The obscure pool of money the US used to bail out Argentina
The episode examines the U.S. Treasury's Exchange Stabilization Fund (ESF), a relatively obscure pool of money that Treasury Secretary Scott Besant recently used to extend a $20 billion credit line to Argentina without congressional approval. Through interviews with economist Brad Setzer and former Treasury official Jeffrey Schaefer, the hosts trace the ESF's origins, its rare large-scale use in the 1995 Mexican peso crisis, and compare that episode to the current situation in Argentina. The conversation explores how lender-of-last-resort principles, political risk, and Argentina's economic policies shape the chances that the U.S. will ever be repaid.
Nov 15, 2025
Business