For Americans Shocked by Inflation, Argentines Have Some Advice

[Hydrogen]

For many Americans, the sudden burst of inflation that has rocked the economy has been disorienting.

Consumer prices had been so stable for so long in the U.S. that the population finds itself a little rusty on basic inflationary-era tactics.

So for some advice, we turned to people who have become experts in the art of surviving runaway inflation: Argentines. Walk around Buenos Aires and you’ll hear conversations -- between 18-year-old college students, 90-year-old retirees and everyone in between -- about currency exchange rates, soaring prices and strategies for coping.

Of course, the 50% inflation they deal with in a typical year in Argentina -- the product of decades of policy missteps that have destroyed confidence in the central bank -- is far higher than the 6.8% rate that Americans are enduring. But many of the principles that shape the day-to-day habits of Argentine workers, consumers and savers are still broadly applicable in the U.S. today.

Here are the Do’s and Don’ts they offered up, for however long the inflation fever lasts.

Spend Your Paycheck Right Away

In a high-inflation economy, money that sits in the bank is losing value. Each day, those $100 on deposit buy a little bit less. As a result, many Argentines spend their paychecks as soon as they receive them, carting away weeks worth of groceries in a single shopping trip, even if some of it -- excess meat, chicken, fish -- will sit in the freezer for months.

The practical application of this technique in the U.S., where inflation isn’t quite high enough to warrant such a mad pay-day dash, is to expedite plans to buy big-ticket items -- appliances, bicycles, furniture. If you have the money to pay for that sofa now, do it.

“Don’t leave your money resting under the couch,” says Federico Pieri, 30, who works in sales in Buenos Aires. “That’s the worst thing you can do.”

Borrow Lots of Money

And don’t hesitate to borrow money to finance some of those big purchases. If you can get a loan at a rate below inflation -- something that’s possible for many Americans today -- go for it. Inflation will make it easier to repay the loan in coming months and years.

It’s just like they teach in economic textbooks, says Fernando Iglesias Molli, a coffee shop owner: “Take out money at very low rates. I put myself in debt to buy the best equipment and create business opportunities.”

Negotiate a Pay Raise -- or Two

It’s important to remember, Argentines say, that those old 2% wage increases you were getting each year no longer suffice. Any increase in your paycheck that’s less than the 6.8% inflation rate is effectively a pay cut. Your real wage, as economists call it, is declining.

Argentina’s labor unions and companies negotiate annual pay raises for workers that factor in expected inflation. When prices rise more than anticipated, those agreements often get ripped up, and the two sides go back to the negotiating table to iron out new terms. It’s a powerful tool that American workers can take inspiration from, albeit one that would create angst for policy makers trying to prevent a wage-price spiral.

Buy Inflation-Linked Bonds

There are few good options for savers in a high-inflation economy. One of Argentines’ favorite saving tricks -- converting peso savings into dollars -- doesn’t work in the U.S., of course. Cryptocurrencies are another favorite, but many Americans already discovered those long ago, too.

Then there’s inflation-linked debt. Argentine bond investors are so scarred by years of surging consumer prices that they insist the government sell it securities whose value rises in lockstep with the consumer price index. Those bonds make up almost 50% of the local debt market.

In the U.S., they account for less than 10% of the overall market. Demand for them is picking up, though, including among mom-and-pop investors, who have begun to pile into the retail version of the securities.

“Try to invest in something that can at least correlate with inflation,” Pieri says.

Buy Homes and Cars

Another age-old hedge against inflation is real-estate, which tends to increase in value over time. Cars are also a popular savings investment among some Argentines. That option may seem a bit odd in a country like the U.S. where cars tend to depreciate in value rapidly, but the short supply of automobiles around the world has recently changed that dynamic.

And for those Americans really frustrated by surging prices, Lalanne offers one more piece of advice: “Come to Argentina to spend your dollars. Here you are very rich.”

https://www.bloomberg.com/news/articles/2021-12-11/the-inflation-pros-from-argentina-offer-tips-for-rattled-americans

....



This looks like a good primer on surviving inflation.

Inflation linked bonds are an interesting asset, I had not heard of before:

https://www.investopedia.com/articles/bonds/09/inflation-linked-bonds.asp

Does anyone have good inflation survival tips they would like to share?

In the future, a crypto token or coin could be pegged to inflation rates, as another type of stablecoin. That could be one area cryptocurrencies might expand into, where they may not have yet given much attention.

[witcher_sense]

Does anyone have good inflation survival tips they would like to share?

Sure. Buy Bitcoin. The hardest money we have ever seen.

In the future, a crypto token or coin could be pegged to inflation rates, as another type of stablecoin. That could be one area cryptocurrencies might expand into, where they may not have yet given much attention.

The stablecoins we have today are already pegged to inflation rates because they lose their value at the same rate as other inflationary currencies. In order to be a hedge against inflation, they should not be stable in any sense. What characteristics they have to have to provide reliable protection against inflation is a solid decentralized monetary policy with a fixed supply that no single individual or government could change.

[Hydrogen]

The stablecoins we have today are already pegged to inflation rates because they lose their value at the same rate as other inflationary currencies. In order to be a hedge against inflation, they should not be stable in any sense. What characteristics they have to have to provide reliable protection against inflation is a solid decentralized monetary policy with a fixed supply that no single individual or government could change.

The european union tries to paint a pretty picture of its economy by pegging wage growth to inflation. When inflation rises, workers can expect their wages to rise as well.

A crypto token pegged to an inflation rate could have an adjustable rate of exchange in an effort to protect the wealth and purchasing power of HODLers. I'm not entirely 100% certain how this might work (or not work) in practice. An adjustable rate of exchange could theoretically be achieved through supply. The total supply of tokens might be inflated or destroyed in an effort to match inflation rates. This could be done algorithmically as an alternative format to bitcoin's deflationary reward halving.

Inflation itself is a controversial topic. There are some who claim inflation was a mere 3% post 2020. Inflation is similar to unemployment, in that its official definition and statistic has been adjusted, shifted and changed over time. The rise of prices, certainly does sometimes appear more than the paltry 3% or 8% which official statistics claim. Some might agree with that, others would not, I'm guessing.

[amishmanish]

The european union tries to paint a pretty picture of its economy by pegging wage growth to inflation. When inflation rises, workers can expect their wages to rise as well.

I think this happens in a lot of other countries too. The public servants have a variable part of their wages which is linked to the Living Index which is basically the cost of a basket of goods for daily use.

A crypto token pegged to an inflation rate could have an adjustable rate of exchange in an effort to protect the wealth and purchasing power of HODLers. I'm not entirely 100% certain how this might work (or not work) in practice. An adjustable rate of exchange could theoretically be achieved through supply. The total supply of tokens might be inflated or destroyed in an effort to match inflation rates. This could be done algorithmically as an alternative format to bitcoin's deflationary reward halving.

Not exactly for inflation but this has been tried with algorithmic stablecoins. They call them rebase coins. They suck most of the time. They try to keep the peg maintained by burning the supply or increasing it whenever there is a change in price. None have really worked the way they should.

Regarding that advice, I don't think that "Spend your paycheck right away" is good advice. Rather than that, save money for a down-payment, take a loan, buy a house, put it up for rent and let the rent pay for your mortgage. That is the classic cycle to beat inflation. Spending money on things you don't really need, like a sofa, is a sure shot way to penury in a high inflation environment.

[Husires]

It is the way in which the middle class and the poor fight inflation because they do not know anything about investment and do not have enough money to buy real assets such as a land or a car or other financial instruments.

Purchasing goods will double their value due to the increase in demand for them, and thus inflation rates that measure the levels of price change will double, and thus the demand for foreign currency as a better solution or for gold in the case of the United States will increase.

I do not see such activities, but an indication of the ignorance of many people in the basics of economics.

[hyudien]

A crypto token pegged to an inflation rate could have an adjustable rate of exchange in an effort to protect the wealth and purchasing power of HODLers. I'm not entirely 100% certain how this might work (or not work) in practice. An adjustable rate of exchange could theoretically be achieved through supply. The total supply of tokens might be inflated or destroyed in an effort to match inflation rates. This could be done algorithmically as an alternative format to bitcoin's deflationary reward halving.

Not exactly for inflation but this has been tried with algorithmic stablecoins. They call them rebase coins. They suck most of the time. They try to keep the peg maintained by burning the supply or increasing it whenever there is a change in price. None have really worked the way they should.

Regarding that advice, I don't think that "Spend your paycheck right away" is good advice. Rather than that, save money for a down-payment, take a loan, buy a house, put it up for rent and let the rent pay for your mortgage. That is the classic cycle to beat inflation. Spending money on things you don't really need, like a sofa, is a sure shot way to penury in a high inflation environment.

The point is to use money as needed that is useful and not excessive. Reducing the desire to fulfill things that can still be replaced with other alternatives. Living frugally and ready to face inflation will also not overwhelm us. In some cases like this only meet the needs of an all-consuming lifestyle. Immediately spend your salary, borrow a lot of money, and buy a house + car into something that could be more at a relatively standard price.

As for what I exclude, namely, Buy Inflation-Related Bonds and Salary Increase Negotiations -- or Two as the OP mentioned, can still make some long-term changes in tackling inflation in certain countries and securing the lives in which we live.

[BernyJB]

Just for the record, I'm Argentinian, currently living in Buenos Aires. We've had 260% weekly inflation, not counting hyperinflation that, as far as I know, nobody even cared to measure.

So a few things we do know about it. The "burn your paycheck quickly" is true, but also stems from having a miserable life and seldom (if ever) having enough to cover life's most basic needs.
The "real estate-cars" thing is BS. Most people simply don't even have the money to RENT a home, let alone owning one. Same with  cars: a car that'd cost USD 20000 in the US is about USD 100000 in Argentina. An average salary is about USD 400 a month. Buying a car as an investment is completely unrealistic here.

"Borrow lots of money"... yeah, in your dreams. First, you need to jump through an ungodly number of hoops to have a chance of borrowing a coin, and then, the normal interest rate is about 100+% a year, and that for the first year. It grows exponentially afterwards.

Same with "negotiating a pay raise". The typical answer would be "NO", period. An employer puts an ad asking for a new employee and taking interviews starting at 9 A.M., and at 5 A.M. there are already 600 people forming a line at their door. There's no negotiating here. You take what you get, or feel free to leave.  
And finally, the "inflation linked bonds". Argentinians barely have enough money to eat and feed their families. They DEFINITELY don't have any to buy bonds. I have personally seen guys scamming people, offering them Bitcoin, with promises of THOUSANDS % IN DAYS, and that's as far as the average Argentinian's investment capacity goes. Maybe, with luck, 10, 20 USD.

[stompix]

You have inflation, so what is this genius solution:
Tell poeple to spend all their money and borrow more and spend it as soon as you get, driving demand for goods up, putting more money on the market, which of course would trigger, what? Inflation!
The perfect advice on how to dig your own grave at light speed.

If you want to look at how inflation is not a problem for others look at Japan, even with all the money printing they still find themselves deflation since there was no consumption at all, poeple simply don't want to spend their money, no money spent no demand for goods and services, the free market rules will simply prevent prices going up.

And for those Americans really frustrated by surging prices, Lalanne offers one more piece of advice: “Come to Argentina to spend your dollars. Here you are very rich.”

What a propaganda machine Bloomberg has turned into.
So basically if you don't like the shitshow that's happening in the US you're free to move to a country where a worse shitshow is going on.

[Silberman]

They probably missed the most important advice which is that if you want to protect your wealth you need to find a store of value, depending on how bad things are in the country you could just use bitcoin or precious metals, but if things get really bad then anything that can last for a long time and that has demand can be a store of value, things like alcohol, medicines, canned food, toilet paper can be a store of value and can be easily traded if things get that bad where you live.

[Fortify]

For many Americans, the sudden burst of inflation that has rocked the economy has been disorienting.

Consumer prices had been so stable for so long in the U.S. that the population finds itself a little rusty on basic inflationary-era tactics.

So for some advice, we turned to people who have become experts in the art of surviving runaway inflation: Argentines. Walk around Buenos Aires and you’ll hear conversations -- between 18-year-old college students, 90-year-old retirees and everyone in between -- about currency exchange rates, soaring prices and strategies for coping.

Of course, the 50% inflation they deal with in a typical year in Argentina -- the product of decades of policy missteps that have destroyed confidence in the central bank -- is far higher than the 6.8% rate that Americans are enduring. But many of the principles that shape the day-to-day habits of Argentine workers, consumers and savers are still broadly applicable in the U.S. today.

Here are the Do’s and Don’ts they offered up, for however long the inflation fever lasts.
-snip-

It's definitely an interesting read for some basic ideas, however I think most of North America and Europe should be ok as salaries will eventually have to match the pace of inflation - if it stays around 5% then there is not too much worry. Covid has thrown many things out of whack and the latest Omicron variant has thrown things in the air again, however we were on the way back to normality for a little while there. Things will really get tricky in a few years time when all the low interest mortgages come up for renewal and people find that they have to pay double, triple, quadruple or more. So paying down your mortgage as much as possible while low rates are available would be a top tip. If you have the ability to invest in stocks, then things like banking or consumer goods can do ok from inflation as well.

[DrBeer]

Real estate - most likely yes, but only after another bubble in the real estate market deflates. Real estate is good when you bought it before you started digging the foundation pit, and the real estate market collapsed 1-2 years ago. But not a mortgage! For example, we often use such a service as payment by installments for 1-3-5 years from the developer. You can discuss issues with the developer, in fact - not with banks.

Car - I doubt it is a good investment. Maybe it is better, instead of an item of dubious quality, to buy gold / bitcoin (also when the price falls)?

[justdimin]

The european union tries to paint a pretty picture of its economy by pegging wage growth to inflation. When inflation rises, workers can expect their wages to rise as well.

A crypto token pegged to an inflation rate could have an adjustable rate of exchange in an effort to protect the wealth and purchasing power of HODLers. I'm not entirely 100% certain how this might work (or not work) in practice. An adjustable rate of exchange could theoretically be achieved through supply. The total supply of tokens might be inflated or destroyed in an effort to match inflation rates. This could be done algorithmically as an alternative format to bitcoin's deflationary reward halving.

Inflation itself is a controversial topic. There are some who claim inflation was a mere 3% post 2020. Inflation is similar to unemployment, in that its official definition and statistic has been adjusted, shifted and changed over time. The rise of prices, certainly does sometimes appear more than the paltry 3% or 8% which official statistics claim. Some might agree with that, others would not, I'm guessing.

Isn't all the stablecoins we are dealing with right now are a bit centralized? I mean we are talking about USDT being controlled fully by Tether company, or BUSD is fully controlled by Binance and all that. Which is why I believe that there is a good reason why we could have a stablecoin that is fitting to the inflation directly, depending on the currency we are pegging.

For example, if we have some sort of USDI called and its USD"INFLATION" basically, and that way we are going to end up with something that would increase based on USD inflation. The real problem is that, how are we going to handle that? Where would that money come from? That is the biggest problem that idea would face.

[witcher_sense]

The european union tries to paint a pretty picture of its economy by pegging wage growth to inflation. When inflation rises, workers can expect their wages to rise as well.

A crypto token pegged to an inflation rate could have an adjustable rate of exchange in an effort to protect the wealth and purchasing power of HODLers. I'm not entirely 100% certain how this might work (or not work) in practice. An adjustable rate of exchange could theoretically be achieved through supply. The total supply of tokens might be inflated or destroyed in an effort to match inflation rates. This could be done algorithmically as an alternative format to bitcoin's deflationary reward halving.

Inflation itself is a controversial topic. There are some who claim inflation was a mere 3% post 2020. Inflation is similar to unemployment, in that its official definition and statistic has been adjusted, shifted and changed over time. The rise of prices, certainly does sometimes appear more than the paltry 3% or 8% which official statistics claim. Some might agree with that, others would not, I'm guessing.

What problem exactly are we trying to address by increasing wages or pegging wages to inflation? Why do we need to cure the symptoms of inflation instead of the disease itself? To alleviate a Cantillon effect? To make workers a bit happier? Who gets to pay these increased wages? In order to fulfill their obligations to pay employees higher wages, employers need to raise prices for the products they sell. The cost of higher wages is now simply passed on to someone else, that is, the consumers of a product. The employees, who have their income increased, are also consumers meaning that they are not going to enjoy the benefits of higher wages for long. Higher wages, despite all peggings, adjustments, and corrections, will only lead to higher inflation. Moreover, people witnessing ever-growing prices and never-ending printing will have inflationary expectations that, in turn, usually cause increased spending and, therefore, even much higher prices.

[Hydrogen]

What problem exactly are we trying to address by increasing wages or pegging wages to inflation? Why do we need to cure the symptoms of inflation instead of the disease itself? To alleviate a Cantillon effect? To make workers a bit happier? Who gets to pay these increased wages? In order to fulfill their obligations to pay employees higher wages, employers need to raise prices for the products they sell. The cost of higher wages is now simply passed on to someone else, that is, the consumers of a product. The employees, who have their income increased, are also consumers meaning that they are not going to enjoy the benefits of higher wages for long. Higher wages, despite all peggings, adjustments, and corrections, will only lead to higher inflation. Moreover, people witnessing ever-growing prices and never-ending printing will have inflationary expectations that, in turn, usually cause increased spending and, therefore, even much higher prices.

Remember when Voltaire was quoted as saying: "paper money eventually returns to its intrinsic value -- zero". Our success versus failure rate of addressing inflation is apparently not great from a historical perspective.

If we wait and expect governments to fix inflation, we're placing ourselves in the role of damsels in distress. Whose only salvation may lie in government regulators saving us. The probability of inflation being fixed may not be great. If so our best chance for averting a worst case scenario, could be to look at other options. We may not be able to fix inflation. But we may be able to design and implement a crypto token or bond that is useful for reducing negative effects of inflation.

We already have models for how this may be achieved with stablecoins designed to reduce volatility. Inflation and volatility are similar enough that what will mitigate one, can also be effective against the other.

[amishmanish]

Just for the record, I'm Argentinian, currently living in Buenos Aires. We've had 260% weekly inflation, not counting hyperinflation that, as far as I know, nobody even cared to measure.

So a few things we do know about it. The "burn your paycheck quickly" is true, but also stems from having a miserable life and seldom (if ever) having enough to cover life's most basic needs.
The "real estate-cars" thing is BS. Most people simply don't even have the money to RENT a home, let alone owning one. Same with  cars: a car that'd cost USD 20000 in the US is about USD 100000 in Argentina. An average salary is about USD 400 a month. Buying a car as an investment is completely unrealistic here.

"Borrow lots of money"... yeah, in your dreams. First, you need to jump through an ungodly number of hoops to have a chance of borrowing a coin, and then, the normal interest rate is about 100+% a year, and that for the first year. It grows exponentially afterwards.

Same with "negotiating a pay raise". The typical answer would be "NO", period. An employer puts an ad asking for a new employee and taking interviews starting at 9 A.M., and at 5 A.M. there are already 600 people forming a line at their door. There's no negotiating here. You take what you get, or feel free to leave.  
And finally, the "inflation linked bonds". Argentinians barely have enough money to eat and feed their families. They DEFINITELY don't have any to buy bonds. I have personally seen guys scamming people, offering them Bitcoin, with promises of THOUSANDS % IN DAYS, and that's as far as the average Argentinian's investment capacity goes. Maybe, with luck, 10, 20 USD.

Wow. That sucks. 260% weekly inflation?? Who would believe that the country that gave Maradona and Messi has seen such a tumultuous history.

I was just reading up on the economic history of Argentina and it is bewildering that it used to be a developed country as early as 1930. The spectacular decline due to bad politics and military interventions may seem extraordinary. Yet, while reading abut it, I couldn't help but compare it with the USA. Same political divisions of Left-Right, Lots of educated people who have a voice, threatened constitutional integrity.

Maybe the USA could take a lesson or two from what happened in Argentina.

What would you say about the political stability in Argentina? Is it even possible that the political class can come to an agreement and save their country or they'll only be playing tug of war for the seat of power with military or amongst themselves at the expense of millions of citizens?

[BernyJB]

Wow. That sucks. 260% weekly inflation?? Who would believe that the country that gave Maradona and Messi has seen such a tumultuous history.

I was just reading up on the economic history of Argentina and it is bewildering that it used to be a developed country as early as 1930. The spectacular decline due to bad politics and military interventions may seem extraordinary. Yet, while reading abut it, I couldn't help but compare it with the USA. Same political divisions of Left-Right, Lots of educated people who have a voice, threatened constitutional integrity.

Maybe the USA could take a lesson or two from what happened in Argentina.

What would you say about the political stability in Argentina? Is it even possible that the political class can come to an agreement and save their country or they'll only be playing tug of war for the seat of power with military or amongst themselves at the expense of millions of citizens?

Yeah, it does. And it was actually much worse, remember those were actually "official" numbers. In the times of hyperinflation, it got so bad that people would go to a store, and the price in the item they purchased had gone up 5 or 6 times since they got it from the shelf, till they reached the cashier. Stores would close, because they overcharged 500, 1000 %, and when they went to replenish their stock they didn't have enough money. Then they started looting supermarkets and stores, and the President ended up relinquishing power months ahead of schedule.

Argentina is a strange country indeed. Initially, there's no "right-left" in here, it's just "left-left", but "not so left, actually", and the whole system is set up so things will stay as they are, or worse.

If anything, the lesson the US could take from Argentina (and a very actual lesson indeed) is to not give in to hate. Division only feeds misery, and, if Americans don't get it, they will find out eventually. The US got to be a great country because "together you stood". Now you're not together anymore, so you either wake up, or there's always room at the bottom.

About political stability in Argentina, it's easy: as long as everybody keeps getting what they expect, nothing is gonna change. People's lives are ever more miserable, but they've been fed (and gladly believed) that "as long as they can complain about it" everything's alright. At the same time, everybody blames someone else (being the other party, the US, the IMF, whatever), and do nothing to change. Meanwhile, they keep reminding people about the last dictatorship to keep them in line, and it works.

So I don't see anything changing for the better in my country, at least for the next few decades. For the worse it changes daily. 

[darewaller]

Just for the record, I'm Argentinian, currently living in Buenos Aires. We've had 260% weekly inflation, not counting hyperinflation that, as far as I know, nobody even cared to measure.

So a few things we do know about it. The "burn your paycheck quickly" is true, but also stems from having a miserable life and seldom (if ever) having enough to cover life's most basic needs.
The "real estate-cars" thing is BS. Most people simply don't even have the money to RENT a home, let alone owning one. Same with  cars: a car that'd cost USD 20000 in the US is about USD 100000 in Argentina. An average salary is about USD 400 a month. Buying a car as an investment is completely unrealistic here.

"Borrow lots of money"... yeah, in your dreams. First, you need to jump through an ungodly number of hoops to have a chance of borrowing a coin, and then, the normal interest rate is about 100+% a year, and that for the first year. It grows exponentially afterwards.

Same with "negotiating a pay raise". The typical answer would be "NO", period. An employer puts an ad asking for a new employee and taking interviews starting at 9 A.M., and at 5 A.M. there are already 600 people forming a line at their door. There's no negotiating here. You take what you get, or feel free to leave.  
And finally, the "inflation linked bonds". Argentinians barely have enough money to eat and feed their families. They DEFINITELY don't have any to buy bonds. I have personally seen guys scamming people, offering them Bitcoin, with promises of THOUSANDS % IN DAYS, and that's as far as the average Argentinian's investment capacity goes. Maybe, with luck, 10, 20 USD.

I am not from argentina but I do live in a nation with a very very high inflation (not as much as yours of course) and I can vouch for almost everything here. Buying a car is still quite possible if you are earning a paycheck with USD, which crypto does provide for you if you know where to look for a work. Interestingly living in a high inflation and weak fiat nation does help me, why? Because, things could be expensive but dollar rate keeps going up and I am earning dollars in crypto and that's how I make my money. Weekly 100 bucks does help me be richer than the minimum wage earner and lets be honest weekly 100 bucks in crypto is not that difficult at all, even if you do not spend a dime.

So things do not look that blank to me, I am still hopeful about my future and considering the situation crypto is in right now, I feel like we have a chance to buy cars and houses if we invest correctly at the right time.

[paxmao]

Inflation linked bonds are a defensive asset, but it is not always available. I would look into combinations of commodities and stocks that have pricing power to go past the inflation.  Insofar as your comments on Argentina, you are absolutely right. I would add that Venezuelans can also help with the classes and include an specialty in urban survival skills.

Jokes apart, the average Argentinian has learnt more about economy, inflation, the banking system, the credit system, what money really is and what an irresponsible politician can do to their lives. Hyperinflation, "corralitos", debt beyond measure and governments that last months.

[BernyJB]

darewaller: absolutely!
Sorry, I think I gave you a wrong idea of my country's situation. Those inflation levels are (fortunately) a thing of the past. Right  now, inflation hovers "officially" around 50% per year. In reality is more like 70% to 100%, but it's still a far cry from those times.
Either way, it's kinda like what paxmao said about Venezuela. A couple of years ago, a Venezuelan guy told me "in Venezuela it doesn't matter if you have money or not. There's nothing to buy". In here it's just the opposite: prices don't matter, because people have no money.
From then on, prices in here are so unbelievably distorted it's not even funny. To give you an example: after saving for more than a year, in 2017 I decided to buy a gun. That specific gun is Argentinian made (not the best by any means, but it's the only  brand you can get spares for, in case you need them). To be more accurate, I can take a bus where I live and be at the factory in less than an hour.
That specific model was less than 300 dollars in the US. In Argentina, buying directly from the factory, a gun with "cosmetic details" was 850 bucks. in a gun store, it was $1100.
When I asked the guy at the gun store about it, he said "you have to understand the steel for those guns is imported", so I asked "why, American guns don't use imported steel?". He didn't answer.

Jokes apart, the average Argentinian has learnt more about economy, inflation, the banking system, the credit system, what money really is and what an irresponsible politician can do to their lives. Hyperinflation, "corralitos", debt beyond measure and governments that last months.

You mean governments that last "days".
Yeah, unfortunately, you're right. But Argentinians know about a distorted system.
For example, USD are "kinda" not allowed in Argentina. It's difficult to understand, really. But the Central Bank states an "official" exchange price to the USD that is a bit higher than the international price, yet absolutely unavailable. Because of it, there's a black market, the dollar "blue", with a price that is, roughly, twice that of the "official" USD.
As a result, if I had the money, I could easily get USD in Uruguay and sell them at 100% instant profit in Argentina. But what's worse, banks in here choose to nickel and dime their customers by "pesifying" (automatically converting to pesos, of course, at the official rate) any deposit in USD. As a result, a lot of Argentinians hold bank accounts in Uruguay, and Argentinian banks lose a ton of money.