I remember thinking that I should have brought more cash to Buenos Aires. It’s not that I intended to spend any more money on the vacation than I’d planned. It’s just that there were these nice young men, seemingly on every corner, offering me triple the official exchange rate for any American dollars in my wallet. If we’d thought to bring a few thousand in cash, a lot of our vacation could have been paid for. This was a dozen years ago, but little has changed. The Argentine peso has long been a poster child for unstable currencies, and outrageous inflation has been a fact of life for much of modern history. This is why those young men were so eager to swap pesos — which would be worth less the next day — for dollars that would presumably hold their value for a while. Now Trump has offered to do basically the same thing, but on a far grander scale. He’s promising a $20 billion “currency swap” with the Argentine government. Just as I did, he’s swapping good...
Life and Politics in the Age of Covid