by Peter Zeihan on October 27, 2023

Today, we’re turning our attention to Argentina’s upcoming run-off presidential election between current economic minister Sergio Massa and libertarian candidate Javier Milei. I could do a whole series on the effects of Peronism, but this time, I’ll be focusing on Milei’s proposed dollarization program.

Argentina has defaulted on its national debt nine times, and the government can manipulate events (and people) by hitting the peso printing button. Switching to the American dollar would institute some financial responsibility, but is it feasible?

Milei would need to come up with a metric-shit-ton of US dollars for this to work, but we’re still ignoring the impact on banking stability and the risk of hyperinflation. I’m not quite sold on the idea just yet, but let’s see who gets put in office before we go further down that rabbit hole.

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