Argentina

  Since taking office as Argentina’s president in December 2023, Javier Milei has done something remarkable. He has reduced the annual inflation from 211 percent to 33.5 percent and balanced the budget for the first time in over a decade. His unexpectedly strong victory in Sunday’s midterm elections appears to validate his approach domestically, with US Treasury Secretary Scott Bessent’s announcement […]

  Argentina’s congressional elections in October brought victory for President Javier Milei and a broad confirmation of his policies. President Milei has introduced reforms in Argentina that were long overdue – the kind that are overdue in the United States and Europe as well. Expedient politics that buy votes through excessive clientelism, combined with an oversized, overcontrolling state, […]

  A few weeks ago, Argentina slid into another currency crisis. In what appeared to be a desperate move, the Argentine government reached out to the U.S. Treasury, seeking assistance from its Exchange Stabilization Fund (ESF)—the same fund famously used to help Mexico during the Tequila Crisis in the mid-1990s. Argentina hasn’t received a single […]

  The concept of credit money, introduced by Ludwig von Mises in 1912 in his work “The Theory of Money and Credit,” receives little attention. Yet the concept of credit money can be beneficial in historical analysis. Mises distinguishes between three types of money in the narrower sense: physical money, credit money, and token money […]

  “Tell me you don’t know how to dollarize without telling me you don’t know how to dollarize” should be the tagline for Argentine Economic Minister Luis Caputo’s recent statement confirming that dollarization has been discarded (if it was ever seriously on the table). In a recent interview with Luis Major at LN+, Caputo was asked directly […]