New cabinet alongside the president of the nation.
The latest cabinet reshuffle is not a gesture of political strength, but rather a signal of internal distrust. In the logic of markets, the concentration of power without solid institutional management equates to risk. What Milei calls "efficiency" is actually a desperate attempt to control a system that is falling apart.
The government is closing in, isolating itself, and losing the most valuable thing a country can offer capital: predictability.
The United States, which perfectly understands the language of stability, has already warned clearly: governability or distrust. And the Argentine president chose the latter.
Centralization and toxic signals
The rise of Manuel Adorni as Chief of Cabinet concentrates strategic and budgetary decisions in one person, without technical checks or ministerial autonomy.
For investors, this equates to a risk of discretion: economic decisions are made by political impulse, not by technical criteria.
Markets do not fear adjustments; they fear improvisation.
A cabinet designed to obey instead of think is a cabinet that does not correct mistakes; it multiplies them.
Each area absorbed by the leadership does not simplify management: it makes it opaque and less predictable.
A state that observes, not regulates
The transfer of Migration and RENAPER to the Ministry of Security sends a clear message: the priority is not development, but control.
A country that channels its institutional energy into monitoring its population rather than stabilizing its economy ends up undermining international confidence.
Investors seek countries with legal security and institutional stability, not with internal tensions between political power and security forces.
While the government preaches market freedom, it acts with authoritarian reflexes that scare away serious investment and only foster short-term speculation.
The United States demands governability; Milei offers subservience
When Washington talks about governability, it is not speaking of ideology: it speaks of macroeconomic sustainability and management capacity.
The message is unequivocal: the White House wants a reliable partner, not an erratic experiment.
However, the Argentine response is the dismantling of institutional channels and political subordination to the prevailing financial dictates.
The result is an unstable cocktail: political deficit + external alignment = systemic distrust.
Capital flows do not sustain in a country that renounces its own national strategy. The illusion of order
Milei confuses authority with power and discipline with stability.
But markets—who understand cycles and signals—have already started reading between the lines: excessive control and lack of governance do not stabilize; they rather anticipate crises.
A homogeneous and closed cabinet may convey strength to the public, but it generates alarm in the financial system: who debates the decisions? Who checks the mistakes? In economics, lack of plurality does not translate into efficiency: it translates into institutional blindness.
The contradiction between discourse and facts
Milei promised economic freedom, but offers legal uncertainty.
He promised market openness, but governs with authoritarian reflexes.
He promised to attract investments, but hands control of the economy to external interests without a framework for national planning. For any analyst, this translates into a downward credibility curve.
The market tolerates adjustments, but not improvisations. It tolerates reforms, but not arbitrariness.
Without governability, there is no trust
The concentration of power is not strength: it is disguised vulnerability.
When a president accumulates all authority and eliminates control mechanisms, the system becomes unpredictable. And markets—who value predictability above all—withdraw. The Argentine economy does not need a digital caudillo; it needs a serious state, with clear rules and capable officials.
Without that, any "alliance" with the United States or international organizations will be a financial patch without sustainability. Milei may maintain his narrative, but he cannot sustain trust. And when the narrative clashes with reality, capital always leaves first.
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