A file video shows Javier Milei in 2018, still media economist, accusing Luis “Toto” Caputo of having “smoked 15 billion dollars” of the reserves of the Central Bank. The phrase, released on television with the provocative tone that characterized it, coincided with Caputo’s resignation to the presidency of the BCRA, an episode that marked one of the most critical moments of the Government of Mauricio Macri.
On September 25, 2018, Caputo presented his departure after only three months in office. The context was explosive: the dollar exceeded $ 40, the CGT carried out a general strike against adjustment policies and the government negotiated with the IMF a historical loan for USD 57,000 million. Officially, the resignation was explained for “personal reasons”, but the explanation left more doubts than certainties. In the City there was talk of a confrontation with Minister Nicolás Dujovneof the discomfort of the fund with its exchange interventions and the lack of political support. Instead assumed Guido Sandleris, a man closest to the Treasury and with a profile aligned with the demands of the international organism.
In those days, Milei was not yet a candidate or president, but already built notoriety as an explosive panelist. And Caputo was one of his favorite whites. I accused him of burning reservations in a desperate attempt to stop the run And I presented it as a symbol of the “financial timba” of macrismo. The phrase on the “15 billion” became a stamp of those criticisms, making it clear that for Milei, Caputo was part of the economic caste that sank the country in the dependence of the fund.
Years later, the story turned. Milei himself who pointed it out as responsible for the waste elected him as Minister of Economy and strong man of adjustment. Today Caputo concentrates the power of the boxmanages the relationship with the IMF and embodies the president’s pragmatic side. The paradox is evident: the one that previously appeared in the videos as a public enemy is now a central piece of the libertarian project.
