The eccentric far-right populist Javier Milei has failed to win the first round of Argentina’s presidential election, with the centrist finance minister Sergio Massa unexpectedly beating his radical challenger.
Supporters of Milei, a potty-mouthed political outsider described as an Argentinian mashup of Donald Trump, Jair Bolsonaro and Boris Johnson, had hoped he was heading for a sensational outright victory similar to Bolsonaro’s shock triumph in Brazil in 2018.
I know nothing about economy, but isn’t a bad idea to put all your chips into a currency that you do not hold any control over?
Ecuador and Puerto Rico already did it. Panamá did something similar.
I totally understand the initiative. Corruption can be so damn high, that you trust gringo central bank more than any institution of your own country.
edit: typos
Puerto Rico has been using the United States dollar as its official currency since 1898. This change occurred when the United States took control of Puerto Rico as a result of the Treaty of Paris, ending the Spanish-American War. Since then, the U.S. dollar has been the official and only legal tender in Puerto Rico, and the island’s monetary system is fully integrated with that of the United States. Puerto Rico did not choose USD. It was chosen for them when Spain ceded their American colony to the US.
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Did you conflate Puerto Rico with Costa Rica? Puerto Rico uses USD, and has since the late 1800s when they became a territory of the US.
A few nations of this: Ecuador, El Salvador, East Timor, Zimbabwe, etc
we have problems with governments over printing. this shit has happened again and again for decades and it won’t stop.
Normal people have zero control over the US Dollar, but also have zero control over the Argentinian Peso… and the Argentinian Peso has 140% inflation per year.
Yes, but the alternative is what we have now.