Unfortunately he's probably judged it to be the quickest and most stable way to gut the Argentine central bank, which he correctly views as Public Enemy #1.
It's worse for Argentina in the long run because Argentina has way less ability to influence central banking in the US than it does in its own country.
As much as I hate the Fed, for Argentina going to the dollar is probably the right call until they can get on their feet again. Hopefully after that they move onto a stable currency however.
Unfortunately he's probably judged it to be the quickest and most stable way to gut the Argentine central bank, which he correctly views as Public Enemy #1.
The dollar is tied to the US fed so that seems even worse.
Not worse than Argentina.
It's worse for Argentina in the long run because Argentina has way less ability to influence central banking in the US than it does in its own country.
I imagine in the long run, they'll do a run of their own currency again. The lack of influence goes both ways.
As much as I hate the Fed, for Argentina going to the dollar is probably the right call until they can get on their feet again. Hopefully after that they move onto a stable currency however.