Argentina’s Milei asked Papa Noel for more time, because his is running out. If his bold economic experiment, which has pushed the middle class to the breaking point, does not soon produce jobs and spending power for the average Argentine, then not even Uncle Donald can save him.

Bolivia’s Arce, by contrast, asked Papa Noel to accelerate time, so that the August 2025 elections transpire before all of Bolivia’s cash and gold reserves run out, triggering economic collapse and his certain political demise.

Brazil’s Lula is finally coming to terms with the fact that he is far more popular outside of Brazil (particularly the Global South) than he is inside his own country. Leading a weak political party and fighting an uphill battle against the markets and Brazil’s central bank, Lula lacks the power to implement any of his political vision. If only he could snap his fingers and fast forward to his next posting as head of the FAO in Rome where he could lord over a quorum of sycophants and enjoy his ill-gotten millions, Lula would be much happier.

Canada’s Trudeau has a long Christmas wish list (perhaps a sign of an over-extended adolescence) starting with an extra-large – ethically mined of course – lithium battery to help rekindle his star power. Once the belle of the G-7 ball, Justin is now pictured as the 90lb girlie-man covered in sand that is frequently kicked upon him by the bully next door.

Chile’s Boric may not know it yet but 15 months from now, when his term ends, he will wake some nights wishing he had never been President. There is an old Argentine saying, “if in your 20s you are not a leftist, you are inhumane. If by the time you are 40, you are still not voting right, you are an idiot.” Boric has proven to be an agile politician, pivoting to the right as his electorate, the congress and market forces obliged him to do. But he will leave the highest political office stripped of his leftwing idealism that he flaunted as a former student leader and independent politician, unencumbered then by compromise.

Colombia’s Petro would like one thing and one thing only for Christmas: political power. Armed with an eloquent tongue and facing an unworthy opponent, Petro became Colombia’s first leftist President in 2022. But instead of charming the establishment as other successful leftists have done, Petro kept fighting and threatening. The opposition fought back. Since late 2022, Petro has been a lame-duck President, penned in by congress, the judiciary, and the market.

Costa Rica’s Chaves asked his secret Colacho for a standing army, the institution that Costa Rica abolished in 1986. The scourge of international organized crime and the use of Costa Rica as a conduit nation for the smuggling of drugs puts the peaceful nation at a disadvantage without an army. Jealous of Bukele’s celebrity power when he visited San Jose in late 2024, an army would provide tempting leverage to the Costa Rican President who, by constitutional design, is weak vis-à-vis a strong congress.

Cuba’s Diáz-Canel wrote Santi-Clo a strongly worded plea for a patron state. Any student of Cuban history knows that, despite the fiercely independent nature of the Cuban people, the island nation’s economy functions best when anchored to the interests of a patron state, be it Spain, the US, Russia or Venezuela. Plagued by an aging and declining population, an imploding agricultural sector, a tired tourism offering, failing infrastructure and a corrupted economic system, Cuba needs a patron state lifeline like never before.

Dominican Republic’s Abinader, like many of his country’s elite, wish that a sudden geological rift would split Hispaniola in half, creating two, separate island nations: Haiti and the DR.  Haiti is for the DR what Mexico is for the US, a convenient political punching bag but also a vital economic partner. Without Haitian immigrants, the DR would lose 20% of its population, namely the hardest working and lowest paid who keep the DR’s agriculture and maquilas globally competitive. Without land access to 10M consumers in Haiti, thousands of Dominican companies who make billions selling (mostly imported) goods at high mark-ups, would go out of business.

Ecuador’s Noboa wishes he could click his heels and go back to 1563 when Ecuador was briefly named a Royal Audiencia of Spain, with Noboa as its untethered leader. Instead, he faces the impossible task of governing a nation whose political class is broken into corrupted and divided tribes, some of whom are allegedly on the payroll of organized crime. As the largest dollarized economy in Latin America, Ecuador has become the favorite laundry-mat for the region’s cartels.

El Salvador’s Bukele has conquered crime in his country, achieved astounding levels of popularity and political power and yet, he remains a man of modest means. A powerful politician in Latin America rarely remains poor for long. What toys Nayib asked Santa for this year remain a mystery, but it is a sure bet that he will finish his second term much wealthier than he began it.

Guatemala’s Arevalo asked Santa for a little power in his stocking this year. He may have helped save democracy by i) winning the Presidential election and ii) making it to inauguration day. But the cabal of powerbrokers who lord over Guatemala are doing their best to limit Arevalo’s ability to make any substantial changes.

Guyana’s Ali has governed through four years of blistering economic growth as the world’s greatest new oil discovery came online. In 2025, he will seek re-election for what promises to be a very lucrative five-year term as Guyana’s tax revenues more than double. A little electoral luck was undoubtedly at the top of Ali’s annual wish list.

Mexico’s Sheinbaum faces three challenges that erode investor confidence: i) uncertain and costly new US trade and migration policies under Trump; ii) the unstoppable force of organized crime; and iii) the legacy of AMLO policies. What Claudia (secretly) wants for 2025 is a new pact with the US whereby: The US border is kept open to trade and new US tariffs are only levied on products made by Chinese companies who fail to comply with the USMCA. The American military will dramatically increase its assistance to the Mexican army and navy in order to weaken Mexican cartels who manage the flow of drugs and illegal immigrants into the US. In return, Mexico will step up even further the policing of its southern border, help identify non-compliant Chinese companies inside Mexico, honor the energy reforms passed by Peña Nieto, and take the fight to the cartels.

Nicaragua’s Ortega and Murillo (Mr. & Mrs. President) hope that they are far down on the target list of US President Trump and Secretary of State Rubio. Ortega’s atrocious human rights record, his increasing fealty to China, and the >500,000 undocumented Nicaraguans in the US all make the country a tempting political target for the 2^nd Trump administration – but still less so than Venezuela, Mexico, Panama or Cuba.

Panama’s Mulino woke up on November 6^th, 2024, assuming that he was on Donald Trump’s good-guy list. Now he finds himself in a tete-a-tete with Trump over the canal that has defined Panama’s young history. But a grand new bargain with the Whitehouse may be just what Mulino craves if it can: i) maintain the Canal Authority’s autonomy over the canal’s operations and pricing policies; ii) provide the political coverage to re-open Cobre Panama, the enormously profitable (to Panama) copper mine; iii) invite more US investment in Panamanian infrastructure to counter the influx of Chinese capital.

Peru’s Boluarte would like to finish her term (July 2026) without going to jail. In most countries, such a wish would seem frivolously unambitious. But given the recent track record of her predecessors in Peru, coupled with her very low approval ratings, legal impunity might in fact be wishful thinking.

United States President elect, Donald Trump wants to be taken seriously this time round. In his first Presidential term, Donald’s achievements never kept pace with his rhetoric. 2025-2029 could prove differently. Not only does Trump enjoy today a convincing electoral mandate, he’s amassing a team whose credentials begin with loyalty (to him), helping to ensure that things get done as he commands. It’s as though Rodney Dangerfield came back to life as a dramatic actor. As for sitting President Joe Biden, he asked Santa for more nap time after January 20^th.

Venezuela’s Maduro doesn’t tend to harbor big thoughts but fears and wishes he has. His greatest fear is that he, his country and the cabal he leads become the leading target of US foreign policy animus. Thus, Maduro might ask San Nicolás for widened conflict in the middle east. Not only would such an escalation distract Washington, it would also boost oil prices.