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this post was submitted on 27 Nov 2023
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The problem with Argentina is its huge amount of dollar debt. So long as the US doesn’t write off the debt (not gonna happen) or nobody steps in to repay their debt (China could do it but doesn’t look like it’s happening either), Argentina is already dollarized regardless of whether they’re switching to the dollar or not.
If I were Joe Biden I would flood Argentina and India with dollars and that would destroy any chance of dedollarization in those regions because nobody would be able to resist them. For all we know, that could already be happening. BRICS hasn’t been able to come up and build up an alternate financial structure to counter the dollar hegemony, which means for most developing countries, dollar is still king.