Voters are still mad as hell

Argentine president-elect’s policy proposals are drastic [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. The race for Argentina’s presidency was neck-and-neck, the polls suggested. But when it came down to it, a beleaguered electorate backed the change candidate in droves. In overwhelmingly voting for Javier Milei yesterday, Argentines not only delivered a snub to Economy Minister Sergio Massa, holder of the incumbent Peronist party torch who oversaw the crisis that has left the public shouldering one of the world’s most punishing inflation rates. They put their hopes in a [libertarian radical and political novice]( whose solutions to the South American nation’s malaise are untested and may prove unworkable. Milei’s [policy proposals are as drastic]( as they are striking: ditching the peso for the US dollar; closing the central bank; taking an axe — or in Milei’s case, a chainsaw — to public spending; shunning Brazil and China, Argentina’s two biggest trading partners. Yet the signal from a wearied public is unmistakable — anything is preferable to the current torture. It’s a message we’ve heard before, from the UK’s decision to quit the European Union to Chile’s election of a student activist as its youngest-ever president, as voters shrugged off establishment warnings of disaster in favor of pursuing extreme paths, even at the risk of harming their own interests. That kind of blow-it-all-up approach to democracy is worth bearing in mind as the world heads into the busiest electoral calendar in at least a decade next year, book-ended by votes in Taiwan in January and the US in November, with former President Donald Trump threatening to return to the White House. Those elections take place with a bleak economic outlook, contributing to widespread voter volatility. That means pricing in unexpected political outcomes — even if at face value they appear to make little sense. For if Argentina shows us anything, it’s that the taste for electoral upheaval is undiminished. — [Alan Crawford]( WATCH: Javier Milei speaks after winning Argentina’s presidency. Source: Bloomberg Global Must Reads The seizure of a Japanese-chartered vessel in the Red Sea by Iran-backed Houthi rebels in Yemen is raising fears that the Israel-Hamas war could lead to [shipping disruptions in the region](. A Houthi spokesperson said yesterday the group will continue to target Israeli ships until the military operation in Gaza ends, while Tehran denied any role in the attack. [European natural gas prices]( jumped. Israeli forces engaged in heavy fighting with Hamas in the northern Gaza Strip overnight as the US said it was optimistic about a [deal to free hostages]( held by the militant group. Top foreign policy officials from Saudi Arabia, Jordan, Egypt and the Palestinian Authority are visiting Beijing today and tomorrow [for talks on deescalating the conflict](. A woman tries to salvage personal items from a home hit by an Israeli bombardment in Rafah yesterday. Photographer: Said Khatib/AFP/Getty Images US Defense Secretary Lloyd Austin arrived in Kyiv today pledging support for Ukraine’s battle against Russia “now and into the future.” With fighting [continuing to rage along the front line](, Ukrainian President Volodymyr Zelenskiy dismissed the head of the military’s medical support service and called for a “fundamentally new” level of care for wounded troops. South Korea warned Pyongyang to halt a rocket launch it sees [violating United Nations Security Council resolutions](. Officials in Seoul believe the launch could help North Korea refine its target lists as it rolls out new missiles designed to deliver nuclear strikes in South Korea and Japan, which host the bulk of the US’s military personnel in the region. Plans to cut Britain’s tax burden from a post-World War II high are set to be laid out by UK Chancellor of the Exchequer Jeremy Hunt in Wednesday’s Autumn Statement, a [pivotal time]( for the struggling Conservatives before a general election expected next year. Hunt said yesterday he wants to “show there is a path to a lower-tax economy” while also safeguarding progress in reducing inflation. Taiwan’s presidential frontrunner named the island’s former envoy to the US as his running mate, a sign [he aims to bolster ties with Washington]( if elected. Elon Musk railed against “bogus” media reports accusing him of antisemitism, issuing his strongest response yet after [endorsing antisemitic content]( in a post on X that provoked outrage and alienated advertisers like Apple. Rosalynn Carter, who broke new ground as an activist US first lady by attending her husband Jimmy Carter’s cabinet meetings and leading a presidential effort to improve care for the mentally ill, [died peacefully at her home]( in Plains, Georgia, at the age of 96. Washington Dispatch President Joe Biden turns 81 today, a celebration that will underscore how age has become [his greatest liability]( as he pursues a reelection campaign that will involve a likely rematch with his predecessor, Trump. While the White House insists that Biden remains healthy enough to serve as commander in chief, recent polls show him trailing Trump in key swing states, with voters citing deep concerns about his health and acuity. A Bloomberg News/Morning Consult survey this month found voters in seven swing states are more likely to associate old age with Biden than any other topic. In an open-ended question asking what they had heard about the candidates lately, hundreds of respondents cited Biden’s age. Fewer than a dozen did the same for Trump, who is 77. Biden himself has taken to handling the topic of his age with a light touch. He makes regular quips suggesting he’s been in Washington since the days of the Founding Fathers. One person to watch today: Former United Nations Ambassador Nikki Haley, who has been rising in the polls of the Republican presidential race, holds town halls in New Hampshire. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 5pm ET weekdays on Bloomberg Television. Chart of the Day The crisis engulfing Europe’s wind industry [is proving to be a wake-up call](: things have to change radically to make progress on what’s a key part of the climate transition. A flood of negative headlines have dominated recently. The EU says “immediate action” is needed and plans to speed up permits for wind projects, the UK has bumped up the support price for new offshore farms and Germany will make it easier for green energy firms to get on the grid. And Finally African governments are scrambling for dollars. Amid a deepening shortage of hard currency on the continent, governments are turning to bartering, currency devaluations, central bank exchange controls, and help from the International Monetary Fund and Middle East to shore up their balance sheets. Investors [are rewarding nations]( whose efforts to boost dollar liquidity are paying off and punishing those that can’t guarantee access to the greenback. A street currency dealer in Lagos, Nigeria. Photographer: Benson Ibeabuchi/Bloomberg Thanks to the 28 people who answered the Friday quiz and congratulations to Tina Nolte for being the first to name Ukraine as the country former UK Prime Minister David Cameron chose for his first trip abroad since returning as foreign secretary. More from Bloomberg - Check out our [Bloomberg Investigates]( film series about untold stories and unraveled mysteries - [Bloomberg Opinion]( for a roundup of our most vital opinions on business, politics, economics, tech and more - [Cyber Bulletin]( for coverage of the shadow world of hackers and cyber-espionage - [Economics Daily]( for what the changing landscape means for policy makers, investors and you - [Green Daily]( for the latest in climate news, zero-emission tech and green finance - Explore more newsletters at [Bloomberg.com](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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