00:00Explain to our viewers what is going on with Argentina, because the U.S. Treasury today directly purchased Argentine pesos and finalized this $20 billion currency swap framework with Argentina's central bank.
00:14So the intent, I guess, is to provide assistance from the Latin American country's economic turmoil.
00:19It's clear how Argentina benefits from this deal. What do we get out of it?
00:25We get a lot out of it. Argentina is a beacon in Latin America. President Malay has done the right thing.
00:33He is trying to break a hundred years of a bad cycle in Argentina. He is also a great ally for the U.S.
00:43He'll be coming to the Oval Office next Tuesday, and he is committed to getting China out of Argentina.
00:51They're all over the place in Latin America. And when people say to me, how is this not America first? I'll tell you why it's not.
00:58Do you want to be shooting at more gunboats like in Venezuela? We do not want a failed state.
01:04So this isn't a bailout?
01:05Sorry, it's not a bailout at all. There's no money being transferred. The ESF has never lost money. It's not going to lose money here.
01:14I've been doing, I was in the investment business, mostly currencies, for 40 years. You're supposed to buy low, sell high.
01:21And the Argentine peso is undervalued. We're going to have an election in Argentina the 26th of this month.
01:30We think President Malay will do quite well. And he is putting the Peronist path behind them.
01:37And people in the U.S., especially on the left, they were willing to, you know, Senator Warren tried to put a bill in front of the Senate
01:47that the Exchange Stabilization Fund could not bail out Argentina, which I think is rich because she's an American Peronist.
01:55You know, don't cry for me, Massachusetts.
01:57And when Joe Biden was in office, what was their idea of foreign aid?
02:03It was circumcisions in Malawi and drag shows in Central America.
02:07So we are going to use Argentina as an example. We back up our allies.
02:13And the Obama administration missed a big opportunity in the eight years he was in as many Latin American governments went center-right.
02:22So we are seeing Argentina, Paraguay, Ecuador, Bolivia, I think Colombia in the next election.
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