Regarding the Court

Jurist Marcelo Bielsa is credited with a seemingly banal yet profoundly meaningful statement regarding the economy and markets: "if justice is functioning well, even if everything else is going wrong, everything can go well; if justice is functioning poorly, even if everything else is going well, everything will go wrong”.

This is why appointments to the Supreme Court of Justice are a crucial factor for analysis, extending beyond the confines of law. They offer insight into a government's perception of the desired standard for the institutional framework, enabling predictions about what lies ahead and how it will unfold—not just for the immediate future, but particularly for the medium-term historical context.

Background is essential. Since the return of democracy, three main aspects have generally been given priority in most cases: the technical background and integrity of the candidates, regardless of whether one agrees with their ideology; their origin, considering the importance of federalism in the Senate, which ensures a perspective from the judiciary of a structured rather than centralized country; and thirdly, more recently, the gender of the proposed candidates, in pursuit of a balance between men and women.

Three elements, regardless of political affiliation, have shaped the selection of judges for the highest court of justice. However, in one case, despite today's selective institutional memory, these elements were disregarded, and a different approach was taken. This marked the beginning of one of the most shameful periods in the Tribunal's history, characterized by what was vernacularly termed "pragmatism": the achievement of control over the judiciary through what was dubbed the "automatic majority." To be more direct and specific, these were not independent judges but rather obedient to the current political power.

As always with institutional matters, initially, it seemed insignificant to the market, let alone to ordinary people. However, with historical perspective, it is possible to argue that it was one of the most pronounced expressions of the beginning of a decade of moral decline, which has brought us to where we are today.

Another case was later added that accentuated this decline. It started off well but ended up joining that trend with equally serious maneuvers. With some regret for its initial actions, it tried to rectify the situation by making changes in its composition, and when that wasn't enough, it attempted to go all the way; fortunately, it failed. It wouldn't be daring to argue that at that juncture, the Argentine institutional system was saved from complete collapse.

The national government has announced two candidates for the Supreme Court. Hopefully, these reflections will serve the senators of the nation because, as can be seen, what is at stake is not trivial. It is also pertinent for market operators because everything has its price, and in this case, the most important one is called political risk.