Everybody’s Business – “Wait, What Happened to Argentina’s Economy?”
Podcast: Everybody’s Business
Hosts: Max Chafkin, Stacey Vanek Smith
Date: September 26, 2025
Episode Overview
This episode centers on Argentina's rapid economic reversal—from global success story to a crisis requiring a U.S.-backed bailout. Max and Stacey tap Bloomberg’s Markets Executive Editor David Papadopoulos to unravel what happened under President Javier Milei’s radical economic regime. The episode also explores major shifts in the media/entertainment industry and ends with a conversation on “quiet cracking,” the latest workplace trend.
Section 1: UN Week in NY, Global Economic Mood
Timestamps: 01:07–06:40
Key Points
- UN week brings an array of world leaders and heightened security to NYC.
- Stacey interacts with international attendees for their take on Trump’s speech and global economic outlook.
- “There's so much security everywhere. But there are all kinds of, like, very high level leaders in town. Benjamin Netanyahu is here. Zelensky's in town. It's just like a lot of really important people.” — Stacey (03:00)
- A panel discussion with Vera Songwe (World Economic Forum) highlights African economies' focus on infrastructure and connectivity, especially regarding AI.
Memorable Quote
“If you went to Cameroon today, I think you will hear from many of the youth. We need better infrastructure... Yes, we do have connectivity, but it’s not enough to be connected to the internet. You want to be able to connect at the millisecond.”
– Vera Songwe (03:26)
Section 2: Argentina’s Economic Crisis—The Story So Far
Timestamps: 06:40–21:04
Key Points
Setting the Stage
- Argentina: Once lauded for a libertarian turnaround, now in fiscal crisis.
- Inflation was tamed, but the country faces a deepening debt spiral and political unrest.
Who is Javier Milei?
- President Milei, known as “El Loco,” is a persona “wielding a chainsaw” against bureaucracy and public spending.
- He enacted radical austerity: slashing public spending, subsidies, pension caps, and halting public investment.
“He wins office...and immediately goes full, full Ayn Rand.” — David Papadopoulos (08:57)
Fiscal Surgery and Initial “Success”
- Fiscal deficit cut drastically.
- Peso “anchored” to fight inflation.
“They went from an enormous deficit north of the equivalent of 10% of the country’s economy...all the way down to about zero, which is like unbelievable, right? But incredible. Austerity.” — David Papadopoulos (10:37)
The Reality of Pain
- Massive cuts created real suffering: layoffs, pension freezes, reduced demand.
“Losing your job or losing your pension is worse than high inflation. I know it’s not worse for a bondholder...” — Max Chafkin (12:36)
Why Things Fell Apart
- Overvalued peso led to bizarre cross-border shopping sprees; macroeconomic imbalance created market jitters.
- Political scandal and unrest: Losses in local elections increased fears of rollback.
“Investors are starting to get nervous both inside and outside the country that Milei is losing, losing the backing of the people and he’s losing support in Congress...” — David Papadopoulos (15:09)
- U.S. support appears driven by politics.
“The answer is politics. The answer is that people are getting sick of this for all the reason, like for all the downsides that there are.” — Max Chafkin (16:39)
U.S. Backs Argentina
- U.S. Treasury pledges support (“swap line,” bond purchases) to prop up Milei’s regime as a libertarian counterweight in a region otherwise led by left-leaning governments.
“They want their man Milei to stand strong...The only place where they have their man in Latin America is the libertarian, chainsaw wielding Javier Milei. And he’s a bit of a counterweight...” — David Papadopoulos (19:48)
Notable Quotes
- “He sort of quasi embraces it. He doesn’t run away from it. But in any case, that Milei, he wins office...and immediately goes full, full Ayn Rand.” — David Papadopoulos (08:57)
- “It’s time for big moves.” — Stacey Vanek Smith (10:05)
- “You guys know the scene in Jaws...Hooper’s going to go in the water with the shark and...says, ‘You got any better ideas?’ It’s kind of a little bit like desperate times require urgent, desperate action.” — David Papadopoulos (10:06)
- “...the problem Milei has right now is the people are saying, well, maybe, wait a minute, maybe we’re not willing to pay that sacrifice.” — David Papadopoulos (14:50)
Section 3: Hollywood’s Future: Paramount, MrBeast, and the Digital Era
Timestamps: 23:18–38:00
Key Points
Industry Disarray & Two Media Powerhouses
- Ongoing Hollywood disruption: streaming, digital platforms, pressure on traditional studios, threats to free speech.
- Guest Lucas Shaw (Bloomberg) presents a “screen time” snapshot: David Ellison (Skydance/Paramount) vs. MrBeast (YouTube superstar).
David Ellison & Paramount
- Silicon Valley lineage; wants to merge old Hollywood (Paramount) with new streaming ambitions.
- Ellison’s wealth and access (Oracle fortune) power a high-stakes studio transformation.
“David Ellison is, I believe, 42 years old, from Silicon Valley...the son of Larry Ellison...Even though he had an internship at Oracle when he was in high school, he also grew up around people like Steve Jobs and Ed Catmull...” — Lucas Shaw (25:47)
MrBeast’s Digital Juggernaut
- MrBeast (Jimmy Donaldson) is the most powerful YouTuber globally.
- His elaborate stunts—costing $3–4M per video—have made content unprofitable, with consumer product sales (Feastables) subsidizing losses.
“He spends three or four million dollars per video on average, and he’s trying to bring that number down...maybe he can make money.” — Lucas Shaw (34:19) “His style of video, there are these elaborate stunts and games and competition… he did a video where he, like, tried to buy a car exclusively with pennies.” — Lucas Shaw (32:47)
Contrasting Futures
- Ellison bets on legacy media libraries and streaming expansion; MrBeast on scale, viral stunts, and merchandising.
“If you were to ask a lot of the people in Hollywood today, one of the big feed stories...has been this growing realization...YouTube is eating their lunch...YouTube is number one. Crushes Disney, crushes Netflix.” — Lucas Shaw (31:18) “As an entity, there’s just more to Paramount than there is to Beast Industries.” — Lucas Shaw (37:58)
Section 4: Workplace Culture—“Quiet Cracking”
Timestamps: 39:43–43:02
Key Points
- New workplace trend: “quiet cracking”—burnout without quitting.
- Over half of surveyed workers report feeling this way, especially as pandemic-era remote perks fade and office demands rise.
“According to this survey from Talent LMS...54% of them said that they are experiencing some level of quiet cracking. That is like a huge number.” — Stacey Vanek Smith (41:55)
- Discussion of how tech (Zoom, 24/7 connection) and shifting employer-employee power balance fuel dissatisfaction.
Quote
“It’s like the combination of having to come to an office and also be online 24/7, get on a Zoom call at 6am or 6pm or whatever. Yeah, it’s enough to make you quit.” — Max Chafkin (42:39)
Section 5: Listener Engagement, Flan, and Episode Close
Timestamps: 43:02–46:14
Highlights
- Listener email: using flan recipes to trick AI recruiter spam on LinkedIn.
- Shoutout to a reviewer (“Economics are Hard”), culminating in a lighthearted haiku from Max.
“Economics. A thicket overgrown. Weedy. Stacy brings a lawnmower.” — Max Chafkin (45:40)
Timestamps for Notable Segments
- Argentina Crisis Deep Dive: 06:40–21:04
- Hollywood's Future / Paramount & MrBeast: 23:18–38:00
- Quiet Cracking – Workplace Burnout: 39:43–43:02
Episode Tone & Style
Conversational and informed, laced with playful banter, pop culture analogies, and candid analysis. The hosts balance humor (“chainsaw wielding Javier Milei,” “Dogecoin cinematic universe”) with in-depth economic and business scrutiny.
Final Takeaway
Argentina’s astonishing reverse may be the result of mixing extreme economic medicine with political instability and global confidence quirks. Meanwhile, Hollywood and the digital creator economy are wrestling with legacy vs. innovation—each grappling to sustainably monetize creativity in a platform-shifting world. And at everyday workplaces, “quiet cracking” reflects a new professional malaise as the perks and flexibilities of the pandemic recede.
For story ideas, feedback, or (if you’re a bot) flan recipes, the hosts invite emails at everybodys@bloomberg.net.