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Dollarizing would re-enslave Argentina, not liberate it
8:54p ET Friday, August 18, 2023
Dear Friend of GATA and Gold:
Since there does not seem to have been much news or commentary about gold and silver worth bothering you with for a few days and you might think that GATA was falling asleep at the switch or giving up, maybe you will tolerate some brief commentary from your secretary/treasurer.
You may have noted with some satisfaction that the winner of Argentina's presidential primary, Javier Milei, a self-proclaimed libertarian, says he wants to burn down the country's central bank. (It's not yet clear whether he would let the bank's occupants leave the building first.)
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Yes, modern central banking is a largely totalitarian system for determining the value of all capital, labor, goods, and services and defeating free markets without any democratic accountability, and Argentina, once a wealthy country whose name derives from the foremost monetary metal -- silver -- long has suffered high inflation and now faces an inflation rate beyond 100% annually, inflation being a major consequence of central banking's merger with corrupt politics.
But Milei wants to burn down the Banco Central de la Republica Argentina only to replace Argentina's pathetic peso with the U.S. dollar -- that is, to replace the peso with the currency of a foreign central bank, a currency that is also wildly inflationary but endures as the world reserve currency in large part because of surreptitious currency market manipulation, backed up with the threat of military intervention, and because of the cowardly subservience most of the rest of the world.
Bad as it is, tyranny by domestic oppressors is better than tyranny by foreign oppressors, since overthrowing domestic oppressors is easier.
Milei won't be much of a libertarian until he acknowledges that there are practical alternatives not just to the peso but to the dollar as well -- that there are currencies harder to corrupt than the peso and the dollar -- if people want more honest and stable currencies. The old land of silver still has plenty of that monetary metal to mine, and plenty of gold as well, money whose creation would put to work many more Argentines than are employed by the creation of pesos or would be employed by the country's dollarization, alternative money whose inflation likely would be far lower than that of the peso and the dollar.
Really, what's the point of trading enslavement to a domestic central bank for enslavement to a foreign one?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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