This should teach you not to mess with Milton Friedman

This is Argentine central bank governor Mercedes Marcó del Pont in an interview on March 26 2012:

“We’re recovering the sovereign capacity to formulate and implement economic policy”, said Marcó del Pont who anticipated some pictures will be coming down from the bank’s hall of fame “beginning with Milton Friedman.”

Now take a look at what have happened to the Argentine peso since these “brilliant” comments.

Peso crash

I leave it to my readers to figure out whether del Pont made a massive policy mistake when she ordered Uncle Milty’s picture removed….


PS take a look at this very interesting interview with the Argentine Minister of Economy Hernán Lorenzino about Argentine inflation. Lets just say Mr. Lorenzino seems a bit unsecure about how to present the “facts”

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  1. Furthermore, she said that is completely false saying that an increase in monetary supply leads to inflation.

  2. Marco del Pont may be remembered as the BCRA president with a large collection of ludicrous remarks. From “it’s not true that printing money produces inflation” to “the rise in the blue dollar [parallel market for USD in Argentina] is just a stationary problem.”

    The latter lead to mockery with the Marco del Pont-stationairy: “annual stationary with positive slope.”

    The off-camera in Lorenzino’s interview is probable as bad as his own reaction to the Greek journalist.

  3. History of Argentine Monetary Policy, Vol. CXXII

  1. Blame del Pont for the nightmarish rise in Argentine inflation | The Market Monetarist
  2. Celebrating Friedman and Hetzel | The Market Monetarist

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