Javier Milei has backed down on his election promise to replace the peso with the dollar to revive the flagging economy. Despite the U-turn and runaway inflation, opinion polls show strong public support for Argentina's new president.
I think his rationale is to take away monetary control from future administrations, which I think is a laudable goal. Argentina should be the richest country in South America, but its people keep getting robbed by the printing press. I wonder if going to a gold standard (or if they feel like rolling the dice, a Bitcoin standard) would be a better option.
(Cue the anti-crypto arguments because I mentioned Bitcoin)
I think his rationale is to take away monetary control from future administrations, which I think is a laudable goal. Argentina should be the richest country in South America, but its people keep getting robbed by the printing press. I wonder if going to a gold standard (or if they feel like rolling the dice, a Bitcoin standard) would be a better option.
(Cue the anti-crypto arguments because I mentioned Bitcoin)
How could such an odd choice benefit them?
Honest question.
I understand the other user’s point is that repetition of this story is inevitable and any attempt is better.
Maybe a Swiss Franc or Japanese Yen peg might suit them better, if they could buy enough volume.
They keep getting robbed by the IMF.