Milei Doubles Down on Dollarization Despite Economists' Warnings
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Javier Milei, Argentina's President-elect, reaffirmed his plan to close the country's central bank, a move he sees as essential to preventing reckless money printing.
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Milei aims to replace the Argentine peso with the U.S. dollar, known as dollarization, in an effort to address crippling hyperinflation.
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Nicknamed "Argentina's Trump," Milei rose to power by appealing to the public's discontent with traditional politics and economic instability.
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Economists warn that Milei's radical plan carries risks, such as reduced wages, loss of economic tools, and potential disruption of the financial system.
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Countries like Ecuador offer cautionary tales, showing dollarization can initially stabilize things but does not necessarily resolve underlying economic issues long-term.