Manes attended the Assembly and spent a significant portion of time responding to Milei’s speech by yelling from his seat while exhibiting an issue of the Constitution. This won him the ire of Caputo, who was already under fire for some recent missteps. The “Kremlin Magician,” as he’s come to be known, later faced off with Manes in the halls of Congress. In front of several smartphone cameras, he gave him a couple of taps on the chest after touching his face in a patronising, semi-threatening manner. Manes later said he had been physically threatened by “Argentina’s most powerful person.”

Whether Manes, who is a famous neuroscientist and author, purposefully sought to lure Milei and Caputo into a trap, or whether he was truly protesting the president’s speech is unimportant. It’s a challenge to the president’s political centrality that drew from a message which sought to build fortitude by announcing a deal that would help the libertarians win the midterm elections. And it’s one more challenge, or error, from the three vertices of the “iron triangle” that run the show: Caputo, Presidential Chief-of-Staff Karina Milei and the President himself.

Whether Manes, who is a famous neuroscientist and author, purposefully sought to lure Milei and Caputo into a trap, or whether he was truly protesting the president’s speech is unimportant. It’s a challenge to the president’s political centrality that drew from a message which sought to build fortitude by announcing a deal that would help the libertarians win the midterm elections. And it’s one more challenge, or error, from the three vertices of the “iron triangle” that run the show: Caputo, Presidential Chief-of-Staff Karina Milei and the President himself.

Another such challenge came from Grupo Clarín, the country’s largest and most powerful media group, which pulled a rabbit out of a hat in the form of the acquisition of the Argentine assets of Spanish telecoms giant Telefónica.

Another such challenge came from Grupo Clarín, the country’s largest and most powerful media group, which pulled a rabbit out of a hat in the form of the acquisition of the Argentine assets of Spanish telecoms giant Telefónica.

From its media outlets, Grupo Clarín had proven a circumstantial ally of the Milei administration, with some of its prime-time stars being amongst the select group that is allowed on the record access to the President, including journalist Jonatan Viale. Progressively, though, it started to toughen its stance, in tandem with the acceleration of the operation to acquire Telefónica Argentina through Telecom, potentially generating a 70-percent concentration in the telecommunications sector that would undoubtedly raise objections, particularly from regulator ENACOM.

From its media outlets, Grupo Clarín had proven a circumstantial ally of the Milei administration, with some of its prime-time stars being amongst the select group that is allowed on the record access to the President, including journalist Jonatan Viale. Progressively, though, it started to toughen its stance, in tandem with the acceleration of the operation to acquire Telefónica Argentina through Telecom, potentially generating a 70-percent concentration in the telecommunications sector that would undoubtedly raise objections, particularly from regulator ENACOM.

From one day to the next, Telecom — which is owned by Grupo Clarín and Mexican investor David Martínez — announced the deal was closed for US$1.245 billion, that the funds had already been deposited and that possession would be taken the following day. It caught the government off-guard, forcing Milei to put out a press release indicating the monopolistic tendencies in the telecommunications market would be reviewed. He then took to social media and public appearances to go on the offensive against Grupo Clarín, noting that it had always inked shady deals with different governments at the expense of the people. He effectively declared war on Clarín.

From one day to the next, Telecom — which is owned by Grupo Clarín and Mexican investor David Martínez — announced the deal was closed for US$1.245 billion, that the funds had already been deposited and that possession would be taken the following day. It caught the government off-guard, forcing Milei to put out a press release indicating the monopolistic tendencies in the telecommunications market would be reviewed. He then took to social media and public appearances to go on the offensive against Grupo Clarín, noting that it had always inked shady deals with different governments at the expense of the people. He effectively declared war on Clarín.

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Santiago Caputo’s consecutive errors, government accelerates campaign mode

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Interestingly, Milei seemed to be contradicting his recent economic argument against the concept of market failure and in favour of monopolies. One that he continues to defend when it comes to the $LIBRA memecoin scandal, where Milei shows no remorse for the hundreds of millions of dollars that were siphoned-off by Hayden Davis and his associates via sniping and insider trading that he enabled. Market failure only exists when it’s in the benefit of the government, it seems.

Interestingly, Milei seemed to be contradicting his recent economic argument against the concept of market failure and in favour of monopolies. One that he continues to defend when it comes to the $LIBRA memecoin scandal, where Milei shows no remorse for the hundreds of millions of dollars that were siphoned-off by Hayden Davis and his associates via sniping and insider trading that he enabled. Market failure only exists when it’s in the benefit of the government, it seems.

Yet, it remains unclear why Clarín and Milei have decided to clash head on. For the media juggernaut, it must know something everyone else doesn’t – it seems to be