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this post was submitted on 27 Nov 2023
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Huh. So BRICS threatens US dollar hegemony. So stuff this like secures the US dollar directly, making a vassal whose economy is permanently reliant on USD. I think this sort of thing is going to happen a lot going forward. I expect to see the press announce how "successful" this system is, and how "great Argentina's economy is doing" in order to manufacture consent for more coups that do this same economic policy.
I don't know if this is actually a coup, or a rigged election, but this is exactly what the US wants to combat BRICS, so the idea that this is spontaneous and organic kind of comes across as absurd. It could be, I don't know what things are like on the ground in Argentina, but the US is kind of known for couping South American governments to install puppet dictatorships. Wouldn't surprise me if this guy declares martial law in order to enact these policies and suspends elections permanently.
Depends on how it plays out, but I wouldn't expect too much buzz in the english speaking media either way. If Argentina's economy levels out or grows (seems unlikely, but worth considering), you might get a few articles here or there touting it as a poster child. If it tanks, then it will largely be ignored. Maybe a few outlets give it the "Look at this ca-RAY-zee guy they elected" treatment.
The problem with Argentina is its huge amount of dollar debt. So long as the US doesn’t write off the debt (not gonna happen) or nobody steps in to repay their debt (China could do it but doesn’t look like it’s happening either), Argentina is already dollarized regardless of whether they’re switching to the dollar or not.
If I were Joe Biden I would flood Argentina and India with dollars and that would destroy any chance of dedollarization in those regions because nobody would be able to resist them. For all we know, that could already be happening. BRICS hasn’t been able to come up and build up an alternate financial structure to counter the dollar hegemony, which means for most developing countries, dollar is still king.