Argentina adopting U.S. dollar to fight inflation would be ‘insane’ neocolonialism, says economist Ha-Joon Chang

Argentina is suffering from high rates of inflation, largely due to odious debt owed in US dollars to the International Monetary Fund (IMF) and Western vulture funds.

The South American nation sometimes suffers from a current account deficit, and relies heavily on imports of oil, technology, and medical equipment. Low revenue from its mostly agricultural exports means that Argentina faces a chronic shortage of foreign currency – and most of the dollars it gets end up flowing out of the country to paying interest on the unsustainable external debt, draining the country’s foreign-exchange reserves and making it difficult to stabilize the national currency, the peso.

National elections are approaching in October, and among the presidential hopefuls is far-right politician Javier Milei.

Milei describes himself as a “libertarian” and is running on an extreme neoliberal platform, pledging to slash…

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