If all of them were competing then Argentina would be using the Indian Rupee or any of the many other options for their failing currency. But they don't. Fiat

If all of them were competing then Argentina would be using the Indian Rupee or any of the many other options for their failing currency. But they don't. Fiats are tied to a specific geographic location. If there isn't an impact on the real economy then the discussions here on how much energy is burned aren't meaningful.