“You never give me your money, you only give me your funny paper”
—Lennon/McCartney
The great Nobel laureate Simon Kuznets once said: “There are four kinds of countries in the world: developed countries, undeveloped countries, Japan and Argentina.” Both Japan and Argentina share only one thing in common. The two countries commit the same mistakes repeatedly, and said mistakes are always in monetary policy.
There are numerous factors that differentiate both economies, of course. I would not dare to compare them in productivity, population, technology, or competitiveness. Argentina’s massive monetary imbalances erupt in monster inflation rates and devastating banking crises. Japan’s slow burn comes from ballooning debt ...
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