Argentina had viritually no inflation prior to their currency crisis. Their currency was tied to the dollar. They were the richest, wealthiest nation in South America, cattle, food, oil, etc….when their currency crisis hit due to debt, their economy started tanking. Even their famous Cattle ( beef) markets collapsed due to freeze up of credit.
MANY financial greats look to Argentina and see the US. They study their meltdown as their markets and financial system mirrored the US. In less than 15 years they went from the very top, now ( while better than Venezuela- socialist) destroyed and a “ case study “ in how capitalism failed.
It all began by unsustainable debt- then credit freeze up, exactly what we are beginning to see in the US.
> Argentina had viritually no inflation prior to their currency crisis.
Argentina has had a persistent history of severe inflation stretching over decades.
https://en.wikipedia.org/wiki/Economic_history_of_Argentina