Peso Doomsday Clock?
The peso broke the psychological barrier back in May, breaching 10 to 1, but the government fought to bring it back down. They did very well at that, much better than I thought would happen. Well, here we are 8 months later and we are back above 10, back above 11, and hovering about 12.
To the average Argentine, it appears that the national treasury has "let go of the rope" as far as defending the peso is concerned.
What that will mean to peso-earning people everywhere in this country is uncertain.
What that will mean to policy decisions is what we are all waiting for.