“Price controls didn’t work for the Romans. They didn’t work for the Germans. They didn’t work for the Zimbabweans or any of the other hundreds of governments that have tried them. But who knows? Maybe they’ll work for the Argentinians. But inflation is just getting started here. The rate is officially about 10%. Unofficially, it’s 30%. Officially, you can trade a dollar for 5.4 pesos. Unofficially, you’d be a fool to do so. The black market rate is eight to the dollar – and more. So what do we do? Every time we come to Argentina we bring the maximum – $10,000 each – in $100 bills. Then, when we need to buy things, we trade our dollars on the black market.”
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