The peso is a failed currency. Why?

First, there are more than ten bogus peso exchange rates. The "dollar blue" is the closest approach to a real exchange rate that represents the real value of the currency. A country with ten or more exchange rates has a fictitious and failing currency.

Second, the demand for pesos on the domestic and foreign markets is almost nonexistent and far removed from the abnormal expansion of the monetary base. The demand for pesos is at its lowest level in 20 years, and it has been declining steadily since 2020, according to the Libertad y Progreso Foundation, but during that same time the money supply (monetary base) has increased by four times. According to the Central Bank of the Argentine Republic, the monetary base has grown by 443% since 2018 and by more than 1,961% over the course of ten years.