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 is a literal colony. Not the best example
I think they may have confused Puerto Rico with Costa Rica? Costa Rica devalued their currency around 2013-2014 IIRC, and they don’t use USD the way PR does.
Excelent example as it implies the damage to sovereignty it takes.
You know. Pros and cons…
Puerto Ricans are (admittedly disenfranchised on the federal level) full USA citizens – they’re Americans. They have self-rule insofar as any other state does, freedom of movement in the USA, etc.
The USA has had colonies in even the “recent” past, but nothing that can really be called that these days.
Nope, Puerto Rico is a colony. They lack many rights US citizens have, have nothing to do culturally with the rest of the country and have been so since 1898, with many attempts by the government to erase Hispanic culture. The USA should leave Puerto Rico immediately, just like the UK left India
About that …
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.
we have problems with governments over printing. this shit has happened again and again for decades and it won’t stop.
Yes, but the alternative is what we have now.
A few nations of this: Ecuador, El Salvador, East Timor, Zimbabwe, etc