I have a personal bias because I'm from Argentina and I see the world becoming more like my country. Countries printing money like there's no consequences or to

I have a personal bias because I'm from Argentina and I see the world becoming more like my country. Countries printing money like there's no consequences or tomorrow. Argentina's public debt has been pretty stable and on GDP terms it was quite low. But even then, on low public debt, a country can totally wreck the whole economy. Because we print pesos, ARS, like there's no tomorrow and then people get surprised when we get inflation and a total wreched economy. Then populists start blaming the usual suspects: IMF, USA, EU, the f weather. People confuse public debt with private credit. The general idea in Argentina, including Ministers of Finance and Central Bank officials, say that ARS credit is not real debt. Move forward 20 years and you get Argentina. Edit In Argentina, private credit ARS bonds are called LEBAC and LELIQ for those who are interested.