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Argentina elects 'shock therapy' libertarian Javier Milei as president
(www.reuters.com)
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this post was submitted on 20 Nov 2023
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You might be confusing debt issuance with money issuance.
Governments often issue debt to fund various kinds of spending. And despite concerns about debt levels, they can have a pretty fuzzy relationship with inflation; Japan has public debt of over 200% of GDP, and an underinflation problem.
But issuing money for the purposes of government spending -- the monetization of fiscal policy -- is almost always a bad idea, outside of wartime. The practice is behind every single episode of hyperinflation in economic history. And governments know this. Fiscal monetization is only resorted to by countries that have exhausted their ability to borrow; if cutting spending isn't politically feasible, the remaining resort is monetization. That's basically how you get to Argentina's situation.
As for giving up monetary autonomy, it is indeed a serious drawback to dollarization. But this is a second order problem compared to the kinds of problems facing Argentina, like findng a guy bleeding out after a road accident, and worrying about his obesity.
Nope. Let me quote Joeri from his second video (19 minutes in):
Pointing to Japanese money supply versus inflation is irrelevant because Japan doesn't fund its fiscal deficit via monetization. It issues debt, just like every other non-basket case economy on Earth.
The distinction is important. Debt is tied to a promise to repay later. Monetization has no such promise, so it's functionally equivalent to issuing debt and then immediately defaulting. So long as lenders believe debt will be repaid, the effects are different from monetization.