Argentinian presidential candidate Javier Milei—who could actually win in the general election later this month—has become famous for his fiery speeches and his libertarian views from central banking to government spending. Milei’s proposed policies—if he’s able to actually implement them—would do much to help the Argentinian economy recover from decades of malaise caused by runaway government spending and monetary inflation. Among Milei’s positions, however, is his call for the dollarization of the Argentinian economy.

The Federal Reserve creates and manipulates the dominant fiat currency of the world. It produces the inflation of its supply and the continuous depreciation of its purchasing power. It manipulates dollar interest rates and the cost of debt, makes elastic the availability of credit (especially during financial crises), finances the government, and monetizes federal deficits in amounts limited only by the statutory debt ceiling. It is often imagined to be “managing the economy,” although, in fact, no one can successfully do that.

[This article appeared in the Letters section of The Wall Street Journal in a shortened form.]

On September 22, members of the Canadian Parliament provided a standing ovation for Yaroslav Hunka, a member of Nazi Germany’s Waffen-SS during World War II. 

The event surrounded a visit to Ottawa by Ukrainian president Volodymyr Zelensky. In their hysterical rush to praise all things anti-Russian in 2023, some of our social democratic elites in the West have taken to praising literal Third-Reich Nazis. Specifically, the Speaker of the House of Commons described Hunka as “a Ukrainian hero, a Canadian hero, and we thank him for all his service.”