Really great explanation of the monetary history and current situation of #Argentina
I have several Argentinian friends and colleagues and I’ve recently visited and experienced the currency situation firsthand. It’s definitely unique and interesting, but mostly very sad for everyone not savvy enough to find solutions and just see their savings and pensions dwindle before their eyes.
This is naive immaterial analysis of the situation. It ignores IMF debt and history of Argentina, U.S. role in Latam (Operation condor). There is a reason why first world countries like the US or Western Europe don’t experience such hyperinflation despite having fiat currencies and printing billions for the military industrial complex.
The government didn’t implement currency controls because they felt like it. They did so because to exchange currencies you need to have the foreign currency to begin with.
Argentinans with a brain would purchase reserve currencies like dollars or Euros instead of shitcoins (yes that includes Bitcoin and Ethereum). The stemlords are brainwashed morons.
Bitcoin isn’t a solution, dollarization isn’t a solution. Both involves giving up whatever nominal monetary sovereignty your country has to either an extremely manipulated market (crypto) or the U.S. Federal reserve and its policies.
There is no short term solution to Argentina’s issues. They need to work with alternate powers like Russia and China and become more self sufficient in order to rely less on imports.