Legalized Theft: Argentina’s Rulers Cannot Resurrect an Economy By Ignoring the Rule of Law and Plundering Private Property

by Steve H. Hanke

Steve H. Hanke is a professor of applied economics at Johns Hopkins University in Baltimore, Maryland; chairman of the Friedberg Mercantile Group of New York; and a senior fellow at the Cato Institute.

Added to on March 4, 2002

This article first appeared in Forbes Magazine on March 4, 2002.

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The mess in Buenos Aires is nothing short of criminal. Citizens are rioting. The government is blocking depositors from tapping their bank accounts. Commercial banks have been forced to turn over dollars to the central bank. People are trying to sneak greenbacks out of the country.

When President Eduardo Duhalde ended the decade-old currency system, in which the peso and dollar both legally…

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