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this post was submitted on 27 Nov 2023
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Its good for domestic billionaires, because it creates an export-oriented market that rewards denuding the local economy in exchange for an internationally recognized foreign currency.
But its awful for local business owners, landlords, and political families, who are still stuck servicing the enormous foreign debts on pain of losing their domestic assets to foreign creditors. Also awful for anyone with a large stash of Argentinian Pesos, or debts denominated in Pesos, because this will only accelerate devaluation of the old currency. In the short term, Milei's proposals are going to ramp up inflation, as people try to get their hands on dollars before the state stops recognizing pesos having any value at all.