Putting the Banks in Charge

Putting the Banks in Charge

Argentina

Many eminent economists - Olivier Blanchard, Michael Bordo, Sebastian Edwards, Martin Feldstein, Ricardo Hausmann, Paul Krugman, Allan Meltzer, Michael Mussa, Joseph Stiglitz, Thomas Willett and John Williamson -- told us that dumping convertibility would work wonders in Argentina. Indeed, they trotted out every half-truth or non-truth under the sun to bolster their claims that the source of Argentina's problems was convertibility and that a floating peso, and pesofication of contracts and financial liabilities and assets were just what the doctor ordered. Steve Hanke Under the Convertibility Law, the

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