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Libra is imperialism by stealth

The reintroduction of capital controls in Argentina last week is a grim reminder that, while much of the world struggles to produce enough inflation, there remain places where a currency’s value can collapse quickly. In this great read from the FT’s Argentina correspondent Benedict Mander, one man explains:“Argentina’s underlying problem is how do we get — and sustain — a currency that is not only used for transactions but also as a store of value. No one saves in pesos. That is the core of Argentina’s economic vulnerability,” says Alberto Arizu, a winemaker and the president of Wines of Argentina, a business chamber.One of the purported benefits of Libra and other stablecoins is that it will relieve people in places like Argentina of the burden of being born in a nation with a volatile

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The reintroduction of capital controls in Argentina last week is a grim reminder that, while...

FT Alphaville
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