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I am really not sure a globalist banker is a better option for it. Dollarization is a terrible idea as it will lead to Argentina exporting products and importing money created out of air.
It is kind of funny as the right in the US seems to hate the federal reserve yet this Argentinian likes it even though they are getting a shorter end of the stick. Americans at least get to create money out of thin air. Argentinians get money created from air in exchange for products. Libertarians seem to like gold.
Reasonable inflation as of lately. I have however experienced living in a country with a half million migrants from America's attempt to bring wall mart to the middle east.
To be honest I don't think your position here is deeply reasoned, it looks like generic kneejerk «anti-globalism». Dollars have more staying value than Argentinian exports, much as I love me a decent steak. I won't go all NATOwave here, but it is necessary to recognize that nations can fail overwhelmingly for their own fault, even when Americans happen to be fairly graceful with their influence. This also isn't about right- or left-wing in the myopic tribal sense. Lastly, I am not trying to sell you on Milei's policy proposals, but just to explain Argentinian perspective. They don't feel like they can afford more of this bullshit.
Decades after the war, Argentina is peppered with ressantiment-filled Malvinas memorials (very much a «Crimea ours» vibe, only it feels safely toothless). This coexists peacefully with an already enormous share of dollars in cash, and socialist politics. It's a very populist, very short-time-preference society, that takes «kicking the can down the road» principle to its limit while the rich and well-connected enjoy prosperity (or comfortably emigrate) and the poor get poorer. Over 100% (more like 200% now? USD:ARS is at 670 right now; it was below 400 in May) YoY inflation is not an inconvenience but a catastrophe, it makes people unable to save and invest, it actually tests how much poverty you need to increase crime rate, it kills hope. @2rafa had some interesting notes on this topic.
Of course, I believe Argentinians will be unable to take the triage-like measures necessary to salvage the economy (even if Milei is elected, which is unlikely, and gets to execute on his plans, which is implausible) and flinch back to Kirchnerism, which you will probably approve of as a brave stance against the GAE.
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I don’t believe dollarization requires importing of dollars to happen. Theoretically it could be done without ever importing dollars. Realistically you probably need to have some foreign currency reserves to guarantee the value when the currency dips below a level.
It would require Argentina to run monetary policy in-line with the US. And to have roughly similar inflation rates etc.
The key thing is getting traders to have no preference between owning Argentinian pesos and dollars at whatever peg you set and relative interest rates.
The big issue with dollarization is it gives up independent monetary policy and you can’t tighten when your economy is hotter than the US or ease when your economy is softer than the US.
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