2023-10-29 16:46:06
The Argentine peso has lost 99.6% of its value in twenty years. AGUSTIN MARCARIAN/REUTERS
CHRONICLE – Complete dollarization of the economy is being considered in Buenos Aires.
Since the rise in consumer prices crossed the 5% mark per year (with a high point of 6.3% in February 2023), the French have been crying out “rampant inflation”. This is a clear abuse of language. What can we say regarding the annual rate of 132% reached in Argentina and 171% in Lebanon, the current champions, with the prize going to Venezuela (more than 400%)? These countries perfectly illustrate the very definition of inflation, which is “loss of purchasing power of money”.
Thus, the Lebanese pound has depreciated by more than 98% once morest the euro and the dollar since the dramatic explosion at the port of Beirut on August 4, 2020. As for the Argentine peso, whose governments strove to defend strict parity with the dollar during the 1990s, it has lost 99.6% of its value since then. No wonder people are fleeing their national currency like the plague and relying on currencies worthy of the name, mainly the American greenback.
Also read: The disastrous fall of the peso brings joy to Argentina’s neighbors
La dollarisation…
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