-----BEGIN PGP SIGNED MESSAGE----- jamesd wrote:

If, as seems likely, the Argentinian economy makes an unplanned and prohibited coversion from pesos to dollars, in defiance of government policy, the likely result is that the value of the peso will drop to zero.

Yep. Which reminds me: one of the most fascinating people behind the push for currency boards/dollarization in Argentina (and around the world) has a regular column at Forbes, great stuff. Anyone interested in a comprehensive backgrounder on the whole situation should really start here... ~F. *** Steven H. Hanke: Forbes Column Archives http://www.forbes.com/columnists/col_archive.jhtml aname=Steven+H.+Hanke&author=steve+and+hanke Steve Hanke Professor of Economics John Hopkins University DR. STEVE H. HANKE is a professor of Applied Economics at The Johns Hopkins University in Baltimore. Professor Hanke has been writing a column in Forbes Magazine since 1993, and also advises governments on currency reform, privatization and capital market development. His appointments have included: Senior Economist on President Reagan's Council of Economic Advisors (1981-82); Advisor to the Minister of Economy, Domingo Cavallo, Republic of Argentina (1995-96); Advisor to the President of Bulgaria, Petar Stoyanov (1997-present) and Special Counselor to the Economic and Monetary Resilience Council, Republic of Indonesia (1998-present). Professor Hanke is a member of the Steering Committee of the G-7 Council in Washington, D.C. and a Fellow at the World Economic Forum in Geneva. Dr. Hanke's books include: The Revolution in Development Economics (1998), Currency Boards: The Financing of Stabilization (1997), Alternative Monetary Regimes for Jamaica (1996), Currency Boards for Developing Countries (1994) and Russian Currency and Finance (1993). -----BEGIN PGP SIGNATURE----- Version: Hush 2.1 Note: This signature can be verified at https://www.hushtools.com wl4EARECAB4FAjxBhM0XHGZhdXN0aW5lLkBodXNobWFpbC5jb20ACgkQGwpHwwWoj8Wx CwCeOf1If1w+pPdGg4+kBJT7sv8nkUoAn2AVThP73C19OBVWBlb+wEs7Ipud =qs92 -----END PGP SIGNATURE-----