Tiana Lowe Doescher is a commentary writer for the Washington Examiner, as well as an on-air contributor for The First on Pluto TV. She previously interned for National Review and founded the USC Economics Review. She graduated from the University of Southern California with a B.S. in economics and mathematics.
With inflation accelerating to 138% annually in Argentina, or prices more than doubling multiple times per year, classical monetarist Javier Milei is slated to win the South American nation's presidency thanks to his radical promise to replace its peso with the United States dollar.
At the behest of Peronist President Alberto Fernandez, prosecutors have charged Milei and his party, La Liberdad Avanza, with"inciting public fear," a crime that faces a penalty of up to six years in prison if convicted.
To illustrate the obvious with an example, compare the peso to the greenback. While the U.S. inflation rate is still higher than the Federal Reserve's maximum target, it has fallen from near double-digit highs to 4%. Whereas the value of a U.S. dollar would halve in roughly 36 years if inflation falls back to 2%, according to the Rule of 72, the current rate would erode the value of a greenback by 18 years if it held constant.
Of course, the phenomenon Milei is describing is why inflation is so pernicious. While a stable currency encourages people to save for and in assets that appreciate in value, such as homes or equity, inflation encourages profligacy because it would be illogical not to spend money that's quickly depreciating in value.
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