Milei’s party scored a near-historic - 40% in Argentina’s midterm vote - a number that has surprised many in Europe. Yet most Europeans miss why. They focus on the chainsaw and Milei’s outrageous speeches, ignoring the bigger picture. Of course, he says extreme things - but 1) people don’t really care (just look at Trump), and 2) we hardly notice the absurdities of our own politicians or the gradual weakening of European states. The real issue in Argentina is the CURRENCY. The country has defaulted multiple times, and trust in the peso is gone. Because the currency is so weak, the financial system is in deep trouble: high inflation destroys credit, banks struggle, and the population seeks alternatives. That’s why cryptocurrencies are exploding - volumes in stablecoins are unprecedented. When I was in Buenos Aires earlier this year, I saw daily payments in stablecoins, mostly $USDT. Having visited twice recently, I’ve seen it firsthand: prices shift weekly, and people save in dollars or stablecoins, not pesos. Europe isn’t Argentina - but the lesson is clear: rising debt, high taxes, and monetary expansion eventually erode confidence. Once trust disappears, everything else follows. As long as Europeans refuse to see Argentina’s situation as it really is, they won’t understand what’s happening. At the same time, given how fast French debt is soaring, maybe the French will understand in 10 or 20 years.