Weimarization

— In a last frantic move, the Peronist government again turned to a stringent stabilization plan (i.e. another 100 per cent peso devaluation, 90 per cent increases in publicly-controlled prices, coupled with a meagre 20 per cent increase in nominal wages). […] Some idea of this incredibly rapid ‘Weimarization’ of Argentine politics can be gleaned from an extrapolation of the first quarter’s inflation to a 3,000 per cent annual rate. Using the March figure, the same calculation yields a fantastic 17,000 per cent annual rate.