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But Argentina's fundamental problem isn't fiscal; it's monetary.
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QE is unconventional monetary policy, but it is monetary policy nonetheless.
Tyler Cowen offers a different explanation: it was monetary policy that moved things.
It is monetary policy that determines general inflation or deflation, not structural factors such as global competition.
That means that as it is, monetary policy is often too tight on one side of the border and too loose on the other.
Part of it is monetary.
"When you talk about access [to fresh food], part of it is geographic," Cooper said, "but a big part of it is monetary, too".
He said he did not, but suspected it could be monetary, i.e. buying gas at USD 120 per mcm and selling it at USD 230.
And it cannot be monetary, given the economic cold wave gripping North America.
"It's the monetary policy's job to pick up the slack, which worked to a point," he said.
It's a monetary and stress trade-off.
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