IMO, the article oversimplifies some aspects of the monetary policy that Caputo is engaging in.
The real crime is what is coined in Economics as "Sterilization". It involves the State intervention on foreign markets to insulate it's effects on domestic currency. Everybody is focusing on the buying/selling of dollars to reduce the "psychological effect" on domestic inflation, but very few seem to be talking about the sterilization of domestic bonds to reduce pesos in circulation.
This has the secondary effect of choking the domestic credit market, thereby stagnating investments, wages and creating greater import incentives than exports. It's a recipe for disaster on the employment market. It can only work for so long.
theconversation.com
