My sympathetic analysis of Matt Yglesias’ awkward situation vis-a-vis Argentina. The money quote:
So there you have it, folks: Countries that historically have been ill-governed should follow Argentina’s lead by defaulting on their debts and debasing their currencies, but they should stop right before the bad consequences of these actions come home to roost. Simple as pie. Sort of like giving a bottle of Jack Daniels to some frat guys and sending them to the library to study–what could possibly go wrong?
Not surprisingly, people who agree with Yglesias’s monetary views think he is wise.