They never work. At least not for the people, or the national economy. They only work for the Rich & Corporate.

Converting to the dollar could work, but he's now saying he wants to let the people choose which currency they want to use, with both in the economy simultaneously. Again, this will advantage the wealthy, and disadvantage working people and the Poor.

As far as all-out dollarization, it's unlikely to pass Congress - not least because its' unconstitutional (though that hasn't stopped Argentina's RW in the past).

But what he can do on day one, and by decree, is order a megadevaulation. How much?

Right now, the official dollar is at 370 pesos - but the unofficial, "blue" one is at 950. To bring the official one to "blue" parity would thus require a 157% devaluation - and Milei has pledged to do that in one day.

I don't need to tell you the effect that would have on prices - in fact, Milei's own campaign prospectus (the kind they distribute to executives, and not to their low-information voters) foresaw 55% monthly inflation (up from the already-awful 8% currently).

Some of that effect is likely to be seen even before he takes office - as wholesale and retail might rush to mark-up prices ahead of the incoming calamity.

Once enacted, riots and economic collapse would naturally follow - while the elites, as you pointed out, would benefit by being able to buy up everything worth owning for peanuts (plus tax cuts and deregulated capital flight).

That's, of course, why he's doing this. He'd pledged to be their puppet, and get rich in the process - no matter who gets hurt.

Like Trump.

while I doubt that this is going to equal the Pinochet disaster I believe that Argentina has signed its own death warrant.

this is stupidity on an almost unimaginable level.

But then the U.S. has already done something this stupid and may be coming back for more.