Argentine President Javier Milei launched his new book with a rock concert-style event at Buenos Aires' Movistar Arena on October 6, performing anthems before nearly 15,000 supporters as his administration faces mounting political and economic turbulence ahead of crucial midterm elections.

The 573-page volume, titled "La construcción del milagro" ("The Construction of the Miracle"), compiles speeches and social media posts from the past year. It arrives at what many consider the lowest point of the outlandish libertarian leader's nearly two-year presidency, with legislative rebellions, scandal-tainted allies and persistent market instability threatening his reform agenda.

Dressed in black leather with bombing imagery projected behind him, Milei performed songs by Argentine rock bands La Renga and Charly García before addressing a recent antisemitic attack and leading the crowd in chants mocking former president Cristina Fernández de Kirchner, who wears an ankle monitor under house arrest following a corruption conviction.

“You may have won one round, but you haven’t won the battle yet, much less the war," he told a cheering crowd, taking a swipe at the opposition.

The theatrical presentation showcased Milei's retreat to his campaign-era populist persona even as concrete policy challenges intensify. Congress recently overturned two presidential vetoes on university and paediatric care funding, whilst José Luis Espert, a top candidate for the October 26 midterm elections, resigned over alleged drug-trafficking links.

A September provincial electoral defeat to a revitalised Peronist coalition triggered capital flight that forced monetary authorities to exhaust roughly $1bn in hard currency reserves within 48 hours. The crisis prompted Washington to deploy an array of financial instruments to support Argentina's beleaguered economy, with US Treasury Secretary Scott Bessent negotiating a potential $20bn currency swap arrangement for “systemic important US ally” Argentina.

Milei is scheduled to meet President Donald Trump at the White House on October 14, less than two weeks before the congressional elections. The bilateral meeting represents the latest sign of deepening ties between the ideological allies, with Washington determined to prevent Beijing from expanding its financial footprint in South America.

The proposed US support package would include Treasury purchases of Argentine sovereign bonds and substantial emergency financing through the Exchange Stabilisation Fund. The IMF has expressed support for such an arrangement, which is critical given Argentina's need to continue meeting requirements of its existing $44bn Fund programme, renegotiated last April by the libertarian government.

Yet fundamental vulnerabilities persist. Argentine eurobonds continue yielding between 16 and 26% across the curve—levels that effectively lock the country out of international capital markets. Net international reserves remain at what the IMF describes as "critically low" levels.

Whilst Milei has achieved monthly inflation below 2% for four consecutive periods and delivered a fiscal surplus, the costs include peso devaluation, collapsed consumption, and unaffordable housing, healthcare and education. Many workers and pensioners have experienced declining purchasing power compared to early 2023 levels.

Market participants recognise that American financial firepower might only temporarily stabilise the peso. Argentina's economic trajectory ultimately depends on domestic political dynamics. Should the October elections confirm legislative gridlock and diminish Milei's prospects for re-election in 2027, even substantial US backing may prove insufficient to prevent renewed crisis.

For now, "El Loco" appears to have concluded that when governing gets tough, the best response is to pick up a microphone. Whether Argentine voters will encore his performance in October remains to be seen.