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Please Just Stop ... Printing ... Money ...!
Recent Argentina news flow is all about "success". FX pressures have subsided, the external balance has improved and headline inflation is peaking, all of which gives an impression that the worst is over on the macro front.
The reality, however, is still failure. The external improvement is mostly due to capitulation in activity and spending at home - and unfortunately, the money creation process has not subsided. The central bank printing presses are "full on" and money and credit growth continue to spiral out of control.
As a result disinflation won't last long, the peso will inevitably blow out again, and market sentiment will turn sour again as well.
Please Just Stop ... Printing ... Money ...! (PDF)
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