Argentina's Milei backtracks on dollarization (www.dw.com)

submitted 10 months ago by intelshill@lemmy.ca to c/worldnews@lemmy.ml

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[-] psmgx@lemmy.world 11 points 10 months ago

They're an export economy, chosing USD is basically shooting those exports in the foot.

[+] doylio@lemmy.ca -8 points 10 months ago

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)

[-] qyron@sopuli.xyz 9 points 10 months ago

How could such an odd choice benefit them?

Honest question.

[-] Infiltrated_ad8271@kbin.social 0 points 10 months ago

I understand the other user's point is that repetition of this story is inevitable and any attempt is better.

[-] doylio@lemmy.ca 0 points 10 months ago

Gold standard isn't an odd choice, it was used for many thousands of years. It's just odd today because no countries still use it.

And while a Bitcoin standard sounds crazy, if you lived in Argentina, you'd probably rather keep your savings in Bitcoin (despite all its problems) than in the peso.

[-] KinNectar@kbin.run 2 points 10 months ago* (last edited 10 months ago)

Maybe a Swiss Franc or Japanese Yen peg might suit them better, if they could buy enough volume.

[-] knfrmity@lemmygrad.ml 2 points 10 months ago

They keep getting robbed by the IMF.

[-] Omega_Haxors@lemmy.ml 10 points 10 months ago

Thank fuck I was genuinely terrified for the Argentine people.

[-] belated_frog_pants@beehaw.org 8 points 10 months ago

I mean i still am. The poverty and ridiculous inflation has already been happening. Unemployment is staggering. They are not doing well :<. I feel for the people.