According to Ammous, Milei does this to favor the ‘carry trade’.
“You’re completely naïve if you believe Milei,” Ammous says.
Saifedean Ammous, economist and author of The bitcoin patterncontinues with criticism of the president of Argentina, Javier Milei, for the monetary expansion that he is carrying out to – in his opinion – “manipulate” the exchange rate.
«Milei confirms that it will continue printing pesos and manipulating its exchange rate to maintain the profitability of the carry trade for two more years. Tens of billions of dollars will be added to the Argentine debt and will be given to the small group of people who participate in the carry trade“said Ammous, through a publication on his X account.
He carry trade (also known in Argentina as a “financial bicycle”) consists of taking advantage of high interest rates in pesos to obtain returns and then converting those profits to dollars, as long as the exchange rate remains stable, as explained by CriptoNoticias.
If that incentive disappears—due to a drop in rates or a rise in the exchange rate—capital tends to withdraw quickly, causing volatility in the markets and pressure on the dollar. Therefore, this mechanism can amplify financial movements in the Argentine economy.
For Ammous, what is most astonishing is “the number of people who respond to this by insisting that Milei is not printing money or increasing debt, when their government’s own statistics show that all measures of money supply have tripled or quadrupled in less than four years.”
The Lebanese economist, furthermore, mentioned that “the debt has increased even as the official peso rate has plummeted around 75% in less than two years, which has drastically reduced the dollar value of its peso debt.” He also highlighted:
Their reserves are borrowed and constantly depleted, forcing Argentines to go into even more debt. For this reason, the peso has not stopped depreciating since Milei took office, because the money supply continues to increase for the benefit of the bankers who installed this clown.
Saifedean Ammous, economist and author of The bitcoin pattern.
Saifedean Ammous’s statement is supported by data from the Central Bank, which shows that the monetary mass went from around 9 trillion pesos in December 2023 to more than 40 trillion in October 2025, an increase of more than 300%.
Although inflation fell from 211% to 50% year-on-year, rates are still above 70%, which, according to Ammous, reflects a monetary policy inspired by United States models.
The specialist, in addition, responded a comment that assured that Argentina has more than 100,000 million dollars in incoming investments after the victory in the legislative elections on October 26.
“If you think all these people are going to invest over $100 billion, which they announced just before the election to help the cryptocurrency scammer win, in a country with such poor financial and capital infrastructure, you are so naive that you should watch TV and cheer for politicians like they were a sports team,” he commented.
Finally, the economist said: “Even if they made those investments, which they will not do, that money would be spent on capital goods, it would not be saved as central bank reserves. Nothing can stop the collapse of the peso as long as the money supply continues to increase.”