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Culture War Roundup for the week of October 31, 2022

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Velocity is probably less than you'd expect. It's not been growing very rapidly:

https://www.cato.org/commentary/its-time-dump-argentinas-peso#

However, emerging economies tend to have a high demand for money, as the financial system develops and people invest more in deposits than in commodities, land, children etc.

The tried-and-tested route to monetary stability for countries like Argentina is a currency board. Abolish the central bank and have 1 to 1 convertibility of the peso with the dollar.

Unfortunately, Argentina is unlikely to adopt a currency board, because their previous experience with a superficially similar system was a disaster:

https://en.wikipedia.org/wiki/1998%E2%80%932002_Argentine_great_depression

An alternative is just to dump the peso altogether and start using dollars.

They also have a deeply entrenched and politicised ignorance of economics, e.g. I remember their central bank criticising the idea that inflation is a monetary phenomenon, and attributing it to profiteering and the like. A reliable indicator of inflationary policies!