They’re an export economy, chosing USD is basically shooting those exports in the foot.
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.
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.
Maybe a Swiss Franc or Japanese Yen peg might suit them better, if they could buy enough volume.
Thank fuck I was genuinely terrified for the Argentine people.
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.
Milei is still in power so you should probably keep being terrified my friend
He will back track on BRICS but I would rather take Bangladesh. It actually has potential and isn’t run by a crazy person
I’d rather take fucking Venezuela. BRICS is an uplifting mechanism as much as it is a global faction.
Growth in trade amongst BRICS is immense and that’s exactly what Venezuela needs right now.
