On Currency Implosion in Argentina, the Death Rattle of the Peso:
I remember when I first moved to Argentina in 2009 that the local football club, Club Atlético Talleres, was reportedly selling off air conditioning units in its stadium to keep the club afloat financially.
Well, the air conditioners are getting ripped out of empty (or occupied) apartments to keep the country afloat. The same economic circumstances that Talleres found itself in 15 years ago is the micro version of Argentina currently.
If you look at apartment buildings you can see the evidence in front of your eyes. Air conditioning units ripped out left and right, sold for cash. Where once every unit in the building most likely had AC, it's now hit or miss.
It's the small symptoms like this that reminds residents of how tough life is becoming under a failed currency. The only people who continue to transact in the Argentinian peso are doing so due to the threat of violence (read: AFIP coming after them).
If the Central Bank is eliminated, or at least the legal mandate to transact in pesos, the country would dollarize over night, regardless of political affiliation. This is why the presidency of Javier Milei is garnering so much attention: they are done living under failed currencies.
They understand the necessity to separate the money from the State. They're Bitcoiners and they don't even realize it. This is why Bitcoin Education in Argentina matters. This is why I've moved back.
runningbitcorn / RunningBitcorn
npub19a…cxn5t
2023-10-08 02:25:39
Author Public Key
npub19ahgq780mhas2kxrx9q4s9gtxe5pfpch0g666ypjrxxme3nzhlzsfcxn5tPublished at
2023-10-08 02:25:39Event JSON
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"content": "On Currency Implosion in Argentina, the Death Rattle of the Peso: \n\nI remember when I first moved to Argentina in 2009 that the local football club, Club Atlético Talleres, was reportedly selling off air conditioning units in its stadium to keep the club afloat financially. \n\nWell, the air conditioners are getting ripped out of empty (or occupied) apartments to keep the country afloat. The same economic circumstances that Talleres found itself in 15 years ago is the micro version of Argentina currently. \n\nIf you look at apartment buildings you can see the evidence in front of your eyes. Air conditioning units ripped out left and right, sold for cash. Where once every unit in the building most likely had AC, it's now hit or miss. \n\nIt's the small symptoms like this that reminds residents of how tough life is becoming under a failed currency. The only people who continue to transact in the Argentinian peso are doing so due to the threat of violence (read: AFIP coming after them). \n\nIf the Central Bank is eliminated, or at least the legal mandate to transact in pesos, the country would dollarize over night, regardless of political affiliation. This is why the presidency of Javier Milei is garnering so much attention: they are done living under failed currencies. \n\nThey understand the necessity to separate the money from the State. They're Bitcoiners and they don't even realize it. This is why Bitcoin Education in Argentina matters. This is why I've moved back. ",
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