There. In 2015, the Argentine Peso was worth about $.12 on the dollar. It is now worth a little less than $.02 on the dollar. They have been experiencing an extended economic market contraction in which they have struggled to attract new business due to socialist economic policies.

The current president is much more business friendly, but still would be considered further left than most free market politicians in the US. Combine that with hyperinflation (31% over the past year alone) and the people go back to the relative comfort of their socialist governments thinking they will fix the problem. Many companies left Argentina due to those policies and have only recently started coming back.

I’ve got an office in Montevideo but spend a lot of time in Buenos Aires, and this last time I was there, I took some clients to a dinner that should have typically cost 500-600 US dollars and it only cost $123. So it’s great for people like me right now, but terrible for the people.

One of the other crazy things is that all real estate transactions are done in US dollars, so when the Peso weakens, it puts even more pressure on the people.