Friday, June 02, 2023
Rethinking Globalization
This past week, the Central Bank of Argentina raised its key interest rate by six percentage points to 97 percent—for reference, the U.S. recently raised its key interest rate by 0.25 percentage points from 5 percent to 5.25 percent. This was to combat Argentina’s inflation rate which “soared above 100 percent last month.” Experts are doubtful whether this will tame inflation or boost foreign investment in the Argentinian economy; this nationalized usury will certainly make it even harder for businesses in the country to take out loans, retain their employees, and operate.
