Argentina recently agreed to borrow $50 billion from the International Monetary Fund. The currency tanked. What’s going on?
Probably, it is a dynamic common in Latin America: periodic currency collapse helps keep the poor under the thumb of the wealthy elite, who keep their money safe overseas. They find a natural ally in the IMF, which shares a similar apparent goal of keeping countries in a continual state of debt servitude. Everyone is fat and happy – everyone in the top 0.1%, that is.
The Argentine peso today is worth about one forty-seven-trillionth of what it was worth in 1940, compared to the U.S. dollar. Hyperinflation is a sad fact of life there.