Can AMLO’s Popularity Survive a U.S. Recession?
Mexico’s president thinks his penny-pinching has kept the peso afloat, but the real support has come from across the border.
MEXICO CITY - Mexico’s president is obsessed with the peso-dollar exchange rate. Looking back at Mexican history, Andrés Manuel López Obrador is certain that a president who oversees a devaluation in the currency will soon see a different kind of devaluation—that of his own popularity. And he may be right. But how to avoid such a devaluation is a more difficult question. So far, a key factor keeping the peso, and AMLO, afloat hasn’t been the Mexican president’s much-touted austerity—but rather the U.S. government and economy. That support may dissipate in the months ahead,...
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